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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Core Vct V | LSE:CR5 | London | Ordinary Share | GB00B1GJY496 | ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 45.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Core VCT V plc
Preliminary results for the period from 6 December 2006 to 31 December 2007
Chairman's Statement
Results
The Total Return per Ordinary Share was 92.86 p as at 31 December 2007,
comprising a Net Asset Value (NAV) per Ordinary Share of 92.86 p and cumulative
dividends paid of nil p per Ordinary Share. This is a decrease over the initial
opening NAV per share of 94.5p, following the closing of the Offers on 5 April
2007, which raised £11 million alongside a similar amount from Core VCT IV plc
("Core VCT IV"), as reported in the Interim Report for the period ended 30 June
2007.
Dividends
Core VCT V intends to provide Shareholders with an attractive level of income
by distributing all available profits generated through income and capital
gains. However, at this early stage in the Company's life, the majority of the
assets were held as cash assets managed by Credit Suisse, which produced
interest income of £77,745 in the period. A final dividend of 0.5 p per share
is being recommended by the Directors, comprising a substantial proportion of
the income earned in the year.
Future dividends will be derived from the distribution of the remaining cash
assets after the end of the financial year ending 31 December 2009, when
prudent to do so, and from income and capital gains realised from the unquoted
investments.
Investments
One new investment was completed in the period, as detailed further in the
Manager's Review, being a £1 million mezzanine loan to London Graphic Centre
alongside the same amount provided by Core VCT IV. Your Manager continues to
see many investment opportunities and expects to be able to benefit from any
pricing reductions that may be experienced during 2008.
Change in Directors
Hylton Murray-Philipson resigned as a director on 7 November 2007 and was
replaced by Stephen Edwards, a Partner of Core Capital LLP.
Information for Shareholders
The Board supports open communication with investors and welcomes any comments
or questions you may have. Company contact information is provided at the back
of this Report.
Share Price and Secondary Market
The Ordinary Shares (Code: CR5) are fully listed shares and prices are
available on www.londonstockexchange.com and published daily in the Financial
Times. Shares can be bought and sold using a stockbroker, as with shares in
other listed companies. Shareholders are reminded that they must hold their
shares for at least 5 years in order to retain tax reliefs obtained.
Shareholders should take advice before acquiring or disposing of shares.
For shareholders considering selling their shares, however, we recommend that
you contact the Company Secretary, Matrix-Securities Limited in the first
instance.
Outlook
Having raised a combined £22 million with Core VCT IV, your Fund has achieved a
good sized investment pool from which to complete investments of the size and
type intended. The economic outlook has become more uncertain over the last few
months, and we anticipate this continuing. Your Manager will be looking to
benefit from new opportunities during the year, which may be negotiated at more
attractive prices.
Ray Maxwell
Chairman
Manager's Review
Investment Highlights
* Completed first new investment, at a cost of £1 million, into London
Graphic Centre
New Investments
Colway Limited Cost £1,000,000, Valuation £1,124,000
(trading as London Graphic Centre and Red Box)
London Graphic Centre is a long established office and graphic supplies
business, in which Core VCTs I - III originally invested in 2006 in support of
the Management Buy Out (MBO). Since that date, the business has rebranded its
core B2B activities as Red Box, and completed three acquisitions. The larger of
these, the acquisition of a £5 million turnover business called JPS, required
additional funding which Core VCT V provided alongside Core VCT IV as a
mezzanine investment.
The investment terms are typical of those that can be achieved in smaller
mezzanine transactions - a yield of some 14% per annum, plus some equity
upside. With further acquisitions identified, we see this business growing to
over £30 million in turnover compared to the £15.5 million at the date of our
original investment in 2006, placing it firmly as one of the largest
independent stationery and office supplies businesses serving the London
market.
Our valuation increase is consistent with that applied to the other Core VCTs,
and reflects the modest equity holding of Core VCT V based upon the adoption of
an earnings based valuation, reflecting the good performance compared to plan
and the company's increase in scale following the completion of the
acquisitions. In addition, income of some £48k has been booked for the period.
Future Investments
We are in the early stages of building an investment portfolio in selected
private companies for Core VCT V. Following the deterioration in credit markets
in the second half of 2007, we chose to slow our investment rate in the
expectation that we would see more attractive opportunities during 2008, and be
able to take advantage of any downward pressure on the pricing of new
opportunities. We believe this approach has placed the Fund in a strong
position as it completes its investment programme over the next two years.
Income Statement
for the period from 6 December 2006 to 31 December 2007
Period from 6 December 2006
to 31 December 2007
Revenue Capital Total
£ £ £
Unrealised losses on investments - (89,581) (89,581)
Realised losses on investments - (93,037) (93,037)
Income 253,515 - 253,515
Transaction costs and Investment (4,608) (53,584) (58,192)
management expense
Other expenses (180,988) - (180,988)
------------ ------------ ------------
Return on ordinary activities before 67,919 (236,202) (168,283)
taxation
Tax on ordinary activities - - -
------------ ------------ ------------
Operating profit -return attributable 67,919 (236,202) (168,283)
to equity shareholders
======= ======= =======
Return per Ordinary Share 0.89p (3.09)p (2.20)p
The revenue column is the profit and loss account of the Company. There were no
other gains or losses in the period ended 31 December 2007. All revenue and
capital items in the above statement derive from continuing operations. No
operations were acquired or discontinued in the period.
Balance Sheet
As at 31 December 2007
31 December 2007
£ £ £
Investments at fair value 7,018,219
Current assets
Debtors and prepayments 2,655,525
Cash at bank 741,118
----------- -----------
3,396,643
Creditors: amounts falling due within one
year
Corporation tax -
Other creditors 78,724
Accruals 97,825
----------- -----------
(176,549)
-----------
Net current assets 3,220,094
-----------
Net assets 10,238,313
=======
Capital and reserves
Called up Ordinary Share capital 1,102
Share premium account -
Capital reserve - realised (146,621)
Capital reserve - unrealised (89,581)
Special distributable reserve 10,405,494
Revenue reserve 67,919
-----------
Total equity shareholders' funds 10,238,313
=======
Net asset value per 0.01p Ordinary Share 92.86p
Reconciliation of Movements in Shareholders' Funds
for the period from 6 December 2006 to 31 December 2007
Period from 6 December 2006
to 31 December 2007
£
Opening Shareholders' funds -
Net share capital subscribed for in the 10,406,596
period
Loss for the period (168,283)
-----------
Closing Shareholders' funds at 31 December 10,238,313
2007
======
Cash Flow Statement
for the period from 6 December 2006 to 31 December 2007
Period from 6 December 2006
to 31 December 2007
£ £
Operating activities
Investment income received 235,824
Investment management fees paid (14,707)
Other cash payments (85,758)
----------- -----------
Net cash inflow from operating 135,359
activities
Taxation
UK Corporation tax paid -
Investing activities
Acquisition of investments (8,819,500)
Disposal of investments 1,618,663
----------- -----------
(7,200,837)
-----------
Cash outflow before financing (7,065,478)
Financing
Issue of ordinary shares 8,406,218
Issue costs (599,622)
----------- -----------
7,806,596
-----------
Increase in cash for the period 741,118
======
Notes
1. The accounts have been prepared under the fair value rules of the Companies
Act 1985, and in accordance with applicable accounting standards and, to
the extent that it does not conflict with the Companies Act 1985 and UK
accounting standards, the 2003 Statement of Recommended Practice,
`Financial Statements of Investment Trust Companies', revised December
2005.
2. Total loss after taxation for the period was £168,283. The basic return per
Ordinary Share is based on the net loss from ordinary activities and on
7,650,851 Ordinary Shares, being the weighted average number of Ordinary
Shares in issue during the period.
The revenue return per Ordinary Share for the period ended 31 December 2007 is
based on the revenue return on ordinary activities after taxation of £67,919,
and is based on 7,650,851 Ordinary Shares, being the weighted average number of
Ordinary Shares in issue during the period.
The capital loss per Ordinary Share for the period ended 31 December 2007 is
based on a capital loss on ordinary activities after taxation of £236,202 and
is based on 7,650,851 Ordinary shares, being the weighted average number of
Ordinary Shares in issue during the period.
3. A final dividend of 0.5 pence per Ordinary Share will be paid to Ordinary
Fund Shareholders on 15 May 2008 to shareholders on the register on 18
April 2008, costing £55,125 in total.
4. The Annual Report for the period to 31 December 2007 will be sent to
shareholders shortly and will then be available for inspection at One
Jermyn Street, London SW1Y 4UH, the registered office of the Company.
Statutory accounts for the period ended 31 December 2007 will be delivered
to the Registrar of Companies after the Annual General Meeting.
5. The statutory accounts for the period to 31 December 2007 are the first
statutory accounts prepared by the Company and have not yet been delivered
to the Registrar of Companies. The auditors' report on the statutory
accounts for 31 December 2007 is unqualified and does not contain any
statements under section 237(2) or (3) of the Companies Act 1985. This
announcement does not constitute statutory accounts within the meaning of
s240 of the Companies Act 2005.
6. The Annual General Meeting of the Company will be held at 9.35 am on 30
April 2008 at One Jermyn Street, London SW1Y 4UH.
END
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