Interim Management Statement
12/10/2010 1:15pm
UK Regulatory
TIDMCR5
From: Core VCT V PLC
Date: 12 October 2010
Interim Management Statement for the quarter ended 30 September 2010
Quarterly Management Review
Set out below is the interim management statement ("IMS") for the period from 1
July 2010 to 30 September 2010, which contains information that covers this
period, and up to the date of publication of this IMS. Core VCT V plc is
publishing this IMS in accordance with DTR 4.3 of the FSA Handbook.
This IMS has been produced solely to provide additional information to
shareholders as a body to meet the relevant requirements of the UK Listing
Authority's Disclosure and Transparency Rules. It should not be relied upon by
any other party or for any other purpose.
Performance Summary
30 September 30 June
2010 2010
Net asset value per share 82.06 pence 81.90 pence
Total return to date per share[1] 89.56 pence 89.40 pence
Share price (mid market) 60.00 pence 60.00 pence
Cumulative dividends paid 7.50 pence 7.50 pence
[1] Total return per share comprises closing net asset value per share plus
cumulative dividends per share paid to date.
Investments
During the quarter ended 30 September 2010, the Company has invested a further
GBP78,125, by way of a loan note, in Georgina Goodman.
During the same period, the listed portfolio was fully realised generating
proceeds of GBP203,000.
The cash balance at the end of the quarter was GBP1,592,000 or 17.6% of net
assets.
Top Holdings as % of Net Assets
30 September 30 June
2010 2010
Colway Limited 17.9% 17.9%
Allied International Holdings Limited 16.6% 16.6%
Camwatch Limited 13.0% 13.0%
Brasserie Holdings Limited 11.1% 11.1%
Ark Home Healthcare Limited 11.1% 11.1%
Core Mezz II Limited 11.1% 11.1%
Georgina Goodman Limited 2.2% 1.4%
Share Capital
The Company has not issued or bought back any shares during the period. The
Company's issued share capital currently stands at 11,024,969 ordinary shares.
As is common in Venture Capital Trusts, there is little if any liquidity in the
Company's shares, and although the Directors are able to buy back shares within
certain constraints, this is intended for use only in exceptional circumstances.
Accordingly, those investors who seek to realise value by selling their shares
in the secondary market are likely to suffer a significant discount and
potential loss of value. Shareholders might consider holding their shares with
a view to benefiting from future realisations.
Outlook
We hope to deploy the remaining cash resources in the coming months. With the
investment programme now almost complete, our focus is managing the existing
portfolio. The average age of the portfolio is still relatively young, and in
general our approach is to continue to hold our investments as they increase in
scale and as market conditions for exits improve.
For further information please contact:
Stephen Edwards, Core Capital LLP: 020 3179 0915
Rhonda Nicoll, Company Secretary: 020 3179 0930
[HUG#1451191]
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Source: Core VCT V plc via Thomson Reuters ONE