Interim Management Statement
November 18 2009 - 9:42AM
UK Regulatory
TIDMCR5
RNS Number : 7112C
Core VCT V PLC
18 November 2009
Core VCT V plc
Interim Management Statement
For the quarter ended 30 September 2009
To the members of Core VCT V plc
This interim management statement 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.
This interim management statement relates to the period from 1 July 2009 to 30
September 2009, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.
PERFORMANCE
+-----------------------+-----------+----------+--------+----------+---------+---------+
| | At 30 September 2009 | At 30 June 2009 |
| | | |
+-----------------------+------------------------------------------+-------------------+
| | (p) | % | (p) | % |
+-----------------------+-----------+------------------------------+---------+---------+
| Net Asset value per | 81.38 | | 80.3 | |
| share | | | | |
+-----------------------+-----------+------------------------------+---------+---------+
| Dividends paid to | 7.00 | | 7.00 | |
| date | | | | |
+-----------------------+-----------+------------------------------+---------+---------+
| NAV Total Return | 88.38 | (6.48) | 87.30 | (7.62) |
| since | | | | |
| inception (excluding | | | | |
| all tax reliefs)1 | | | | |
+-----------------------+-----------+------------------------------+---------+---------+
| Share Price | 60.0p | | 60.0p | |
+-----------------------+-----------+------------------------------+---------+---------+
| Returns including tax reliefs2 |
+--------------------------------------------------------------------------------------+
| NAV Total Return | 118.38 | 18.38 | 117.30 | 17.30 |
| since inception | | | | |
| including initial tax | | | | |
| relief3 | | | | |
+-----------------------+----------------------+--------+--------------------+---------+
| NAV Total Return | 120.71 | 20.71 | 119.63 | 19.63 |
| since inception | | | | |
| including initial tax | | | | |
| relief and tax relief | | | | |
| on dividends4 | | | | |
+-----------------------+----------------------+--------+--------------------+---------+
| 1NAV plus dividends paid, shown as a percentage of starting NAV of 94.5p |
+--------------------------------------------------------------------------------------+
| 2Based on initial subscription of 100p |
+--------------------------------------------------------------------------------------+
| 3Initial tax relief at 30% of investment |
+--------------------------------------------------------------------------------------+
| 4Tax relief on dividends at 32.5% |
+-----------------------+-----------+----------+--------+----------+---------+---------+
NEW INVESTMENTS
During the quarter ended 30 September 2009, the Company has invested GBP280,323
in five companies, including an investment of GBP245,072 in Camwatch Limited.
After the period end, an investment totalling GBP1m was completed in Allied
International, as a part of a total investment of GBP3 million made alongside
Core VCT and Core VCT IV. Allied International is a leading Destination
Management Company, with operations throughout Europe and America.
SHARE CAPITAL
The Company has not issued or bought back any shares during the period.
OUTLOOK
The Managers continue to exercise caution in completing new investments given
the current economic outlook. This has resulted in new investments being slower
than otherwise might be the case. However the fund has a strong liquidity
position which will be used to acquire additional qualifying investments in the
next 6 months as acquisition terms become more attractive.
As in all 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.
Other than as set out above,
the Board is not aware of any significant events or transactions which have
occurred between 30 September 2009 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company.
For further information, please contact:
Rosemary O'Neil
Maven Capital Partners UK LLP
Company Secretary
0141 306 7553.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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