CR5 Core Vct V

 
TIDMCR5 
 
From:                Core VCT V PLC 
Date:                 4 November 2011 
 
 
Interim Management Statement for the quarter ended 30 September 2011 
 
 
Quarterly Management Review 
Set out below is the interim management statement ("IMS") for the period from 1 
July  2010 to  30 September  2011, 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 Ordinary Shares 
                                     30 September       30 June 
                                             2011          2011 
 
 Net asset value per share            63.82 pence   81.29 pence 
 
 Total return to date per share(1)    81.32 pence   88.79 pence 
 
 Share price (mid market)             45.00 pence   41.50 pence 
 
 Cumulative dividends paid            17.50 pence    7.50 pence 
 
 1. Total  return per  share comprises  closing net  asset value  per share plus 
    cumulative dividends per share paid to date. 
 
Adoption of Proposals and Capital Dividend 
At  the  General  Meeting  held  on  7 July  2011 an  overwhelming  majority  of 
shareholders voted in favour of the Proposals as outlined in the Circular, dated 
9 June  2011.  From 8 July 2011, the  Company now has  a partnership interest of 
3.09% in  Core Capital I  LP.  This LP,  managed by Core  Capital LLP, holds Ark 
Home Healthcare Limited, Brasserie Bar Co. Limited, Colway Limited, Core Mezz II 
Limited,  Kelway Limited and  SPL Services Limited.  Both Kelway Limited and SPL 
Services Limited were not originally held by Core VCT V plc.  New investors have 
committed  GBP27.3 million of growth capital for these investments. 
As part of the Proposals, the Company received  GBP1,394,000 from the new investors 
and  a 10p interim capital dividend was  paid on 12 August 2011, to shareholders 
on the register on 5 August 2011. 
Core  VCT V plc transferred investments totalling   GBP2.1 million, net of the cash 
consideration  of  GBP1.3 million into Core Capital I LP on 8 July 2011.  As at 30 
September  2011, these investments  have risen  to  GBP2.3  million, an increase of 
some 9.5%. 
Other Investment Activity 
During  the quarter  we invested  a further   GBP1.0 million  into Momentous Moving 
Excellence  Limited  ("MME")  to  support  working  capital  requirements.  This 
investment  is also  held by  Core VCT  plc and  Core VCT  IV plc  and is a long 
established  storage and  removals business.   The company  has a  long standing 
relationship with the Ministry of Defence for whom MME carries out a significant 
amount  of long term storage.   MME has a strong  balance sheet with substantial 
net  assets, unencumbered freehold assets  and no senior bank  debt.   Since the 
period end, we have invested a further  GBP250,000 in Allied International Limited, 
alongside   Core  VCT  plc  and  Core  VCT  IV  plc,  to  fund  working  capital 
requirements. 
The  cash balance at  the end of  the quarter was   GBP0.7 million, or 10.1% of net 
assets. 
Holdings as % of Net Assets 
 
                                         30 September   30 June 
                                                 2011      2011 
 
 Core Capital I LP                              32.9%         - 
 
 Allied International Holdings Limited          24.6%     19.5% 
 
 Camwatch Limited                               18.0%     14.2% 
 
 Momentous Moving Excellence Limited            14.3%      0.1% 
 CP Newco Limited                                0.1%      0.1% 
 
 Colway Limited                                     -     19.0% 
 
 Brasserie Bar Co. Limited                          -     16.3% 
 
 Ark Home Healthcare Limited                        -     10.1% 
 
 
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 do not expect the UK economy to show any improvement over the next 12 months, 
and indeed there are more risks on the downside both in weak consumer demand and 
continued  public sector  constraint. However,  following the  completion of the 
Proposals on 8 July, the portfolio companies have access to substantial funding, 
in  particular those which were transferred to  Core Capital I LP.  Our focus is 
managing  the growth of the  underlying portfolio in order  to progress our exit 
programme over the next few years. 
For further information please contact: 
Stephen Edwards, Core Capital LLP:  020 3179 0915 
Rhonda Nicoll, Company Secretary:   020 3179 0930 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Core VCT V plc via Thomson Reuters ONE 
 
[HUG#1560834] 
 

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