CR3 Core Vct

 
TIDMCR3 
 
 
 
 
 
From:                        Core VCT PLC 
Date:                        6 November 2013 
 
 
Interim Management Statement for the quarter ended 
 30 September 2013 
 
 
Quarterly Management Review 
Set out below is the interim management statement 
 ("IMS") for the period from 1 July 2013 to 30 September 
 2013, which contains information that covers this 
 period, and up to the date of publication of this 
 IMS. Core VCT plc is publishing this IMS in accordance 
 with DTR 4.3 of the FCA Handbook. As the Company owns 
 a subsidiary which holds a partnership interest in 
 an LP consolidated accounts have been prepared. 
 
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 
Ordinary Shares                                                2013         2013 
Net asset value per share                                  49.88 pence   50.84 pence 
Total return to date per share(1)                          81.03 pence   81.99 pence 
Share price (mid-market)                                   22.50 pence   23.50 pence 
Cumulative dividends paid                                  31.15 pence   31.15 pence 
 
B Shares 
Net asset value per share                                   0.01 pence    0.01pence 
Total return to date per share(1)                           0.01 pence   0.01 pence 
Share price (mid-market)                                    7.50 pence   7.50 pence 
 
 
Investments 
During the quarter, a further GBP450,000 was made 
 available to Allied International Holdings Limited, 
 an investment directly held by Core VCT plc, to progress 
 with its turnaround plan. The investment was by way 
 of a loan benefiting from yield and capital preference. 
 There has been no change to the valuation since 30 
 June 2013. 
 Core Capital I LP (CCILP, held through Core BVI Limited) 
 During the quarter, the valuation of CCILP decreased 
 by GBP129,465, representing (0.30p per ordinary share). 
 A further GBP0.75 million was drawn down from the 
 institutional investors in CCILP to pay the General 
 Partner Fee. The fund utilised cash which had previously 
 been drawn down to fund working capital commitments 
 in SPL Services Limited totalling GBP0.5 million. 
 A further GBP20,000 was also committed to Colway Limited 
 to purchase management shares. 
 As at 30 September 2013, a total of GBP4 million (net 
 of General Partner Fee) remains to be called. The 
 Manager, following discussions with the institutional 
 investors, will decide where these funds should be 
 invested. 
 Realisations 
 During the quarter, Momentous Moving Excellence repaid 
 the remaining short term loan balance of GBP250,000. 
 The valuation decreased by this amount during the 
 period (0.58p per ordinary share). 
 During the quarter, the small equity investment in 
 Augentius Fund Administration LLP ("Augentius") totalling 
 GBP480 was sold to Augentius for a profit of GBP224,520. 
 Augentius had already paid the loan notes totalling 
 GBP100,000. The total return for the Company was 3.7x 
 money and an IRR of 26.6%. 
 
The Group's cash balance at the end of the quarter 
 was GBP0.7 million or 3.0% of net assets. 
 
 
 
 
 
 
Group Holdings as % of Net Assets 
 
                                                           30 September    30 June 
                                                               2013         2013 
Core Capital I LP                                                 71.1%        70.4% 
Pureleaf Limited (trading as Momentous Moving Excellence)         10.6%        11.5% 
Allied International Holdings Limited                              8.8%         8.6% 
CP Newco I Limited; (investment held in Cording Land 
 LLP)                                                              6.5%         6.4% 
 
Share Capital 
The Company has not issued or bought back any shares 
 during the period. The Company's issued share capital 
 currently stands at 43,301,414 ordinary shares and 
 28,867,227 B 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 are not intending to make any new investments in 
 either CCILP or Core VCT plc, but to deploy the remaining 
 committed capital and undrawn commitments within CCILP 
 into supporting the growth of the existing investment 
 portfolio and managing these through to exit. 
 
 
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 plc via Thomson Reuters ONE 
 
   HUG#1741090 
 
 
  http://www.core-cap.com/ 
 

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