CR3 Core Vct

 
TIDMCR3 
 
From: Core VCT PLC 
 
Date: 7 November 2012 
 
 
 
 
 
Interim Management Statement for the quarter ended 30 September 2012 
 
 
 
 
 
Quarterly Management Review 
 
Set out below is the interim management statement ("IMS") for the period from 1 
July  2012 to  30 September  2012, 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  FSA 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                                        2012                 2012 
 
Net asset value per share                       59.67 pence          59.33 pence 
 
Total return to date per share(1)               90.82 pence          90.48 pence 
 
Share price (mid-market)                        27.00 pence          29.00 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)                        10.00 pence          12.50 pence 
 
 
 
 1. Total  return per  share comprises  closing net  asset value  per share plus 
    cumulative dividends per share paid to date. 
 
 
 
 
 
Investments 
 
The  Interim Report  highlighted that  further funds  of  GBP350,000  would be made 
available  to Allied International Holdings Limited, an investment directly held 
by  Core  VCT  plc,  to  progress  with  its  turnaround plan.  These funds were 
utilised by the company during the quarter and there has been no increase in the 
valuation since 30 June 2012. 
 
Core Capital I LP (CCI LP, held through Core BVI Limited) 
During the quarter,  GBP1.2 million was committed by CCI LP to SPL Services Limited 
to  fund a partial  refinancing.  A further   GBP71,000 was committed  by CCI LP to 
Colway Limited to purchase management shares.  At the period end, growth capital 
of   GBP9 million (net of General Partner Fee)  still remains to be called from the 
other institutional investors.  The value of the Group's 23.38% interest in Core 
Capital I LP increased by  GBP561,000 in line with the quarterly report prepared by 
the Manager.  This represents an increase of 1.30p per ordinary share. 
 
 
 
The  Group's cash balance at the end of  the quarter was  GBP1.0 million or 3.7% of 
net assets. 
 
 
 
 
 
Group Holdings as % of Net Assets 
 
 
 
                                               30 September              30 June 
 
                                                       2012                 2012 
 
Core Capital I LP                                     69.1%                67.3% 
 
Pureleaf  Limited (trading as Momentous Moving        13.6%                13.7% 
Excellence) 
 
Allied International Holdings Limited                  8.4%                 8.4% 
 
CP  Newco Limited; (investment held in Cording         5.4%                 5.5% 
Land LLP) 
 
Augentius Fund Administration LLP                        -%                   -% 
 
 
 
 
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 CCI LP or Core VCT 
plc, but to deploy the remaining committed capital and undrawn commitments 
within CCI LP into supporting the growth of the existing investment portfolio 
and managing these through to exit. 
 
 
 
 
 
For further information please contact: 
 
 
 
Stephen         Core Capital LLP:  020 3179 0915 
Edwards, 
 
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#1655795] 
 

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