CR3 Core Vct

 
TIDMCR3 
 
 
 
 
From:                     Core VCT PLC 
Date:                     6 November 2014 
 
 
Interim Management Statement for the quarter ended 
 30 September 2014 
 
Quarterly Management Review 
Set out below is the interim management statement 
 ("IMS") for the period from 1 July 2014 to 30 September 
 2014, 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. 
 
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 
                                                            2014             2014 
Net asset value per share                               85.02 pence   65.02 pence 
Total return to date per share(1)                       116.17 pence  96.16 pence 
Share price (mid-market)                                30.50 pence   27.25 pence 
Cumulative dividends paid                               31.15 pence   31.15 pence 
 
(1.) Total return per share comprises closing net 
 asset value per share plus cumulative dividends per 
 share paid to date. 
 
Realisation through Core Capital I LP (CCILP held 
 through Core BVI Limited) 
Today, CCILP disposed of its 29% equity stake and 
 other economic interests in Kelway Holdings Limited 
 ("Kelway") through a management buyout supported by 
 CDW. Core VCT plc initially invested GBP5 million 
 in Kelway in 2006, then acquired a further equity 
 stake prior to the transfer to CCILP of GBP0.2 million. 
 CCILP then acquired a further equity stake in Kelway 
 of GBP3.3 million bringing the total cash investment 
 to GBP8.5 million. On completion, CCILP will receive 
 proceeds totalling GBP76 million. 
 CDW is a leading provider of integrated information 
 technology solutions in the U.S. and Canada. A Fortune 
 500 company, CDW was founded in 1984 and employs more 
 than 7,100 employees. In 2013, the company generated 
 net sales of more than $10.8 billion. 
 
Core Capital I LP 
During the quarter, the value of the Company's 23.38% 
 interest in CCILP increased by GBP8.7 million, representing 
 20.15p per ordinary share. This increase has been 
 driven primarily by the realisation of Kelway, which 
 contributed an uplift of 17.84p per ordinary share 
 bringing the total value of Kelway to be 41.04p per 
 ordinary share. The Board of Core VCT plc will determine 
 the optimal method of distributing proceeds to shareholders 
 whilst preserving the full VCT tax reliefs available. 
 It is intended that these proposals will be presented 
 to shareholders before the next AGM. 
 A further GBP2.1 million was drawn down from the institutional 
 investors in CCILP. GBP0.75 million was utilised to 
 pay the General Partner Fee and the remainder will 
 be invested in Ark Home Healthcare Limited to fund 
 working capital commitments. 
 As at 30 September 2014, a total of GBP0.2 million 
 remains to be called. These funds have been retained 
 to pay the running costs of CCILP. 
 Investments Directly Held by Core VCT plc 
 During the quarter there has been no change to the 
 valuations of the investments directly held by Core 
 VCT plc. 
 The Company's cash balance at the end of the quarter 
 was GBP0.2 million, or 0.7% of net assets. 
 
Holdings as % of Net Assets 
                                                        30 September      30 June 
                                                            2014             2014 
Core Capital I LP                                              83.2%        77.9% 
Allied International Holdings Limited                           8.0%        10.5% 
Momentous Moving Holdings Limited                               4.3%         5.5% 
CP Newco 1 and 2 Limited (comprising Cording Real 
 Estate Group LLP)                                              3.8%         5.0% 
 
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 
In addition to the uplift from Kelway, the remainder 
 of the increase in valuation is mainly driven by the 
 growth in EBITDA of the underlying portfolio companies. 
 Several companies are now generating maintainable 
 EBITDA growth which have had a positive impact on 
 valuations, in particular Abriand Limited and SPL 
 Services Limited. 
 The Board and Manager remain focused on continuing 
 to drive operating improvements in the portfolio companies 
 whilst also exploring opportunities to achieve realisations 
 for our shareholders. 
 
For further information please contact: 
 
Stephen Edwards,           Core Capital Partners LLP:               020 3179 0915 
Rhonda Nicoll,             Company Secretary:                       020 3179 0930 
 
 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Core VCT plc via Globenewswire 
 
   HUG#1869330 
 
 
  http://www.core-cap.com/ 
 

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