TIDMCR3
CORE VCT PLC
From: Core VCT PLC
Date: 14 March 2014
Yearly Financial Report for the Year ended 31 December 2013
Performance Summary
Ordinary Shares 31 December 2013 31 December 2012
Net asset value per share 60.59 pence 57.90 pence
Total return to date per share(1) 91.74 pence 89.05 pence
Share price (mid market) 21.25 pence 25.75 pence
Cumulative dividends per share since
inception(2) 31.15 pence 31.15 pence
Ongoing charges ratio(3) 1.29% 1.24%
B Shares 31 December 2013 31 December 2012
Net asset value per share 0.01 pence 0.01 pence
Share price (mid market) 7.50 pence 10.00 pence
Total return per share comprises closing net asset
1. value per share plus cumulative dividends per share
paid to date.
Based on a weighted average of dividends paid by Core
1. VCT I plc, Core VCT II plc and Core VCT III plc.
Ongoing charges ratio is calculated by taking operating
1. costs of the Group (excluding trail commission, third
party transaction costs and costs associated with
corporate transactions) divided by the average NAV
for the year.
Chairman's Statement
The Net Asset Value ("NAV") Total Return for the Ordinary Shares was
91.74p as at 31 December 2013, comprising a NAV of 60.59p and weighted
average cumulative dividends paid of 31.15p per Ordinary Share. This is
an increase from the NAV Total Return to 31 December 2012 of 3.0% (and
an increase of 11.9% since 30 June 2013). A net profit of GBP1,165,724
(an increase of 2.69p per share) was recorded in the Statement of
Comprehensive Income for the year ended 31 December 2013 (2012: net loss
of GBP1,905,295).
The increase of 2.69p per Ordinary Share is accounted for by:-
-- An additional 2.84p per Ordinary Share due to an increase in the value of
the unquoted portfolio;
-- Plus a gain generated from the sale of investments totalling 0.52p per
Ordinary Share; and
-- Less 0.67p per Ordinary Share, attributable to operating costs
Investments
Core Capital I LP ("CCILP")
CCILP is the vehicle for the major part of the portfolio and allowed the
Manager to attract additional capital for expansion from outside
investors in 2011
During the year a further GBP6.8 million was drawn down from the other
institutional investors. The main recipient of these funds were Ark
Home Healthcare Limited (GBP2.7 million), Colway Limited (GBP1.7
million) and SPL Services Limited (GBP1.6 million). As at 31 December
2013, GBP1.7 million remains to be called (net of General Partner Fee).
During the year, the valuation of the Company's interest increased by an
amount equivalent to 5.28p per Ordinary Share or 13.0%.
Investments directly held by Core VCT plc
The investments directly held by the Company being Allied Holdings
Limited, Cording Real Estate Group LLP and Momentous Moving Holdings
Limited decreased by 2.44p per share during the year.
The Managers Review provides an update on all the investments held in
the Company including those held in CCILP.
Realisations
I am pleased to report that our small holding in Augentius Fund
Administration LLP was realised during the year for GBP224,520. The
total return for the Company was 3.7x cost.
In addition, Momentous Moving Holdings Limited repaid the balance of
their short term loan totalling GBP250,000.
Dividends
Whilst welcome, the realisations referred to above are not sufficiently
material to make a meaningful distribution to shareholders. We expect
that any future realisations from the portfolio would be more
significant, and we would then be in a position to distribute such
proceeds cost effectively to all shareholders. In the meantime, these
recent proceeds have assisted with the funding of Allied International
Holdings Limited and contributed to the retained cash balance at the
year-end of GBP0.6 million; which the Board believes will provide
sufficient level of headroom for the operations of the Company.
Accordingly the Board is not recommending a final dividend to
shareholders at this stage.
Alternative Investment Fund Managers' Directive ("AIFMD")
The AIFMD is European legislation which creates a European-wide
framework for regulating managers of alternative investment funds
("AIFs"). Closed-end investment companies such as Core VCT plc fall
within the remit of these new regulations. The legislation came into
force in July 2013, but there is a twelve month transitional period
which means that the Company has until July 2014 to comply. The Board
has reviewed the impact of the directive on the Company's operations and
decided to appoint the Manager as the Company's AIFM. The controlling
members of Core Capital LLP formed a new partnership called Core Capital
Partners LLP, in order to comply with the AIFMD regulatory requirements.
Accordingly, on 6 January 2014, the Board terminated the existing
management deed and appointed Core Capital Partners LLP as the Manager
of the Company. Under the directive, the Company is also required to
appoint a depositary. The Board is well advanced in considering which
organisation to appoint as the depositary which will result in an
additional cost to the Company.
B Shares
Shareholders will be aware that the Company has an innovative charging
structure. No annual management fees are paid to the Manager, Core
Capital Partners LLP, which is only rewarded once shareholders have been
returned all of their effective initial capital of 60 pence and subject
to a hurdle rate of 5 per cent per annum. This is achieved through the
issue of B Shares, which collectively receive 40% of distribution above
the effective initial capital plus hurdle. Of these shares, 74% are
held by the Manager, such that the Manager will receive 29% of
distributions above the effective initial cost plus hurdle.
Currently total cumulative distributions, including the hurdle, are
approximately 53p per Ordinary Share short of the required threshold
following the achievement of which the B Shares would participate in
distributions. However, I would like to remind shareholders that once
the threshold is achieved, distributions to Ordinary Shares will be
reduced to 60% of the total, and that your holding in B Shares forms an
integral part of your investment along with your holding in Ordinary
Shares.
Share Price and Share Buy Backs
We would remind shareholders that we view the NAV Total Return, rather
than the share price, as the preferred measure of performance, as it
encompasses the value of the current portfolio and the amount of cash
distributed to shareholders over the life of their investment.
We are conscious that the mid price of the shares continues to be at a
significant discount to the NAV (65% as at 31 December 2013). Whilst
the Company has the ability to buy back its own shares, the Board's view
is that any cash realised from a disposal of investments should be
returned to all shareholders by way of distribution. Both the Ordinary
Shares (CR3) and B Shares (CR3B) are fully listed shares. Prices are
available on www.londonstockexchange.com.
Annual General Meeting
We have taken shareholders' views on board; and this year the Company
will hold a concurrent AGM with both Core VCT IV plc and Core VCT V plc,
enabling a single investor presentation while conforming to the
prescribed procedures for meetings in terms of the Companies Act. The
Company's Annual General Meeting will be held at 10.30 am on 1 May 2014
at 19 Cavendish Square, London, W1A 2AW. This is a good opportunity for
shareholders to meet the Directors and the Manager and I would encourage
you to attend.
Outlook
There has been a period of substantial change in the operational
performance of the underlying companies, especially in those investments
held in CCILP. This is now starting to show through maintainable EBITDA
growth in our largest investments, particularly Kelway Holdings Limited
and Abriand Limited.
The UK is beginning to show some improving liquidity conditions for both
transactions and exit activity following the depressed conditions in the
conventional market for corporate lending. The Manager has successfully
completed the debt refinancing for the restaurant chain Abriand Limited
and we look forward to reporting on the progress of achieving our
intended realisations in the future.
Peter Smaill
Chairman
14 March 2014
Principal Risks and Uncertainties
The Company's assets consist mainly of unquoted investments. These
investments are not publicly traded and there is not a liquid market for
them, and therefore these investments maybe difficult to realise. More
detailed explanations of these risks and the way which they are managed
are contained in note 2.
Other risks faced by the Company include the following:
-- Economic risk - events such as economic recession, movements in interest
rates and the availability of debt finance could affect the valuation of
small companies.
-- Loss of approval as a Venture Capital Trust - the Company must comply
with Section 274 of the Income Tax Act 2007 which allows it to be exempt
from capital gains tax on investment gains. Any breach of these rules may
lead to the Company losing its approval as a VCT.
-- Investment and strategic - incorrect strategy, asset allocation, and
stock selection could all lead to poor returns for shareholders. The
underlying investments may also need significant funding which is not in
accordance with VCT legislation.
-- Regulatory - breach of regulatory rules could lead to the suspension of
the Company's Stock Exchange Listing, financial penalties or a qualified
audit report.
-- Operational - Failure of the Manager's accounting systems or disruption
to the Manager's business could lead to an inability to provide accurate
reporting and monitoring, leading to a loss of shareholders' confidence.
-- Financial - inadequate controls by the Manager could lead to
misappropriation of assets. Inappropriate accounting policies may lead to
misreporting or breaches of regulations.
The Board seeks to mitigate and manage these risks through continual
review, policy setting, shareholder communication and enforcement of
contractual obligations and monitoring progress and compliance.
Statement of Directors' Responsibilities in Respect of the Annual
Financial Report
The Directors are responsible for preparing the Annual Report and the
Group and Company financial statements in accordance with applicable
United Kingdom law and those International Financial Reporting Standards
("IFRS") as adopted by the European Union.
Under company law the Directors must not approve the Group and Company
financial statements unless they are satisfied that they present fairly
the financial position, the financial performance and cash flows of the
Group and Company for that period. In preparing the Group and Company
financial statements the Directors are required to:
-- select suitable accounting policies in accordance with IAS 8: Accounting
Policies, Changes in Accounting Estimates and Errors and then apply them
consistently;
-- present information, including accounting policies, in a manner that
provides relevant, reliable, comparable and understandable information;
-- provide additional disclosure when compliance with the specific
requirements in IFRS is insufficient to enable users to understand the
impact of particular transactions, other events and conditions on the
Group's and the Company's financial position and financial performance;
-- state that the Group and Company have complied with IFRS, subject to any
material departures disclosed and explained in the financial statements;
and
-- make judgements and estimates that are reasonable and prudent.
The Directors are responsible for keeping adequate accounting records
that are sufficient to show and explain the transactions of the Group
and Company and disclose with reasonable accuracy at any time the
financial position of the Group and Company and enable them to ensure
that the Group and Company financial statements comply with the
Companies Act 2006 and Article 4 of the IAS Regulation. They are also
responsible for safeguarding the assets of the Group and Company and
hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Under applicable law and regulations, the Directors are responsible for
preparing a Strategic Report, a Directors' Report, a Directors'
Remuneration Report and a Corporate Governance Statement.
We confirm to the best of our knowledge:
-- the financial statements, prepared in accordance with IFRS as adopted by
the European Union, give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Group and the Company; and
-- the Report of the Directors includes a fair review of the development and
performance of the business and the position of the Group and Company
together with a description of the principal risks and uncertainties that
they face.
On behalf of the Board:
Peter Smaill
Chairman
14 March 2014
Audited Consolidated Statement of Comprehensive Income
for the year ended 31 December 2013
Revenue Capital
Return Return Total
Notes GBP GBP GBP
Income
Investment income 10,000 - 10,000
Other income 563 - 563
Gains on investments held at fair
value - 1,456,130 1,456,130
Total Income 10,563 1,456,130 1,466,693
Expenditure
Other expenses (300,969) - (300,969)
Total expenditure (300,969) - (300,969)
(Loss)/profit before taxation (290,406) 1,456,130 1,165,724
Taxation - - -
(Loss)/profit for year/total
comprehensive income 3 (290,406) 1,456,130 1,165,724
Return per Ordinary Share: 3 (0.67)p 3.36p 2.69p
Audited Consolidated Statement of Comprehensive Income
for the year ended 31 December 2012
Revenue Capital
Return Return Total
Notes GBP GBP GBP
Income
Investment income 10,000 - 10,000
Other income 870 - 870
Losses on investments held at fair
value - (1,594,933) (1,594,933)
Total Income 10,870 (1,594,933) (1,584,063)
Expenditure
Other expenses (321,232) - (321,232)
Total expenditure (321,232) - (321,232)
Loss before taxation (310,362) (1,594,933) (1,905,295)
Taxation - - -
Loss for year/total comprehensive
loss 3 (310,362) (1,594,933) (1,905,295)
Return per Ordinary Share: 3 (0.72)p (3.68)p (4.40)p
Audited Consolidated and Company Balance Sheets
as at 31 December 2013
Group Company Group Company
2013 2013 2012 2012
Notes GBP GBP GBP GBP
Non-current assets
Investments at fair value through
profit or loss 25,801,773 25,801,773 24,120,643 24,120,643
Subsidiary undertaking - 1,000 - 1,000
25,801,773 25,802,773 24,120,643 24,121,643
Current assets
Other receivables 2,825 2,825 2,657 2,657
Cash 564,552 563,552 1,075,281 1,074,281
567,377 566,377 1,077,938 1,076,938
Current liabilities
Other payables (129,058) (129,058) (124,213) (124,213)
Net current assets 438,319 437,319 953,725 952,725
Net assets 26,240,092 26,240,092 25,074,368 25,074,368
Equity
Called-up Ordinary Share capital 4,330 4,330 4,330 4,330
Called up B Share capital 2,887 2,887 2,887 2,887
Special distributable reserve 30,635,667 30,635,667 30,635,667 30,635,667
Capital reserve (3,569,347) (3,569,347) (5,025,477) (5,025,477)
Revenue reserve (833,445) (833,445) (543,039) (543,039)
Shareholders' funds 26,240,092 26,240,092 25,074,368 25,074,368
Assets attributable to Ordinary
Shareholders 4 26,237,205 26,237,205 25,071,482 25,071,482
Assets attributable to B
Shareholders 4 2,887 2,887 2,886 2,886
Net asset value per 0.01p Ordinary 4 60.59p 60.59p 57.90p 57.90p
Share
Net asset value per 0.01p B Share 4 0.01p 0.01p 0.01p 0.01p
Audited Consolidated and Company Statements of Changes in Equity
for the year ended 31 December 2013
Called
up
Called
Ordinary up Special
Share B Share Distributable Capital Revenue
capital Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP GBP
Group
For the year
ended 31 Dec
2013
Net assets at 1
January 2013 4,330 2,887 30,635,667 (5,025,477) (543,039) 25,074,368
Profit/(loss)
for the
year/total
comprehensive
income - - - 1,456,130 (290,406) 1,165,724
Net assets at
31 December
2013 4,330 2,887 30,635,667 (3,569,347) (833,445) 26,240,092
Group
For the year
ended 31 Dec
2012
Net assets at 1
January 2012 4,330 2,887 32,367,724 (3,430,544) (232,677) 28,711,720
Loss for the
year/total
comprehensive
loss - - - (1,594,933) (310,362) (1,905,295)
Dividends paid - - (1,732,057) - - (1,732,057)
Net assets at
31 December
2012 4,330 2,887 30,635,667 (5,025,477) (543,039) 25,074,368
Company
For the year
ended 31 Dec
2013
Net assets at 1
January 2013 4,330 2,887 30,635,667 (5,025,477) (543,039) 25,074,368
Profit/(loss)
for the
year/total
comprehensive
income - - - 1,456,130 (290,406) 1,165,724
Net assets at
31 December
2013 4,330 2,887 30,635,667 (3,569,347) (833,445) 26,240,092
Company
For the year
ended 31 Dec
2012
Net assets at 1
January 2012 4,330 2,887 32,367,724 (3,430,544) (232,677) 28,711,720
Loss for the
year/total
comprehensive
loss - - - (1,594,933) (310,362) (1,905,295)
Dividends paid - - (1,732,057) - - (1,732,057)
Net assets at
31 December
2012 4,330 2,887 30,635,667 (5,025,477) (543,039) 25,074,368
Audited Consolidated and Company Cash Flow Statements
for the year ended 31 December 2013
Group Company Group Company
2013 2013 2012 2012
GBP GBP GBP GBP
Net cash outflow from operating activities (510,729) (510,729) (837,998) (837,998)
Financing activities
Equity dividends paid - - (1,732,057) (1,732,057)
Net cash outflow from financing activities - - (1,732,057) (1,732,057)
Net decrease in cash and cash equivalents (510,729) (510,729) (2,570,055) (2,570,055)
Cash and cash equivalents at beginning of period 1,075,281 1,074,281 3,645,336 3,644,336
Cash and cash equivalents at the end of period 564,552 563,552 1,075,281 1,074,281
Reconciliation of profit/(loss) before taxation to
net cash outflow from operating activities
Profit/(loss) before taxation 1,165,724 1,165,724 (1,905,295) (1,905,295)
Losses on investments (1,456,130) (1,456,130) 1,594,933 1,594,933
Purchases of investments (700,000) (700,000) (950,000) (950,000)
Sales of investments 475,000 475,000 421,516 421,516
(Increase)/decrease in accrued income and
prepayments (168) (168) 3,884 3,884
Increase/(decrease) in other payables 4,845 4,845 (3,036) (3,036)
Net cash outflow from operating activities (510,729) (510,729) (837,998) (837,998)
Notes:
1. The financial statements of the Company and the Group have been
prepared in accordance with the Companies Act 2006 and International
Financial Reporting Standards ('IFRS') as adopted by the European Union.
The financial statements have been prepared on a going concern basis.
Where presentational guidance set out in the Statement of Recommended
Practice "Financial Statements of Investment Trust Companies and Venture
Capital Trusts" ('SORP') issued by the Association of Investment
Companies ('AIC') in January 2009 is consistent with the requirements of
IFRS, the Directors have sought to prepare the financial statements on a
basis compliant with the recommendations of the SORP.
The financial information for the year ended 31 December 2013 included
in this report has been taken from the Company's full accounts.
The functional currency of the Group is UK pounds sterling as this is
the currency of the primary economic environment in which the Group
operates. Accordingly, the financial statements have been prepared in UK
pounds sterling.
There have been no significant changes to the accounting policies during
the year 31 December 2013.
2. Financial Instruments
The Group's financial instruments in the year comprised equity and fixed
and floating interest rate securities that are held in accordance with
the Company's investment objective and cash, liquid resources and short
term debtors and creditors that arise directly from the Company's
operations.
The main risks arising from the Group's financial instruments are due to
fluctuations in market prices (market price risk), credit risk and
interest rate risk, although liquidity risk and currency risk are also
discussed below. The Board regularly reviews and agrees policies for
managing each of these risks and these are summarised below. These have
been in place throughout the current and preceding periods.
Market Price Risk
Market price risk arises from uncertainty about the future prices of
financial instruments held in accordance with the Company's investment
objectives. It represents the potential gain or loss that the Company
might benefit or suffer from through holding market positions in the
face of market movements.
The investments in equity and fixed interest stocks of unquoted
companies that the Group holds are not traded and as such the prices are
more uncertain than those of more widely traded securities. As, in a
number of cases, the unquoted investments are valued by reference to
price earnings ratios prevailing in quoted comparable sectors, their
valuations are exposed to changes in the price earnings ratios that
exist in quoted markets.
The Board's strategy in managing the market price risk inherent in the
Group's portfolio of equities and loan stock investments is determined
by the requirement to meet the Company's investment objective. As part
of the investment process, the Board seeks to maintain an appropriate
spread of market risk, and has full and timely access to relevant
information from the Investment Manager. No single investment is
permitted to exceed 15% of total VCT value of investment assets at the
point of investment. The Board meets regularly and reviews the
investment performance and financial results, as well as compliance with
the Company's objectives.
Credit Risk
Credit Risk is the risk that a counterparty will fail to discharge an
obligation or commitment that it has entered into with the Group. The
carrying amounts of financial assets best represents the maximum credit
risk exposure at the balance sheet date. The Group has an exposure to
credit risk in respect of the loan stock investments it has made in
investee companies, most of which have no security attached to them, and
where they do, such security ranks beneath any bank debt that an
investee company may owe.
There could also be a failure by counterparties to deliver securities
which the Group has paid for, or not pay for securities which the Group
has delivered. This risk is considered to be small as most of the
Group's investment transactions are in unquoted investments, where
investments are conducted through solicitors, to ensure that payment
matches delivery.
Interest Rate Risk
The Group's fixed and floating interest rate securities, its equity
investments and net revenue may be affected by interest rate movements.
Investments are often in relatively small businesses, which are
relatively high risk investments sensitive to interest rate
fluctuations.
The Group's assets include fixed and floating rate interest instruments.
The rate of interest earned is regularly reviewed by the Board, as part
of the risk management processes applied to these instruments, already
disclosed under market price risk.
Liquidity Risk
The investment in equity and fixed interest stocks of unquoted companies
that the Group holds are not traded. They are not readily realisable.
The ability of the Group to realise the investments at their carrying
value may at times not be possible if there are no willing purchasers.
The Group's ability to sell investments may also be constrained by the
requirements set down by the VCTs. The maturity profile of the Group's
loan stock investments disclosed within the consideration of credit risk
indicates that a majority of these assets will be readily realisable
within the next 1 to 4 years from the year end.
All creditors and accruals are due within one year and are comfortably
covered by cash held and short term debtors.
Currency Risk
All assets and liabilities are denominated in sterling and therefore
there is no currency risk.
3. Return per Ordinary Share
Year ended Year ended
31 Dec 2013 31 Dec 2012
GBP GBP
i. Basic return from ordinary activities after taxation 1,165,724 (1,905,295)
Basic return per share 2.69p (4.40)p
Net revenue return from ordinary activities after
ii. taxation (290,406) (310,362)
Revenue return per share (0.67)p (0.72)p
Net capital return from ordinary activities after
iii. taxation 1,456,130 (1,594,933)
Capital return per share 3.36p (3.68)p
Weighted average number of ordinary shares in issue
iv. in the year 43,301,414 43,301,414
4. Net asset value
The net asset values per share, as disclosed in the balance sheet, are
based on attributable assets at the date of the balance sheet
("attributed basis"). The Board considers that the Articles basis
reflects the attribution of assets between the two classes of shares
that would occur in the event that a liquidation of the Company took
place. On liquidation, B shareholders could be entitled to up to 40% of
the assets remaining after the Ordinary Shareholders first recover their
effective initial cost of 60 pence per share plus the annual hurdle
rates to both share classes, achieved up to the date of liquidation.
By attributing to the B shares purely the capital contribution of 0.01
pence per share reflects the Board's best estimate at 31 December 2013
of the B shares' entitlement to assets at 31 December, given the
inherent uncertainties in projecting the investment performance of the
Manager (which will ultimately determine the B shares' entitlement to
the Company's assets).
The net asset value per share have been calculated by reference to the
number of shares in issue at 31 December 2013 (2012: same) being
43,301,414 Ordinary Shares and 28,867,227 B shares.
31 December 2013 Net asset value
GBP
Ordinary Shares of 0.01p each in accordance with the
Articles 22,854,262
Additional entitlement to assets on the attributed
basis 3,382,943
Attributed basis 26,237,205
Net asset value pence per share 60.59p
B Shares of 0.01p each in accordance with the Articles 3,385,830
Reduced entitlement to assets on the attributed basis (3,382,943)
Attributed basis 2,887
Net asset value pence per share 0.01p
31 December 2012 Net asset value
GBP
Ordinary Shares of 0.01p each in accordance with the
Articles 21,766,242
Additional entitlement to assets on the attributed
basis 3,305,240
Attributed basis 25,071,482
Net asset value pence per share 57.90p
B Shares of 0.01p each in accordance with the Articles 3,308,126
Reduced entitlement to assets on the attributed basis (3,305,240)
Attributed basis 2,886
Net asset value pence per share 0.01p
5. David Dancaster is a partner of Core Capital LLP, the Company's
Manager until 6 January 2014, and the group finance director of Caparo
plc which is a member of Core Capital LLP. Caparo hold 1,177,254
Ordinary Shares and 34,807 B Shares in Core VCT plc. No amounts have
been paid or are payable to Caparo plc except dividends paid to all
ordinary shareholders of the Company totalling a cumulative weighted
average of 31.15p per share as at 31 December 2013. Nothing (2012: nil)
was due to the Manager at 31 December 2013. Details of the carried
interest arrangements between the Company and the Manager are set out in
Note 3 of the Annual Report and Accounts which also discloses amounts
paid and payable to the Manager. Following the successful launch of Core
Capital I LP, the general partner of the LP, receives GBP750,000 per
annum until the fourth anniversary, payable out of the assets of Core
Capital I LP.
6. This announcement is not the Company's statutory accounts. The
statutory accounts for the year ended 31 December 2012 have been
delivered to the Registrar of Companies and have received an audit
report which was unqualified and did not contain any emphasis of matter
and did not contain any statements under section 498(2) and 498(3) of
the Companies Act 2006.
The preliminary announcement is prepared on the same basis as set out in
the prior year statutory accounts and was approved by the Board on 14
March 2014.
The Annual Report for the year ended 31 December 2013 will be posted to
shareholders and is available for inspection at 9 South Street, London
W1K 2XA, the registered office of the Company, and on the Company's
website, www.core-cap.com.
Enquiries
Stephen Edwards 020 3179 0919
Rhonda Nicoll 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#1768944
http://www.core-cap.com/
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