CR3 Core Vct

 
TIDMCR3 
 
 
 
 
From:                     Core VCT PLC 
Date:                     1 May 2014 
 
 
Interim Management Statement for the quarter ended 
 31 March 2014 
 
 
Quarterly Management Review 
Set out below is the interim management statement 
 ("IMS") for the period from 1 January 2014 to 31 March 
 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. 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 
                                                         31 March    31 December 
                                                           2014             2013 
Net asset value per share                               60.41 pence  60.59 pence 
Total return to date per share(1)                       91.56 pence  91.74 pence 
Share price (mid-market)                                22.50 pence  21.25 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. 
 
 
Investments 
During the quarter no investments were purchased or 
 realised. 
 
Core Capital I LP (CCILP held through Core BVI Limited) 
During the quarter no drawdowns were made by CCILP 
 and at the period end, growth capital of GBP1.7 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 CCILP increased 
 by GBP267,000 in line with the quarterly report prepared 
 by the Manager. This represents an increase of 0.62p 
 per ordinary share. 
 Investments Directly Held by Core VCT plc 
 The valuation of Momentous Moving Holdings Limited 
 was reduced by GBP272,000 to reflect the decline in 
 trading during the quarter. This represents a decrease 
 of 0.63p per ordinary shares. 
 The Group's cash balance at the end of the quarter 
 was GBP0.4 million, or 1.4% of net assets. 
 
Group Holdings as % of Net Assets 
 
                                                         31 March    31 December 
                                                           2014             2013 
Core Capital I LP                                             77.1%        75.9% 
Allied International Holdings Limited                         10.1%        10.1% 
Momentous Moving Holdings Limited                              6.0%         7.0% 
CP Newco 1 and 2 Limited (comprising Cording Real 
 Estate Group LLP)                                             5.4%         5.3% 
 
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, and have invested most 
 of the available capital into the investment portfolio. 
 There is some evidence of improving conditions in 
 the UK for exit activity, and we look forward to reporting 
 on the progress of achieving our intended realisations 
 in the future. 
 
 
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#1782107 
 
 
  http://www.core-cap.com/ 
 

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