Interim Management Statement
16 May 2008 - 8:36PM
UK Regulatory
Core VCT I plc (the "Company")
16 May 2008
Interim Management Statement
For the quarter ended 31 March 2008
PERFORMANCE
At 31 March 2008 At 31 December 2007
Ordinary B Shares Ordinary B Shares
Shares Shares
Net asset value per 100.64p 1.00p 101.49p 1.00p
share (excluding
current year income)
Cumulative dividends 3.10p - 3.10p -
paid to date per share
Total return since 103.74p 1.00p 104.59p 1.00p
inception per share*
Share price 90p 4.50p 90p 4.50p
*NAV plus cumulative dividends paid to date
DIVIDENDS
No dividends were paid during the period. Subject to Shareholder approval at
the Annual General Meeting on 4 June 2008, a final dividend of 4p per share in
respect of the year ended 31 December 2007 will be paid on 23 June 2008 to
shareholders on the register on 30 May 2008, bringing a total return to
higher-rate tax paying shareholders of 47.1p (after taking account of their
initial income tax relief) on the original 100p per share they invested just
over three years ago.
NEW INVESTMENTS
A further investment of �125,000 was made in Pureleaf Limited, one of the
Company's existing investments.
SHARE CAPITAL
The Company has not issued or bought back any shares during the period.
FURTHER RETURN OF FUNDS
From its inception, the Company has been structured to build a diverse
portfolio of investments, to realise this portfolio and return both realised
gains and capital to investors as swiftly as possible through tax free
distributions
With the initial investment period of 3 years now completed, the Directors
intend to commence distribution of the Cash Assets, subject to the maintenance
of adequate working capital and the retention of an appropriate fund to permit
subsequent funding rounds in existing investments. We are monitoring the
portfolio and we expect to have a clearer view on any potential further funding
requirements and therefore our ability to make further distributions as the
year progresses.
In common with all Venture Capital Trusts, there is little if any available
liquidity in trading 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. We would strongly
suggest that shareholders consider holding their shares with a view to
benefiting from future realisations.
For further information, please contact:
Robert Brittain, for Matrix-Securities Limited, Company Secretary on 020 7925 3300.
END
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