Core VCT IV PLC Core Vct Iv Plc : Interim Management Statement
06 November 2014 - 10:41PM
UK Regulatory
TIDMCR4
From: Core VCT IV 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 IV 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 Ordinary Shares
30 September 30 June
2014 2014
Net asset value per share 63.51 pence 52.70 pence
Total return to date per share(1) 81.51 pence 70.70 pence
Share price (mid-market) 26.00 pence 24.00 pence
Cumulative dividends paid 18.00 pence 18.00 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 IV 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. 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 (CCILP held through Core IV BVI
Limited)
During the quarter, the value of the Company's 3.09%
interest in CCILP increased by GBP1.2 million, representing
10.59p per ordinary share. This increase has been
driven primarily by the realisation of Kelway, which
contributed an uplift of 9.38p per ordinary share,
bringing the total value of Kelway to be 21.57p per
ordinary share. The Board of Core VCT IV plc will
determine the optimal method of distributing proceeds
to shareholders whilst preserving the VCT tax status.
These proposals will be presented to shareholders
before the next AGM.
A further GBP2.1 million was drawn down from the other
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.
Investments Directly Held by Core VCT IV plc
During the quarter there has been no change to the
valuations of the investments directly held by Core
VCT IV plc.
The Company's cash balance at the end of the quarter
was GBP0.2 million, or 4.1% of net assets.
Holdings as % of Net Assets
30 September 30 June
2014 2014
Core Capital I LP 58.6% 50.5%
Camwatch Limited 14.8% 17.9%
Allied International Holdings Limited 11.6% 13.9%
Momentous Moving Holdings Limited 10.8% 13.0%
Cording Real Estate Group LLP 0.1% 0.2%
Share Capital
The Company has not issued or bought back any shares
during the period. The Company's issued share capital
currently stands at 10,885,969 ordinary 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 further
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 IV plc via Globenewswire
HUG#1869337
http://www.core-cap.com/
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