CR2 Core Vct Ii

 

TIDMCR2 
 
RNS Number : 4529S 
Core VCT II PLC 
18 May 2009 
 

Core VCT II plc (the Company) 
 Interim Management Statement 
 For the 
quarter ended 31 March 2009 
To the members of Core VCT II plc 
This interim management statement 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. 
 
 
This interim management statement relates to the period from 1 January 2009 to 
31 March 2009, and contains information that covers this period, and up to the 
date of publication of this interim management statement, unless otherwise 
specified. 
 
 
PERFORMANCE - 31 March 2009 
+-----------------+-----------------+--------------+-----------------+--------------+ 
|                 |        At 31 March 2009        |      At 31 December 2008       | 
+-----------------+--------------------------------+--------------------------------+ 
|                 | Ordinary Shares |  B Shares    |Ordinary Shares  |  B Shares    | 
+-----------------+-----------------+--------------+-----------------+--------------+ 
| NAV per share   |     79.76p      |    0.01p     |     79.85p      |    0.01p     | 
+-----------------+-----------------+--------------+-----------------+--------------+ 
| Cumulative      |      3.50p      |      -       |      3.50p      |      -       | 
| dividends paid  |                 |              |                 |              | 
| per share       |                 |              |                 |              | 
+-----------------+-----------------+--------------+-----------------+--------------+ 
| NAV total       |    (11.89%)     |      -       |    (11.80%)     |      -       | 
| return since    |                 |              |                 |              | 
| inception per   |                 |              |                 |              | 
| share*          |                 |              |                 |              | 
+-----------------+-----------------+--------------+-----------------+--------------+ 
| Share Price     |      45.0p      |    3.5p      |      50.0p      |    3.5p      | 
+-----------------+-----------------+--------------+-----------------+--------------+ 
*NAV plus cumulative dividends paid to date and a starting NAV of 94.5p 
 
 
MERGER 
As announced on 20 April 2009 it is the intention of the Company to merge with 
Core VCT I plc and Core VCT III plc pursuant to a section 110 schemes of 
reconstruction under the Insolvency Act 1986. This will involve transferring the 
assets and liabilities of Core VCT I plc and Core VCT II plc to Core VCT III plc 
in consideration for the issue to the shareholders of Core VCT I plc and Core 
VCT II plc of new shares in Core VCT III plc. 
Formal proposals will be forwarded to shareholders of the VCTs in due course. 
 
 
ANNUAL REPORT 
The Company announced its Annual Financial Results on 29 April 2009 with the 
Annual Report and Notice of AGM being sent out to shareholders in the week 
commencing 11 May 2009. 
DIVIDENDS 
Dividends totalling 13p have been proposed, payable on 30 June 2009. An income 
dividend of 1p has been proposed subject to shareholder approval at the Annual 
General Meeting further details of which are below. A special dividend of 12p is 
also payable, dependent on the merger described above being effected. 
ANNUAL GENERAL MEETING 
The Annual General Meeting of the Company will be held on 18 June 2009 at 
offices of Core Capital LLP, 103 Baker Street, W1U 6LN at 10.45 am. 
NEW INVESTMENTS 
No new investments in the Company's unquoted portfolio have been made during the 
period 
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 in the merged vehicle. 
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. 
Other than as set out above, the Board is not aware of any significant events or 
transactions which have occurred between 31 March 2009, and the date of 
publication of this interim management statement which would have a material 
impact on the financial position of the Company. However, the board will shortly 
be considering the valuations of the unlisted investments in the portfolio as at 
30 April 2009 with a view to including these in the merger documents. 
 
 
For further information, please contact: 
David Russell on 0141 306 7555 or at 
david.russell@aberdeen-asset.com 
 
 
Aberdeen Asset Management PLC 
Company Secretary 
 
 
18 May 2009 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 IMSSFUFMASUSESI 
 

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