Interim Management Statement
July 19 2010 - 12:52PM
UK Regulatory
TIDMISP
Investec Structured Products Calculus VCT plc
Interim Management Statement
19 July 2010
The Investec Structured Products Calculus VCT plc ("the Company") announces its
Interim Management Statement for the period from incorporation to 31 May
2010. This Statement also includes relevant financial information between the
end of the period to the date of this Statement.
The Company is a tax efficient listed company which aims to achieve a regular
tax free dividend stream together with capital growth for private investors.
The Company brings together Investec's award winning expertise in structured
products and Calculus Capital's award winning expertise in venture capital.
The Company's offer for subscription closed on 30 April 2010 and a total of
GBP3.87m (before expenses) was raised. The initial investment strategy has been
successfully undertaken and details of the investments made to date are listed
below.
Headlines
* The Company launched its issue of Ordinary Shares on 3 March 2010.
GBP2,984,016 was raised net of expenses in respect of the tax year 2009/10 and
GBP754,025 was raised net of expenses for the tax year 2010/11. The total
amount raised net of expenses was GBP3,738,041.
* The total number of Ordinary Shares in issue (and, therefore, the total
number of voting rights in the Company) at 31 May 2010 was 3,867,917.
* The unaudited net asset value ("NAV") per Ordinary Share as at 31 May 2010
was 94.07 pence.
* The Company made its first investments in structured products through
Investec Structured Products.
The Company did not make any Qualifying Venture Capital Investments during the
period but has subsequently completed its first investment.
Investment in Structured Products
As at 31 May 2010, the following investments had been made in structured
products. The structured products will achieve their target return subject to
the Final Index Level of the FTSE 100 being higher than the Initial Index Level*.
The capital is at risk on a one for one basis ("CAR") if the FTSE 100 Index
falls by 50% or more at any time during the investment term and fails to
recover.
Issuer Strike FTSE No. of Unit Maturity Return/ % of
Date 100 Units Purchase Date Capital Investable
Initial Price at Risk Application
Index (CAR) Money
Level
Royal Bank 05/05/2010 5342 275,000 GBP0.96 12/05/2016 162.5% if 7.06%
of Scotland FTSE 100
higher*;
CAR if
FTSE 100
falls by
50%
Investec 14/05/2010 5263 500,000 GBP0.9791 19/11/2010 185% if 13.10%
Bank plc FTSE 100
higher*;
CAR if
FTSE 100
falls by
50%
Abbey 25/05/2010 4941 350,000 GBP0.9898 18/11/2015 185% if 9.27%
National FTSE 100
Treasury higher*;
Services CAR if
FTSE 100
falls by
50%
Nomura Bank 28/05/2010 5188 350,000 GBP0.98 20/02/2013 137% if 9.18%
International FTSE 100
higher*;
CAR if
FTSE 100
falls by
50%
Subsequent to the end of the period under review, the following additional
investments were made in structured products.
Issuer Strike FTSE No. Of Unit Maturity Return/ % of
Date 100 Units Purchase Date Capital Investable
Initial Price at Risk Application
Index (CAR) Money
Level
Morgan 10/06/2010 5133 500,000 GBP1.00 17/12/2012 134% if 13.38%
Stanley FTSE 100
International higher*;
CAR if
FTSE 100
falls by
50%
HSBC Bank plc 01/07/2010 4806 500,000 GBP1.00 06/07/2012 125.1% if 13.38%
FTSE 100
higher*;
CAR if
FTSE 100
falls by
50%
*The Final Index Level is calculated using 'averaging', meaning that we take
the average of the closing levels of the FTSE 100 on each Business Day over the
last 2 - 6 months of the structured product plan term (the length of the
averaging period differs for each plan).
The use of averaging to calculate the return can reduce adverse effects of a
falling market or sudden market falls shortly before maturity. Equally, it can
reduce the benefits of an increasing market or sudden market rises shortly
before maturity.
The total amount invested in structured products as at 31 May 2010 was GBP1,442,980
representing 38.60% of net funds raised. The total amount invested in
structured products including those made subsequent to the period is GBP2,442,980
as at today's date, representing 65.35% of net funds raised.
Qualifying Venture Capital Investment
Subsequent to the end of the period under review, GBP250,000 was invested in
Terrain Energy Limited ("Terrain"). Terrain was established in October 2009
to develop a portfolio of onshore oil and gas production and development
interests in areas of low political risk, with the current focus being the UK.
The balanced portfolio of licences includes currently oil producing, scheduled
for near term production and exploration or rejuvenation projects. Terrain
currently has interests in four licences, two of which are in production, one
on test production and one on which a drill or drop decision will be made in
2011.
The investment comprised 44,642 ordinary shares in Terrain at GBP1.12 per share
(representing a total investment in ordinary shares of GBP50,000) and GBP200,000 in
7% long term loan stock with a maturity of five years and one day. The
investment in ordinary shares represents 2.1% of the enlarged ordinary share
capital of Terrain. The total funding round in Terrain was GBP750,000 with the
remainder invested as ordinary shares at GBP1.12 per share by Calculus Capital on
behalf of Calculus Capital EIS Fund 10.
Fundraising Proposals
The Board intends to seek shareholder approval for a further offering of
Ordinary Shares which will rank pari passu with the Ordinary Shares currently
in issue, as well as an offering of C Shares which will be managed as a
separate fund to the Ordinary Shares. Assuming shareholder approval is
forthcoming, the Ordinary Share offering is expected to be launched in
September 2010 and the C Share offering is expected to be launched in December
2010. A circular to shareholders convening a general meeting to seek such
approvals will be sent out to shareholders shortly. Further details in relation
to the offers will be given nearer to the time.
Other than as discussed above, the Board is not aware of any significant events
or transactions which have occurred in the period from incorporation and the
date of this Statement and which have a material impact on the financial
position of the Company.
For further information, please contact:
Gary Dale (Investec Structured Products) 020 7597 4065
John Glencross (Calculus Capital Limited) 020 7493 4940
END
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