Interim Management Statement
January 17 2011 - 9:58AM
UK Regulatory
TIDMISP
Investec Structured Products Calculus VCT plc
Interim Management Statement
17 January 2011
Investec Structured Products Calculus VCT plc ("the Company")
announces its Interim Management Statement for the period from 1 September
2010 to 30 November 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 Structured Product's award
winning expertise in structured products and Calculus Capital's award winning
expertise in venture capital.
Investec Structured Products Calculus VCT plc was launched in March
2010, and has raised GBP4.79 million to date (before expenses).
Headlines
- The unaudited net asset value ("NAV") per Ordinary Share as at 30 November
2010 was 97.98 pence (including current period revenue) compared to 94.55
pence at 31 August 2010 and 95.00 pence immediately following the close of the
initial fundraising on 30 April 2010.
- The Company launched a top up offer of Ordinary Shares in September 2010,
raising GBP0.92 million (before expenses) before closing in December 2010.
- The Company made a second qualifying venture capital investment during the
period, investing GBP299,377 in Lime Technology, a leading provider of renewable
building materials to the construction industry.
Since 30 November 2010 the unaudited NAV (including current period
revenue) has risen to 101.23 pence as at 31 December 2010.
Investment in Structured Products
As at 30 November 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 more than 50% at any time during the investment term and
fails to fully recover at maturity such that the Final Index Level is below
the Initial Index Level.
FTSE
100 Return/ % of
Initial Capital Investable
Index at Risk Application
Issuer Strike Date Level No. of Units Unit Purchase Price Maturity Date (CAR) Money
The Royal Bank 05/05/2010 5342 275,000 GBP0.96 12/05/2015 162.5% if 6.40%
of Scotland FTSE 100
plc higher*;
CAR if
FTSE 100
falls by
more than
50%
Investec Bank 14/05/2010 5263 500,000 GBP0.9791 19/11/2015 185% if 11.87%
plc FTSE 100
higher*;
CAR if
FTSE 100
falls by
more than
50%
Santander 25/05/2010 4941 350,000 GBP0.9898 18/11/2015 185% if 8.40%
Global Banking FTSE 100
and Markets higher*;
(Abbey CAR if
National FTSE 100
Treasury falls by
Services plc) more than
50%
Nomura Bank 28/05/2010 5188 350,000 GBP0.98 20/02/2013 137% if 8.32%
International FTSE 100
plc higher*;
CAR if
FTSE 100
falls by
more than
50%
Morgan Stanley 10/06/2010 5133 500,000 GBP1.00 17/12/2012 134% if 12.13%
FTSE 100
higher*;
CAR if
FTSE 100
falls by
more than
50%
HSBC Bank plc 01/07/2010 4806 500,000 GBP1.00 06/07/2012 125.1% if 12.13%
FTSE 100
higher*;
CAR if
FTSE 100
falls by
more than
50%
*The Final Index Level is calculated using `averaging', meaning
that the average of the closing levels of the FTSE 100 is taken 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 30 November
2010 was GBP2,442,980, representing 59.25 per cent. of net funds raised.
Qualifying Venture Capital Investment
In November 2010, GBP299,377 was invested in Lime Technology Limited
("Lime"). The investment comprised GBP49,377 in B shares and GBP250,000 in 7 per
cent. long term loan stock, the investment in B ordinary shares representing
0.47 per cent. of the share capital of Lime. The total funding round in Lime
was GBP2.58 million, with GBP1.28 million also being invested by Calculus Capital
EIS Funds.
Lime, which was established in 2002, produces renewable low carbon
building materials for the construction industry. The company's lead product,
Tradical® Hemcrete®, is a negative carbon bio-composite product comprised of
hemp and lime based binder. Through its subsidiary, Hemp Technology, Lime
controls the hemp supply chain from seed to finished wall.
The total amount invested in qualifying venture capital investments
as at 30 November 2010 was GBP549,377 representing 13.32 per cent of net funds
raised.
C Share Offer
In September 2010, shareholders approved resolutions enabling the
Company to establish and raise money for a separate fund through the issue of
C ordinary shares of 1 pence each in the capital of the Company ("C Shares").
The C Share offer to raise GBP25 million was launched on 7 January 2011 ("C
Share Offer").
The C Shares fund will be managed separately from the Ordinary
Shares fund, with an investment remit similar to that of the Ordinary Shares
fund, but will include the ability to invest in structured products linked to
the performance of certain global equity indices in addition to the FTSE 100.
The target return profile for the C Shares fund will be an annual
target dividend of 4.5 pence per C Share for the first five years, an interim
return of 47.5 pence per C Share by 14 March 2017 (which would (including the
payment of annual dividends) return the net 70.0 pence investment) with a
further 45.0 pence per C Share being returned by 14 March 2019 (which would
achieve a total return of 115 pence per C Share by this date).
The C Share Offer will close on 5 April 2011 for the 2010/2011 tax
year and on 30 April 2011 for the 2011/2012 tax year (unless extended),
allowing investors to subscribe for C Shares in both the 2010/2011 and
2011/2012 tax years. The offer price per C Share is GBP1.00. The C Share Offer
is conditional on receiving applications for, in aggregate, a minimum of GBP1
million. If less than GBP1 million is applied for by the closing date (as may be
extended), the Offer will lapse.
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
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