Interim Management Statement
July 04 2011 - 11:05AM
UK Regulatory
TIDMISP
Investec Structured Products Calculus VCT plc
Interim Management Statement
4 July 2011
The Investec Structured Products Calculus VCT plc (the "Company") announces its
Interim Management Statement for the period from 1 March 2011 to 31 May 2011.
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 of C Shares closed on 30 April 2011 and a
total of GBP1.93 million (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 an issue of further Ordinary Shares on 20 September
2010. The offer closed on 10 December 2010, raising GBP873,383 net of
expenses.
* The Company then launched an offer to purchase C Shares from 7 January 2011
to 30 April 2011. The offer allowed investors to invest for either the 2010
/11 tax year or the 2011/12 tax year. GBP1,728,661 was raised net of expenses
for the 2010/11 tax year and GBP93,124 was raised net of expenses for the tax
year 2010/11. The total amount raised was GBP1,821,785 net of expenses.
* The total number of Ordinary and C Shares in issue at 31 May 2011 was
4,738,463 and 1,931,095 respectively. The total number of the voting rights
in the Company was 6,669,558.
* The unaudited net asset value ("NAV") per Ordinary Share as at 31 May 2011
was 102.87 pence.
* The unaudited net asset value ("NAV") per C Share as at 31 May 2011 was
93.60 pence.
* Shareholders approved a final dividend of 5.25 pence per share payable on
29 July 2011 to Ordinary shareholders on the register on 3 June 2011.
Investment in Structured Products
As at 31 May 2011, the following investments have been made in structured
products. These investments relate to the Ordinary Shares fund only; as at
31 May 2011 there had been no investments in structured products to date for
the C Shares Fund. 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*.
Issuer Strike FTSE 100 No. of Unit Maturity Return/ % of
Date Initial Units Purchase Date Capital Investable
Index Price at Risk Application
Level (CAR) Money
Royal Bank of 05/05/ 5342 275,000 GBP0.9600 12/05/ 162.5% 5.90%
Scotland plc 2010 2015 if FTSE
100
higher*
Investec Bank 14/05/ 5263 500,000 GBP0.9791 19/11/ 185% if 10.94%
plc 2010 2015 FTSE 100
higher*
Santander 25/05/ 4941 350,000 GBP0.9898 19/11/ 185% if 7.74%
Global 2010 2015 FTSE 100
Banking and higher*
Markets
(Abbey
National
Treasury
Services plc)
Nomura Bank 28/05/ 5188 350,000 GBP0.9800 15/02/ 137% if 7.66%
International 2010 2013 FTSE 100
higher*
Morgan 10/06/ 5133 500,000 GBP1.0000 10/12/ 134% if 11.17%
Stanley 2010 2012 FTSE 100
higher*
HSBC Bank 01/07/ 4806 500,000 GBP1.0000 06/07/ 125.1% 11.17%
plc 2010 2012 if FTSE
100
higher*
*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). All of the above Structured Products
have Capital at Risk (CAR) if the FTSE 100 falls by more than 50 per cent. of
the Initial Index Level at any time during the term and fails to recover at
maturity such that the Final Index Level is below the Initial Index Level.
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 2011 was
GBP2,442,980, representing 54.58 per cent. of net funds raised.
Since 31 May 2011, GBP250,000 has been invested in a six year structured product
issued by the Royal Bank of Scotland plc. GBP200,000 will be allocated to the C
Shares fund, and GBP50,000 to the Ordinary Shares fund. This structured product
gives the opportunity to make a potential fixed return equivalent to 10.5 per
cent. gross for each year. If the FTSE 100 is greater than or equal to the
Initial Index Level on any annual set early expiry date or on the maturity
date, the structured product will mature at that time paying 10.5 per cent.
gross plus full return of initial capital. If the structured product has not
previously matured on any set early expiry date and the FTSE 100 at maturity is
lower than the Initial Index Level then, providing the FTSE 100 has not fallen
by more than 50 per cent. of the Initial Index Level between the start date and
maturity date then the structured product will provide full return of capital
at maturity. If the FTSE 100 has fallen by more than 50 per cent., and the FTSE
100 is below the Initial Index Level, then capital will be reduced at maturity
on a one for one basis.
Qualifying Venture Capital Investments
As at 31 May 2011, there have been three qualifying venture capital investments
made, all relating to the Ordinary Shares fund. There have been no qualifying
investments to date for the C Shares fund.
Terrain Energy Limited ("Terrain") holds a portfolio of oil and gas assets
onshore in the UK. The Company initially invested GBP250,000 in Terrain in July
2010, followed by another GBP50,000 in March 2011. Drilling commenced in April
2011 on a second horizontal well, Keddington-4z, which is currently on test
production. Terrain also acquired a 10 per cent. interest in the PL1/10 licence
in the Larne-Lough Neagh Basin in Northern Ireland in a 2:1 farm-in during
March 2011. The main prospect is a conventional gas play with potentially
significant reserves. The following licence developments are also planned for
the second half of 2011: obtaining c. 250km of 2D seismic on the Northern
Ireland licence, a work over of Dukes Wood-1 well to restore production from
Dukes Wood-1 and Kirklington-3z and applications for further licence interests
in the 14th Onshore Licensing Round.
Lime Technology Limited ("Lime") produces zero carbon and cost effective
building products which meet the higher level Code for Sustainable Homes and
BREEAM (BRE Environmental Assessment Method) excellent standards. Recent
projects include Marks and Spencer's Cheshire Oaks store, six houses for the
Joseph Rowntree Trust, a development of sixteen social houses at Stanton
Harcourt, recently opened by the Prime Minister in his constituency, and a
warehouse for the Wine Society. Following investment, the company is undergoing
reorganisation and restructuring, including management changes, the
introduction of new products and greater operational efficiency.
Additionally, in early April, GBP300,000 was invested in MicroEnergy Generation
Services Limited ("MicroEnergy"). MicroEnergy is a company set up to acquire
renewable, microgeneration facilities, including (but not limited to) wind,
anaerobic digestion, hydro and micro CHP (Combined Heat and Power). MicroEnergy
is currently in negotiations to acquire its first renewable energy assets. The
investment was provided as GBP150,000 as ordinary equity and GBP150,000 in the form
of long-term loan stock with a coupon of 7 per cent.
Cash resources
At 31 May 2011, the Company held cash resources of GBP2.79 million, of which
GBP0.94 million was attributable to the Ordinary Share fund and GBP1.85 million was
attributable to the C Shares fund. The majority of the cash is held in three
near cash funds managed by Fidelity, Goldman Sachs and Scottish Widows whilst
awaiting investment in Structured Products and Qualifying Venture Capital
investments. All the money market funds have AAA credit ratings.
Annual General Meeting and Separate Class Meetings
At the Annual General Meeting held on 30 June 2011 all resolutions were passed
on a show of hands.
The Separate Class Meetings of the holders of Ordinary Shares and C Shares also
convened for 30 June 2011 were adjourned until 11.00 am and 11.05 am
respectively on 12 July 2011.
Other than as discussed above, the Board is not aware of any significant events
or transactions which have occurred in the period from 31 May 2011 to 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
Calculus Vct (LSE:CLC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Calculus Vct (LSE:CLC)
Historical Stock Chart
From Jul 2023 to Jul 2024
