TIDMISP
Investec Structured Products Calculus VCT plc
Half Yearly Report
for the six months ended 31 August 2012
INVESTMENT OBJECTIVE
Investment Objective
The Company's principal objectives for investors are to:
* invest in a portfolio of Venture Capital Investments and Structured
Products that will provide investment returns sufficient to allow the Company
to maximise annual dividends and pay an interim return either by way of a
special dividend or cash offer for shares on or before an interim return date;
* generate sufficient returns from a portfolio of Venture Capital
Investments that will provide attractive long-term returns within a tax
efficient vehicle beyond an interim return date;
* review the appropriate level of dividends annually to take account of
investment returns achieved and future prospects; and
* maintain VCT status to enable qualifying investors to retain their income
tax relief of up to 30 per cent. on the initial investment and receive
tax-free dividends and capital growth.
FINANCIAL REVIEW
Ordinary Share Fund
6 Months to Year to 6 Months to
31 August 29 February 31 August
2012 2012 2011
Total return
Total return GBP27,000 (GBP80,000) (GBP133,000)
Total return per ordinary share 0.6p (1.7)p (2.8)p
Revenue
Net loss after tax (GBP27,000) (GBP71,000) (GBP37,000)
Revenue return per ordinary (0.6)p (1.5)p (0.8)p
share
As at 31 As at 29 As at 31
August February August
2012 2012 2011
Assets
Net assets GBP4,280,000 GBP4,501,000 GBP4,450,000
Net asset value ("NAV") per 90.3p 95.0p 93.9p
ordinary share
Mid market quotation
Ordinary shares 92.5p 97.5p 99.5p
Premium to NAV 2.4% 2.6% 6.0%
C Share Fund
6 Months to 11 Months to 5 Months to
31 August 29 February 31 August
2012 2012 2011*
Total return
Total return (GBP1,000) (GBP33,000) (GBP16,000)
Total return per C share (0.1)p (1.7)p (0.8)p
Revenue
Net loss after tax (GBP18,000) (GBP45,000) (GBP21,000)
Revenue return per C share (1.0)p (2.3)p (1.1)p
As at 31 As at 29 As at 31
August February August
2012 2012 2011
Assets
Net assets GBP1,700,000 GBP1,788,000 GBP1,806,000
NAV per C share 88.0p 92.6p 93.5p
Mid market quotation
C shares 90.0p 94.0p 94.0p
Premium to NAV 2.3% 1.5% 0.5%
* The C shares were issued in three tranches, on 1 April 2011, 5 April 2011 and
4 May 2011.
INTERIM MANAGEMENT REPORT
Performance Summary
The net asset value per ordinary share was 90.3 pence as at 31 August 2012
compared to 95.0 pence as at 29 February 2012. This is after paying 5.25 pence
dividends in July 2011 and July 2012 bringing the total return per ordinary
share to 100.8 pence. The net asset value per C share was 88.0 pence as at 31
August 2012 compared to 92.6 pence as at 29 February 2012. This is after
paying a 4.5 pence dividend in July 2012, bringing the total return per C
share to 92.5 pence. We are encouraged by the Company's performance to date
and believe the portfolio is well positioned to make further progress in the
second half of the year.
Venture Capital Investments
Portfolio developments
Calculus Capital Limited ("Calculus Capital") manages the VCT's portfolio of qualifying
investments. It is intended, over a three year period, to invest approximately
75 per cent. of the Company's funds in a diversified portfolio of unquoted
qualifying companies. In general, we prefer to take stakes of sufficient size
to enable us to play a more influential role in helping the companies develop.
Investments may be by way of a combination of loan stock and/or preference
shares as well as equity. This provides income for the VCT to help pay regular
dividends and provides a measure of risk mitigation.
The Ordinary Share Fund and the C Share Fund are managed separately although
they both have the same investment remit and, therefore, both have very
similar portfolios.
As at 31 August 2012, eight qualifying investments were held by the Ordinary
Share Fund: Terrain Energy Limited ("Terrain"), Lime Technology Limited
("Lime"), MicroEnergy Generation Services Limited ("MicroEnergy"), Human Race
Group Limited ("Human Race"), Secure Electrans Limited ("Secure"),
Metropolitan (formerly Viscount) Safe Custody Services Limited ("Metropolitan"),
Brigantes Energy Limited ("Brigantes") and Corfe Energy Limited ("Corfe").
Brigantes and Corfe were originally each set up to acquire oil and gas assets
spun out from InfraStrata plc. The C Share Fund currently has four qualifying
investments: Terrain, Human Race, Metropolitan and Secure.
Terrain Energy Limited
Terrain continues to make good progress, and the fair value of the investment
has increased to reflect this. Terrain currently has interests in six
petroleum licences: Keddington, Kirklington, Dukes Wood, Kelham Hills, Burton
on the Wolds and Larne in Northern Ireland in which Terrain has a 10 per cent.
interest. The main prospect is a conventional gas play thought to be a
geological extension of the Morecambe Bay gas field. A 2D seismic survey of
399 line kilometres has been completed and a number of structural leads have
been identified. Terrain also has a 10 per cent. interest in a Nautical
Petroleum operated application in the 27th licensing round.
The Company has 3.5 per cent. of the equity in Terrain. Other funds managed by
Calculus Capital have invested in Terrain and have combined voting rights of
19.3 per cent.
Lime Technology Limited
Lime is a developer of sustainable, low carbon building materials. Whilst the
construction industry contracted in 2011, the 'green' sector showed a modest
upward trend. The price of the original investment in 2010 has been written
down. Trading was hit by the very bad winter in 2010/11 which effectively
stopped all construction activity in the UK for about three months. To avoid
this problem in the future, Lime accelerated its shift to supplying precast
panels. During this time Calculus Capital also initiated certain management
changes. Having completed a contract for the new Marks and Spencer superstore
at Cheshire Oaks in 2011, Lime has recently completed its largest contract to
date to build the archives for the London Science Museum.
MicroEnergy Generation Services Limited
MicroEnergy has been set up to generate electricity from renewable
micro-generation facilities. As at 31 August 2012, MicroEnergy had 71 turbines
installed and this has now increased to 84. The portfolio will provide
MicroEnergy with sufficient scale to mitigate against poor short-term
performance at any particular site. The revenues from the fleet of installed
turbines come from two sources, both of which are inflation protected, being
directly linked to RPI. Firstly there is the Government backed feed-in tariff
paid by the electricity suppliers for every kilowatt of electricity generated
which is guaranteed for twenty years. Secondly there is the export tariff for
any surplus electricity not used by the site owner that is exported to the
grid.
The Company has 5.1 per cent. of the equity in MicroEnergy. Other funds
managed by Calculus Capital have invested in MicroEnergy and have combined
voting rights of 5.8 per cent.
Brigantes Energy Limited
Brigantes is an oil and gas exploration and production company with interests
in licences in the East Midlands and Northern Ireland. Brigantes owns 40 per
cent. of the PL1/10 licence in Northern Ireland which covers 663 square
kilometres with permitted development rights for drilling an exploration well.
In September 2011, Brigantes acquired a 5 per cent. interest in UK Onshore
Petroleum Exploration and Development Licence ("PEDL") 070 from Egdon
Resources Avington Limited. PEDL070 includes the Avington oilfield, near
Winchester, which has continued to produce oil from the Great Oolite (Bath
Stone) at an average gross rate of 75 barrels per day since the well was
drilled.
Corfe Energy Limited
Corfe has interests in two licences: a 5 per cent. interest in Avington
oilfield in Hampshire and a 12.5 per cent. interest in Burton on the Wolds in
the East Midlands. In February 2012, Corfe entered into a 2:1 farm-in to earn
a 12.5 per cent. equity interest in PEDL201 located in Nottinghamshire and
Leicestershire from Egdon Resources U.K. Limited and Celtique Energie
Petroleum Limited. Corfe is entitled to a 12 per cent. interest in certain
onshore licences located at Portland, Dorset awarded to InfraStrata under the
26th Offshore Licensing Round.
Human Race Group Limited
In April 2012, the Company invested in Participate Sport Limited
("Participate"), a company that owns and operates mass participation sports
events including running, cycling, swimming and triathlon. The investment was
made to support the acquisition of Human Race. The merger creates the UK's
largest and most diverse mass participation sports events company. The
combined group owns and delivers over 55 events in triathlon, cycling,
running, duathlon, aquathlon and open water swimming for over 100,000
participants of all abilities and ages. Participate's objective is to be a
leader in the ownership and delivery of mass participation sports events
internationally. The mass participation industry has grown strongly over the
past decade and its rapid growth has been relatively unaffected by the recent
economic recession. Participate has subsequently changed its
name to Human Race Group Limited.
The Company has 3.0 per cent. of the equity in Human Race. Other funds managed
by Calculus Capital have invested in Human Race and have combined voting
rights of 36.2 per cent.
Secure Electrans Limited
Secure was founded in 2000 and has developed internationally
patented systems that provide solutions to card payment fraud, a market place
that is ready for high growth. Chip and pin has significantly reduced retail
credit card fraud much of which has moved to 'card not present' transactions
on devices such as home computers, mobile phones and other similar payment
devices. Secure's systems provide two factor verification (chip and pin) for
card not present transactions and has patents that allow an even higher level
of verification (three factor verification) for card not present transactions
(chip, pin and geolocation). A pilot roll out involving leading companies in
the payments industry is planned to commence shortly.
Metropolitan (formerly Viscount) Safe Custody Services Limited
In February 2012 the Company invested GBP280,000 in Metropolitan, a holding
company for Metropolitan Safe Deposits Limited that provides safe custody
services in the central London area. Metropolitan is one of the oldest
established brand names in the safe custody sector in London. Traditionally
this service has been provided by banks but high street banks are fast
withdrawing from such physical banking services, providing opportunities for
independent operators. Metropolitan is well placed to take advantage of these
opportunities. Metropolitan recently acquired the assets of the London Safe
Deposit Company and is launching a gold service to acquire, transport, store
and sell gold on behalf of high net worth customers later in the autumn.
The Company has 3.2 per cent. of the equity in Metropolitan. Other funds
managed by Calculus Capital have invested in Metropolitan and have combined
voting rights of 38.9 per cent.
Developments since the period end
There have not been any significant developments in the venture
capital portfolio since the period end.
Structured Products Portfolio
In line with the Company's strategy set out in the original offer documents, a
large percentage of the initial cash raised has been used to build a portfolio
of Structured Products. The portfolio of Structured Products has been
constructed with different issuers and differing maturity periods to minimise
risk and create a diversified portfolio. In the Ordinary Share Fund, the HSBC
investment has matured, paying 25.1 per cent. The RBS Autocallable matured in
both the Ordinary Share and C Share Funds, paying a 10.5 per cent. return. The
FTSE 100 Initial Index levels for the remaining investments range from
4,940.68 to 5,584.51.
The Morgan Stanley Product is the next product due to reach maturity. This
will mature on 17 December 2012 and the potential return is 134 per cent. of
GBP500,000, which would total GBP670,000. The strike is 5,132.50 and the FTSE 100,
at 5,805.05 as at 25 October 2012, is sitting comfortably higher.
The original intention was to borrow in order to provide cash flow for
Qualifying Investments pending maturity of some of the portfolio of Structured
Products. After consideration of the relative costs involved at the time, the
Board decided to sell the Nomura Structured Product early rather than raise
funds by borrowing. The Managers raised GBP441,875 for Qualifying Investments in
the Ordinary Share Fund by selling the Nomura Structured Product in March at
its fair market value to the C Share Fund. The price at which this was sold
gave a healthy return to the Ordinary Share Fund and should allow the C Share
Fund to gain a better return in nine months than could be had by investing in
a primary issue with similar risk. The cash flow improves for the Company as a
whole, as returns have been captured earlier than expected. The starting level
of the FTSE 100 for the Nomura Structured Product was 5,188.43. As long as the
Final Index Level is above this level when it matures on 20 February 2013, the
product will yield the maximum payoff.
Over the past three months swap rates have remained low, market volatility has
declined further and the FTSE 100 has increased to sit comfortably above all
of the products' strike levels. The market environment remains poor, but the
FTSE 100 has performed well since the original investments in the Structured
Products portfolio.
As at 31 August 2012, 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 per cent. 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.
Ordinary Share Fund Structured Products Portfolio as at 31 August
2012
FTSE 100 Valuation
Initial Price as at as at Return/Capital
Strike Maturity Index Notional Purchase 31 August 31 August at Risk
Issuer Date Date Level Investment Price Cost 2012 2012 ("CAR")
The Royal 05/05/2010 12/05/2015 5,341.93 GBP275,000 GBP0.96 GBP264,000 GBP1.1851 GBP325,903 162.5% if FTSE
Bank of 100* higher; CAR
Scotland if FTSE 100
plc falls more than
50%
Investec 14/05/2010 19/11/2015 5,262.85 GBP500,000 GBP0.98 GBP489,550 GBP1.2377 GBP618,850 185% if FTSE
Bank plc 100* higher; CAR
if FTSE 100
falls more than
50%
Abbey 25/05/2010 18/11/2015 4,940.68 GBP350,000 GBP0.99 GBP346,430 GBP1.3638 GBP477,330 185% if FTSE
National 100* higher; CAR
Treasury if FTSE 100
Services falls more than
50%
Morgan 10/06/2010 17/12/2012 5,132.50 GBP500,000 GBP1.00 GBP500,000 GBP1.2850 GBP642,500 134% if FTSE
Stanley 100* higher; CAR
International if FTSE 100
falls more than
50%
Abbey 03/08/2011 05/02/2014 5,584.51 GBP50,000 GBP1.00 GBP50,000 GBP1.0613 GBP53,065 126% if FTSE
National 100* higher; CAR
Treasury if falls more
Services than 50%
Matured/Sold
FTSE 100
Initial Valuation
Index Price as at as at Return/Capital
Strike Maturity Level at Notional Purchase Maturity/ Maturity/ at Risk
Issuer Date Date Maturity Investment Price Cost Sale Sale ("CAR")
HSBC 01/07/2010 06/07/2012 4,805.75 GBP500,000 GBP1.00 GBP500,000 GBP1.2510 GBP625,500 125.1% if FTSE
Bank 100* higher; CAR
plc if FTSE 100
falls more than
50%
The Royal 18/03/2011 19/03/2012 5,718.13 GBP50,000 GBP1.00 GBP50,000 GBP1.1050 GBP55,250 Autocallable
Bank of 10.5% p.a.; CAR
Scotland if FTSE 100
plc falls more than
50%
Nomura 28/05/2010 20/02/2013 5,188.43 GBP350,000 GBP0.98 GBP343,000 GBP1.2625 GBP441,875 137% if FTSE
Bank 100* higher; CAR
International if FTSE 100
** falls more than
50%
The total current valuation of the amount invested in Structured Products in
the Ordinary Share Fund as at 31 August 2012 was GBP2,117,648.
C Share Fund Structured Products Portfolio as at 31 August 2012
FTSE 100 Price Valuation
Initial as at as at Return/Capital
Strike Maturity Index Notional Purchase 31 August 31 August at Risk
Issuer Date Date Level Investment Price Cost 2012 2012 ("CAR")
Investec 05/08/2011 10/03/2017 5,246.99 GBP328,000 GBP1.00 GBP328,000 GBP1.1546 GBP378,707 182% if FTSE 100*
Bank higher; CAR if
plc FTSE 100 falls
more than 50%
Abbey 03/08/2011 05/02/2014 5,584.51 GBP200,000 GBP1.00 GBP200,000 GBP1.0613 GBP212,260 126% if FTSE 100*
National higher; CAR if
Treasury falls more than
Services 50%
Nomura 28/05/2010 20/02/2013 5,188.43 GBP350,000 GBP1.2625 GBP441,875 GBP1.2958 GBP453,530 137% if FTSE 100*
Bank higher; CAR if
International FTSE 100 falls
more than 50%
Matured
FTSE 100
Initial
Index Price Valuation Return/Capital
Strike Maturity Level Notional Purchase as at as at at Risk
Issuer Date Date at Maturity Investment Price Cost Maturity Maturity (CAR)
The Royal 18/03/2011 19/03/2012 5,718.13 GBP200,000 GBP1.00 GBP200,000 GBP1.1050 GBP221,000 Autocallable
Bank of 10.5% p.a.;
Scotland CAR if FTSE
plc 100 falls more
than 50%
The total current valuation of the amount invested in Structured Products in
the C Share Fund as at 31 August 2012 was GBP1,044,497.
* 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 Nomura Structured Product was sold prior to maturity with a return on
initial investment of 28.8 per cent. This was sold to the C Share Fund.
Outlook
Although conditions remain difficult for the UK economy in 2012, there are
signs of improvement for 2013. The companies in the portfolio are positioned
to benefit from the upturn. The value of the Structured Products is dependent
on the performance of the underlying indices which reflect global economic
conditions. Structured Products will represent a decreasing proportion of the
portfolio as the Company continues to make Qualifying Investments towards the
minimum 70 per cent. target.
Calculus Capital Limited Investec Structured Products
30 October 2012 30 October 2012
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2012
- ORDINARY SHARE FUND
Sector
%
Structured Products 53%
Unquoted - Qualifying Investments 42%
Unquoted - other non-Qualifying Investments 5%
100%
Net Assets
%
Structured Products 50%
Unquoted - loan stock 21%
Unquoted - ordinary and preference shares 17%
Unquoted - other non-Qualifying Investments 5%
Net current assets 7%
100%
Nature of Book Cost Valuation % of Net % of
Company Business GBP'000 GBP'000 Assets Portfolio
Structured Products
Investec Bank plc Banking 490 619 15% 16%
The Royal Bank of
Scotland plc Banking 264 326 8% 8%
Abbey National Treasury
Services Banking 396 530 12% 13%
Morgan Stanley
International Banking 500 643 15% 16%
Total Structured 1,650 2,118 50% 53%
Products
Qualifying Investments
Onshore oil and
Terrain Energy Limited gas production 300 313 7% 8%
Lime Technology Limited Construction 307 266 6% 6%
MicroEnergy Generation
Services Limited Energy 300 300 7% 8%
Brigantes Energy Limited Energy 125 125 3% 3%
Corfe Energy Limited Energy 75 75 2% 2%
Human Race Group Limited Leisure 300 300 7% 8%
Heritage House Media Publishing and
Limited* media services 127 - - -
E-commerce
Secure Electrans Limited security 100 100 2% 2%
Metropolitan Safe Safe depository
Custody Services Limited services 190 190 4% 5%
Total Qualifying
Investments 1,824 1,669 38% 42%
Other non-Qualifying
Investments
Fidelity Liquidity Fund Liquidity fund 81 81 2% 2%
Goldman Sachs Liquidity
Fund Liquidity fund 50 50 1% 1%
Scottish Widows
Liquidity Fund Liquidity fund 65 65 2% 2%
Total Other
non-Qualifying
Investments 196 196 5% 5%
Total investments 3,670 3,983 93% 100%
Net current assets less
creditors due after one
year 297 7%
Net assets 4,280 100%
* Included in the cost is GBP1,834 invested in Investec SPV Limited, a wholly
owned subsidiary of the Company.
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2012
- C SHARE FUND
Sector
%
Structured Products 64%
Unquoted - Qualifying Investments 24%
Unquoted - other non-Qualifying Investments 12%
100%
Net Assets
%
Structured Products 62%
Unquoted - loan stock 11%
Unquoted - ordinary and preference shares 11%
Unquoted - other non-Qualifying Investments 12%
Net current assets 4%
100%
Nature of Book Cost Valuation % of Net % of
Company Business GBP'000 GBP'000 Assets Portfolio
Structured Products
Investec Bank plc Banking 328 379 22% 23%
Abbey National
Treasury Services Banking 200 212 13% 13%
Nomura Bank
International Banking 442 454 27% 28%
Total Structured
Products 970 1,045 62% 64%
Qualifying
Investments
Terrain Energy Onshore oil and
Limited gas production 90 93 5% 6%
Human Race Group
Limited Leisure 150 150 9% 9%
Heritage House Media Publishing and
Limited* media services 64 - - -
Secure Electrans E-commerce
Limited security 50 50 3% 3%
Metropolitan Safe
Custody Services Safe depository
Limited services 90 90 5% 6%
Total Qualifying
Investments 444 383 22% 24%
Other non-Qualifying
Investments
Fidelity Liquidity
Fund Liquidity fund 101 101 6% 6%
Goldman Sachs
Liquidity Fund Liquidity fund 50 50 3% 3%
Scottish Widows
Liquidity Fund Liquidity fund 47 47 3% 3%
Total Other
non-Qualifying
Investments 198 198 12% 12%
Total investments 1,612 1,626 96% 100%
Net current assets
less creditors due
after one year 74 4%
Net assets 1,700 100%
* Included in the cost is GBP917 invested in Investec SPV Limited.
PRINCIPAL RISKS
The principal risks facing the Company are substantially unchanged since the
date of the Annual Report and Accounts for the year ended 29 February 2012 and
continue to be as set out in that report.
Risks faced by the Company include, but are not limited to, loss of approval
as a venture capital trust and other regulatory breaches, risks of making
Venture Capital Investments, risks attaching to investment in Structured
Products, liquidity/marketability risk, changes in legislation/taxation,
engagement of third party advisers, C shares versus ordinary shares, market
price risk and credit risk.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that to the best of their knowledge:
* the condensed set of financial statements has been prepared in accordance
with the Statement on Half Yearly Financial Reports issued by the UK
Accounting Standards Board and gives a true and fair view of the assets,
liabilities and financial position of the Company; and
* this Half Yearly Financial Report includes a fair review of the
information required by:
a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during that period; and any changes in the related
party transactions described in the last Annual Report that could do so.
This Half Yearly Financial Report was approved by the Board of Directors on
30 October 2012 and the above responsibility statement was signed on its behalf
by Michael O'Higgins, Chairman.
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2012 TO 31 AUGUST 2012 (UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2012 31 August 2011 29 February 2012*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Investment holding
(losses)/gains - (159) (159) - (78) (78) - 26 26
Realised gains on
investments - 230 230 - - - - - -
Income 32 - 32 23 - 23 48 - 48
Investment
management fee (5) (17) (22) (6) (18) (24) (12) (35) (47)
Other operating
expenses (54) - (54) (54) - (54) (107) - (107)
(Loss)/profit on
ordinary
activities
before taxation (27) 54 27 (37) (96) (133) (71) (9) (80)
Taxation on
ordinary
activities (note 3) - - - - - - - - -
(Loss)/profit on
ordinary
activities
after taxation (27) 54 27 (37) (96) (133) (71) (9) (80)
Return per
ordinary
share - basic (0.6)p 1.2p 0.6p (0.8)p (2.0)p (2.8)p (1.5)p (0.2)p (1.7)p
(note 2)
6 Months Ended 5 Months Ended 11 Months Ended
31 August 2012 31 August 2011 29 February 2012*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
C Share Fund
Investment holding
(losses)/gains - (10) (10) - 11 11 - 24 24
Realised gains on
investments - 34 34 - - - - - -
Income 6 - 6 3 - 3 7 - 7
Investment
management fee (2) (7) (9) (2) (6) (8) (4) (12) (16)
Other operating
expenses (22) - (22) (22) - (22) (48) - (48)
(Loss)/profit on
ordinary
activities
before taxation (18) 17 (1) (21) 5 (16) (45) 12 (33)
Taxation on
ordinary
activities (note 3) - - - - - - - - -
(Loss)/profit on
ordinary
activities
after taxation (18) 17 (1) (21) 5 (16) (45) 12 (33)
Return per C
share - basic (1.0)p 0.9p (0.1)p (1.1)p 0.3p (0.8)p (2.3)p 0.6p (1.7)p
(note 2)
* These figures are audited.
The total columns of these statements represent the Income Statement of the
Ordinary Share Fund and the C Share Fund.
The supplementary revenue return and capital return columns are both prepared
in accordance with the Association of Investment Companies ("AIC") Statement
of Recommended Practice ("SORP").
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2012 31 August 2011 29 February 2012*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total
Investment holding
(losses)/gains - (169) (169) - (67) (67) - 50 50
Realised gains on
investments - 264 264 - - - - - -
Income 38 - 38 26 - 26 55 - 55
Investment
management fee (7) (24) (31) (8) (24) (32) (16) (47) (63)
Other operating
expenses (76) - (76) (76) - (76) (155) - (155)
(Loss)/profit on
ordinary
activities
before taxation (45) 71 26 (58) (91) (149) (116) 3 (113)
Taxation on
ordinary
activities (note 3) - - - - - - - - -
(Loss)/profit on
ordinary
activities
after taxation (45) 71 26 (58) (91) (149) (116) 3 (113)
Return per
ordinary
share - basic (0.6)p 1.2p 0.6p (0.8)p (2.0)p (2.8)p (1.5)p (0.2)p (1.7)p
(note 2)
Return per C
share - basic (1.0)p 0.9p (0.1)p (1.1)p 0.3p (0.8)p (2.3)p (0.6)p (1.7)p
(note 2)
* These figures are audited.
The total column of this statement represents the Company's Income Statement.
The supplementary revenue return and capital return columns are both prepared
in accordance with the AIC SORP.
No operations were acquired or discontinued during the period.
All items in the above statements derive from continuing operations.
There were no recognised gains or losses other than those passing through the
Income Statement.
The notes form an integral part of these Accounts.
CONDENSED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE PERIOD FROM 1 MARCH 2012 TO 31 AUGUST 2012 (UNAUDITED)
Share Capital Capital
Share Premium Special Reserve Reserve Revenue
Capital Account Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share Fund
For the 6 month period to 31 August
2012
1 March 2012 47 - 4,226 (61) 472 (183) 4,501
IFA trail commission accrual
adjustment - - 1 - - - 1
Unrealised net decrease in value of
investments - - - - (159) - (159)
Gain on disposal of investments - - - 230 - - 230
Management fee allocated to capital - - - (17) - - (17)
Revenue return on ordinary
activities after tax - - - - - (27) (27)
Dividend paid (note 8) - - (249) - - - (249)
Closing balance 47 - 3,978 152 313 (210) 4,280
For the 6 month period to 31 August
2011
1 March 2011 47 752 3,729 (26) 446 (112) 4,836
Loss for the period - - - (18) (78) (37) (133)
Expenses of share issues - (4) - - - - (4)
Dividends paid - - (249) - - - (249)
31 August 2011 47 748 3,480 (44) 368 (149) 4,450
For the year ended 29 February
2012*
1 March 2011 47 752 3,729 (26) 446 (112) 4,836
Cancellation of share premium - (747) 747 - - - -
Expenses of share issue - (5) (1) - - - (6)
Unrealised net increase in value
of investments - - - - 26 - 26
Management fee allocated to capital - - - (35) - - (35)
Revenue return on ordinary
activities
after tax - - - - - (71) (71)
Dividend paid - - (249) - - - (249)
29 February 2012 47 - 4,226 (61) 472 (183) 4,501
Share Capital Capital
Share Premium Special Reserve Reserve Revenue
Capital Account Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
C Share Fund
For the 6 month period to 31 August
2012
1 March 2012 19 - 1,802 (12) 24 (45) 1,788
Unrealised net decrease in value of
investments - - - - (10) - (10)
Gain on disposal of investments - - - 34 - - 34
Management fee allocated to capital - - - (7) - - (7)
Revenue return on ordinary
activities after tax - - - - - (18) (18)
Dividend paid (note 8) - - (87) - - - (87)
Closing balance 19 - 1,715 15 14 (63) 1,700
For the 5 month period to 31 August
2011
1 March 2011 - - - - - - -
(Loss)/gain for the period - - - (6) 11 (21) (16)
Increase in share capital in issue 19 1,912 - - - - 1,931
Expenses of share issues - (109) - - - - (109)
31 August 2011 19 1,803 - (6) 11 (21) 1,806
For the 11 month period to 29
February 2012*
1 March 2011 - - - - - - -
Increase in share capital in issue 19 1,912 - - - - 1,931
Cancellation of share premium - (1,802) 1,802 - - - -
Expenses of share issue - (110) - - - - (110)
Unrealised net increase in value
of investments - - - - 24 - 24
Management fee allocated to capital - - - (12) - - (12)
Revenue return on ordinary
activities
after tax - - - - - (45) (45)
29 February 2012 19 - 1,802 (12) 24 (45) 1,788
Share Capital Capital
Share Premium Special Reserve Reserve Revenue
Capital Account Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Total
For the 6 month period to 31 August
2012
1 March 2012 66 - 6,028 (73) 496 (228) 6,289
Share issue expense adjustment - - 1 - - - 1
Unrealised net decrease in value of
investments - - - - (169) - (169)
Gain on disposal of investments - - - 264 - - 264
Management fee allocated to capital - - - (24) - - (24)
Revenue return on ordinary
activities after tax - - - - - (45) (45)
Dividend paid (note 8) - - (336) - - - (336)
Closing balance 66 - 5,693 167 327 (273) 5,980
For the 6 month period to 31 August
2011
1 March 2011 47 752 3,729 (26) 446 (112) 4,836
Loss for the period - - - (24) (67) (58) (149)
Increase in share capital in issue 19 1,912 - - - - 1,931
Expenses of share issues - (113) - - - - (113)
Dividends paid - - (249) - - - (249)
31 August 2011 66 2,551 3,480 (50) 379 (170) 6,256
For the year ended 29 February
2012*
1 March 2011 47 752 3,729 (26) 446 (112) 4,836
Increase in share capital in issue 19 1,912 - - - - 1,931
Cancellation of share premium - (2,549) 2,549 - - - -
Expenses of share issue - (115) (1) - - - (116)
Unrealised net increase in value
of investments - - - - 50 - 50
Management fee allocated to capital - - - (47) - - (47)
Revenue return on ordinary
activities
after tax - - - - - (116) (116)
Dividend paid - - (249) - - - (249)
29 February 2012 66 - 6,028 (73) 496 (228) 6,289
* These figures are audited.
The notes form an integral part of these Accounts.
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2012 (UNAUDITED)
31 August 31 August 29 February
2012 2011 2012*
Note GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Fixed assets
Investments designated at fair 4 3,983 4,260 4,435
value through profit or loss
Current assets
Debtors 155 302 119
Cash at bank and on deposit 221 147 28
376 449 147
Creditors: amounts falling due
within one year
Creditors (67) (141) (66)
Due to C Share Fund - (100) -
Net current assets 309 208 (66)
Non-current liabilities
IFA trail commission (12) (18) 81
Total net assets 4,280 4,450 4,501
Capital and reserves
Called-up share capital 7 47 47 47
Share premium account - 748 -
Special reserve 3,978 3,480 4,226
Capital reserve - realised 152 (44) (61)
Capital reserve - unrealised 313 368 472
Revenue reserve (210) (149) (183)
Total shareholders' funds 4,280 4,450 4,501
Net asset value per ordinary share 5 90.3p 93.9p 95.0p
* These figures are audited.
The notes form an integral part of these accounts.
31 August 31 August 29 February
2012 2011 2012*
Note GBP'000 GBP'000 GBP'000
C Share Fund
Fixed assets
Investments designated at fair
value through profit or loss 4 1,626 1,684 1,691
Current assets
Debtors 73 55 51
Cash at bank and on deposit 60 29 104
133 84 155
Creditors: amounts falling due
within one year
Creditors (50) (51) (48)
Due from Ordinary Share Fund - 100 -
Net current assets 83 133 107
Non-current liabilities
IFA trail commission (9) (11) (10)
Total net assets 1,700 1,806 1,788
Capital and reserves
Called-up share capital 7 19 19 19
Share premium account - 1,803 -
Special reserve 1,715 - 1,802
Capital reserve - realised 15 (6) (12)
Capital reserve - unrealised 14 11 24
Revenue reserve (63) (21) (45)
Total shareholders' funds 1,700 1,806 1,788
Net asset value per C share 5 88.0p 93.5p 92.6p
* These figures are audited.
The notes form an integral part of these accounts.
31 August 31 August 29 February
2012 2011 2012*
Note GBP'000 GBP'000 GBP'000
Total
Fixed assets
Investments designated at fair
value through profit or loss 4 5,609 5,944 6,126
Current assets
Debtors 228 357 170
Cash at bank and on deposit 281 176 132
509 533 302
Creditors: amounts falling due
within one year
Creditors (117) (192) (114)
Net current assets 392 341 (188)
Non-current liabilities
IFA trail commission (21) (29) (25)
Total net assets 5,980 6,256 6,289
Capital and reserves
Called-up share capital 7 66 66 66
Share premium account - 2,551 -
Special reserve 5,693 3,480 6,028
Capital reserve - realised 167 (50) (73)
Capital reserve - unrealised 327 379 496
Revenue reserve (273) (170) (228)
Total shareholders' funds 5,980 6,256 6,289
Net asset value per ordinary share 5 90.3p 93.9p 95.0p
Net asset value per C share 5 88.0p 93.5p 92.6p
* These figures are audited.
The notes form an integral part of these Accounts.
CONDENSED CASH FLOW STATEMENT
FOR TO THE PERIOD FROM 1 MARCH 2012 TO 31 AUGUST 2012 (UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 29 February
2012 2011 2012*
Note GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Operating activities
Investment income received 36 10 24
Deposit interest received - 2 2
Investment management fees (22) (23) (46)
Other cash payments (95) (64) (104)
Cash expended from operations 6 (81) (75) (124)
Cash flow from investing activities
Purchase of investments (600) (455) (775)
Sale of investments 1,123 605 855
Net cash flow from investing
activities 523 150 80
Net cash flow before financing
activities 442 75 (44)
Cash flow from financing activities
Expenses of share issues - (5) (5)
Net cash flow from financing
activities - (5) (5)
Equity dividend paid 8 (249) (249) (249)
Increase/(decrease) in cash at bank
and on deposit 193 (179) (298)
6 Months 5 Months 11 Months
Ended Ended Ended
31 August 31 August 29 February
2012 2011 2012*
Note GBP'000 GBP'000 GBP'000
C Share Fund
Operating activities
Investment income received 3 1 4
Investment management fees (9) - (12)
Other cash payments (40) (155) (79)
Cash expended from operations 6 (46) (154) (87)
Cash flow from investing activities
Purchase of investments (642) (1,673) (2,594)
Sale of investments 731 - 928
Net cash flow from investing
activities 89 (1,673) (1,666)
Net cash flow before financing
activities 43 (1,827) (1,753)
Cash flow from financing activities
Shares issued - 1,931 1,931
Expenses of share issue - (75) (74)
Net cash flow from financing
activities - 1,856 1,857
Equity dividend paid 8 (87) - -
(Decrease)/increase in cash at bank
and on deposit (44) 29 104
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 29 February
2012 2011 2012*
Note GBP'000 GBP'000 GBP'000
Total
Operating activities
Investment income received 39 11 28
Deposit interest received - 2 2
Investment management fees (31) (23) (58)
Other cash payments (135) (219) (183)
Cash expended from operations 6 (127) (229) (211)
Cash flow from investing activities
Purchase of investments (1,242) (2,128) (3,369)
Sale of investments 1,854 605 1,783
Net cash flow from investing
activities 612 (1,523) (1,586)
Net cash flow before financing
activities 485 (1,752) (1,797)
Cash flow from financing activities
Shares issued - 1,931 1,931
Expenses of share issues - (80) (79)
Net cash flow from financing
activities - 1,851 1,852
Equity dividend paid 8 (336) (249) (249)
Increase/(decrease) in cash at bank
and on deposit 149 (150) (194)
* These figures are audited.
The notes form an integral part of these Accounts.
CONDENSED NOTES TO THE ACCOUNTS
1. Nature of Financial Information
Basis of accounting
These Accounts have been prepared under the historical cost convention, except
for the valuation of financial assets at fair value through profit or loss, in
accordance with UK Generally Accepted Accounting Practice ("UK GAAP"). These
Accounts cover the six month period ended 31 August 2012.
In determining the analysis of total income and expenses as between capital
return and revenue return, the Directors have followed the guidance contained
in the AIC SORP, as revised in 2009, and on the assumption that the Company
maintains VCT status.
The Accounts are prepared on the basis of the accounting policies set out in
the Annual Report and Accounts for the year ended 29 February 2012.
The financial information contained in this report does not constitute full
statutory accounts as defined in Section 434 of the Companies Act 2006. The
financial information for the six months to 31 August 2012 and the period to
31 August 2011 has not been audited or reviewed by the Company's Auditors
pursuant to the Auditing Practices Board guidance on such reviews.
The information for the year ended 29 February 2012 has been extracted from
the latest published Annual Report and Accounts, which have been filed with
the Registrar of Companies. The report of the Auditors on those Accounts
contained no qualification or statement under Section 498(2) or (3) of the
Companies Act 2006.
Going concern
After making enquiries, and having reviewed the portfolio, balance sheet and
projected income and expenditure for the next twelve months, the Directors
have a reasonable expectation that the Company has adequate resources to
continue in operation for the foreseeable future. The Directors have therefore
adopted the going concern basis in preparing these Accounts.
2. Return per Share
6 Months Ended Period Ended 12 Months Ended
31 August 2012 31 August 2011 29 February 2012
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Return per ordinary (0.6) 1.2 0.6 (0.8) (2.0) (2.8) (1.5) (0.2) (1.7)
share
Return per C share (1.0) 0.9 (0.1) (1.1) 0.3 (0.8) (2.3) 0.6 (1.7)
Ordinary shares
Revenue return per ordinary share is based on the net revenue loss on ordinary
activities after taxation of GBP27,000 (31 August 2011: GBP37,000; 29 February
2012: GBP71,000) and on 4,738,463 ordinary shares (31 August 2011: 4,738,463; 29
February 2012: 4,738,463), being the weighted average number of ordinary
shares in issue during the period.
Capital return per ordinary share is based on the net capital gain for the
period of GBP54,000 (31 August 2011: GBP96,000 loss; 29 February 2012: GBP9,000
loss) and on 4,738,463 ordinary shares (31 August 2011: 4,738,463; 29 February
2012: 4,738,463), being the weighted average number of ordinary shares in
issue during the period.
Total return per ordinary share is based on the net gain on ordinary
activities for the period of GBP27,000 (31 August 2011: GBP133,000 loss; 29
February 2012: GBP80,000 loss) and on 4,738,463 ordinary shares (31 August 2011:
4,738,463; 29 February 2012: 4,738,463), being the weighted average number of
ordinary shares in issue during the period.
C shares
Revenue return per C share is based on the net revenue loss on ordinary
activities after taxation of GBP18,000 (31 August 2011: GBP21,000; 29 February
2012: GBP45,000) and on 1,931,095 C shares (31 August 2011: 1,904,924; 29
February 2012: 1,919,142) , being the weighted average number of C shares in
issue during the period.
Capital return per C share is based on the net capital gain for the period of
GBP17,000 (31 August 2011: GBP5,000; 29 February 2012: GBP12,000) and on 1,931,095 C
shares (31 August 2011: 1,904,924; 29 February 2012: 1,919,142), being the
weighted average number of C shares in issue during the period.
Total return per C share is based on the total loss for the period of GBP1,000
(31 August 2011: GBP16,000; 29 February 2012 GBP33,000) and on 1,931,095 C shares
(31 August 2011: 1,904,924; 29 February 2012: 1,919,142), being the weighted
average number of C shares in issue during the period.
3. Taxation on Ordinary Activities
The estimated effective tax rate at the year end is 0 per cent. for both share
funds. This remains unchanged from the prior period.
4. Investments at Fair Value through Profit or Loss
31 August 31 August 29 February
2012 2011 2012
GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Investment portfolio summary
Investments in Structured Products 2,118 2,928 3,156
Unquoted investments 1,669 887 1,083
Other investments 196 445 196
3,983 4,260 4,435
C Share Fund
Investment portfolio summary
Investments in Structured Products 1,045 861 935
Unquoted investments 383 90 183
Other investments 198 733 573
1,626 1,684 1,691
Total
Investment portfolio summary
Investments in Structured Products 3,163 3,789 4,091
Unquoted investments 2,052 977 1,266
Other investments 394 1,178 769
5,609 5,944 6,126
5. Net Asset Value per Share
31 August 31 August 29 February
2012 2011 2012
pence pence pence
Net asset value per ordinary share 90.3 93.9 95.0
Net asset value per C share 88.0 93.5 92.6
The basic net asset value per ordinary share is based on net assets of
GBP4,280,000 (31 August 2011: GBP4,450,000; 29 February 2012: GBP4,501,000) and on
4,738,463 ordinary shares (31 August 2011: 4,738,463; 29 February 2012:
4,738,463), being the number of ordinary shares in issue at the period end.
The basic net asset value per C share is based on net assets of GBP1,700,000 (31
August 2011: GBP1,806,000; 29 February 2012: GBP1,788,000) and on 1,931,095 C
shares (31 August 2011: 1,931,095; 29 February 2012: 1,931,095), being the
number of C shares in issue at the period end.
6. Reconciliation of Net Profit/(Loss) before Tax to Cash Expended from
Operating Activities
31 August 31 August 29 February
2012 2011 2012
GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Profit/(loss) on ordinary activities 27 (133) (80)
before taxation
(Gains)/losses on investments (71) 78 (26)
Interfund receipt - (2) -
Income reinvested - - (1)
(Increase)/decrease in debtors (36) (85) 95
(Decrease)/increase in creditors (1) 67 (112)
Cash expended from operating activities (81) (75) (124)
C Share Fund
Loss on ordinary activities before (1) (16) (33)
taxation
Gains on investments (24) (11) (24)
Interfund payment - 2 -Income reinvested (1) - (1)
Increase in debtors (22) (155) (51)
Increase in creditors 2 26 22
Cash expended from operating activities (46) (154) (87)
Total
Profit/(loss) on ordinary activities 26 (149) (113)
before taxation
(Gains)/losses on investments (95) 67 (50)
Income reinvested (1) - (2)
(Increase)/decrease in debtors (58) (140) 44
Increase/(decrease) in creditors 1 (7) (90)
Cash expended from operating activities (127) (229) (211)
7. Called-up Share Capital
31 August
2012
Number GBP'000
Ordinary shares of 1p each 4,738,463 47
C shares of 1p each 1,931,095 19
8. Dividends
For the year to 29 February 2012 the Ordinary Share Fund declared a final
dividend of 5.25p per ordinary share on 4,738,463 shares amounting to
GBP248,769. The dividend was paid on 31 July 2012 to ordinary shareholders on
the register at 15 June 2012.
For the year to 29 February 2012 the C Share Fund declared a final dividend of
4.5p per C share on 1,931,095 shares amounting to GBP86,899. The dividend was
paid on 31 July 2012 to C shareholders on the register at 15 June 2012.
9. Related Party Transactions
Investec Structured Products is a related party in respect of its appointment
as an Investment Manager to the Company and is entitled to a performance
incentive fee. Investec Structured Products will receive an arrangement fee of
0.75 per cent. of the amount invested in each Structured Product. This
arrangement fee shall be paid to Investec Structured Products by the issuer of
the relevant Structured Product. No arrangement fee will be paid to Investec
Structured Products in respect of any decision to invest in Investec-issued
Structured Products. Investec Structured Products has agreed not to earn an
annual management fee from the Company.
As at 31 August 2012, GBPnil (31 August 2011: GBP81,000; 29 February 2012: GBPnil)
was payable to Investec Structured Products in relation to the initial fee of
5 per cent. of the gross funds raised pursuant to the original ordinary share
offer. GBP22,000 (31 August 2011: GBP22,000; 29 February 2012: GBP22,000) was
payable to Investec Structured Products in relation to the initial fee of 5
per cent. of the gross funds raised pursuant to the C share offer.
In addition, GBP121,000 (31 August 2011: GBP230,000; 29 February 2012: GBP81,000)
was owed to the Ordinary Share Fund by Investec Structured Products as claw
back of costs in excess of the agreed expenses cap of 3 per cent. GBP68,000 (31
August 2011: GBP33,000; 29 February 2012: GBP49,000) was owed to the C Share Fund.
Calculus Capital is regarded as a related party in respect of its appointment
as an Investment Manager to the Company. For the period ended 31 August 2012,
fees of GBP31,000 (31 August 2011: GBP32,000; 29 February 2012: GBP63,000) were
payable to Calculus Capital, of which GBP15,000 (31 August 2011: GBP20,000;
29 February 2012: GBP15,000) was outstanding (GBP11,000 by the Ordinary Share Fund
and GBP4,000 by the C Share Fund) as at 31 August 2012. Calculus Capital is also
entitled to a performance incentive fee.
John Glencross is considered to be a related party due to his position as
Chief Executive and a director of Calculus Capital, one of the Company's
Investment Managers. He does not receive any remuneration from the Company. He
is a director of Terrain Energy Limited, Lime Technology Limited and Human
Race Group Limited, companies in which the Company has invested.
Calculus Capital receives a fee from Terrain Energy Limited for the provision
of John Glencross as a director, as well as an annual monitoring fee which
also covers the provision of certain administrative support services. In the
period ended 31 August 2012, the amount paid to Calculus Capital which was
attributable to the investment made by the Company was GBP1,441 (31 August 2011:
GBP4,200; 29 February 2012: GBP3,542) (excluding VAT).
An annual fee is payable from Lime Technology Limited for the provision of
John Glencross as a director, as well as an annual monitoring fee. In the
period ended 31 August 2012, the amount payable to Calculus Capital which was
attributable to the investment made by the Company was GBP1,228 (31 August 2011:
GBP2,400; 29 February 2012: GBP3,865) (excluding VAT).
Calculus Capital receives an annual monitoring fee from MicroEnergy Generation
Services Limited for the provision of a Calculus Capital employee as a
director, which also covers the provision of certain administrative support
services. In the period ended 31 August 2012, the amount paid to Calculus
Capital which was attributable to the investment made by the Company was
GBP1,286 (31 August 2011: GBPnil; 29 February 2012: GBP2,833) (excluding VAT).
In the period ended 31 August 2012, Calculus Capital received an arrangement
fee of GBP7,500 (31 August 2011: GBPnil; 29 February 2012: GBPnil) as a result of
the Company's investment in Secure Electrans Limited.
In the period ended 31 August 2012, Calculus Capital received an arrangement
fee of GBP13,500 (31 August 2011: GBPnil; 29 February 2012 GBPnil) as a result of
the Company's investment in Human Race Group Limited. Calculus Capital also
receives an annual fee from Human Race Group Limited for the provision of a
Calculus Capital employee as a director, as well as an annual monitoring fee.
In the period ended 31 August 2012, the amount paid to Calculus Capital which
was attributable to the investment made by the Company was GBP514 (31 August
2011: GBPnil; 29 February 2012: GBPnil) (excluding VAT).
Calculus Capital also receives an annual fee from Metropolitan Safe Custody
Services Limited for the provision of a Calculus Capital employee as a
director, as well as an annual monitoring fee. In the period ended 31 August
2012, the amount paid to Calculus Capital which was attributable to the
investment made by the Company was GBP1,182 (31 August 2011: GBPnil; 29 February
2012: GBP220) (excluding VAT).
COMPANY INFORMATION
Directors Fund Administrator and
Michael O'Higgins (Chairman) Company Secretary
Kate Cornish-Bowden Capita Sinclair Henderson
John Glencross (Trading as Capita Financial
Steven Meeks Group - Specialist Fund Services)
Beaufort House
51 New North Road
Exeter EX4 4EP
Registered Office
Beaufort House Auditors
51 New North Road Grant Thornton UK LLP
Exeter EX4 4EP 30 Finsbury Square
Telephone: 01392 477 500 London EC2P 2YU
Company Number Solicitors
07142153 Martineau
No. 1 Colmore Square
Structured Products Investment Birmingham B4 6AA
Manager
Investec Structured Products Sponsor and Broker
2 Gresham Street Nplus1 Singer Advisory LLP
London EC2V 7QP One Hanover Street
Telephone: 020 7597 4000 London W1S 1YZ
Website:
www.investecstructuredproducts.com
Registrars
Venture Capital Investments Manager Capita Registrars
Calculus Capital Limited The Registry
104 Park Street 34 Beckenham Road
London W1K 6NF Beckenham
Telephone: 020 7493 4940 Kent BR3 4TU
Website: www.calculuscapital.com Telephone: 0871 644 0300
(Calls cost 10p per minute plus
network extras. Lines are open
Monday to Friday 8.30 am to 5.30
pm).
A copy of the Investec Structured Products Calculus VCT plc
Half Yearly Report for the six months ended 31 August 2012 can be found on the
following websites: www.calculuscapital.com and
www.investecstructuredproducts.com.
For further information, please contact:
Investment Manager to the Structured Products Portfolio
Investec Structured Products
Gary Dale
Telephone: 020 7597 4065
Investment Manager to the Venture Capital Portfolio
Calculus Capital Limited
Susan McDonald
Telephone: 020 7493 4940
National Storage Mechanism
A copy of the 2012 Half Yearly Report will be submitted shortly to the
National Storage Mechanism ("NSM") and will be available for inspection at the
NSM, which is situated at: www.hemscott.com/nsm.do.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) are
incorporated into, or form part of, this announcement.
END
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