Investec Structured Interim Management Statement
January 17 2013 - 11:37AM
UK Regulatory
TIDMISP
Investec Structured Products Calculus VCT plc
Interim Management Statement
17 January 2013
Investec Structured Products Calculus VCT plc ("the Company") announces its
Interim Management Statement for the period from 1 September 2012 to
30 November 2012. 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.
Headlines
* The unaudited net asset value ("NAV") per ordinary share as at 30 November
2012 was 92.89 pence. Taking into account dividends paid to date, the year
to date total return at the period end was 103.39 pence.
* The unaudited NAV per C share as at 30 November 2012 was 91.06 pence.
Taking into account dividends paid to date, the year to date total return
at the period end was 95.56 pence.
The total returns are stated before the inclusion of VCT tax reliefs which are
intended to mitigate the higher risk of investing in smaller companies and the
constraints imposed by VCT legislation. The income tax reliefs applicable at
the time of subscription were 30 per cent. VCT dividends are tax free.
Investment in Structured Products
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 was constructed
with different issuers and differing maturity periods to minimise risk and
create a diversified portfolio.
Part of the portfolio has matured and several of the investments have now
reached full term, including the HSBC investment and the RBS Autocallable,
paying a 25.1 per cent. and 10.5 per cent. return respectively. We sold the
Morgan Stanley product on 31 October 2012, at a price of 132.24 per cent.,
which resulted in a positive return of GBP161,200 on the original GBP500,000
investment. The product was sold to release cash flow for further Qualifying
Investments.
The strong performance of the FTSE 100 has supported valuations in the
Structured Products portfolio, and the FTSE 100 has increased to sit
comfortably above all of the product's strike levels. As at 15 January 2013 the
FTSE 100 was 6,117.31. Over the past three months, swap rates have remained low
and market volatility has declined even further.
No new investments were made in Structured Products during the period.
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. As at 30 November 2012, the following investments had been made in
Structured Products:
Ordinary Share Fund:
Issuer Strike FTSE 100 Notional Purchase Valuation Maturity Return/
Date Initial Investment Price as at 30 Date/ Capital at
Index November Date Risk (CAR)
Level 2012 Sold
The Royal 05/05/ 5,341.93 GBP275,000 GBP0.96 GBP1.2814 12/05/ 162.5% if FTSE
Bank of 2010 2015 100 higher*;
Scotland CAR if FTSE
plc 100 falls more
than 50%
Investec 14/05/ 5,262.85 GBP500,000 GBP0.98 GBP1.3273 19/11/ 185% if FTSE
Bank plc 2010 2015 100 higher*;
CAR if FTSE
100 falls more
than 50%
Abbey 25/05/ 4,940.68 GBP350,000 GBP0.99 GBP1.4597 18/11/ 185% if FTSE
National 2010 2015 100 higher*;
Treasury CAR if FTSE
Services 100 falls more
than 50%
Abbey 03/08/ 5,584.51 GBP50,000 GBP1.00 GBP1.1372 05/02/ 126% if FTSE
National 2011 2014 100* higher;
Treasury CAR if falls
Services more than 50%
Matured/sold
HSBC Bank plc 01/07/ 4,805.75 GBP500,000 GBP1.00 Returned 06/07/ 125.1% if FTSE
2010 GBP1.2510 2012 100 higher*;
CAR if FTSE
100 falls more
than 50%
The Royal 18/03/ 5,718.13 GBP50,000 GBP1.00 Returned 19/03/ Autocallable
Bank of 2011 GBP1.1050 2017 10.5% p.a.;
Scotland plc CAR if FTSE
100 falls more
than 50%
Nomura Bank 28/05/ 5,188.43 GBP350,000 GBP0.98 Sold at 30/03/ 137% if FTSE
International 2010 GBP1.2625 2012 100 higher*;
CAR if FTSE
100 falls more
than 50%
Morgan 10/06/ 5,132.50 GBP500,000 GBP1.00 Sold at 31/10/ 134% if FTSE
Stanley 2010 GBP1.3220 2012 100 higher*;
CAR if FTSE
100 falls more
than 50%
C Share Fund:
Issuer Strike FTSE 100 Notional Purchase Valuation Maturity Return/
Date Initial Investment Price as at 30 Date/ Capital at
Index November Date Risk (CAR)
Level 2012 Sold
Investec Bank 05/08/ 5,246.99 GBP328,000 GBP1.00 GBP1.2316 10/03/ 182% if FTSE
plc 2011 2017 100* higher;
CAR if FTSE
100 falls
more than 50%
Abbey 03/08/ 5,584.51 GBP200,000 GBP1.00 GBP1.1372 05/02/ 126% if FTSE
National 2011 2014 100* higher;
Treasury CAR if falls
Services more than 50%
Nomura Bank 28/05/ 5,188.43 GBP350,000 GBP1.2625 GBP1.3589 20/02/ 137% if FTSE
International 2010 2013 100 higher*;
CAR if FTSE
100 falls
more than 50%
Matured
The Royal 18/03/ 5,718.13 GBP200,000 GBP1.00 Returned 19/03/ Autocallable
Bank of 2011 GBP1.105 2017 10.5% p.a.; CAR
Scotland if FTSE 100
plc falls 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 valuation of the amount invested in Structured Products in the
Ordinary Share Fund as at 30 November 2012 was GBP1,585,801.
The total valuation of the amount invested in Structured Products in the C
Share Fund as at 30 November 2012 was GBP1,108,758.
Venture Capital Investments
No new investments were made during the period.
The Venture Capital Investments at 30 November 2012 are shown below.
Ordinary Share Fund Sector Cost Valuation % of total
portfolio
Terrain Energy Limited Energy
Ordinary equity GBP100,000 GBP113,000
Loan stock GBP200,000 GBP200,000
Total GBP300,000 GBP313,000 9.57%
Lime Technology Limited Low carbon
building
Ordinary equity material GBP57,386 GBP16,329
Loan stock GBP250,000 GBP250,000
Total GBP307,386 GBP266,329 8.15%
MicroEnergy Generation Alternative
Services Limited energy
Ordinary equity GBP150,000 GBP150,000
Loan stock GBP150,000 GBP150,000
Total GBP300,000 GBP300,000 9.17%
Heritage House Media Digital
Limited media
Ordinary equity GBP22,065 GBP0
Loan stock GBP76,827 GBP0
Deferred shares GBP26,196 GBP0
Total GBP125,088 GBP0 0.00%
Human Race Group Limited Sports
Ordinary equity GBP100,000 GBP100,000
Loan stock GBP200,000 GBP200,000
Total GBP300,000 GBP300,000 9.17%
Secure Electrans Limited E-commerce
security
Ordinary equity GBP100,000 GBP100,000
Total GBP100,000 GBP100,000 3.06%
Metropolitan Safe Safe
Custody Services Limited depository
services
Ordinary equity GBP90,000 GBP102,548
Loan stock GBP100,000 GBP100,000
Total GBP190,000 GBP202,548 6.19%
Brigantes Energy Limited Energy
Ordinary equity GBP125,000 GBP125,000
Total GBP125,000 GBP125,000 3.82%
Corfe Energy Limited Energy
Ordinary equity GBP75,000 GBP75,000
Total GBP75,000 GBP75,000 2.29%
C Share Fund Sector Cost Valuation % of total
portfolio
Terrain Energy Limited Energy
Ordinary equity GBP45,000 GBP47,460
Loan stock GBP45,000 GBP45,000
Total GBP90,000 GBP92,460 5.78%
Heritage House Media Digital
Limited media
Ordinary equity GBP11,033 GBP0
Loan stock GBP38,413 GBP0
Deferred shares GBP13,098 GBP0
Total GBP62,544 GBP0 0.00%
Human Race Group Limited Sports
Ordinary equity GBP50,000 GBP50,000
Loan stock GBP100,000 GBP100,000
Total GBP150,000 GBP150,000 9.38%
Secure Electrans Limited E-commerce
security
Ordinary equity GBP50,000 GBP50,000
Total GBP50,000 GBP50,000 3.13%
Metropolitan Safe Safe
Custody Services Limited depository
services
Ordinary equity GBP40,000 GBP45,577
Loan stock GBP50,000 GBP50,000
Total GBP90,000 GBP95,577 5.97%
Events after the period end
In December the Company invested GBP120,000 and GBP80,000 in Venn Life Science
Holdings plc on behalf of the Ordinary and C Share Fund respectively. Venn
is a Clinical Research Organisation, headquartered in Dublin with operations
in Ireland, England, France, Netherlands and Switzerland, which organises and
project manages clinical trials for pharmaceutical companies.
Also in December, the Company invested GBP250,000 in Hampshire Cosmetics Limited,
which is a profitable, contract toiletries manufacturer. Calculus Capital has
previously backed Hampshire's management team. The investment was made on
behalf of the Ordinary Share Fund.
Other than as described in the paragraphs above the Board is not aware of any
events during the period from 30 November 2012 to the date of this statement
which would 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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