TIDMISP
INVESTEC STRUCTURED PRODUCTS CALCULUS VCT PLC
INTERIM MANAGEMENT STATEMENT
1 July 2014
Investec Structured Products Calculus VCT plc ("the Company") announces its
Interim Management Statement for the period from 1 March 2014 to 31 May 2014.
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 31 May 2014
was 95.59 pence. Taking into account dividends paid to date, the year to
date total return at the period end was 111.34 pence.
* The unaudited NAV per C share as at 31 May 2014 was 93.52 pence. Taking
into account dividends paid to date, the year to date total return at the
period end was 102.52 pence.
* At the Annual General Meeting held on 1 July 2014, shareholders approved
the payment of dividends of 5.25 pence per ordinary share and 4.5 pence per
C share. These dividends will be paid on 24 July 2014.
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,
part 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. The majority of this portfolio has now reached full term
and paid a positive return, with all products which have reached full term
paying their maximum return. The recent changes are listed below.
There have been no significant changes to either the Ordinary or C Share
portfolios in the past few months. The next maturity in the Ordinary share
portfolio is May 2015.
There is now one product in the C share portfolio left which is due to mature
in 2017; the strike of this is 5,246.99.
The continued strong performance of the FTSE 100 has supported valuations in
the Structured Products portfolio. The FTSE 100 has remained far above all of
the product's strike levels. As at 31 May 2014, the FTSE 100 was 6,844.51. Over
the past three months, swap rates have increased slightly and volatility has
remained low, mainly due to improvements in the UK economy as a whole.
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 31 May 2014, the following investments had been made in Structured
Products:
Ordinary Share Fund:
Issuer Strike FTSE 100 Notional Purchase Price Maturity Return/
Date Initial Investment Price as at Date/ Capital at
Index 31 May Date Risk (CAR)
Level 2014 Sold
The 05/05/ 5,341.93 GBP275,000 GBP0.96 GBP1.5827 12/05/ 162.5% if
Royal 2010 2015 FTSE 100
Bank of higher*;
Scotland CAR if FTSE
plc 100 falls
more than
50%
Investec 14/05/ 5,262.85 GBP500,000 GBP0.98 GBP1.7418 19/11/ 185% if
Bank plc 2010 2015 FTSE 100
higher*;
CAR if FTSE
100 falls
more than
50%
Abbey 25/05/ 4,940.68 GBP350,000 GBP0.99 GBP1.7670 18/11/ 185% if
National 2010 2015 FTSE 100
Treasury higher*;
Services CAR if FTSE
100 falls
more than
50%
Matured/sold
HSBC Bank 01/07/ 4,805.75 GBP500,000 GBP1.00 Returned 06/07/ 125.1% if
plc 2010 GBP1.2510 2012 FTSE 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 2012 10.5% p.a.;
Scotland CAR if FTSE
plc 100 falls
more than
50%
Nomura 28/05/ 5,188.43 GBP350,000 GBP0.98 Sold at 30/03/ 137% if FTSE
Bank 2010 GBP1.2625 2012 100 higher*;
International 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 GBP1.3224 2012 100 higher*;
International CAR if FTSE
100 falls
more than
50%
Abbey 03/08/ 5,584.51 GBP50,000 GBP1.00 Sold at 21/06/ 126% if FTSE
National 2011 GBP1.1900 2013 100 higher*;
Treasury CAR if FTSE 100
Services falls more than
50%
C Share Fund:
Issuer Strike FTSE 100 Notional Purchase Price Maturity Return/
Date Initial Investment Price as at Date/ Capital at
Index 31 May Date Risk (CAR)
Level 2014 Sold
Investec 05/08/ 5,246.99 GBP328,000 GBP1.00 GBP1.5710 10/03/ 182% if
Bank plc 2011 2017 FTSE 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 GBP1.1050 2012 10.5% p.a.;
Scotland plc CAR if FTSE
100 falls
more than
50%
Nomura Bank 28/05 5,188.43 GBP350,000 GBP1.2625 Returned 20/02/ 137% if FTSE
International /2010 GBP1.3700 2013 100 higher*;
** CAR if FTSE
100 falls
more than
50%
Abbey 03/08 5,584.51 GBP200,000 GBP1.00 Returned 05/02/ 126% if FTSE
National /2011 GBP1.2600 2014 100 higher*;
Treasury CAR if FTSE 100
Services 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 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.
The total valuation of the amount invested in Structured Products in the
Ordinary Share Fund as at 31 May 2014 was GBP1,924,603.
The total valuation of the amount invested in Structured Products in the C
Share Fund as at 31 May 2014 was GBP515,286.
VENTURE CAPITAL INVESTMENTS
Calculus Capital manages the portfolio of VCT Qualifying Investments made by
the Company. No new Venture Capital Investments were made during the period.
The Company continues to meet its requirement for the combined Ordinary and C
share portfolios to be at least 70 per cent. invested in Qualifying
Investments.
The Venture Capital Investments at 31 May 2014 are shown below.
ORDINARY SHARE FUND
Sector Cost Valuation % of total
portfolio
Terrain Energy Limited Energy
Ordinary equity GBP100,000 GBP164,060
Total GBP100,000 GBP164,060 3.68%
Lime Technology Limited Low carbon
building
Ordinary equity material GBP57,386 GBP7,684
Loan stock GBP250,000 GBP250,000
Total GBP307,386 GBP257,684 5.78%
MicroEnergy Generation Alternative
Services Limited energy
Ordinary equity GBP150,000 GBP138,000
Total GBP150,000 GBP138,000 3.10%
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 Sports
Limited
Ordinary equity GBP100,000 GBP86,793
Loan stock GBP200,000 GBP200,000
Total GBP300,000 GBP286,793 6.44%
Secure Electrans E-commerce
Limited security
Ordinary equity GBP100,000 GBP0
Loan stock GBP12,000 GBP12,000
Total GBP112,000 GBP12,000 0.27%
Metropolitan Safe Safe
Custody Services depository
Limited services
Ordinary equity GBP90,000 GBP129,609
Loan stock GBP100,000 GBP100,000
Total GBP190,000 GBP229,609 5.16%
Brigantes Energy Energy
Limited
Ordinary equity GBP125,000 GBP320,000
Total GBP125,000 GBP320,000 7.19%
Corfe Energy Limited Energy
Ordinary equity GBP75,000 GBP137,250
Total GBP75,000 GBP137,250 3.08%
Dryden Human Capital Human
Group Limited Resources
Ordinary equity GBP100,035 GBP14,005
Total GBP100,035 GBP14,005 0.31%
AnTech Limited Oil
services
Ordinary equity GBP120,000 GBP105,155
Loan stock GBP150,000 GBP150,000
Total GBP270,000 GBP255,155 5.73%
Hampshire Cosmetics Cosmetics
Limited
Ordinary equity GBP100,000 GBP126,718
Loan stock GBP150,000 GBP150,000
Total GBP250,000 GBP276,718 6.22%
Tollan Energy Limited Energy
Ordinary equity GBP150,000 GBP150,000
Loan stock GBP210,000 GBP210,000
Total GBP360,000 GBP360,000 8.09%
Venn Life Sciences Clinical
Holdings plc research
Ordinary equity GBP120,033 GBP76,019
Total GBP120,033 GBP76,019 1.71%
C SHARE FUND
Sector Cost Valuation % of total
portfolio
Terrain Energy Limited Energy
Ordinary equity GBP49,999 GBP76,164
Loan stock GBP45,000 GBP45,000
Total GBP94,999 GBP121,164 7.14%
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 GBP43,396
Loan stock GBP100,000 GBP100,000
Total GBP150,000 GBP150,000 8.45%
Secure Electrans Limited E-commerce
security
Ordinary equity GBP50,000 GBP0
Loan stock GBP25,000 GBP25,000
Total GBP75,000 GBP25,000 1.47%
Metropolitan Safe Safe
Custody Services Limited depository
services
Ordinary equity GBP40,000 GBP57,604
Loan stock GBP50,000 GBP50,000
Total GBP90,000 GBP107,604 6.34%
Horizon Discovery Biotechnology
Limited
Ordinary equity GBP50,022 GBP93,415
Total GBP50,022 GBP93,415 5.50%
Pico's Limited Leisure
Ordinary equity GBP50,013 GBP64,367
Total GBP50,013 GBP64,367 3.79%
Venn Life Sciences Clinical
Holdings plc research
Ordinary equity GBP80,000 GBP50,667
Total GBP80,000 GBP50,667 2.98%
Quai Administration Business
Services Limited Services
Ordinary equity GBP150,158 GBP150,158
Total GBP150,158 GBP150,158 8.85%
Scancell Holdings Plc Biotech
Ordinary equity GBP100,038 GBP146,700
Total GBP100,038 GBP146,700 8.64%
The One Place Capital Technology
Limited (Money
Dashboard)
Ordinary equity GBP127,000 GBP127,000
Total GBP127,000 GBP127,000 7.48%
Hampshire Cosmetics Cosmetics
Limited
Ordinary equity GBP50,000 GBP51,553
Loan stock GBP100,000 GBP100,000
Total GBP150,000 GBP151,553 8.93%
Events after the period end
Since the period end, Tollan Energy has redeemed GBP210,000 of its loan stock
from the Ordinary shares portfolio. The proceeds will be used towards paying
the dividend in July.
Other than as described in the paragraphs above the Board is not aware of any
events during the period from 31 May 2014 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
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