TIDMCLC
RNS Number : 3005N
Calculus VCT PLC
24 October 2016
Calculus VCT plc
Half Yearly Report for the six months ended 31 August 2016
INVESTMENT OBJECTIVE
The Company's principal objectives for investors are to:
-- invest in a portfolio of Venture Capital Investments that
will provide investment returns that are sufficient to allow the
Company to maximise annual dividends and capital growth over the
medium to long term;
-- generate sufficient returns from a portfolio of Venture
Capital Investments that will provide attractive long-term returns
within a tax efficient vehicle;
-- 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 6 Months to 12 Months
31 August 31 August to
Financial Highlights 2016 2015 29 February
2016
Total return per
share (2.98)p (4.05)p (8.11)p
Net asset value
per share 28.38p 57.21p 31.36p
Cumulative dividends
paid 70.05p 48.25p 70.05p
Accumulated shareholder
value 98.43p 105.46p 101.41p
Share price 32.00p 54.50p 37.00p
Premium/(discount)
to NAV 12.76% (4.74)% 17.98%
C Share Fund
6 Months to 6 Months to 12 Months
31 August 31 August to
Financial Highlights 2016 2015 29 February
2016
Total return per
share 2.39p (4.43)p (8.37)p
Net asset value
per share 75.16p 81.25p 77.27p
Cumulative dividends
paid 22.50p 18.00p 18.00p
Accumulated shareholder
value 97.66p 99.25p 95.27p
Share price 90.00p 90.00p 90.00p
Premium/(discount)
to NAV 19.74% 10.77% 16.47%
D Share Fund
6 Months to 6 Months to 12 Months
31 August 31 August to
Financial Highlights 2016 2015 29 February
2016
Total return per (2.08)p - -
share
Net asset value 97.63p - -
per share
Cumulative dividends - - -
paid
Accumulated shareholder 97.63p - -
value
Share price 100.00p - -
Premium/(discount) 2.43% - -
to NAV
CHAIRMAN'S UPDATE
Performance Summary
The accumulated shareholder value per Ordinary share is 98.43
pence. The value of the qualifying portfolios for the Ordinary
shares and the C shares fell over the period, reflecting a
challenging period for smaller companies' valuations and extreme
volatility in financial markets. The net asset value per Ordinary
share fell in the period to 31 August 2016 to 28.38 pence compared
to 31.36 pence as at 29 February 2016. The valuations of Brigantes
Energy Limited and Corfe Energy Limited were written down by 86%
and 70% respectively during the period due to the unsuccessful
Woodburn Forest-1 well and the withdrawal of a party that had
committed to carry both Brigantes and Corfe on the P1918 licence.
Since the period end the companies have been further written down
as they no longer have sufficient funding needed to explore any
potential value in their licences.
The accumulated shareholder value per C share is 97.66 pence.
The net asset value per C share was 75.16 pence as at 31 August
2016 compared to 77.27 pence as at 29 February 2016. This was due
to the payment of a dividend of 4.5 pence per C share in July 2016.
This dividend payment took cumulative dividends paid on the C
shares since inception to 22.5 pence.
The net asset value on the D shares is 97.63 pence.
The VCT has met its objective for the Ordinary shares stated at
the launch of the Ordinary shares tranche of paying at least 70
pence in tax free dividends after five years and it remains the
Director's objective to return 70 pence on the C shares tranche by
March 2017. There is some evidence, however, that the aggressive
dividend commitment has come at a cost to the capital growth of
these tranches. The early sale of some investments required to meet
the income target, have reduced the capital retained to generate
growth. It is for this reason that the dividend target set for the
D shares is a regular annual dividend of 4.5% of NAV.
Two new investments were made on behalf of the D share portfolio
during the period, and a further investment has been made since the
period end. GBP50,000 was invested in novel therapeutic vaccine
developer, Scancell Holdings plc, in April 2016. GBP75,000 was
invested in personalised medicine and biotechnology company,
Genedrive plc, in July 2016, and GBP75,000 was invested in
Manchester based drug discovery and development company, C4X
Discover Holdings plc in September 2016. Further details on these
investments can be found in the Investment Manager's Report
below.
Since the period end, Human Race Group Limited and Metropolitan
Safe Custody Limited have been sold from the Ordinary and C share
portfolios, achieving a returns of 32% and 81% respectively.
Notwithstanding the recent fall in NAV, as the portfolio
continues to develop and mature, it should lead to further value
creation and provide opportunities for further profitable
realisations.
Dividends
Ordinary shares
The Company is delighted to announce that in order to return
realisation proceeds from the sale of Metropolitan Safe Custody
Limited and Human Race Group Limited to investors, a special
dividend of 7.0 pence per Ordinary share will be paid on 25
November 2016 to shareholders on the register on 4 November
2016.
C shares
The directors paid a 4.5p dividend on the C shares portfolio in
August 2016 bringing cumulative dividends paid to 22.5p. The
directors' objective continues to be to provide an interim return
to C shareholders of 70p per share by 14 March 2017.
D shares
In line with the dividend policy set out in the Company's
prospectus dated 26 October 2015, it remains the Director's
objective to pay a dividend of 4.5% of NAV to D Shareholders with
the first relevant dividend to be in respect of the year ended 28
February 2017.
Merger
At the Extraordinary General Meetings in November 2015,
shareholders approved the issue of up to GBP8 million of D shares
by means of an offer for subscription. At the same meetings,
shareholders approved mergers of the Ordinary and C share classes
into a single class with the D shares following realisation or
liquidation of the Structured Products investments attributable to
those classes. The directors anticipate that the Ordinary shares
and C shares class will be merged into the D shares class on a
relative net asset value basis. The merger is likely to occur after
the final structured product on the C shares has been realised and
the special interim dividend paid on the C shares. The directors
anticipate this will occur in May 2017 using the net asset value
for the year to 28 February 2017.
D share issue
Since the period end, the offer for subscription for D shares of
1p each that opened on 26 October 2015, closed on 21 October 2016.
An allotment of D shares in respect of the 2016/2017 tax year is
expected to take place imminently.
The board were pleased to announce the intention to launch a
further offer for subscription for D Shares following the close of
the current offer, with the shares to be issued in the 2016/17 and
2017/18 tax years.
INTERIM MANAGEMENT REPORT
Venture Capital Investments
Portfolio developments
Calculus Capital Limited manages the Company's portfolio of
Qualifying Investments. In general, we prefer to take stakes of
sufficient size to enable us to play an influential role in helping
the companies develop. Investments may be by way of loan stock
and/or preference shares as well as equity. This provides income
for the Company which helps us to pay dividends and provides a
measure of risk mitigation.
The Ordinary Share Fund, C Share Fund and D Share Fund are
managed separately although they all have the same investment remit
with regards to the qualifying portfolio and, therefore, have
similar portfolios. This is particularly the case for the Ordinary
and C share portfolios. As at 31 August 2016, the Ordinary, C and D
Share Funds had ten Qualifying Investments, nine Qualifying
Investments and two Qualifying investments respectively.
An update on the portfolio companies has been provided
below:
AnTech Limited (Ordinary share portfolio)
AnTech Limited ("Antech") is a specialist oil and gas
engineering company both manufacturing products and providing
services for directional coiled tube drilling.
AnTech's Products Division supplies customised and standard
products used mainly in production. Its Coiled Tube Drilling
Services Division has developed a new generation of directional
drilling tools which transform the manner and efficiency with which
oil and gas wells can be drilled with coiled tubing. These tools,
COLT and POLARIS, are effective for interventions in existing wells
to enhance production yield and extend well life. The tools have
been used commercially in France in late 2014 and Ohio in 2015 with
good results. In October this year, AnTech will drill its first
well for Aramco in Saudi Arabia; this is a significant step for the
company as talks are already underway for multiple further wells if
the first is successful.
In February 2016, funds managed by Calculus Capital made a
GBP2.35m investment in AnTech in order to provide working capital
for the anticipated growth of the Services business.
Brigantes Energy Limited and Corfe Energy Limited (Ordinary
share portfolio)
Brigantes Energy Limited ("Brigantes") and Corfe Energy Limited
("Corfe") were originally intended as one investment, but were
split because it enabled a larger fundraising under the then rules
for tax advantaged investment schemes.
Brigantes currently owns interests in the following licences:
PL1/10 onshore Northern Ireland, P2123 offshore Northern Ireland,
P1918 adjacent to Wytch Farm in Dorset and PEDL070 which contains
the Avington oilfield in Hampshire. The net asset value has been
written down by 86% due to the unsuccessful Woodburn Forest-1 well
and the withdrawal of a party that had committed to carry Brigantes
on the P1918 licence.
Corfe has interests in five licences: Osprey, Lulworth Banks and
Ballard Point (adjacent to Wytch Farm) in Dorset, Burton on the
Wolds in the East Midlands and Avington oilfield in Hampshire.
Corfe is in a similar position to Brigantes and has been written
down by 70% following the withdrawal of its P1918 funding
partner.
Since the period end the companies have been further written
down as they no longer have sufficient funding needed to explore
any potential value in their licences.
Dryden Human Capital Group Limited (Ordinary share
portfolio)
Dryden Human Capital Group Limited ("Dryden") is headquartered
in the UK and specialises in the actuarial, insurance and
compliance recruitment sector. Actions undertaken over the last 12
months have significantly improved operational processes within the
business and elevated the competitive positioning of the Company's
brands. The Company has focused on delivering exceptional service
and added value to clients and candidates. This has enabled the
Company to develop long term relationships with key clients and
obtain exclusive contracts for recruitment mandates. The Company
has a full pipeline of 'live vacancies' to fill and is continuing
to look for opportunity in the current uncertain economic,
political and regulatory environment.
The company remains subject to the close attention of Calculus
Capital.
Genedrive plc (D share portfolio)
Genedrive provides molecular diagnostics tests delivered at or
near the point of care for the diagnosis of infectious diseases.
The Genedrive(R) platform and its first tuberculosis ("TB") test
has been successfully commercially launched in India in conjunction
with Xcelris Labs to provide rapid molecular identification and
antibiotic resistance/drug susceptibility testing for TB. This
launch follows hot on the heels of David Budd's appointment as CEO
in March, David has a number of years' experience in successfully
launching diagnostic tests within Danaher, Siemens and Bayer.
Genedrive(R) is designed to bring the power of central laboratory
molecular diagnostics to the Point of Care setting in a device that
has a lower cost and lower time to result than molecular
alternatives, just 60-90 minutes. Alongside this, Genedrive
announced the successful completion of its first external
assessment of its Point of Care Hepatitis C test at the Institut
Pasteur, Paris. The Hepatitis C test forms part of a suite of tests
to be subsequently launched on the Genedrive(R) platform including
HIV and Hepatitis B. In addition, the Company has been allocated
funding of $5.3 million from the US Department of Defence to
develop Genedrive(R) to be a handheld biohazard identifier, should
this stage be successful a further $2.5m will be granted. The
contract research division, which was the company's original
activity, is now largely unrelated to the company's core work in
diagnostic devices, advisors have been appointed to assess the
strategic options for this side of the business. The recent funding
round will enable further development and commercialisation of the
Genedrive platform.
Human Race Group Limited (Ordinary and C share portfolios)
Human Race owns and operates over 60 mass participation sports
events for over 90,000 participants of all abilities and ages,
making it the largest owner and deliverer of such events in the UK.
The portfolio includes the London Winter Run (which on launch in
2015 was the largest inaugural 10k run ever in the UK with 14,000
entries in year one), Dragon Ride, Tour de Yorkshire Ride and the
Windsor Triathlon.
In late September, Human Race was sold to Amaury Sports
Organisation (ASO), the owner of the Tour de France and leading
European mass participation sports event organiser. Whilst the
terms of this transaction have not been disclosed, the total return
to the Calculus VCT on the GBP370,500 equity and loan investment
was 32% after a 4 1/2 year investment period.
Metropolitan Safe Custody Limited (Ordinary and C share
portfolios)
Metropolitan runs two safe custody sites, one in Knightsbridge,
the other in St. Johns Wood. These profitable, stable businesses
serve several thousand customers, providing access to the vaults
seven days a week. The investment was made in 2012 and Metropolitan
has performed well and paid steady dividends. The shares were
subscribed for at 6.319p per share and were sold at 11p per share
in September 2016, giving a total investment return including
dividends of 81%.
MicroEnergy Generation Services Limited (Ordinary share
portfolio)
MicroEnergy Generation Services Limited ("MicroEnergy") owns and
operates a fleet of 168 small onshore wind turbines (<5kW)
installed on farm land in East Anglia and Yorkshire. Revenues come
from two sources, both of which are inflation protected, being
directly linked to RPI. Firstly, there is the Government backed
feed-in tariff (FIT) paid by the electricity suppliers for every
kilowatt of electricity generated for twenty years. Secondly, there
is an export tariff for any surplus electricity not used by the
site owner that is exported to the grid. Annual generation to 31
March 2016 is ahead of last year at 860,000kWh (2015: 640,000) this
reflects improved operations and the acquisition of an additional
15 turbines. We are in discussions with various potential buyers
for MicroEnergy.
Picos Limited ("Benito's Hat") (C share portfolio)
Offering tailor-made burritos, tacos and salads, Benito's Hat is
a Mexican-themed restaurant brand centred on an authentic
experience and high-quality food, at an affordable price point. The
brand has a devoted customer following and has won many accolades
from food critics. In light of the need for strategic and
operational change, the CEO hired in 2014 has been replaced and the
Board has reappointed Ben Fordham, the Founder, as CEO. The core
principles of the business remain first class engaging service,
high quality food and drink with authenticity in a vibrant and fun
environment. These aspects, coupled with a unique evening
proposition, continue to separate the business from its
competition.
Quai Administration Services Limited (C share portfolio)
Quai Administration Services Limited ("Quai") provides platform
technology combined with back office administration services for
the high-volume personal savings industry. Quai's platform
administers thousands of individual savings plans at a fraction of
the cost incurred by established insurance companies and wealth
managers. Mass distribution of individual savings plans is
pressurising providers to offer efficient, high-volume, low-margin
schemes.
Quai is progressing well and now has eight live customers on its
platform and advanced discussions with a number of additional
customers. Financial performance in the year to October 2015 was
similar as the prior year as revenue growth was slower than
anticipated. Recent wins have targeted clients with large books of
assets under management which will result in revenues growing more
quickly.
In February 2016 funds managed by Calculus Capital Limited
participated in a further funding round alongside members of the
Quai board and other private individuals, to accelerate development
of the Company's technology platform and expand the sales and
marketing teams.
Scancell Holdings plc (C and D share portfolios)
Scancell Holdings plc ("Scancell") is developing two distinct
immune-oncology platforms, each with broad applications.
ImmunoBody(R) is a DNA vaccine which stimulates high avidity (i.e.
powerful) anti-tumour T cells to target cancer cells for use in
combination with a category of cancer drugs called checkpoint
inhibitors. Moditope(R) targets modified antigens to stimulate a
powerful anti-tumour T cell response for hard to treat cancers.
Both platforms are targeting multi-billion dollar markets. The
scientific principle behind Moditope(R) is autophagy which is the
hitherto obscure area of medical research which was the subject of
this year's Nobel Prize for Medicine.
SCIB1 (based on the ImmunoBody(R)) platform has achieved
unprecedented survival rates in a phase I/II clinical trial
covering twenty patients for malignant melanoma and a phase II
combination trial of SCIB1 and a checkpoint inhibitor will commence
out of Massachusetts General Hospital in Boston. A phase I trial
for Modi-1, based on the Moditope(R) platform, targeting triple
negative breast cancer, osteosarcoma and ovarian cancer is
scheduled for 2018.
In April, Scancell completed a GBP6 million fund raising to
prepare for the SCIB1 combination and Modi-1 trials. In June,
Scancell had to suspend the extension of the SCIB1 phase 1/2 trial
due to drug supply issues; this has since been rectified and
manufacturing will be undertaken by Eurogentec in Belgium.
Eurogentec is a world class manufacturer of DNA and recombinant
proteins, and the material will be compliant with Good
Manufacturing Practices (GMP) and Food and Drug Administration
(FDA) requirements.
Solab Group Limited (Ordinary and C share portfolios)
Solab Group Limited ("Solab") (formerly Hampshire Cosmetics) is
a long established manufacturer of fragrances, shampoos and
skincare products for third party customers, including Penhaligon's
and Philip Kingsley. The company has a good reputation as a
supplier to both major cosmetics brands and smaller
independents.
This cosmetics business has been affected by difficult market
conditions generally and by a significant reduction in volumes from
its largest customer, The Body Shop as a result of Body Shop's
decision to in-source manufacturing to French factories following
its acquisition by L'Oreal. New business from third parties has, to
date, only partially replaced that lost turnover, although Solab
has had some success in winning new customers and enlarging
existing accounts. Solab has recently recruited Julien Laporte, a
former CEO of Crabtree & Evelyn with extensive experience at
L'Oreal, as a part time director to increase sales further.
The company has also sought more balance to its portfolio by
investing in its animal care and veterinary orientated activities.
Revenues from this area have increased substantially, with near
break-even achieved in 2015 and a small profit anticipated this
year.
Terrain Energy Limited (Ordinary and C share portfolios)
Terrain has interests in twelve petroleum licences; Keddington,
Kirklington, Dukes Wood, Burton on the Wolds, Whisby and Louth in
the East Midlands, Larne and an offshore licence to the north of
Larne in Northern Ireland, Brockham and Lidsey in the Weald Basin
and Egmating and Starnberger See in Germany. The Whisby-6 well was
successfully drilled in March/April 2016 and is capable of
producing c. 180 barrels of oil a day (net 153bopd to Terrain). A
first well on the Larne licence targeting the Woodburn prospect was
drilled in May/June 2016 but did not encounter any commercial
hydrocarbon accumulation - the data collected in the well is being
evaluated to decide where to focus future exploration activity in
the basin. The company is currently producing from wells at Whisby
and Keddington; Brockham and Lidsey are currently shut in until the
oil price recovers. A new well at Lidsey and a sidetrack at
Brockham are due to be drilled in the next 12 months.
The One Place Capital Limited ("Money Dashboard") (C share
portfolio)
Money Dashboard empowers consumers to take control of their
finances. The company has built a database of over 100,000 users
whose financial transactions from all their internet enabled
current accounts, savings accounts and credit cards are
automatically updated in one secure place, providing these
consumers with a free-to-use view of their financial lives. Money
Dashboard aggregates this data on an anonymous basis to analyse
consumer spending trends which can be sold to institutional
investors and others.
A new CEO, Steve Tigar, was appointed in October 2015. Under his
leadership, the cash flow generation of the Company has
significantly improved with the Company's cost base reduced and
growth in the Data Insights' pipeline underpinned by large
recurring contracts with global institutional investor clients. New
product developments, including a white label solution for
financial advisors and a mortgage affordability assessment product,
are expected to drive further revenue growth in 2017. Externally,
the introduction of the Open Banking Standards from Q1 17 is
expected to be a significant milestone for Money Dashboard; with
the potential to transform the rate of data user acquisition,
significantly enhancing the efficacy of the Company's Data Insights
product.
Tollan Energy Limited (Ordinary share portfolio)
Tollan Energy Limited ("Tollan") owns a portfolio of solar
systems on roof tops in Northern Ireland. The solar generating
capacity, which is installed on residential and some commercial
roofs in the Belfast area, benefits from Northern Ireland Renewable
Obligation Certificates (NIROCs). In addition, the company benefits
from the export tariff for any surplus electricity not used by the
homeowner that is exported to the grid. The portfolio is now fully
installed and comprises 334 systems (1.55MW). The systems generated
1276MWh in the year to March 2016. We are looking to divest our
investment in Tollan within the next 6 months.
Venn Life Sciences plc (C share portfolio)
Venn Life Sciences plc ("Venn") is a growing Clinical Research
Organisation (CRO), providing clinical trial management and
resourcing solutions to pharmaceutical, biotechnology and medical
device clients. Venn is consolidating a number of small European
CROs to build a mid-sized CRO focused on the European market,
offering clients a full service, multi-centre capability in Phase
II-IV trials across a range of principal disease areas. Venn ended
2015 on very strong footing with revenue up 135% year on year and
its first EBITDA profit of EUR400k (versus a loss of EUR1.5m for
2014). This marked improvement was due to a combination of small,
value add acquisitions and a strong rate of new business wins.
Since the end of the year, Venn have signed a new contract worth
EUR2.8m with a European Biotechnology client for a Phase II study
for Multiple Sclerosis starting in October 2016. We do not believe
this positive performance is fully reflected in the share
price.
Developments since the period end
In September 2016, GBP75,000 was invested for the D share
portfolio in Manchester based drug discovery and development
company, C4X Discovery Holdings plc. Other than the sales of Human
Race and Metropolitan described above, there have been no
developments since the year end.
Non Qualifying Portfolio
The D shares portfolio invested in GBP480,000 in three money
market funds during the period in accordance with its investment
policy: Aberdeen Sterling Liquidity Fund, Goldman Sachs Sterling
Liquidity Fund and Fidelity Sterling Liquidity Fund.
Structured Products
There is only one remaining Structured Product which is held in
the C share portfolio and there has been little change over the
past six months in the portfolio.
Despite the recent volatility in the market, the FTSE 100
continues to support the valuation in the Structured Products
portfolio. The index has risen from its level of 6,781.51 as at 31
August 2016 and it continues to sit comfortably above the product's
strike level.
The Structured Products portfolio will achieve its 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. 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. As at 31 August 2016, the following Structured Products
investment was held:
C Share Fund Structured Products Portfolio as at 31 August
2016
FTSE Price
100 Initial at 31
Strike Index Notional Purchase August Maturity Return/Capital
Issuer Date Level Investment Price 2016 Date at Risk ("CAR")
---------- ----------- ------------- ------------ --------- ------------ ----------- -----------------
182% if FTSE
100 higher*;
CAR if FTSE
Investec 100 falls more
Bank plc 05/08/2011 5,246.99 GBP328,000 GBP1.00 GBP1.802730 10/03/2017 than 50%
---------- ----------- ------------- ------------ --------- ------------ ----------- -----------------
The total current valuation of the amount invested in Structured
Products in the C Share Fund as at 31 August 2016 was
GBP591,295.
* 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.
Calculus Capital Limited Investec Structured Products
24 October 2016 24 October 2016
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2016
- ORDINARY SHARE FUND
% of Net Assets
Structured Products -%
Unquoted - loan stock 26%
Quoted and unquoted - ordinary
and preference shares 76%
Unquoted - liquidity funds -%
Net current liabilities (2)%
-------------------------------- -----
100%
Asset class - % of Portfolio
Structured Products -%
Quoted and unquoted -
Qualifying Investments 100%
Unquoted - other non-Qualifying
Investments -%
100%
Nature of Book Valuation % of
Cost
Company Business GBP'000 GBP'000 Portfolio
--------------------------------- ----------------- -------- ---------- ----------
Qualifying Investments
Human Race Group
Limited Leisure 300 316 23%
AnTech Limited Oil services 270 292 21%
Metropolitan Safe Safe depository
Custody Limited services 90 157 11%
Solab Group Limited Cosmetics 100 153 11%
Tollan Energy Limited Energy 150 145 11%
Oil and gas
Terrain Energy Limited production 100 144 11%
MicroEnergy Generation
Services Limited Energy 150 132 10%
Brigantes Energy Traditional
Limited energy 127 15 1%
Traditional
Corfe Energy Limited energy 76 14 1%
Dryden Human Capital
Group Limited Human resources 100 5 -%
--------------------------------- ----------------- -------- ---------- ----------
Total Qualifying
Investments 1,463 1,373 100%
Other non-Qualifying
Investments
Aberdeen Sterling
Liquidity Fund Liquidity fund 1 1 -%
--------------------------------- ----------------- -------- ---------- ----------
Total Other non-Qualifying
Investments 1 1 -%
---------------------------------- ---------------- -------- ---------- ----------
Total Investments 1,464 1,374 100%
Net Current Liabilities
less Creditors due
after one year (29)
---------------------------------- ---------------- -------- ---------- ----------
Net Assets 1,345
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2016
- C SHARE FUND
% of Net Assets
Structured Products 41%
Unquoted - loan stock 14%
Quoted and unquoted - ordinary
and preference shares 49%
Unquoted - liquidity funds -%
Net current liabilities (4)%
-------------------------------- -----
100%
Asset class- % of Portfolio
Structured Products 39%
Quoted and unquoted - Qualifying
Investments 61%
Unquoted - other non-Qualifying
Investments -%
Nature of Book Valuation % of
Cost
Company Business GBP'000 GBP'000 Portfolio
---------------------------------- ------------------- -------- ---------- ----------
Structured Products
Investec Bank plc Banking 328 591 39%
---------------------------------- ------------------- -------- ---------- ----------
Total Structured
Products 328 591 39%
Qualifying Investments
Solab Group Limited Cosmetics 150 162 11%
Human Race Group
Limited Leisure 150 158 11%
Quai Administration
Services Limited Technology 150 150 10%
The One Place Capital
Limited Personal finance 127 95 6%
Scancell Holdings
plc Biotech 100 78 5%
Venn Life Sciences
Holdings plc Clinical research 80 73 5%
Metropolitan Safe Safe depository
Custody Limited services 40 70 5%
Traditional
Terrain Energy Limited Energy 50 67 4%
Pico's Limited Leisure 50 58 4%
---------------------------------- ------------------- -------- ---------- ----------
Total Qualifying
Investments 897 911 61%
Other non-Qualifying
Investments
Aberdeen Sterling
Liquidity Fund Liquidity fund 2 2 -%
---------------------------------- ------------------- -------- ---------- ----------
Total Other non-Qualifying
Investments 2 2 -%
----------------------------------- ------------------ -------- ---------- ----------
Total Investments 1,227 1,504 100%
Net Current Liabilities
less creditors due
after one year (53)
----------------------------------- ------------------ -------- ---------- ----------
Net Assets 1,451
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2016
- D SHARE FUND
% of Net Assets
Unquoted - loan stock -%
Quoted and unquoted - ordinary
and preference shares 7%
Unquoted - liquidity funds 81%
Net current assets 12%
-------------------------------- -----
100%
Asset class - % of Portfolio
Quoted and unquoted - Qualifying
Investments 7%
Unquoted - other non-Qualifying
Investments 93%
100%
Nature of Book Valuation % of
Cost
Company Business GBP'000 GBP'000 Portfolio
---------------------------------- ---------------- -------- ---------- ----------
Qualifying Investments
Genedrive plc Biotech 75 70 4%
Scancell Holdings
plc Biotech 50 52 3%
Total Qualifying
Investments 125 122 7%
Other non-Qualifying
Investments
Aberdeen Sterling
Liquidity Fund Liquidity fund 480 480 31%
Fidelity Liquidity
Fund Liquidity fund 480 480 31%
Goldman Sachs Sterling
Liquidity Fund Liquidity fund 480 480 31%
---------------------------------- ---------------- -------- ---------- ----------
Total Other non-Qualifying
Investments 1,440 1,440 93%
----------------------------------- --------------- -------- ---------- ----------
Total Investments 1,565 1,562 100%
Net Current Assets
less Creditors due
after one year 207
----------------------------------- --------------- -------- ---------- ----------
Net Assets 1,769
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 2016 and continue to be as set out on pages
18 to 19 of 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
and D shares, market price risk and credit risk.
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.
DIRECTORS' RESPONSIBILITY STATEMENT
The half-yearly financial report, which has not been audited or
reviewed by the Company's auditors is the responsibility of, and
has been approved by, the Directors. The Directors confirm that to
the best of their knowledge the half-yearly financial report, which
has been prepared in accordance with the UK Listing Authority
Disclosure and Transparency Rules ("DTR") and in accordance with
the Financial Reporting Council's Financial Reporting Standard
104:'Interim Financial Reporting' gives a true and fair view of the
assets, liabilities, financial position and the net return of the
Company as at 31 August 2016.
The Directors confirm that the Chairman's Update, the Investment
Management report, the disclosures above and notes 10 and 11,
include a fair review of the information required by DTR 4.2.7R,
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 financial year, and DTR 4.2.8R.
The Directors of Calculus VCT plc are:
Michael O'Higgins
Kate Cornish-Bowden
Steve Meeks
John Glencross
By order of the Board
Michael O'Higgins
Chairman
24 October 2016
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2016 31 August 2015 29 February 2016*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------ -------- -------- -------- -------- -------- -------- -------- -------- --------
Ordinary Share Fund
Investment
holding
gains/(losses) - 189 189 - (107) (107) - (572) (572)
(Loss)/gain on
disposal of
investments - (307) (307) - (41) (41) - 283 283
Income 24 - 24 33 - 33 54 - 54
Investment
management
fee (2) (6) (8) (4) (12) (16) (7) (22) (29)
Other operating
expenses (39) - (39) (61) - (61) (120) - (120)
---------------- ------ -------- -------- -------- -------- -------- -------- -------- -------- --------
Loss on
ordinary
activities
before
taxation (17) (124) (141) (32) (160) (192) (73) (311) (384)
---------------- ------ -------- -------- -------- -------- -------- -------- -------- -------- --------
Taxation on 3 - - - - - - - -
ordinary -
activities
Loss for the
period (17) (124) (141) (32) (160) (192) (73) (311) (384)
Basic and
diluted
earnings per
ordinary
share 2 (0.4)p (2.6)p (3.0)p (0.7)p (3.4)p (4.1)p (1.5)p (6.6)p (8.1)p
---------------- ------ -------- -------- -------- -------- -------- -------- -------- -------- --------
* These figures are audited.
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2016 31 August 2015 29 February 2016*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------ -------- -------- -------- -------- -------- -------- --------- --------- --------
C Share Fund
Investment
holding
gains/(losses) - 129 129 - (65) (65) - (87) (87)
Loss on
disposal
of investments - (62) (62) - - - - (35) (35)
Income 11 - 11 11 - 11 22 - 22
Investment
management
fee (2) (5) (7) (2) (7) (9) (4) (12) (16)
Other operating
expenses (25) - (25) (23) - (23) (45) - (45)
---------------- ------ -------- -------- -------- -------- -------- -------- --------- --------- --------
Profit/(loss)
on ordinary
activities
before
taxation (16) 62 46 (14) (72) (86) (27) (134) (161)
---------------- ------ -------- -------- -------- -------- -------- -------- --------- --------- --------
Taxation on 3 - - - - - - - - -
ordinary
activities
---------------- ------ -------- -------- -------- -------- -------- -------- --------- --------- --------
Profit/(loss)
for the period (16) 62 46 (14) (72) (86) (27) (134) (161)
Basic and
diluted
earnings per C
share 2 (0.8)p 3.2p 2.4p (0.7)p (3.7)p (4.4)p (1.4)p (6.9)p (8.3)p
---------------- ------ -------- -------- -------- -------- -------- -------- --------- --------- --------
* These figures are audited.
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2016 31 August 2015 29 February 2016*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- ------ -------- -------- -------- -------- ------------ --------- -------- ------------ --------
D Share Fund
Investment
holding
losses - (3) (3) - - - - - -
Gain/(loss) - - - - - -
on - - -
disposal of
investments
Income 2 - 2 - - - - - -
Investment
management
fee (3) (9) (12) - - - - - -
Other
operating
expenses (21) - (21) - - - - - -
------------- ------ -------- -------- -------- -------- ------------ --------- -------- ------------ --------
Loss on
ordinary
activities
before
taxation (22) (12) (34) - - - - - -
------------- ------ -------- -------- -------- -------- ------------ --------- -------- ------------ --------
Taxation on 3 - - - - - - - - -
ordinary
activities
------------- ------ -------- -------- -------- -------- ------------ --------- -------- ------------ --------
Loss for the
period (22) (12) (34) - - - - - -
------------- ------ -------- -------- -------- -------- ------------ --------- -------- ------------ --------
Basic and
diluted
earnings
per D
share 2 (1.4)p (0.7)p (2.1)p - - - - - -
------------- ------ -------- -------- -------- -------- ------------ --------- -------- ------------ --------
* These figures are audited.
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2016 31 August 2015 29 February 2016*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
Total
Investment
holding
gains/(losses) - 315 315 - (172) (172) - (659) (659)
(Loss)/gain on
disposal of
investments - (369) (369) - (41) (41) - 248 248
Income 37 - 37 44 - 44 76 - 76
Investment
management
fee (7) (20) (27) (6) (19) (25) (11) (34) (45)
Other operating
expenses (85) - (85) (84) - (84) (165) - (165)
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
Loss on
ordinary
activities
before
taxation (55) (74) (129) (46) (232) (278) (100) (445) (545)
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
Taxation on 3 - - - - - - - - -
ordinary
activities
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
Loss for the
period (55) (74) (129) (46) (232) (278) (100) (445) (545)
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
Basic and
diluted
earnings per
ordinary
share 2 (0.4)p (2.6)p (3.0)p (0.7)p (3.4)p (4.1)p (1.5)p (6.6)p (8.1)p
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
Basic and
diluted
earnings per
C
share 2 (0.8)p 3.2p 2.4p (0.7)p (3.7)p (4.4)p (1.4)p (6.9)p (8.3)p
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
Basic and
diluted
earnings per
D
share 2 (1.4)p (0.7)p (2.1)p -p -p -p -p -p -p
---------------- ----- ---------- ---------- --------- ---------- ---------- --------- ---------- --------- ---------
* These figures are audited. The total columns of these
statements represent the Total Comprehensive Income Statement of
the Ordinary Share Fund, C Share Fund and the D 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"). 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 STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
Non-distributable reserves Distributable
reserves
Capital Capital
Share Special Reserve Reserve Revenue
Capital Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ---------- -------- --------------- ------------------- ------------------ --------
Ordinary Share Fund
For the 6 month period
to 31 August 2016
1 March 2016 47 1,160 961 (279) (403) 1,486
Investment holding gains - - - 189 - 189
Loss on disposal of
investments - - (307) - - (307)
Management fee allocated
to capital - - (6) - - (6)
Revenue return on ordinary
activities after tax - - - - (17) (17)
Dividend paid (note 9) - - - - - -
---------------------------- ---------- -------- --------------- ------------------- ------------------ --------
31 August 2016 47 1,160 648 (90) (420) 1,345
---------------------------- ---------- -------- --------------- ------------------- ------------------ --------
For the 6 month period
to 31 August 2015
1 March 2015 47 2,438 700 293 (330) 3,148
Investment holding losses - - - (107) - (107)
Loss on disposal of
investments - - (41) - - (41)
Management fee allocated
to capital - - (12) - - (12)
Change in accrual in
IFA Commission - 4 - - - 4
Revenue return on ordinary
activities after tax - - - - (32) (32)
Dividend paid (note 9) - (249) - - - (249)
---------------------------- ---------- -------- --------------- ------------------- ------------------ --------
31 August 2015 47 2,193 647 186 (362) 2,711
---------------------------- ---------- -------- --------------- ------------------- ------------------ --------
For the 12 months ended
29 February 2016*
1 March 2015 47 2,438 700 293 (330) 3,148
Investment holding losses - - - (572) - (572)
Gain on disposal of
investments - - 283 - - 283
Management fee allocated
to capital - - (22) - - (22)
Change in accrual IFA
commission - 4 - - - 4
Revenue return on ordinary
activities after tax - - - - (73) (73)
Dividend paid (note 9) - (1,282) - - - (1,282)
---------------------------- ---------- -------- --------------- ------------------- ------------------ --------
29 February 2016 47 1,160 961 (279) (403) 1,486
---------------------------- ---------- -------- --------------- ------------------- ------------------ --------
* These figures are audited. The notes form an integral part of
these Accounts.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
Non-distributable reserves Distributable
reserves
Capital Capital
Share Special Reserve Reserve Revenue
Capital Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------- --------- --------- ----------- -------- --------
C Share Fund
For the 6 month period
to 31 August 2016
1 March 2016 19 1,455 25 148 (155) 1,492
Investment holding gains - - - 129 - 129
Loss on disposal of investments - - (62) - - (62)
Management fee allocated
to capital - - (5) - - (5)
Revenue return on ordinary
activities after tax - - - - (16) (16)
Dividend paid (note 9) - (87) - - - (87)
31 August 2016 19 1,368 (42) 277 (171) 1,451
--------------------------------- --------- --------- --------- ----------- -------- --------
For the 6 month period
to 31 August 2015
1 March 2015 19 1,541 72 235 (128) 1,739
Investment holding losses - - - (65) - (65)
Management fee allocated
to capital - - (7) - - (7)
Change in accrual in IFA
Commission - 3 - - - 3
Revenue return on ordinary
activities after tax - - - - (14) (14)
Dividend paid (note 9) - (87) - - - (87)
31 August 2015 19 1,457 65 170 (142) 1,569
--------------------------------- --------- --------- --------- ----------- -------- --------
For the 12 months ended
29 February 2016*
1 March 2015 19 1,541 72 235 (128) 1,739
Investment holding losses - - - (87) - (87)
Loss on disposal of investments - - (35) - - (35)
Management fee allocated
to capital - - (12) - - (12)
Change in accrual in IFA
Commission - 1 - - - 1
Revenue return on ordinary
activities after tax - - - - (27) (27)
Dividend paid (note 9) - (87) - - - (87)
29 February 2016 19 1,455 25 148 (155) 1,492
--------------------------------- --------- --------- --------- ----------- -------- --------
* These figures are audited. The notes form an integral part of these Accounts.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
Non-distributable Distributable
reserves reserves
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
--------------------------------- -------- ---------- --------- --------- ----------- -------- --------
D Share Fund
For the 6 month period
to 31 August 2016
1 March 2016 - - - - - - -
Increase in share capital
in issue 18 1,848 - - - - 1,866
Expenses of share issue - (63) - - - - (63)
Investment holding losses - - - - (3) - (3)
Management fee allocated
to capital - - - (9) - - (9)
Revenue return on ordinary
activities after tax - - - - - (22) (22)
Dividend paid (note -
9) - - - - - -
--------------------------------- -------- ---------- --------- --------- ----------- -------- --------
31 August 2016 18 1,785 - (9) (3) (22) 1,769
--------------------------------- -------- ---------- --------- --------- ----------- -------- --------
For the 6 month period
to 31 August 2015
1 March 2015 - - - - - -
Investment holding gains - - - - - -
Management fee allocated
to capital - - - - - -
Revenue return on ordinary
activities after tax - - - - - -
Dividend paid (note
9) - - - - - -
--------------------------------- -------- ---------- --------- --------- ----------- -------- --------
31 August 2015 - - - - - -
--------------------------------- -------- ---------- --------- --------- ----------- -------- --------
For the 12 months ended
29 February 2016*
1 March 2015 - - - - - -
Investment holding gains - - - - - -
Management fee allocated
to capital - - - - - -
Revenue return on ordinary
activities after tax - - - - - -
Dividend paid (note
9) - - - - - -
--------------------------------- -------- ---------- --------- --------- ----------- -------- --------
29 February 2016 - - - - - -
--------------------------------- -------- ---------- --------- --------- ----------- -------- --------
The notes form an integral part of these Accounts.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2016 TO 31 AUGUST 2016
(UNAUDITED)
Non-distributable Distributable
reserves reserves
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 2016
1 March 2016 66 - 2,615 986 (131) (558) 2,978
Increase in share capital
in issue 18 1,848 - - - - 1,866
Expenses of share issue - (63) - - - - (63)
Investment holding gains - - - - 315 - 315
Loss on disposal of
investments - - - (369) - - (369)
Management fee allocated
to capital - - - (20) - - (20)
Revenue return on ordinary
activities after tax - - - - - (55) (55)
Dividend paid (note
9) - - (87) - - - (87)
---------------------------- -------- -------- -------- --------- ----------- -------- --------
31 August 2016 84 1,785 2,528 597 184 (613) 4.565
---------------------------- -------- -------- -------- --------- ----------- -------- --------
For the 6 month period
to 31 August 2015
1 March 2015 66 - 3,979 772 528 (458) 4,887
Investment holding losses - - - - (172) - (172)
Loss on disposal of
investments - - - (41) - - (41)
Management fee allocated
to capital - - - (19) - - (19)
Change in accrual in
IFA Commission - - 7 - - - 7
Revenue return on ordinary
activities after tax - - - - - (46) (46)
Dividend paid (note
9) - - (336) - - - (336)
---------------------------- -------- -------- -------- --------- ----------- -------- --------
31 August 2015 66 - 3,650 712 356 (504) 4,280
---------------------------- -------- -------- -------- --------- ----------- -------- --------
For the 12 months ended -
29 February 2016*
1 March 2015 66 - 3.979 772 528 (458) 4,887
Investment holding losses - - - - (659) - (659)
Gain on disposal of
investments - - - 248 - - 248
Management fee allocated
to capital - - - (34) - - (34)
Change in accrual in
IFA Commission - - 5 - - - 5
Revenue return on ordinary
activities after tax - - - - - (100) (100)
Dividend paid (note
9) - - (1,369) - - - (1,369)
---------------------------- -------- -------- -------- --------- ----------- -------- --------
29 February 2016 66 - 2,615 986 (131) (558) 2,978
---------------------------- -------- -------- -------- --------- ----------- -------- --------
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2016
(UNAUDITED)
31 August 31 August 29 February
2016 2015 2016*
Note GBP'000 GBP'000 GBP'000
-------------------------------- ----- ---------- ---------- ------------
Ordinary Share Fund
Fixed assets
Investments 4 1,374 2,559 1,492
-------------------------------- ----- ---------- ---------- ------------
Current assets
Debtors 15 91 37
Cash at bank and on deposit - 123 6
-------------------------------- ----- ---------- ---------- ------------
15 214 43
-------------------------------- ----- ---------- ---------- ------------
Creditors: amounts falling
due within one year
Creditors (39) (61) (49)
Bank overdraft (5) - -
(44) (61) (49)
Net current liabilities/assets (29) 153 (6)
-------------------------------- ----- ---------- ---------- ------------
Non-current liabilities
IFA trail commission - (1) -
-------------------------------- ----- ---------- ---------- ------------
Total net assets 1,345 2,711 1,486
-------------------------------- ----- ---------- ---------- ------------
Capital and reserves
Called-up share capital 7 47 47 47
Special reserve 1,160 2,193 1,160
Capital reserve - realised 648 647 961
Capital reserve - unrealised (90) 186 (279)
Revenue reserve (420) (362) (403)
-------------------------------- ----- ---------- ---------- ------------
Total shareholders' funds 1,345 2,711 1,486
-------------------------------- ----- ---------- ---------- ------------
Net asset value per ordinary
share - basic 5 28.4p 57.2p 31.4p
-------------------------------- ----- ---------- ---------- ------------
* These figures are audited. The notes form an integral part of
these Accounts.
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2016
(UNAUDITED)
31 August 2016 31 August 2015 29 February
2016*
Note GBP'000 GBP'000 GBP'000
------------------------------ ----- --------------- --------------- ----------------------------
C Share Fund
Fixed assets
Investments 4 1,504 1,583 1,437
------------------------------ ----- --------------- --------------- ----------------------------
Current assets
Debtors 8 44 48
Cash at bank and on deposit - - 43
------------------------------ ----- --------------- --------------- ----------------------------
8 44 91
------------------------------ ----- --------------- --------------- ----------------------------
Creditors: amounts falling
due within one year
Creditors (53) (31) (36)
Bank overdraft (8) (27) -
(61) (58) (36)
------------------------------ ----- --------------- --------------- ----------------------------
Net current liabilities (53) (14) 55
------------------------------ ----- --------------- --------------- ----------------------------
Non-current liabilities
IFA trail commission - - -
------------------------------ ----- --------------- --------------- ----------------------------
Total net assets 1,451 1,569 1,492
------------------------------ ----- --------------- --------------- ----------------------------
Capital and reserves
Called-up share capital 7 19 19 19
Special reserve 1,368 1,457 1,455
Capital reserve - realised (42) 65 25
Capital reserve - unrealised 277 170 148
Revenue reserve (171) (142) (155)
------------------------------ ----- --------------- --------------- ----------------------------
Total shareholders' funds 1,451 1,569 1,492
------------------------------ ----- --------------- --------------- ----------------------------
Net asset value per C share
- basic 5 75.1p 81.2p 77.3p
------------------------------ ----- --------------- --------------- ----------------------------
* These figures are audited. The notes form an integral part of these Accounts.
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2016
(UNAUDITED)
31 August 2016 31 August 2015 29 February
2016
Note GBP'000 GBP'000 GBP'000
------------------------------ ----- --------------- --------------- ------------
D Share Fund
Fixed assets
Investments 4 1,562 - -
------------------------------ ----- --------------- --------------- ------------
Current assets
Debtors 13 - -
Cash at bank and on deposit 221 - -
------------------------------ ----- --------------- --------------- ------------
234 - -
------------------------------ ----- --------------- --------------- ------------
Creditors: amounts falling
due within one year
Creditors (27) - -
Bank overdraft - - -
(27) - -
------------------------------ ----- --------------- --------------- ------------
Net current assets 207 - -
------------------------------ ----- --------------- --------------- ------------
Non-current liabilities
IFA trail commission - - -
------------------------------ ----- --------------- --------------- ------------
Total net assets 1,769 - -
------------------------------ ----- --------------- --------------- ------------
Capital and reserves
Called-up share capital 7 18 - -
Share premium account 1,785 - -
Special reserve - - -
Capital reserve - realised (9) - -
Capital reserve - unrealised (3) - -
Revenue reserve (22) - -
------------------------------ ----- --------------- --------------- ------------
Total shareholders' funds 1,769 - -
------------------------------ ----- --------------- --------------- ------------
Net asset value per D share
- basic 5 97.6p - -
------------------------------ ----- --------------- --------------- ------------
The notes form an integral part of these Accounts.
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2016
(UNAUDITED)
31 August 31 August 29 February
2016 2015 2016*
Note GBP'000 GBP'000 GBP'000
------------------------------ ----- ---------- ---------- -----------------------------
Total
Fixed assets
Investments 4 4,440 4,142 2,929
------------------------------ ----- ---------- ---------- -----------------------------
Current assets
Debtors 36 135 85
Cash at bank and on deposit 221 123 49
------------------------------ ----- ---------- ---------- -----------------------------
257 258 134
------------------------------ ----- ---------- ---------- -----------------------------
Creditors: amounts falling
due within one year
Creditors (119) (92) (85)
Bank overdraft (13) (27) -
------------------------------ ----- ---------- ---------- -----------------------------
(132) (119) (85)
Net current assets 125 139 49
------------------------------ ----- ---------- ---------- -----------------------------
Non-current liabilities
IFA trail commission - (1) -
------------------------------ ----- ---------- ---------- -----------------------------
Total net assets 4,565 4,280 2,978
------------------------------ ----- ---------- ---------- -----------------------------
Capital and reserves
Called-up share capital 7 84 66 66
Share premium account 1,785 - -
Special reserve 2,528 3,650 2,615
Capital reserve - realised 597 712 986
Capital reserve - unrealised 184 356 (131)
Revenue reserve (613) (504) (558)
------------------------------ ----- ---------- ---------- -----------------------------
Total shareholders' funds 4,565 4,280 2,978
------------------------------ ----- ---------- ---------- -----------------------------
Net asset value per ordinary
share - basic 5 28.4p 57.2p 31.4p
------------------------------ ----- ---------- ---------- -----------------------------
Net asset value per C share
- basic 5 75.1p 81.2p 77.3p
------------------------------ ----- ---------- ---------- -----------------------------
Net asset value per D share
- basic 5 97.6p - -
* These figures are audited. The notes form an integral part of these Accounts.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2016
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 29 February
2016 2015 2016*
Note GBP'000 GBP'000 GBP'000
------------------------------------- ----- ---------- ---------- ---------------------------
Ordinary Share Fund
Cash flow from operating activities
Investment income received 23 33 54
Investment management fees
paid (7) (27) (41)
Other cash payments (27) (95) (112)
------------------------------------- ----- ---------- ---------- ---------------------------
Net cash flow from operating
activities 6 (11) (89) (99)
------------------------------------- ----- ---------- ---------- ---------------------------
Cash flow from investing activities
Purchase of investments - - -
Sale of investments - 354 1,280
------------------------------------- ----- ---------- ---------- ---------------------------
Net cash flow from investing
activities - 354 1,280
------------------------------------- ----- ---------- ---------- ---------------------------
Cash flow from financing activities
Equity dividend paid 9 - (249) (1,282)
------------------------------------- ----- ---------- ---------- ---------------------------
Net cash flow from financing
activities - (249) (1,282)
------------------------------------- ----- ---------- ---------- ---------------------------
(Decrease)/increase in cash
and cash equivalents (11) 16 (101)
------------------------------------- ----- ---------- ---------- ---------------------------
Opening cash and cash equivalents 6 107 107
Net cash (decrease)/increase (11) 16 (101)
Closing cash and cash equivalents (5) 123 6
------------------------------------- ----- ---------- ---------- ---------------------------
* These figures are audited. The notes form an integral part of
these Accounts.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2016
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 29 February
2016 2015 2016*
Note GBP'000 GBP'000 GBP'000
------------------------------------- ----- ----------- ----------- ------------
C Share Fund
Cash flow from operating activities
Investment income received 11 10 21
Investment management fees
refunded/(paid) 13 (13) (21)
Other cash payments 12 (40) (63)
------------------------------------- ----- ----------- ----------- ------------
Net cash flow from operating
activities 6 36 (43) (63)
------------------------------------- ----- ----------- ----------- ------------
Cash flow from investing activities
Purchase of investments - - -
Sale of investments - - 90
------------------------------------- ----- ----------- ----------- ------------
Net cash flow from investing
activities - - 90
------------------------------------- ----- ----------- ----------- ------------
Cash flow from financing activities
Equity dividend paid 9 (87) (87) (87)
------------------------------------- ----- ----------- ----------- ------------
Net cash flow from financing
activities (87) (87) (87)
------------------------------------- ----- ----------- ----------- ------------
(Decrease)/increase in cash
and cash equivalents (51) (130) (60)
------------------------------------- ----- ----------- ----------- ------------
Opening cash and cash equivalents 43 103 103
Net cash (decrease)/increase (51) (130) (60)
Closing cash and cash equivalents (8) (27) 43
------------------------------------- ----- ----------- ----------- ------------
* These figures are audited. The notes form an integral part of
these Accounts.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2016
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 29 February
2016 2015 2016*
Note GBP'000 GBP'000 GBP'000
---------------------------------------- ----- ----------- ----------- ------------
D Share Fund
Cash flow from operating activities
Investment income received 1 - -
Deposit interest received 1 - -
Investment management fees - - -
paid
Other cash payments (18) - -
---------------------------------------- ----- ----------- ----------- ------------
Net cash flow from operating
activities 6 (16) - -
---------------------------------------- ----- ----------- ----------- ------------
Cash flow from investing activities
Purchase of investments (1,565) - -
Sale of investments - - -
---------------------------------------- ----- ----------- ----------- ------------
Net cash flow from investing (1,565) - -
activities
---------------------------------------- ----- ----------- ----------- ------------
Cash flow from financing activities - -
Shares issued 1,865 - -
Expenses of share issues (63) - -
Equity dividend paid 9 - - -
---------------------------------------- ----- ----------- ----------- ------------
Net cash flow from financing 1,802 - -
activities
---------------------------------------- ----- ----------- ----------- ------------
Increase in cash and cash equivalents 221 - -
---------------------------------------- ----- ----------- ----------- ------------
Opening cash and cash equivalents - - -
Net cash increase 221 - -
Closing cash and cash equivalents 221 - -
---------------------------------------- ----- ----------- ----------- ------------
* These figures are audited.
The notes form an integral part of these Accounts.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2015 TO 31 AUGUST 2016
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 29 February
2016 2015 2016*
Note GBP'000 GBP'000 GBP'000
----------------------------------- ----- ---------- ---------- ------------
Total
Cash flow from operating
activities
Investment income received 35 43 75
Deposit interest received 1 - -
Investment management fees
refunded/(paid) 6 (40) (62)
Other cash payments (33) (135) (175)
----------------------------------- ----- ---------- ---------- ------------
Net cash flow from operating
activities 6 9 (132) (162)
----------------------------------- ----- ---------- ---------- ------------
Cash flow from investing
activities
Purchase of investments (1,565) - -
Sale of investments - 354 1,370
----------------------------------- ----- ---------- ---------- ------------
Net cash flow from investing
activities (1,565) 354 1,370
----------------------------------- ----- ---------- ---------- ------------
Cash flow from financing
activities
Shares issued 1,865 - -
Expenses of share issues (63) - -
Equity dividend paid 9 (87) (336) (1,369)
----------------------------------- ----- ---------- ---------- ------------
Net cash flow from financing
activities 1,715 (1,369)
----------------------------------- ----- ---------- ---------- ------------
Increase /(decrease) in cash
and cash equivalents 159 (114) (161)
----------------------------------- ----- ---------- ---------- ------------
Opening cash and cash equivalents 49 210 210
Net cash increase/(decrease) 159 (114) (161)
Closing cash and cash equivalents 208 96 49
----------------------------------- ----- ---------- ---------- ------------
* These figures are audited. The notes form an integral part of these Accounts.
CONDENSED NOTES TO THE ACCOUNTS
1. Nature of Financial Information
The unaudited half-yearly financial information does not
constitute statutory financial statements as defined in Section 434
of the Companies Act 2006 and has not been reviewed nor audited by
the auditors. This information has been prepared on the basis of
the accounting policies used in the statutory financial statements
of the Company for the year ended 29 February 2016, and in
accordance with FRS 104. The statutory financial statements for the
year ended 29 February 2016, which contained an unqualified
auditors' report, have been lodged with the Registrar of Companies,
did not include a reference to any matters to which the auditor
drew attention by way of emphasis without qualifying the report and
did not contain statements under Section 498(2) or (3) of the
Companies Act 2006.
2. Return per Share
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2016 31 August 2015 29 February
2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence Pence pence
--------------- -------- -------- ------- -------- -------- ------ -------- -------- ------
Return
per Ordinary
share (0.4)p (2.6)p (3.0)p (0.7) (3.4) (4.1) (1.5) (6.6) (8.1)
Return
per C
share (0.8)p 3.2p 2.4p (0.7) (3.7) (4.4) (1.4) (6.9) (8.3)
Return
per D
share (1.4)p (0.7)p (2.1)p - - - - - -
--------------- -------- -------- ------- -------- -------- ------ -------- -------- ------
Ordinary shares
Revenue return per ordinary share is based on the net revenue
loss on ordinary activities after taxation of GBP16,875 (31 August
2015: loss of GBP32,302; 29 February 2016: loss of GBP73,187) and
on 4,738,463 ordinary shares (31 August 2015: 4,738,463; 29
February 2016: 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
loss for the period of GBP124,299 (31 August 2015: loss of
GBP159,792; 29 February 2016: loss of GBP310,906) and on 4,738,463
ordinary shares (31 August 2015: 4,738,463; 29 February 2016:
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 loss on
ordinary activities for the period of GBP141,174 (31 August 2015:
loss of GBP192,094; 29 February 2016: loss of GBP384,093) and on
4,738,463 ordinary shares (31 August 2015: 4,738,463; 29 February
2016: 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 GBP15,102 (31 August 2015:
loss of GBP13,480; 29 February 2016: loss of GBP27,317) and on
1,931,095 C shares (31 August 2015: 1,931,095; 29 February 2016:
1,931,095), 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 GBP61,283 (31 August 2015: loss of GBP72,003; 29
February 2016: loss of GBP134,405) and on 1,931,095 C shares (31
August 2015: 1,931,095; 29 February 2016: 1,931,095), being the
weighted average number of C shares in issue during the period.
Total return per C share is based on the total gain for the
period of GBP46,181 (31 August 2015: loss of GBP85,483; 29 February
2016: loss of GBP161,722) and on 1,931,095 C shares (31 August
2015: 1,931,095; 29 February 2016: 1,931,095), being the weighted
average number of C shares in issue during the period.
D shares
Revenue return per D share is based on the net revenue loss on
ordinary activities after taxation of GBP22,018 (31 August 2015:
GBPnil; 29 February 2016: GBPnil) and on 1,624,171 D shares (31
August 2015: nil; 29 February 2016: nil), being the weighted
average number of D shares in issue during the period.
Capital return per D share is based on the net capital loss for
the period of GBP11,767 (31 August 2015: GBPnil; 29 February 2016:
GBPnil) and on 1,624,171 D shares (31 August 2015: nil; 29 February
2016: nil), being the weighted average number of D shares in issue
during the period.
Total return per D share is based on the total loss for the
period of GBP33,785 (31 August 2015: GBPnil; 29 February 2016:
GBPnil) and on 1,624,171 D shares (31 August 2015: nil; 29 February
2016: nil), being the weighted average number of D shares in issue
during the period.
3. Taxation on Ordinary Activities
The estimated effective tax rate at the period end is 0 per
cent. for all share funds. This remains unchanged from the prior
year end.
4. Net Asset Value per Share
31 August 31 August 29 February
2016 2015 2016
pence pence pence
------------------------------ ---------- ---------- ------------
Net asset value per ordinary
share 28.4 57.2 31.4
Net asset value per C
share 75.1 81.2 77.3
Net asset value per D 97.6 - -
share
------------------------------ ---------- ---------- ------------
The basic net asset value per ordinary share is based on net
assets (including current period revenue) of GBP1,344,655 (31
August 2015: GBP2,710,813; 29 February 2016: GBP1,485,829) and on
4,738,463 ordinary shares (31 August 2015: 4,738,463; 29 February
2016: 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
GBP1,451,482 (31 August 2015: GBP1,569,091; 29 February 2016:
GBP1,492,097) and on 1,931,095 C shares (31 August 2015: 1,931,095;
29 February 2016: 1,931,095), being the number of C shares in issue
at the period end.
The basic net asset value per D share is based on net assets of
GBP1,769,084 (31 August 2015: GBPnil; 29 February 2016: GBPnil) and
on 1,812,084 D shares (31 August 2015: nil; 29 February 2016: nil),
being the number of D shares in issue at the period end.
5. Reconciliation of Net Profit before Tax to Cash Flow from
Operating Activities
31 August 31 August 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000
----------------------------- ---------- ---------- -----------------
Ordinary Share Fund
Loss on ordinary activities
before tax (141) (192) (384)
Loss on investments 118 148 289
Decrease/(increase) in
debtors 22 (29) 25
Decrease in creditors (10) (16) (33)
Change in IFA commission - - 4
----------------------------- ---------- ---------- -----------------
Cash flow from operating
activities (11) (89) (99)
----------------------------- ---------- ---------- -----------------
C Share Fund
Profit/(loss) on ordinary
activities before tax 46 (86) (161)
(Gain)/loss on investments (67) 65 122
Decrease/(increase) in
debtors 40 (18) 22
Increase/(decrease) in
creditors 17 (4) (3)
Change in IFA commission - - 1
----------------------------- ---------- ---------- -----------------
Cash flow from operating
activities 36 (43) (63)
----------------------------- ---------- ---------- -----------------
D Share Fund
Loss on ordinary activities (34) - -
before tax
Loss on investments 3 - -
Increase in debtors (13) - -
Increase in creditors 27 - -
----------------------------- ---------- ---------- -----------------
Cash flow from operating (17) - -
activities
----------------------------- ---------- ---------- -----------------
Total
Loss on ordinary activities
before tax (129) (278) (545)
Loss on investments 54 213 411
Decrease/(increase) in
debtors 49 (47) 3
Increase/(decrease) in
creditors 34 (20) (36)
Change in IFA commission - - 5
----------------------------- ---------- ---------- -----------------
Cash flow from operating
activities 8 (132) (162)
----------------------------- ---------- ---------- -----------------
6. Called up share capital
31 August
2016
Number GBP'000
---------------------------- ---------- ----------
Ordinary shares of 1p each 4,738,463 47
C shares of 1p each 1,931,095 19
D shares of 1p each 1,812,084 18
----------------------- ------------ -----
7. Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities in
existence at 31 August 2016 (31 August 2015: GBPnil, 31 December
2015: GBPnil).
8. Fair Value Hierarchy
As required by Financial Reporting Standard 29 'Financial
Instruments: Disclosures' (the Standard) an analysis of financial
assets and liabilities, which identifies the risk of the Company's
holding of such items is provided. The Standard requires an
analysis of investments carried at fair value based on the
reliability and significance of the information used to measure
their fair value.
In order to provide further information on the valuation
techniques used to measure assets carried at fair value, the
measurement bases are categorised into a "fair value hierarchy" as
follows:
- Quoted market prices in active markets - "Level 1"
Inputs to Level 1 fair values are quoted prices for identical
asset in an active market. Quoted in an active market in this
context means quoted prices are readily and regularly available and
those prices represent actual and regularly occurring market
transactions on an arm's length basis. The quoted price is usually
the current bid price. The Company's investments in AIM quoted
equities and money market funds are classified within this
category.
- Valued using models with significant observable market inputs - "Level 2"
Inputs to Level 2 fair values are inputs other than quoted
prices included within Level 1 that are observable for the asset,
either directly or indirectly. The final structured product in the
Cs portfolio is classified within this category.
- Valued using models with significant unobservable market inputs - "Level 3"
Inputs to Level 3 fair values are unobservable inputs for the
asset. Unobservable inputs may have been used to measure fair value
to the extent that observable inputs are not available, thereby
allowing for situations in which there is little, if any, market
activity for the asset at the measurement date (or market
information for the inputs to any valuation models). As such,
unobservable inputs reflect the assumptions the Company considers
that market participants would use in pricing the asset. The
Company's unquoted equities and loan stock are classified within
this category. Unquoted investments are valued in accordance with
the IPEVCA guidelines.
Level Level Level Total
1 2 3
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
Ordinary Share Fund
Opening book cost 1 - 1,770 1,771
Opening unrealised
depreciation - - (279) (279)
-------- -------- -------- --------
Opening valuation 1 - 1,491 1,492
-------- -------- -------- --------
Movements in the period:
Purchase at cost - - - -
Sales - proceeds - - - -
Sales - realised losses
on sales - - (307) (307)
Unrealised losses
realised during the
period - - 307 307
Decrease in unrealised
depreciation - - (118) (118)
-------- -------- -------- --------
Closing valuation 1 - 1,373 1,374
-------- -------- -------- --------
Closing book cost 1 - 1,463 1,464
Closing unrealised
depreciation - - (90) (90)
-------- -------- -------- --------
Closing valuation 1 - 1,373 1,374
-------- -------- -------- --------
Level Level Level Total
1 2 3
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
C Share Fund
Opening book cost 181 328 780 1,289
Opening unrealised
appreciation/(depreciation) (51) 191 8 148
-------- -------- -------- --------
Opening valuation 130 519 788 1,437
-------- -------- -------- --------
Movements in the period:
Purchase at cost - - - -
Sales - proceeds - - - -
Sales - realised losses
on sales - - (62) (62)
Unrealised losses
realised during the
period - - 63 63
Increase/(decrease)
in unrealised appreciation/(depreciation) 23 72 (29) 66
-------- -------- -------- --------
Closing valuation 153 591 760 1,504
-------- -------- -------- --------
Closing book cost 181 328 718 1,227
Closing unrealised
appreciation/(depreciation) (28) 263 42 277
-------- -------- -------- --------
Closing valuation 153 591 760 1,504
-------- -------- -------- --------
Level Level Level Total
1 2 3
D Share Fund GBP'000 GBP'000 GBP'000 GBP'000
Ordinary Share Fund
Opening book cost - - - -
Opening unrealised - - - -
appreciation
-------- -------- -------- --------
Opening valuation - - - -
-------- -------- -------- --------
Movements in the period:
Purchase at cost 1,565 - - 1,565
Sales - proceeds - - - -
Sales - realised gains/(losses) - - - -
on sales
Unrealised gains/(losses) - - - -
realised during the
period
Increase/(decrease)
in unrealised appreciation (3) - - (3)
-------- -------- -------- --------
Closing valuation 1,562 - - 1,562
-------- -------- -------- --------
Closing book cost 1,565 - - 1,565
Closing unrealised
appreciation (3) - - (3)
-------- -------- -------- --------
Closing valuation 1,562 - - 1,562
-------- -------- -------- --------
Level Level Level Total
1 2 3
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
Total
Opening book cost 182 328 2,550 3,060
Opening unrealised
appreciation/(depreciation) (51) 191 (271) (131)
-------- -------- -------- --------
Opening valuation 131 519 2,279 2,929
-------- -------- -------- --------
Movements in the period:
Purchase at cost 1,565 - - 1,565
Sales - proceeds - - - -
Sales - realised losses
on sales - - (369) (369)
Unrealised losses realised
during the period - - 370 370
(Decrease)/increase
in unrealised appreciation/(depreciation) 20 72 (147) (55)
-------- -------- -------- --------
Closing valuation 1,716 591 2,133 4,440
-------- -------- -------- --------
Closing book cost 1,747 328 2,181 4,256
Closing unrealised
appreciation/(depreciation) (31) 263 (48) 184
-------- -------- -------- --------
Closing valuation 1,716 591 2,133 4,440
-------- -------- -------- --------
9. Dividends
For the year to 29 February 2016, 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 5 August 2016 to C shareholders
on the register at 8 July 2016.
A dividend of 7.0 pence has been declared on the Ordinary
shares.
10. Transactions with Related Parties
John Glencross, a Director of the Company, 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.
Calculus Capital Limited receives an investment manager's fee
from the Company. For the 6 months to 31 August 2016, Calculus
Capital Limited earned GBP7,461 in relation to the Ordinary share
portfolio (31 August 2015: GBP15,713; 29 February 2016: GBP29,037).
Calculus Capital Limited also earned a company secretarial fee of
GBP3,088 (31 August 2015: GBPnil; 29 February 2016: GBP625) in
relation to the Ordinary share portfolio.
Calculus Capital Limited has taken on the expenses cap from 15
December 2015. For the 6 months to 31 August 2016, no expense
contribution was made in respect of the Ordinary share portfolio
(31 August 2015: GBPnil; 29 February 2016: GBPnil).
In the 6 months to 31 August 2016, Calculus Capital Limited
earned an investment manager's fee of GBP7,661 in respect of the C
share portfolio (31 August 2015: GBP8,740; 29 February 2016:
GBP16,409). In the 6 months to 31 August 2016, it also earned
company secretarial fees in relation of the C share portfolio of
GBP3,163 (31 August 2015: GBPnil; 29 February 2016: GBP625).
For the 6 months to 31 August 2016, Calculus Capital contributed
GBP16,480 towards expenses of the C share portfolio (31 August 2015
GBPnil; 29 February 2016: GBP10,521).
In the 6 months to 31 August 2016, Calculus Capital Limited
earned an investment manager's fee of GBP11,400 in respect of the D
share portfolio (31 August 2015: GBPnil; 29 February 2016: GBPnil).
In the 6 months to 31 August 2016, it also earned company
secretarial fees in respect of the D share portfolio of GBP2,750
(31 August 2015: GBPnil; 29 February 2016: GBPnil).
For the 6 months to 31 August 2016, Calculus Capital contributed
GBP9,026 towards expenses of the D share portfolio (31 August 2015:
GBPnil; 29 February 2016: GBPnil).
At 31 August 2016, there was GBP42,972 owed to Calculus Capital
Limited (31 August 2015: GBP12,134; 29 February 2016:
GBP7,210).
11. Transactions with Investment Managers
Investec Structured Products is 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.
John Glencross, a Director of the Company, 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, and was previously a director of Hembuild
Group Limited and Human Race, companies in which the Company has
invested.
Calculus Capital Limited receives a fee from certain portfolio
companies. In the year the 31 August 2016, Calculus Capital charged
a monitoring fee to Antech Limited, Solab Group Limited,
Metropolitan Safe Custody Limited, MicroEnergy Generation Services
Limited, Quai Administration Services Limited, Terrain Energy
Limited, The One Place Capital Limited and Tollan Energy
Limited.
Calculus Capital charged a fee for the provision of a director
to Dryden Human Capital Group Limited, Solab Group Limited,
Metropolitan Safe Custody Limited, Pico's Limited, Quai
Administration Services Limited, Terrain Energy Limited and The One
Place Capital Limited.
Calculus Capital Limited also charged Terrain Energy Limited for
the provision of office support services.
The amount received by Calculus Capital which relates to the
Company's investment was GBP474 (29 February 2016: GBP1,807; 31
August 2015: GBP828) from Antech Limited, GBP28 (29 February 2016:
GBP56; 31 August 2015: GBP14) from Dryden Human Capital Group
Limited, GBP1,000 (29 February 2016: GBP1,832; 31 August 2015:
GBP1,514) from Solab Group Limited, GBP1,700 (29 February 2016:
GBP3,430; 31 August 2015: GBP1,784) from Human Race Group Limited,
GBP1,253 (29 February 2016: GBP2,516; 31 August 2015: GBP778) from
Metropolitan Safe Custody Limited, GBP774 (29 February 2016:
GBP1,461; 31 August 2015: GBP671) from MicroEnergy Generation
Services Limited, GBP156 (29 February 2016: GBP305; 31 August 2015:
GBP152) from Pico's Limited, GBP520 (29 February 2016: GBP1,438; 31
August 2015: GBP705) from Quai Administration Services Limited,
GBP368 (29 February 2016: GBP793; 31 August 2015: GBP398) from
Terrain Energy Limited, GBP419 (29 February 2016: GBP944; 31 August
2015: GBP458) from The One Place Capital Limited and GBP803 (29
February 2016: GBP1,418; 31 August 2015: GBP620) from Tollan Energy
Limited (all excluding VAT).
12. Post balance sheet events
Since the period end, the D shares portfolio has made an
investment in C4X Discovery plc. Human Race Group Limited and
Metropolitan Safe Custody Limited were both realised from the
Ordinary and C shares portfolios.
There are no further post balance sheet events to report.
COMPANY INFORMATION
Directors Fund Administrator
Michael O'Higgins (Chairman) Capita Sinclair Henderson
Limited
Kate Cornish-Bowden (Trading as Capita
Asset Services)
John Glencross Beaufort House
Steven Meeks 51 New North Road
Exeter EX4 4EP
Registered Office Auditors
104 Park Street Grant Thornton UK LLP
London 30 Finsbury Square
W1K 6NF London EC2P 2YU
Telephone: 020 7496 4940
Sponsor and Broker
Company Number Nplus1 Singer Advisory
LLP
07142153 One Hanover Street
London W1S 1YZ
Structured Products Investment
Manager Registrars
Investec Structured Products Capita Asset Services
2 Gresham Street The Registry
London EC2V 7QP 34 Beckenham Road
Telephone: 020 7597 4000 Beckenham
Website: www.investecstructuredproducts.com Kent BR3 4TU
Telephone: 0871 644
0300
Venture Capital Investments (Calls cost 10p per
Manager minute plus network
And Company Secretary extras. Lines are open
Monday to Friday 9.00
am to 5.30 pm).
Calculus Capital Limited (Calls cost 10p per
minute plus network
extras. Lines are open
Monday to Friday 9.00
am to 5.30 pm).
104 Park Street
London W1K 6NF
Telephone: 020 7493 4940
Website: www.calculuscapital.com
Printed copies of the Calculus VCT plc Half Yearly Report for
the six months ended 31 August 2016 has not been posted to
shareholders. However a copy can be found on the following
websites: http://www.calculuscapital.com/calculus-vct-plc/
For further information, please contact:
Calculus Capital Limited
Telephone: 020 7493 4940
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGGUPUUPQGUC
(END) Dow Jones Newswires
October 24, 2016 06:25 ET (10:25 GMT)
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