Calculus VCT PLC Net Asset Value(s) and Impact of Covid-19 (2613I)
March 31 2020 - 9:18AM
UK Regulatory
TIDMCLC
RNS Number : 2613I
Calculus VCT PLC
31 March 2020
Calculus VCT plc
Impact of Covid-19 and NAV announcement
31 March 2020
The Calculus VCT Plc today announces its Net Asset Value per
share and provides an update on the impact of the COVID-19 virus on
the business and the measures the Company is taking.
The adjusted, unaudited net asset value per share, as at 31
January 2020, including current period revenue, was 65.1 pence, a
fall of 6.7 pence from 30 November 2019. The adjustments reflect
valuation changes in the investments in the portfolio, subsequent
to 31 January 2020, as a result of current trading uncertainties
arising primarily from the impact of the Coronavirus (Covid-19)
pandemic. The adjusted NAV per ordinary share reflects the
Company's current estimate of the operating impact, both positive
and negative, on our portfolio companies. It is a volatile
situation and is subject to rapid change; valuations of portfolio
companies will be kept under review.
The NAV of 65.1 pence per share will be used in the upcoming
allotment, due to take place on 3 April 2020.
In this rapidly evolving environment, Calculus Capital has been
quick to take measures to safeguard our employees, our investments
and the liquidity of the Company. More detail is provided below on
the measures taken to date to support our portfolio companies and
undertake the detailed reviews of the potential cash requirements
of our investments. We are remaining close to our portfolio
companies to assimilate the available information as the specific
market implications and the impact of the various elements of the
Government's support measures becomes clearer.
Supporting our portfolio companies
We have increased our dialogue with our portfolio companies and
continue to provide them with operational support and advice, in
relation to accessing various elements of the Government's
financial assistance packages as well as on measures to mitigate
the impact of the current trading conditions.
We have conducted an initial review of the financial robustness
of our portfolio in the current environment. Only a small number of
our portfolio companies operate in industries which are more
directly affected, such as travel, leisure and hospitality.
A number of our portfolio companies are playing an important
role in the fight against Coronavirus.
These include:
Mologic Limited
Mologic has been awarded GBP1m by U.K. Aid to develop a
point-of-need COVID-19 diagnostic test. The diagnostic test is
designed for users to check for exposure to the virus at home, in
the community or in a clinic, providing results within 10 minutes
and eliminating the need for special training, electricity or a
lab.
The Prime Minister, Boris Johnson, visited Mologic's
Bedfordshire labs to announce the government putting GBP46 million
toward coronavirus prevention and research.
Genedrive plc
Genedrive is developing two SARS-COV-2 detection tests. The
company's first assay, already in development, is an
instrument-agnostic molecular assay (the Genedrive(R) 96 SARS-COV-2
test) that can be performed on a variety of high throughput
molecular testing platforms already installed in many laboratories
around the world. A second test will also be developed by the
company where it will adapt its formulations to run on the
Genedrive(R) instrument platform to provide a rapid point-of-care
SARS-COV-2 test to allow testing outside of the main hospital
environment in places such as clinics, intensive care units, or
where rapid and accurate testing for SARS-COV-2 might be
required.
Every1 M obile Limited
Every1Mobile is using its technology and networks in sub-Saharan
Africa by providing a COVID-19 digital portal to provide training
and support for health workers and a behaviour change platform to
improve COVID-19 outcomes as the virus spreads to Africa. It is
exploring extension of these platforms with key donor
organisations, including DFID and the Gates Foundation. Both of
these will allow rapid dissemination of accessible information at
scale and the generation of real-time data on communities'
knowledge, attitudes and practices.
We set out below developments relating to other activities by
portfolio companies.
Oxford BioTherapeutics Limited
Oxford BioTherapeutics Limited ("OBT") a clinical stage oncology
company with a pipeline of immuno-oncology and antibody drug
conjugate-based therapies, today announced that Boehringer
Ingelheim ("BI") has selected a second asset to advance into formal
IND enabling studies. The asset discovery was enabled by OBT's
proprietary OGAP(R) target discovery platform. It is one of several
assets that have emerged from OGAP including several assets in
preclinical and clinical development by OBT. BI's selection
triggered a milestone payment to OBT.
Genedrive plc
Genedrive has received confirmation that a long-term supply
contract with the US Department of Defense (" DoD") will be agreed
that will enable ordering from Autumn 2020 onwards for a period of
three years. While final unit numbers and associated assays will be
subject to confirmation and allocation of funding in the US
Government's new fiscal year (October), the DoD has advised the
company to expect a contract to cover the fielding of around 500
Genedrive(R) units plus associated assays over the time period
.
We look forward to sharing further developments of the portfolio
with you when our full year to 29 February 2020 results are
announced, currently expected to be in May 2020.
Calculus Capital Limited
Company Secretary
31 March 2020
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END
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