TIDMCLC
RNS Number : 0902D
Calculus VCT PLC
23 October 2020
Calculus VCT plc
Half Yearly Report for the six months ended 31 August 2020
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 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 and pay the appropriate level of dividends annually
taking 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
Financial Highlights 6 Months to 6 Months to 12 Months to
31 August 2020 31 August 2019 29 February 2020
====================== ================ ================ ==================
Dividends paid per
new Ordinary share 3.2p 3.4p 3.4p
---------------- ---------------- ------------------
Total return per new
Ordinary share [1] (2.29p) (0.28p) (2.57p)
---------------- ---------------- ------------------
Net asset value per
new Ordinary share 64.27p 72.20p 70.20p
---------------- ---------------- ------------------
To date, 14.85 pence of dividends have been paid to eligible
Ordinary shareholders who have been invested in the Company since
2016. In addition, since launch, 86.19 pence has been paid to
original ordinary shareholders (investors from 2010) and 76.71
pence to original C shareholders (investors from 2011) including
the equivalent dividends paid since the share class merger that
took place on 1 August 2017.
[1] Total return per share is a non-GAAP Alternative Performance
Measure ("APM"). It is taken from the Income Statement on page 13
and is calculated by taking the total profit or loss for the period
and dividing by the weighted average number of shares. This has
been selected to provide better understanding of the Company's
performance over the period on a per share basis.
CHAIRMAN'S UPDATE
I am pleased to present your Company's results for the 6 months
to 31 August 2020.
Performance summary
The dominant story for the VCT over the past six months has been
the impact of the COVID-19 pandemic on portfolio companies and on
the economies and markets in which they operate.
At the time of preparing the annual accounts to February 2020,
it was judged that the primary impact of the pandemic on the value
of the portfolio took place in March after the year end when the
country went into a 'lockdown'. As a consequence, the portfolio was
written down at the end of March by approximately 5.1 pence per
share or approximately 7%. This was largely in line with our peer
group where write downs ranged from 6% to 29% (Source: Wealth
Club). The Company benefited from having a relatively large cash
balance at the start of the lockdown. The write downs took into
account the lack of visibility over future trading prospects at the
time, an expected slowdown in the conversion of sales leads, the
evident disruption in supply chains and in the sales and
implementation process and general concerns about future funding
prospects for pre-profit companies.
Despite the ongoing uncertainty around the COVID-19 pandemic and
the continuing challenges it presents, the Board is pleased with
the resilience of the Company's portfolio and the positive uplifts
in the valuations of some portfolio companies. Since the February
2020 year end, the NAV per share has twice been revalued, initially
to 65.1 pence as at 31 March 2020 and then to 67.01 pence as at 31
May 2020. As of the 31 August 2020, the NAV per share is 64.27
pence. The decrease from May 2020 to August 2020 is attributable to
the dividend of 3.2 pence per share paid in July 2020.
The impact of the economic challenges caused by the pandemic on
the NAV since the financial year end has been mitigated due to
several factors:
- the Company has been shielded to a degree by holding a
significant portion of its assets in cash; and
- although some portfolio companies have been adversely affected
by the impact of COVID-19, such as investments in the leisure and
energy sectors, the valuations of investments in several life
sciences companies have benefited from a general rerating of the
life sciences sector and, more specifically, by developing products
to aid the fight against COVID-19. A few examples are cited
below.
At the start of the pandemic Genedrive, a molecular diagnostics
company, pivoted part of its resources to develop the Genedrive 96
SARS-CoV-2 Kit which is now CE-IVD marked and available for sale
across the European Union and the UK. As a result of the increases
in Genedrive's share price, the Company's NAV has increased by
GBP257,000 since February 2020. Similarly, Mologic a developer of
rapid diagnostic technologies, has produced a "triple antibody"
test will provide health professionals with an accurate indication
of the presence of IgA, IgM and IgG COVID-19 antibodies within 10
minutes. Mologic has seen an increase in value of 311 pence per
share since the February 2020 year end, increasing the Company's
NAV by GBP48,000.
Open Orphan Plc, a pharmaceutical services company, is
mobilising its in-house capabilities and clinical trials expertise
to address the Coronavirus pandemic. It has commenced the world's
first human Coronavirus challenge study model. As a result, Open
Orphan has enjoyed an uplift in share value of 160% since February
2020 improving the NAV by a further GBP24,000.
The Company's holding in Oxford Biotherapeutics has also shown
an increase in value of GBP251,000 as commercial progress and the
signing of collaboration deals with big pharma companies have eased
concerns over future trading and funding prospects.
Although there has been a strong uplift in the value of several
of our portfolio companies, others have been impacted by the
economic downturn as a result of COVID-19. WheelRight, a tyre
pressure management company has seen its share value decreased by
40%, adversely impacting the NAV per share by 0.25 pence and
Evoterra, an alternative and traditional energy provider has seen a
decrease of 50% in its share price because of weakness in the oil
market and some operational challenges resulting in a reduction of
1.34 pence in the NAV per share since February 2020.
The priority of the Board is to give support to the existing
portfolio where it is needed and appropriate, whilst also taking
advantage of new business ideas which are proving resilient to the
current pandemic. A prime example of this is Calculus VCT's
investments in the media and entertainment industry where demand
for premium content is driving sustained long term growth. As
customers change the way they consume content, streaming giants
such as Netflix, Disney and Amazon Prime Video are seeing
subscriptions increase exponentially. The Company believes it is
well positioned to take advantage of this market through several of
its investments in the creative content sector which are supplying
product to a global industry.
In the period to 31 August 2020, five new investments were made
on behalf of the qualifying portfolio:
Date on Name of Location Sector Amount of Percentage of Percentage of
investment Investment Investment ownership by ownership
VCT controlled
by investment
manager
================ ================ ============== ================ ================ ============== ==============
Maze Theory
April 2020 Limited London Media GBP380,000.00 7% 12%
Rota Geek Software &
May 2020 Limited London Services GBP530,000.00 2% 7%
Software &
June 2020 Wazoku Limited London Services GBP120,000.00 2% 15%
MIP Diagnostics
June 2020 Limited Bedfordshire MedTech GBP300,000.00 5% 0%
Maven Screen
August 2020 Media Limited London Media GBP798,000.00 9% 15%
================ ================ ============== ================ ================ ============== ==============
In the period to 31 August 2020, GBP95,000 was received from the
redemption of loan stock from Solab Group Limited.
We believe the portfolio is well positioned to continue to
provide long term growth to shareholders and that our Investment
Manager is similarly positioned to exploit these opportunities.
Further information can be found on new investee companies Maze
Theory Limited, Rota Geek Limited and Maven Screen Media Limited in
the Investment Manager's Report.
Buybacks
During the period, the Company bought back and cancelled 22,127
Ordinary shares. The Company continues to review opportunities to
carry out share buybacks at a discount of no greater than 5% to
NAV.
Dividends
As mentioned above, a dividend was paid on 31 July 2020 of 3.2
pence per eligible Ordinary share.
Board composition
Following the July 2020 AGM, Kate Cornish-Bowden stepped down
from the board after 9 years of service, The Board would like to
thank Kate for her invaluable contribution as a member of the Board
and Chair of the Audit Committee. On the same date Janine Nicholls
was appointed as a non-executive director and will also Chair the
Audit Committee. Janine is a chartered accountant with over 20
years' experience in private equity across investment, operations
and governance roles. The Board is pleased to welcome Janine to the
Company.
Ordinary share issue
The offer for subscription for Ordinary Shares that opened on 24
September 2019 and closed on 3 September 2020 received aggregate
subscriptions from the issue of Ordinary shares of GBP4.7 million.
On 8 September 2020 a new prospectus was launched for a further
offer for subscription for Ordinary Shares, with the shares to be
issued in the 2020/21 and 2021/22 tax years.
Janine Nicholls invested GBP15,000 under the offer and had
22,566 shares allotted in July 2020. Janine's shares were acquired
on the same terms as the shares subscribed for by other investors
in the offer.
Developments since the period end
In August 2020, Cornerstone acquired FXPress Payments Services
Ltd ("FXPress"), a FCA authorised fintech business focused on
providing foreign exchange trading services to small and medium
enterprises ("SMEs"). The acquisition was effectively a reverse
takeover by FXPress and was completed for an all share
consideration. FCA approval was granted in early September and a
series of resolutions were passed on 2nd October to prepare the
company for an AIM market listing, including the re-designation of
the company's five classes of ordinary shares into a single class
of ordinary shares, a 1 for 100 share consolidation and name change
to Cornerstone FS Plc. The company's share price has been adjusted
to reflect post-acquisition value accordingly. Following the
acquisition and the disposal of Cornerstone's current business, the
company's strategy is to build a significant business in the
provision of international payment services for SMEs. Preparations
for the IPO are well underway, with Admission to AIM targeted for
early December.
On 3 September 2020, the Company issued 800,356 Ordinary Shares
under the prospectus approved on 24 September 2019. The Company
subsequently launched a new offer on 8 September 2020.
In September 2020 the Company invested GBP648,000 in Home Team
Content, a film and TV production company founded by two of the
U.K.'s most exciting young producers, Dominic Buchanan (BAFTA,
Royal Television Society and Peabody Award-winning "The End of The
F***ing World") and Bennett McGhee (Berlin film Festival's 2020
FRIPRESCI winner, "Mogul Mowgli"). Home Team's intention is to
identify and develop under-represented creatives and nurture
exciting voices - primarily, but not restricted to, filmmakers of
colour and women filmmakers of all ethnicities, through interactive
as well as traditional film and TV platforms.
On 14 October 2020, the Company invested GBP620,000 in Thanksbox
Limited. Thanksbox Limited whose trading name is "Mo" provides
proprietary technology to help organisations to improve employee
engagement and satisfaction and to reduce employee churn. Mo's core
product, "Moments", is an intra-company social media platform that
builds awareness of employees' achievements at work. The company
has built a strong product and now works with 20+ customers,
including well known organisations such as SHL and William
Hill.
Other than mentioned above, there have been no material
developments since the period end.
Future prospects
Looking forward, the pandemic continues to cause widespread
uncertainty about trading prospects and the national and
international economies. Your board and our Investment Manager
continue to keep a watchful brief over developments and our
investment manager is working closely with our portfolio companies.
In terms of the main focus of our current investment strategy, B2B
technology, healthcare and life sciences and media, all of these
sectors have shown robustness despite the economic climate and are
all key growth areas of the UK economy. We look forward with a
combination of caution and optimism.
Jan Ward
Chairman
23 October 2020
INTERIM MANAGEMENT REPORT
Venture Capital Investments
Portfolio developments
Calculus Capital Limited manages the Company's portfolio of
venture capital investments. In general, Calculus Capital prefers
investments to be of a sufficient size to enable them to play an
influential role in helping the investee companies develop.
Investments by the Company are primarily in equity, but may also be
by way of loan stock and/or preference shares which provide income
to assist in paying dividends and provide a measure of risk
mitigation.
As at 31 August 2020, the portfolio had 33 Qualifying
Investments. An update on some of the portfolio's top investments
has been provided below.
Technology
Blu Wireless Technology Limited (BWT)
BWT is a key player in the development of high frequency
(mmWave) wireless communication, which allows for multi-gigabit per
second data transfer with low latency and has been heralded as the
future for ultra-fast wireless technology. Key markets include
providing reliable high-speed connectivity for high speed trains
and vehicles; fixed wireless access (FWA) to provide fibre-like
speeds without the requirement to lay cable; and military
applications. BWT is significantly advanced in its contracts to
provide high speed connectivity on the South West and West Coast
franchises. In 2020, BWT won a further contract from UK Government
to support the NHS in Liverpool in a healthcare testbed which could
be rolled out in other areas. BWT has raised a further GBP1.8m
equity from shareholders in 2020 and is expecting to close GBP1.2m
in the form of a UK Government Future Fund convertible (of which UK
Govt is providing GBP0.5m).
Fiscal Technologies Limited (Fiscaltec)
Fiscaltec's proprietary software analyses an organisation's
financial transactions and supplier contacts, providing an
independent overview of the effectiveness of the processes and
controls encompassing spend. Its NXG Forensics(R) enterprise
solution provides continuous protection through transactional risk
analysis, supplier risk profiling, anti-fraud controls and ongoing
reporting. The ongoing reporting element delivers detailed insight
and flags unusual or high-risk payments before each payment run is
released. These unusual outgoings include duplicates, fraudulent
and erroneous payments. Fiscaltec targets companies and
organisation which typically have more than GBP100m in annual
revenues and current customers include BAE Systems, Kent County
Council, KFC and Mitchells & Butler. The company's technology
platform is cloud based and so has continued to protect customers'
accounts payable spend as normal. Whilst the lock-down has added
complexity to the signing of contracts and on-boarding of new
customers, the move to remote working by many accounting
departments has added new risks around the accounts payable
function and created a number of new opportunities for
Fiscaltec.
Rota Geek Limited (New Investment)
Rota Geek is a data-driven workforce management company which
uses cloud-based technology and automatic scheduling to help
multi-site businesses manage and schedule staff to meet demand,
drive efficiency and reduce costs. The software uses machine
learning to identify patterns unnoticed and its apps make it easier
for staff to swap and cover shifts and know when they are working.
Rota Geek has established a strong position in the UK retail
sector, working with High Street names such as Prêt a Manger, The
Perfume Shop, Dune, Pets at Home and O2. The service is also
expanding into healthcare. During the COVID-19 pandemic the company
offered a three-month free trial of the software to the NHS. The
offer attracted significant interest from NHS hospitals and Trusts
and was implemented across hospitals nationwide. In May 2020,
Calculus invested GBP2.0 million as part of GBP6 million new
investment round, alongside existing investors, including
Mobeus.
Wazoku Limited (Follow on Investment)
Calculus VCT invested GBP300,000 in Wazoku Ltd in April 2019 as
part of GBP2.5m investment round. Wazoku has developed a market
leading platform and suite of support services to enable firms to
innovate at scale. The core product, Idea Spotlight, is a Global
Home for Ideas. It is a customisable off-the -- shelf solution
offering collaborative idea management modules to meet the diverse
set of innovation requirements that global businesses have. In
2020, Wazoku expanded into the US by acquiring the assets of
Innocentive, which allows its clients to develop ideas using open
innovation, crowdsourcing from Innocentive's network of nearly
500,000 solvers. Calculus VCT invested a further GBP120,000 in June
2020 a part of a GBP1.1m round. Wazoku has an impressive client
list including John Lewis, Aviva, Barclays, HSBC, UK MoD, Enel, and
Bristol-Myers Squibb.
WheelRight Limited
WheelRight has developed a drive-over sensor plate to measure
the pressure of a vehicle's tyres (as well as axle weight),
together with a strobe-based camera array to measure each tyre's
tread depth and identify external defects. Following a successful
trade show in Atlanta at the end of February, Snider (a client and
investor) placed an order for an additional 10 units. The
subsequent onset of COVID-19 and the effective closure of the US
market saw the postponement of the planned manufacturing and
installation schedule of Snider's additional 10 units. All key
employees have now returned to the company's headquarters and
manufacturing has commenced on the first half of Snider's
additional order, with completion and shipping expected in
mid-September. Manufacturing of the second half of Snider's order
is expected to commence in October, with completion and shipping
expected in late November. While the timing of COVID-19 has been
particularly unfortunate for WheelRight, the positive
commercialisation outlook remains once market normality
returns.
Healthcare
C4X Discovery Holdings PLC (C4XD)
C4XD is a drug discovery and development company that uses
cutting-edge technology to design and create drug candidates. C4XD
has programmes across a number of therapeutic areas including
inflammation, neurodegeneration, immune-oncology and diabetes.
C4XD's licensed candidate, a non-opioid drug for the treatment of
opioid use disorder has potential milestones for C4XD of up to
$284m beyond the $10m payment received in 2018, has commenced a
Phase 1 clinical trial. This is anticipated to complete by the year
end. There has been continued progress across C4XD's proprietary
portfolio of 11 drug discovery programmes in multiple therapeutic
areas. In May 2020, C4XD raised GBP1.6m in a placing on the AIM
market.
MIP Diagnostics Limited (MIP) (Follow on Investment)
MIP Diagnostics is a nanotechnology company. MIP has developed a
proprietary process for the manufacture of synthetic polymer
alternatives to antibodies, known as Molecularly Imprinted Polymers
(MIPs) and nanoMIPs. The company develops and manufactures
synthetic affinity reagents - small molecules that are designed to
bind to specific target molecules for detection, purification or
extraction purposes. The robust nature of MIPs and nanoMIPs make
them ideal reagents for a wide range of applications including
point-of-care diagnostics and in field-based testing the company
has already secured a number of development contracts to licence
the company's technology for commercial use. The Company invested
GBP200,000 in MIP in October 2018 with a further GBP300,000 in June
2020 as part of a GBP5.1 investment round led by Downing Ventures
(GBP1.4m) and BGF (GBP2m). The fundraise will support the business
as it continues to build its in-house R&D team as well as
invest in commercial resources and scaling-up of manufacturing
capacit y. The global market for antibodies and antibody
alternatives is growing rapidly (value is c.GBP85bn) and has been
accelerated by the current COVID19 pandemic, creating a sizeable
demand for MIP Diagnostics to apply its innovative approach and
expertise within the IVD and life sciences industry.
Oxford BioTherapeutics Limited
Oxford BioTherapeutics (OBT) is a clinical stage oncology
company committed to the discovery and development of novel
therapies for various cancer types. OBT has a strong pipeline of
immune-oncology (IO) therapies, whixch are used to re-engage and
recruit the body's immune system to attack cancer cells, therefore
providing targeted treatment strategies to patients most in need.
Moreover, OBT has two unique development platforms to support the
discovery of novel therapeutics. OBT has agreed multiple
development deals, including with Italy's largest pharmaceutical
company, The Menarini Group, as well as German pharmaceutical
company, Boehringer Ingelheim (BI). In January 2020, OBT announced
the initiation of the dose-escalation portion of its US Phase I
trial for OBT076, an experimental treatment for women with
high-risk HER2 negative breast cancer, as well as other solid
tumours expressing this target antigen. The trial developed slower
than anticipated during the global lockdown measures. OBT recently
announced the progression of the first bispecific oncology drug
candidate, developed under the collaboration with BI, into Phase I
clinical trials. Subsequently, a second collaboration with BI to
discover additional selective candidates for strategic cancer
indications has been agreed. OBT will receive an upfront milestone
payments and full-time equivalent funding for its activities.
Media
Maven Screen Media Limited (Maven) (New Investment)
Maven Screen Media (Maven) is a leading media and entertainment
development and production company, founded by experienced
producers Celine Rattray and Trudie Styler. The founders have
established track records for producing award-winning, commercially
successful films with worldwide reach and top-tier talent attached.
Their productions have launched and received prizes at Cannes,
Sundance, and TIFF Film Festivals as well as Oscar(R), Golden
Globe, BAFTA, British Independent Film, and London Critics Circle
Awards. Specifically, Maven recognises that women are
underrepresented both in front of and behind the camera and is
therefore dedicated to increasing representation of female content
creators and female-centred stories. In August 2020, Calculus
invested GBP2.05 million, which will support the company's
multi-platform strategy: to maintain a strong film slate and expand
into television and digital content (exploiting the explosion in
the market for short-form digital content).
Maze Theory Limited (New Investment)
M aze Theory is a digital entertainment studio focused on the
creation and development of immersive entertainment. Maze Theory
draws on its team's experience of animation, games development,
film production and storytelling to produce the best immersive
experiences across multiple platforms, including Virtual Reality
(VR), PC, Console and Mobile. Maze Theory has established itself in
the market with the launch of its first VR game - "Doctor Who The
Edge of Time", which was released in November 2019 for PlayStation
(PSVR) and Oculus Rift headsets, before also launching on Oculus
Quest headsets in January 2020. The company is currently in the
early stages of developing its next VR game, "Peaky Blinders - The
King's Ransom", which is due for release in late 2021. In April
2020, Calculus invested GBP1.1 million, which will be used to
support additional recruitment to scale up the team, as well as to
expand and develop the internal development slate.
Raindog Films Limited
Raindog Films is a UK-based independent production company,
co-founded in 2012 by Oscar-winning actor Colin Firth and former
Chairman and CEO of Sony Music UK and Chairman of the Brit Awards,
Ged Doherty. Raindog has produced an award-winning slate of premium
filmed entertainment and has established itself as a leading
producer of important films. Raindog has an extremely talented team
with impeccable connections, providing the ability to attract the
best talent to work on projects. The team has been bolstered by the
addition of writer/producer and award-winning researcher Trish D
Chetty. In February 2020, Calculus invested GBP1.9 million, which
will be used to facilitate Raindog's ambitious plans to expand into
TV drama, music content and documentaries. The company's planned
expansion into high end small screen content, where demand is
booming, driven primarily by Netflix, Amazon, Apple and other
streamers, will build on their platform of award-winning
productions.
Other
Evoterra Limited
Following the purchase of the entire share capital of Terrain
Energy and MicroEnergy Generation Services in February 2020,
Evoterra brings traditional and renewable energy under one umbrella
with the aim of becoming a fully integrated transition energy
company. Terrain and MicroEnergy still exist as wholly owned
subsidiaries of Evoterra and carry out the same trade as
previously. MicroEnergy owns and operates a fleet of 138 Evance
R9000 small onshore wind turbines in East Anglia. Terrain is an oil
and gas exploration and production company with eight onshore
licences including Whisby in the East Midlands and Egmating and
Starnberger See in Germany. The pandemic has wiped out almost a
third of global oil demand through lockdowns and travel bans. In
addition Terrain's main producing asset, Whisby-6, has not been
operational since May 2019 due to operator issues. The lack of
regular income has caused the company to reassess its strategy and
realign focus. As such, several of its non-core assets have been
divested to maximise near term cash in order to support the
delivery of its German appraisal blockbuster in the mid-term.
Developments since the period end
Home Team Content Limited
In September 2020 the Company has invested GBP648,000 in Home
Team Content, a film and TV production company founded by two of
the U.K.'s most exciting young producers, Dominic Buchanan (BAFTA,
Royal Television Society and Peabody Award-winning "The End of The
F***ing World") and Bennett McGhee (Berlin film Festival's 2020
FRIPRESCI winner, "Mogul Mowgli"). Home Team's intention is to
identify and develop under-represented creatives and nurture
exciting voices- primarily, but not restricted to, filmmakers of
colour and women filmmakers of all ethnicities, through interactive
as well as traditional film and TV platforms.
Thanksbox Limited (Mo)
On 14 October 2020, the Company invested GBP620,000 in Thanksbox
Limited. Thanksbox Limited whose trading name is "Mo" provides
proprietary technology to help organisations reduce employee churn
and improve employee engagement and satisfaction. Mo's core
product, 'Moments', is an intra company social media platform that
builds awareness of employees' achievements at work. The company
has built a strong product and now works with 20+ customers,
including well known organisations such as SHL and William
Hill.
Other than as disclosed above, there have been no developments
since the period end.
Calculus Capital Limited
23 October 2020
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2020
- TOTAL FUND
% of Net Assets
Unquoted - loan stock 7%
Quoted and unquoted - ordinary and
preference shares 48%
Unquoted - liquidity funds 30%
Net current assets 15%
------------------------------------ -----
100%
Asset class - % of Portfolio
Book Market Multiple Multiple Market
Cost Valuation against against Value %
as at book cost book cost Movement of Portfolio
31 August as as since
20 31 August 29 February 29 Feb
20 20 20
Company GBP'000 GBP'000 % %
------------------------- -------- ----------- ----------- ------------- ---------- ----------------------
Qualifying Investments
AnTech Limited 120 167 1.4 1.6 (10)% 1
Arcis Biotechnology
Holdings
Limited 275 137 0.5 1.0 (50)% 1
Arecor Limited 100 152 1.5 1.4 5% 1
Blu Wireless Technology
Limited 450 745 1.7 1.7 - 5
C4X Discovery Holdings
plc 599 608 1.0 0.5 91% 4
Cloud Trade Technologies
Limited 200 258 1.3 1.2 4% 2
Cornerstone Brands
Limited 150 8 0.1 0.7 (92)% -
Duvas Technologies
Limited 208 90 0.4 0.9 (53)% 1
Essentia Analytics
Limited 200 200 1.0 1.2 (14)% 1
Every1Mobile Limited 400 197 0.5 1.0 (51)% 1
Evoterra Limited 1,215 431 0.4 0.6 (43)% 3
Fiscaltec Group limited 500 530 1.1 1.0 6% 3
Genedrive plc 144 281 2.0 0.2 1,088% 2
Infrastrata plc 2 1 0.5 0.5 - -
IPV Limited 340 348 1.0 1.0 52% 2
Maven Screen Media
Limited 798 798 1.0 0.0 New 5
Maze Theory Limited 380 380 1.0 0.0 New 3
MIP Diagnostics 500 541 1.1 0.5 - * 3
Mologic Limited 200 349 1.7 1.5 16% 2
Money Dashboard Limited 277 166 0.6 1.2 (50)% 1
Open Energy Market
Limited 200 184 0.9 1.2 (20)% 1
Open Orphan plc 55 39 0.7 0.3 160% -
Oxford Bio Therapeutics
Limited 350 529 1.5 0.8 91% 3
Park Street Shipping
Limited 150 145 1.0 1.1 (12)% 1
Quai Administration
Services
Limited 370 328 0.9 1.0 (11)% 2
Raindog Films Limited 396 396 1.0 1.0 - 3
Rota Geek Limited 530 530 1.0 0.3 New 3
Scancell Holdings plc 378 210 0.6 0.3 25% 1
Tollan Energy Limited 13 14 1.1 1.1 - -
Wazoku Limited 420 542 1.3 1.1 (9)%* 3
Weeding Technologies
Limited 216 166 0.8 1.2 (35)% 1
WheelRight Limited 500 500 1.0 1.1 (12)% 3
Wonderhood Limited 275 291 1.1 1.0 6% 2
Total Qualifying
Investments 10,911 10,261 64
Other non-Qualifying
Investments
Aberdeen Sterling
Liquidity
Fund 1,882 1,882 - 12
Fidelity Sterling
Liquidity
Fund 1,883 1,905 - 12
Goldman Sachs Sterling
Liquidity Fund 1,880 1,880 - 12
Evoterra Limited 5 1 (43)% -
Total Other
non-Qualifying
Investments 5,650 5,668 36
Total Investments 15,561 15,929 100
Net Current Assets less
Creditors due after one
year 2,651
Net Non-Current Assets
less Creditors due
after
one year 4
Net Assets 18,584
*Where additions have been made to existing holdings in the
period, the movement includes the additional cost as if the
additional investment had been held at the year end.
PRINCIPAL RISKS
The principal risks facing the Company remain the same as those
detailed on page 30 of the Annual Report and Accounts for the year
ended 29 February 2020.
Brexit is still causing uncertainty however it remains our view
that our portfolio companies are not experiencing material
difficulties as a result of the political situation.
The risks which arise from COVID-19 are the impact of the
lockdown on sales, the investee companies' ability to fulfil orders
and or/ effect installations, supply chain disruption, the falling
oil price and the detrimental impact of the general economic
downturn on the availability of capital and, consequently, the
valuations likely to be achieved in funding rounds. These risks are
mitigated through the Company's significant cash assets and in its
substantial investments in the life sciences sector, which are
benefiting in the current climate from creating products to aid the
fight against COVID-19.
The main 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 and realising qualifying
investments, liquidity/marketability risk, changes in
legislation/taxation, engagement of third party advisers, 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 condensed financial
statements.
DIRECTORS' RESPONSIBILITY STATEMENT
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
2020.
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:
Jan Ward
Janine Nicholls
Claire Olsen
John Glencross
By order of the Board
Jan Ward
Chairman,
23 October 2020
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2020 TO 31 AUGUST 2020
(UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2020 31 August 2019 29 February 2020*
Revenue Capital Total Revenue Capital Total Capital Revenue Total
--------------- ----- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -------- --------
Return Return Return Return Return Return Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment
holding
losses 8 - (413) (413) - (50) (50) - (329) (329)
Gain/(loss) on
disposal
of
investments 8 - - - - 154 154 - 122 122
Unrealised
foreign
exchange
loss on
disposal of
investments - (4) (4) - (4) (4)
Income 81 - 81 77 - 77 154 154
Investment
management
fee (39) (118) (157) (32) (98) (130) (66) (198) (264)
Other
operating
expenses (126) - (126) (107) - (107) (239) - (239)
--------------- ----- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -------- --------
(Loss)/profit
on ordinary
activities
before
taxation (84) (535) (619) (62) 6 (56) (151) (409) (560)
--------------- ----- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -------- --------
Taxation on 3 - - - - - - - - -
ordinary
activities
--------------- ----- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -------- --------
(Loss)/profit
for the
period (84) (535) (619) (62) 6 (56) (151) (409) (560)
--------------- ----- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -------- --------
Basic and
diluted
deficit
per new
Ordinary
share 2 (0.3)p (2.0)p (2.3)p (0.3)p 0.0p (0.3)p (0.7)p (1.9)p (2.6)p
--------------- ----- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -------- --------
*These figures are audited. The notes form an integral part of
these Accounts.
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 condensed financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2020 TO 31 AUGUST 2020
(UNAUDITED)
Non-distributable reserves Distributable reserves
Share Capital Capital Capital
Share Premium Special Redemption Reserve Reserve Revenue
Capital Account Reserve Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- -------- -------- -------- ----------- --------- -------------- --------- --------
For the 6 months to 31
August
2020
1 March 2020 249 10,323 8,725 57 (412) (223) (1,266) 17,453
Investment holding losses - - - - - (413) - (413)
Gain on disposal of - - - - - - - -
investments
Unrealised foreign
exchange
loss on disposal of
investments - - - - - (4) - (4)
New share issue 41 2,640 - - - - - 2,681
Expenses of share issue - (51) - - - - - (51)
Share buybacks for
cancellation (1) - (14) 1 - - - (14)
Management fee allocated
to
capital - - - - (118) - - (118)
Change in accrual in IFA
Commission - 4 - - - - - 4
Revenue return after tax - - - - - - (84) (84)
Dividends paid (note 9) - - (870) - - - - (870)
--------------------------- -------- -------- -------- ----------- --------- -------------- --------- --------
31 August 2020 289 12,916 7,841 58 (530) (640) (1,350) 18,584
--------------------------- -------- -------- -------- ----------- --------- -------------- --------- --------
For the 6 months to 31
August
2019
1 March 2019 184 5,584 9,488 56 215 (441) (1,115) 13,971
Investment holding gains - - - - - (50) - (50)
Gain on disposal of
investments - - - - 154 - - 154
New share issue 24 1,881 - - - - - 1,905
Expenses of share issue - (37) - - - - - (37)
Share buybacks for
cancellation (1) - (54) 1 - - - (54)
Management fee allocated
to
capital - - - - (98) - - (98)
Change in accrual in IFA
Commission - (24) - - - - - (24)
Revenue return on ordinary
activities after tax - - - - - - (62) (62)
Dividend paid (note 9) - - (709) - - - - (709)
--------------------------- -------- -------- -------- ----------- --------- -------------- --------- --------
31 August 2019 207 7,404 8,725 57 271 (491) (1,177) 14,996
--------------------------- -------- -------- -------- ----------- --------- -------------- --------- --------
CONDENSED STATEMENT OF
CHANGES
IN EQUITY
(CONTINUED) Non-distributable reserves Distributable reserves
Share Capital Capital Capital
Share Premium Special Redemption Reserve Reserve Revenue
Capital Account Reserve Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------ -------- -------- --------- ----------- --------- --------------- ---------- --------
For the 12 months to 29
February
2020*
1 March 2019 184 5,584 9,488 56 215 (441) (1,115) 13,971
Investment holding
losses - - - - - (329) - (329)
Gain on disposal of
investments - - - - 122 - - 122
Unrealised foreign
exchange
loss on disposal of
investments - - - - - (4) - (4)
New share issue 66 4,851 - - - - - 4,917
Expenses of share issue - (76) - - - - - (76)
Share buybacks for
cancellation (1) - (54) 1 - - - (54)
Management fee
allocated to
capital - - - - (198) - - (198)
Change in accrual in
IFA commission - (36) - - - - - (36)
Revenue return after
tax - - - - - - (151) (151)
Dividends paid - - (709) - - - - (709)
Transfer of previously
unrealised
losses to realised - - - - (583) 583 - -
Realised of prior year
investment
holding gain - - - - 32 (32) - -
------------------------ -------- -------- --------- ----------- --------- --------------- ---------- --------
29 February 2020 249 10,323 8,725 57 (412) 412 (1,266) 17,453
------------------------ -------- -------- --------- ----------- --------- --------------- ---------- --------
* These figures are audited. The notes form an integral part of
these Accounts.
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2020
(UNAUDITED)
31 August 2020 31 August 2019 29 February 2020*
Note GBP'000 GBP'000 GBP'000
---------------------------------------- ----- --------------- --------------- ------------------
Fixed assets
Investments 8 15,929 12,799 14,309
Debtors 84 92 88
16,013 12,891 14,397
---------------------------------------- ----- --------------- --------------- ------------------
Current assets
Debtors 117 136 151
Cash at bank and on deposit 2,681 2,200 3,156
---------------------------------------- ----- --------------- --------------- ------------------
2,798 2,336 3,307
---------------------------------------- ----- --------------- --------------- ------------------
Creditors: amounts falling due within
one year
Creditors (147) (143) (160)
Net current assets 2,651 2,193 3,147
---------------------------------------- ----- --------------- --------------- ------------------
Total assets less current liabilities 18,664 15,084 17,544
Creditors: amounts falling due after
more than one year
IFA trail commission (80) (88) (91)
Total net assets 18,584 14,996 17,453
---------------------------------------- ----- --------------- --------------- ------------------
Capital and reserves
Called-up share capital 6 289 207 249
Share premium account 12,916 7,404 10,323
Special reserve 7,841 8,725 8,725
Capital redemption reserve 58 57 57
Capital reserve - realised (530) 271 (412)
Capital reserve - unrealised (640) (491) (223)
Revenue reserve (1,350) (1,177) (1,266)
---------------------------------------- ----- --------------- --------------- ------------------
Total shareholders' funds 18,584 14,996 17,453
---------------------------------------- ----- --------------- --------------- ------------------
Net asset value per new Ordinary share
- basic 4 64.27p 72.20p 70.20p
---------------------------------------- ----- --------------- --------------- ------------------
* These figures are audited. The notes form an integral part of
these condensed financial statements .
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2020 TO 31 AUGUST 2020
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 29 February
2020 2019 2020*
Note GBP'000 GBP'000 GBP'000
------------------------------------------ ----- ---------- ---------- ------------
Cash flow from operating activities
Investment income received 107 18 64
Deposit interest received 2 4 7
Investment management fees paid (146) (111) (245)
Other cash payments (142) (144) (246)
------------------------------------------ ----- ---------- ---------- ------------
Net cash flow from operating activities 5 (179) (233) (420)
------------------------------------------ ----- ---------- ---------- ------------
Cash flow from investing activities
Purchase of investments (2,128) (1,390) (3,511)
Sale of investments 95 196 496
------------------------------------------ ----- ---------- ---------- ------------
Net cash flow from investing activities (2,033) (1,194) (3,015)
------------------------------------------ ----- ---------- ---------- ------------
Cash flow from financing activities
Shares issued 2,648 3,262 6,274
Expenses of share issues (51) (41) (81)
IFA trail commission (9) (7) (7)
Expenses of Neptune-Calculus transaction - - (8)
Share buybacks for cancellation (14) (54) (54)
Equity dividend paid 9 (837) (709) (709)
------------------------------------------ ----- ---------- ---------- ------------
Net cash flow from financing activities 1,737 2,451 5,415
------------------------------------------ ----- ---------- ---------- ------------
(Decrease)/increase in cash and cash
equivalents (475) 1,024 1,980
------------------------------------------ ----- ---------- ---------- ------------
Opening cash and cash equivalents 3,156 1,176 1,176
Net cash (decrease)/increase (475) 1,024 1,980
Closing cash and cash equivalents 2,681 2,200 3,156
------------------------------------------ ----- ---------- ---------- ------------
* 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 2020, and in
accordance with FRS 104. The statutory financial statements for the
year ended 29 February 2020, 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 2020 31 August 2019 29 February 2020
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
------------ -------- -------- -------- -------- -------- -------- -------- -------- --------
Return per
Ordinary
share (0.3) (2.0) (2.3) (0.3) - (0.3) (0.7) (1.9) (2.6)
New Ordinary shares
Revenue return per Ordinary share is based on the net revenue
loss on ordinary activities after taxation of GBP83,922 (31 August
2019: loss GBP62,180, 29 February 2020: loss GBP150,950) and on
27,077,156 (31 August 2019: 20,218,168, 29 February 2020:
21,728,528) Ordinary shares, 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 GBP535,498 (31 August 2019: profit GBP6,118,
29 February 2020: loss GBP409,408) and on 27,077,156 (31 August
2019: 20,218,168, 29 February 2020: 21,728,528) Ordinary shares,
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 GBP619,420 (31 August 2019:
loss GBP56,062, 29 February 2020: loss GBP560,358) and on
27,077,156 (31 August 2019: 20,218,168, 29 February 2020:
21,728,528) Ordinary shares, being the weighted average number of
Ordinary shares in issue during the period.
3. Taxation on Ordinary Activities
The estimated effective tax rate at the period end is 0 per
cent. This remains unchanged from the prior year end.
4. Net Asset Value per Share
31 August 31 August 29 February
2020 2019 2020
Pence Pence Pence
Net asset value per new Ordinary
share 64.3 72.2 70.2
The basic net asset value per new Ordinary share is based on net
assets (including current period revenue) of GBP18,584,000 (31
August 2019: GBP14,996,000, 29 February 2020: GBP17,453,000) and on
28,914,724 (31 August 2019: 20,770,422, 29 February 2020:
24,862,968) Ordinary shares, being the number of new Ordinary
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
2020 2019 2020
GBP'000 GBP'000 GBP'000
------------------------------------- ---------- ---------- ------------
Ordinary Share Fund
Loss on ordinary activities before
tax (619) (56) (560)
Loss/(gain) on investments 417 (104) 211
Decrease/(increase) in debtors 34 (75) (91)
(Decrease)/increase in creditors (11) 2 20
Cash flow from operating activities (179) (233) (420)
------------------------------------- ---------- ---------- ------------
6. Called up share capital
31 August
2020
Number GBP'000
---------------------------- ----------- ----------
Ordinary shares of 1p each 28,914,724 289
In April 2020 the Company issued 2,342,066 Ordinary shares for a
total consideration of GBP1,544,000. In July 2020, 1,679,726
Ordinary shares were issued for total consideration of
GBP1,104,000. Also in July 2020, 52,091 Ordinary shares were issued
under the Dividend Re-Investment Scheme.
In June 2020, the Company bought back and cancelled 22,127
shares for net consideration of GBP14,000.
Following the issues and cancellation noted above there were
28,914,724 Ordinary shares in issue as at 31 August 2020.
7. Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities in
existence at 31 August 2020 (31 August 2019: GBPnil, 29 February
2020: GBPnil).
8. Fair Value Hierarchy
Investments held at fair value through profit or loss are valued
in accordance with IPEV guidelines.
The valuation method used will be the most appropriate valuation
methodology for an investment within its market, with regard to the
financial health of the investment and the IPEV guidelines. As
required by 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, we have
categorised the measurement basis 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.
- 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 1 Level 2 Level 3 Total
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
Ordinary Share Fund
Opening book cost 6,822 - 7,706 14,528
Opening unrealised (depreciation)/appreciation (631) - 412 (219)
-------- -------- -------- --------
Opening valuation 6,191 - 8,118 14,309
-------- -------- -------- --------
Movements in the period:
Purchase at cost - - 2,128 2,128
Sales - proceeds - - (95) (95)
Sales - realised gains on - - - -
sales
Unrealised gains realised
during the period - - - -
Unrealised investment (losses)/gains 615 - (1,028) (413)
-------- -------- -------- --------
Closing valuation 6,806 - 9,123 15,929
-------- -------- -------- --------
Closing book cost 6,822 - 9,739 16,561
Closing unrealised depreciation (16) - (616) (632)
-------- -------- -------- --------
Closing valuation 6,806 - 9,123 15,929
-------- -------- -------- --------
During the period there were no transfers between Levels 1, 2 or
3.
9. Dividends
For the year to 29 February 2020, the Ordinary Share Fund
declared a final dividend of 3.2p per share on 27,182,907 eligible
shares amounting to GBP870,000. The dividend was paid on 31 July
2020.
Of the total number of eligible shares due this dividend,
26,143,873 were paid in cash, totalling GBP837,000. The remaining
1,039,034 shares elected to participate in the Dividend
Re-Investment Scheme. As a result, a further 52,091 ordinary shares
were issued at a value of GBP33,000.
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 Limited, the Company's Investment Manager.
Calculus Capital Limited receives an investment manager's fee
from the Company. For the 6 months to 31 August 2020, Calculus
Capital Limited earned GBP157,400 (31 August 2019: GBP130,091; 29
February 2020: GBP264,358). Calculus Capital Limited also earned a
company secretarial fee of GBP9,000 (31 August 2019: GBP9,000; 29
February 2020: GBP18,000).
Calculus Capital Limited has taken on the expenses cap from 15
December 2015. For the 6 months to 31 August 2020, Calculus Capital
Limited contributed GBPnil (31 August 2019: GBP15,705; 29 February
2020: GBPnil).
11. Transactions with Investment Managers
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 Limited, the Company's Investment Manager. He
does not receive any remuneration from the Company. He was
previously a director of Terrain Energy Limited but he resigned
from the board when Evoterra Limited was formed to acquire the
share capital of Terrain Energy Limited and MicroEnergy Generation
Services Limited. John is a director of Maven Screen Media
Limited.
Calculus Capital Limited receives a fee from certain portfolio
companies. In the 6 months to 31 August 2020, Calculus Capital
charged a monitoring fee to AnTech Limited, Arcis Biotechnology
Holdings Limited, Arecor Limited, Blu Wireless Technology, Cloud
Trade Technologies Limited, Cornerstone Brands Limited, Duvas
Technologies Limited, Essentia Analytics Limited, Every1Mobile
Limited, Evoterra Limited, IPV Limited, Maze Theory Limited,
Mologic Limited, Money Dashboard Limited, Open Energy Market
Limited, Oxford Biotherapeutics Limited, Park Street Shipping
Limited, Quai Administration Services Limited, Raindog Films
Limited, Rota Geek Limited, Wazoku Limited, Weeding Technologies
Limited, WheelRight Limited and Wonderhood Limited.
Calculus Capital Limited charged a fee for the provision of a
director to Cloud Trade Technologies Limited, Cornerstone Brands
Limited, Essentia Analytics, Every1Mobile Limited, Evoterra
Limited, IPV Limited, Maze Theory Limited, Money Dashboard Limited,
Open Energy Market, Pico's Limited, Raindog Films Limited, Rota
Geek Limited, Wazoku Limited, Weeding Technologies Limited and
WheelRight Limited.
Calculus Capital Limited charged an arrangement fee for certain
portfolio companies. In the period to 31 August 2020 Calculus
Capital Limited received arrangement fees relating to the Company's
investments in Maze Theory Limited, Maven Screen Media Limited, MIP
Diagnostics Limited, Rota Geek Limited and Wazoku Limited.
The amount received by Calculus Capital which relates to the
Company's investment was:
6 Months Ended 6 Months Ended 12 Months Ended
31 August 31 August 29 February
2020 2019 2020
GBP GBP GBP
AnTech Limited 268 262 524
Arcis Biotechnology Holdings
Limited 85 91 180
Arecor Limited 375 375 750
Blu Wireless Technology Limited 1,692 1,314 2,641
Cloud Trade Technologies Limited 2,160 2,080 4,213
Cornerstone Brands Limited 1,680 1,620 3,240
Duvas Technologies Limited 8,387 694 3,344
Essentia Analytics Limited 1,585 1,396 3,118
Every1Mobile Limited 3,994 1,298 3,518
Evoterra Limited 5,507 - -
Fiscaltec Limited 1,508 - 8,320
IPV Limited 1,113 192 2,361
Maven Screen Media 8,199 - -
Maze Theory Limited 3,897
MIP Diagnostics Limited 8,999 - -
Mologic Limited 340 378 719
Money Dashboard Limited 893 341 793
Open Energy Market Limited 1,440 1,387 2,782
Oxford Biotherapeutics Limited 3,089 1,550 2,325
Park Street Shipping Limited 559 533 1,066
Pico's Limited 200 557 1,115
Quai Administration Services
Limited 1,339 698 2,185
Raindog Films Limited 981 - -
Rota Geek Limited 16,919 - -
Solab Group Limited - 1,732 2,059
Synpromics Limited - 180 180
Wazoku Limited 5,796 10,050 3,150
Weeding Technologies Limited 1,050 1,013 2,026
WheelRight Limited 978 628 964
Wonderhood Limited 647 - 11,528
At 31 August 2020, there was GBP84,915 owed to Calculus Capital
Limited (31 August 2019: GBP73,032; 29 February 2020:
GBP73,517).
12. Post balance sheet events
In August 2020, Cornerstone acquired FXPress Payments Services
Ltd ("FXPress"), a FCA authorised fintech business focused on
providing foreign exchange trading services to a primary customer
base of small and medium enterprises ("SMEs"), via a reverse
takeover and for an all share consideration. FCA approval was
granted in early September and a series of resolutions were passed
on 2nd October to prepare the company for an AIM market listing,
including the re-designation of the company's five classes of
ordinary shares into a single class of ordinary shares, a 1 for 100
share consolidation and name change to Cornerstone FS Plc. The
company's share price has been adjusted to reflect post-acquisition
value accordingly.
Following the acquisition and the disposal of Cornerstone's
current business, the company's strategy is to build a significant
business in the provision of international payment services for
SMEs. Preparations for the IPO are well underway, with Admission to
AIM targeted for early December.
On 3 September 2020, the Company issued 800,356 Ordinary Shares
under the prospectus approved on 24 September 2019, receiving an on
aggregate GBP4.7 million. The Company subsequently launched a new
offer 8 September 2020.
In September 2020 the Company has invested GBP648,000 in Home
Team Content, a film and TV production company founded by two of
the U.K.'s most exciting young producers, Dominic Buchanan (BAFTA,
Royal Television Society and Peabody Award-winning "The End of The
F***ing World") and Bennett McGhee (Berlin film Festival's 2020
FRIPRESCI winner, "Mogul Mowgli")
On 14 October 2020, the Company invested GBP620,000 in Thanksbox
Limited. Thanksbox Limited whose trading name is "Mo" provides
proprietary technology to help organisations reduce employee churn
and improve employee engagement and satisfaction. Mo's core
product, "Moments", is an intra company social media platform that
builds awareness of employees' achievements at work. The company
has built a strong product and now works with 20+ customers,
including well known organisations such as SHL and William
Hill.
COMPANY INFORMATION
Directors Fund Administrator
Jan Ward Link Alternative Fund Administrators
Limited
Janine Nicholls Beaufort House
John Glencross 51 New North Road
Claire Olsen Exeter EX4 4EP
Registered Office Auditors
104 Park Street BDO LLP
London 55 Baker Street
W1K 6NF London W1H 7EH
Telephone: 020 7493 4940
Broker
Company Number Nplus1 Singer Advisory LLP
07142153 One Hanover Street
London W1S 1YZ
Venture Capital Investments Manager Registrars
And Company Secretary
Calculus Capital Limited The City Partnership (UK) Limited
104 Park Street 110 George Street
London W1K 6NF Edinburgh
Telephone: 020 7493 4940 EH2 4LH
Website: www.calculuscapital.com Telephone: 0131 243 7210
Sponsor
Beaumont Cornish Limited
Building 3, Chiswick Park
566 Chiswick High Road
London W4 5YA
Telephone: 0207 628 3396
Legal Entity Identifier: 2138005SMDWLMMNPVA90
Printed copies of the Calculus VCT plc Half Yearly Report for
the six months ended 31 August 2020 have not been posted to
shareholders. However, a copy can be found on the following
website: 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
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