Calculus Vct Regulatory News (CLC)

INVESTEC STRUCTURED PRODUCTS CALCULUS VCT PLC INTERIM MANAGEMENT STATEMENT 15 January 2014 Investec Structured Products Calculus VCT plc ("the Company") announces itsInterim Management Statement for the period from 1 September 2013 to 30November 2013. This Statement also includes relevant financial informationbetween the end of the period to the date of this Statement. The Company is a tax efficient listed company which aims to achieve a regulartax free dividend stream together with capital growth for private investors.The Company brings together Investec Structured Product's award winningexpertise in Structured Products and Calculus Capital's award winning expertisein venture capital. HEADLINES * The unaudited net asset value ("NAV") per ordinary share as at 30 November 2013 was 94.08 pence. Taking into account dividends paid to date, the year to date total return at the period end was 109.83 pence. * The unaudited NAV per C share as at 30 November 2013 was 89.87 pence. Taking into account dividends paid to date, the year to date total return at the period end was 98.87 pence. The total returns are stated before the inclusion of VCT tax reliefs which areintended to mitigate the higher risk of investing in smaller companies and theconstraints imposed by VCT legislation. The income tax reliefs applicable atthe time of subscription were 30 per cent. VCT dividends are tax free. INVESTMENT IN STRUCTURED PRODUCTS In line with the Company's strategy set out in the original offer documents, alarge percentage of the initial cash raised has been used to build a portfolioof Structured Products. The portfolio of Structured Products was constructedwith different issuers and differing maturity periods to minimise risk andcreate a diversified portfolio. The majority of the portfolio of Structured Products has now reached full term,and the longer term products form the basis of the remaining portfolio. Allproducts are performing well currently due to the strong performance of theFTSE 100. The strong performance of the FTSE 100 has supported valuations in theStructured Products portfolio, and the FTSE 100 has increased to sitcomfortably above all of the product's strike levels. As at 29 November 2013,the FTSE 100 was 6,650.57. Over the past three months, swap rates haveincreased and volatility has decreased slightly over the past few months.Values of the Structured Product portfolio look strong, with the highest strikevalue at 5,341.93 in the Ordinary Share Fund and 5,584.51 in the C Share Fund. No new investments were made in Structured Products during the period. The Structured Products will achieve their target return subject to the FinalIndex Level of the FTSE 100 being higher than the Initial Index Level. Thecapital is at risk on a one-for-one basis ("CAR") if the FTSE 100 Index fallsmore than 50 per cent. any time during the investment term and fails to fullyrecover at maturity such that the Final Index Level is below the Initial IndexLevel. As at 30 November 2013, the following investments had been made inStructured Products: Ordinary Share Fund: Issuer Strike FTSE 100 Notional Purchase Price as Maturity Return/Capital Date Initial Investment Price at 30 Date/ at Risk (CAR) Index November Date Level 2013 Sold The Royal 05/05/ 5,341.93 £275,000 £0.96 £1.5130 12/05/ 162.5% if FTSEBank of 2010 2015 100 higher*;Scotland CAR if FTSE 100plc falls more than 50% Investec 14/05/ 5,262.85 £500,000 £0.98 £1.6437 19/11/ 185% if FTSEBank plc 2010 2015 100 higher*; CAR if FTSE 100 falls more than 50% Abbey 25/05/ 4,940.68 £350,000 £0.99 £1.6916 18/11/ 185% if FTSENational 2010 2015 100 higher*;Treasury CAR if FTSE 100Services falls more than 50% Matured/sold HSBC Bank 01/07/ 4,805.75 £500,000 £1.00 Returned 06/07/ 125.1% if FTSEplc 2010 £1.2510 2012 100 higher*; CAR if FTSE 100 falls more than 50% The Royal 18/03/ 5,718.13 £50,000 £1.00 Returned 19/03/ AutocallableBank of 2011 £1.1050 2012 10.5% p.a.;Scotland CAR if FTSEplc 100 falls more than 50% Nomura 28/05/ 5,188.43 £350,000 £0.98 Sold at 30/03/ 137% if FTSEBank 2010 £1.2625 2012 100 higher*;International CAR if FTSE 100 falls more than 50% Morgan 10/06/ 5,132.50 £500,000 £1.00 Sold at 31/10/ 134% if FTSEStanley 2010 £1.3224 2012 100 higher*;International CAR if FTSE 100 falls more than 50% Abbey 03/08/ 5,584.51 £50,000 £1.00 Sold at 21/06/ 126% if FTSENational 2011 £1.1900 2013 100 higher*;Treasury CAR if FTSEServices 100 falls more than 50% C Share Fund: Issuer Strike FTSE 100 Notional Purchase Price as Maturity Return/ Capital Date Initial Investment Price at 30 Date/ at Risk (CAR) Index November Date Level 2013 Sold Investec 05/08/ 5,246.99 £328,000 £1.00 £1.4819 10/03/ 182% if FTSEBank plc 2011 2017 100 higher*; CAR if FTSE 100 falls more than 50% Abbey 03/08/ 5,584.51 £200,000 £1.00 £1.2488 05/02/ 126% if FTSENational 2011 2014 100 higher*;Treasury CAR if FTSE 100Services falls more than 50% Matured The Royal 18/03/ 5,718.13 £200,000 £1.00 Returned 19/03/ AutocallableBank of 2011 £1.1050 2012 10.5% p.a.;Scotland CAR if FTSEplc 100 falls more than 50% Nomura 28/05/ 5,188.43 £350,000 £1.2625 Returned 20/02/ 137% if FTSEBank 2010 £1.3700 2013 100 higher*;International CAR if FTSE 100 falls more than 50% * The Final Index Level is calculated using 'averaging', meaning that theaverage of the closing levels of the FTSE 100 is taken on each Business Dayover the last 2-6 months of the Structured Product plan term (the length of theaveraging period differs for each plan). The use of averaging to calculate thereturn can reduce adverse effects of a falling market or sudden market fallsshortly before maturity. Equally, it can reduce the benefits of an increasingmarket or sudden market rises shortly before maturity. The total current valuation of the amount invested in Structured Products inthe Ordinary Share Fund as at 30 November 2013 was £1,830,010. The total current valuation of the amount invested in Structured Products inthe C Share Fund as at 30 November 2013 was £735,829. VENTURE CAPITAL INVESTMENTS In November 2013, the Company made an investment in Money Dashboard, a freeweb-based application which empowers consumers to take control of theirfinances. The £127,000 investment was in the form of equity and was made onbehalf of the C Share Fund. The investment will be used to expand the user baseand to fund ongoing development of the technology platform, supporting rapidgrowth in revenues over future years. The Venture Capital Investments at 30 November 2013 are shown below. ORDINARY SHARE FUND Sector Cost Valuation % of total portfolio Terrain Energy Limited Energy Ordinary equity £100,000 £139,786 Total £100,000 £139,786 3.13% Lime Technology Limited Low carbon building materialOrdinary equity £57,386 £7,684 Loan stock £250,000 £250,000 Total £307,386 £257,684 5.77% MicroEnergy Generation AlternativeServices Limited energy Ordinary equity £150,000 £150,000 Loan stock £150,000 £150,000 Total £300,000 £300,000 6.72% Heritage House Limited Digital mediaOrdinary equity £22,065 £0 Loan stock £76,827 £0 Deferred shares £26,196 £0 Total £125,088 £0 0.00% Human Race Group Limited Sports Ordinary equity £100,000 £86,793 Loan stock £200,000 £200,000 Total £300,000 £286,793 6.43% Secure Electrans Limited E-commerce securityOrdinary equity £100,000 £45,600 Loan stock £12,000 £12,000 Total £112,000 £57,600 1.29% Metropolitan Safe SafeCustody Limited depositary servicesOrdinary equity £90,000 £129,609 Loan stock £100,000 £100,000 Total £190,000 £229,609 5.14% Brigantes Energy Limited Energy Ordinary equity £125,000 £209,750 Total £125,000 £209,750 4.70% Corfe Energy Limited Energy Ordinary equity £75,000 £127,950 Total £75,000 £127,950 2.87% Dryden Human Capital HumanGroup Limited Resources Ordinary equity £100,035 £20,674 Total £100,035 £20,674 0.46% AnTech Limited Oil ServicesOrdinary equity £120,000 £120,000 Loan stock £150,000 £150,000 Total £270,000 £270,000 6.05% Hampshire Cosmetics CosmeticsLimited Ordinary equity £100,000 £126,718 Loan stock £150,000 £150,000 Total £250,000 £276,718 6.20% Tollan Energy Limited Energy Ordinary equity £150,000 £150,000 Loan stock £210,000 £210,000 Total £360,000 £360,000 8.07% Venn Life Sciences ClinicalHoldings plc Research Ordinary equity £120,033 £96,024 Total £120,033 £96,024 2.15% C SHARE FUND Sector Cost Valuation % of total portfolio Terrain Energy Limited Energy Ordinary equity £49,999 £64,895 Loan stock £45,000 £45,000 Total £94,999 £109,895 7.04% Heritage House Limited Digital MediaOrdinary equity £11,033 £0 Loan stock £38,413 £0 Deferred shares £13,098 £0 Total £62,544 £0 0.00% Human Race Group SportsLimited Ordinary equity £50,000 £43,396 Loan stock £100,000 £100,000 Total £150,000 £143,396 9.18% Secure Electrans E-commerceLimited security Ordinary equity £50,000 £22,800 Loan stock £25,000 £25,000 Total £75,000 £47,800 3.06% Metropolitan Safe SafeCustody Limited depositary servicesOrdinary equity £40,000 £57,604 Loan stock £50,000 £50,000 Total £90,000 £107,604 6.89% Horizon Discovery BiotechnologyLimited Ordinary equity £50,000 £50,000 Total £50,000 £50,000 3.20% Pico's Limited t/a LeisureBenito's Hat Ordinary equity £50,004 £50,004 Total £50,004 £50,004 3.20% Venn Life Sciences ClinicalHoldings plc research Ordinary equity £80,000 £64,000 Total £80,000 £64,000 4.10% Scancell Holdings Plc Biotech Ordinary equity £100,039 £124,472 Total £100,039 £124,472 7.97% The One Place Capital TechnologyLimited t/a MoneyDashboard Ordinary equity £127,000 £127,000 Total £127,000 £127,000 8.13% Events after the period end In December 2013, the Company invested £150,000 in Hampshire Cosmetics in theform of £100,000 loan notes and £50,000 equity. This investment was made onbehalf of the C Share Fund and is a follow-on investment to the £250,000Ordinary Share Fund investment in Hampshire Cosmetics in December 2012. Theoriginal investment was part of a turnaround led by an experienced managementbuy-in team. This has progressed well to date, with an improvement in revenueand profitability. The new capital will help the business continue this throughexpanding into new, higher margin, product areas. Other than as described in the paragraphs above, the Board is not aware of anyevents during the period from 30 November 2013 to the date of this Statementwhich would have a material impact on the financial position of the Company. For further information, please contact: Gary Dale (Investec Structured Products) 020 7597 4065John Glencross (Calculus Capital Limited) 020 7493 4940