15 Aug 2013 11:31
CORPORATE POLICY AND PERFORMANCE SUMMARY
Objective
Neptune-Calculus Income and Growth VCT ('the Company') is a Venture Capital Trust listed on the London Stock Exchange which has the objective of generating long term capital growth and tax free dividends for investors. The Company is managed as a VCT in order that shareholders may benefit from the tax reliefs available.
The Company's investment policy is to invest approximately 75 per cent of the Company's funds in a diversified portfolio of holdings in qualifying investments whether unquoted or traded on AIM. Investments are made selectively across a diverse range of sectors in companies which have the potential to generate growth and enhance their value. The Company does not invest in start-up and seed capital situations. The qualifying investments are managed by Calculus Capital Limited, and the balance of the Company's investments can be invested in a combination of Neptune income funds and a portfolio of similar income generating UK listed shares and money market instruments.
Performance summary
Six months to30 June2013 | ||
Return per Ordinary Share | 0.7 | p |
Net asset value per Ordinary Share | 55.4 | p |
Cumulative dividends paid per Ordinary Share | 21.5 | p |
Accumulated shareholder value | 76.9 | p |
Proposed interim dividend | 1.0 | p |
Accumulated shareholder value represents net asset value per share plus cumulative dividends paid per share.
As at31 July 2013 | * | |
Net asset value per Ordinary Share | 56.3 | p |
*Being the latest practicable date prior to publication and including net revenue after 30 June 2013.
CHAIRMAN'S STATEMENT
I present your Company's results for the six months ended 30 June 2013. Net assets per Ordinary Share on 30 June 2013 were 55.4 pence compared with 56.7 pence as at 31 December 2012. The major part of the movement is attributable to the dividend of 2.0 pence per Ordinary Share paid in June. This dividend payment took the total cumulative dividends paid on the Ordinary Shares since inception to 21.5 pence. During the period the Company also carried out an Enhanced Share Buyback and Top Up Offer, further details of which are set out below, but as the price was set at net asset value adjusted to cover costs this had no impact on net assets per share.
Our qualifying investments, which include both unquoted and AIM companies, are managed by Calculus Capital Limited. Over the period under review, the overall value of the quoted companies rose on a like-for-like basis by approximately 3.7 per cent, compared with a decrease in the AIM market of 2.2 per cent. The value of the unquoted portfolio decreased by 5.0 per cent during the period due to a reduction in the carrying value of Lime Technology Limited.
In March 2013, Terrain Energy Limited redeemed the Company's £75,000 holding of its loan stock at par. The Company also sold a small holding in Optare plc and Croma Security Solutions Group plc to raise £4,000. £17,000 of the proceeds were re invested in loan stock in one of our investee companies Secure Electrans Limited ("Secure Electrans") in April. Secure Electrans is a provider of online payment and remote authentication services.
At 30 June 2013, our non-qualifying investments comprised holdings in the Neptune Income Fund and Neptune Quarterly Income Fund as well as £279,000 held in cash funds. These investments are managed by the Board to ensure that the Company has the required amount of liquidity available to it at any point in time. The Company sold a portion of the Neptune Funds during the period to raise £200,000. The Neptune Funds, which have a bias towards income generating large cap stocks, showed a 7.9 per cent increase in value over the period.
A more detailed analysis of qualifying investment performance can be found in the Investment Managers' Review following this statement.
Future of the Company
The Company's Articles of Association required that an ordinary resolution be proposed at this year's Annual General Meeting to determine whether the Company should continue as a VCT. Shareholders voted overwhelmingly in favour of the resolution and the Company will continue as a VCT. The next vote to determine whether the Company will continue as a VCT will be held at the annual general meeting in 2018.
Enhanced Share Buyback and Top Up Offer
The Company launched an Enhanced Share Buyback and Top Up Offer on 28th March 2013. Shareholders tendered a total of 4,052,635 Ordinary Shares at 54.83 pence per share and the proceeds were used to subscribe for a total of 3,930,990 Ordinary Shares at 56.53 pence per share. In addition a further £46,150 was subscribed for 81,094 new Ordinary Shares under the Top Up Offer. The cancellation of the Company's share premium account following the allotment of new Ordinary Shares pursuant to the Enhanced Share Buyback and Top Up Offer was confirmed by the court on 7 August 2013.
Dividends
The 2012 final dividend of 2.0 pence per Ordinary Share was paid in June following shareholder approval at the AGM. In line with our policy of maximising tax-free dividends to shareholders, the Directors are pleased to declare an interim dividend of 1 penny per Ordinary Share, payable on 16 October 2013 to shareholders on the register on 20 September 2013.
Outlook
UK economic conditions have improved during the first six months of the year and we believe the investments in the portfolio are well placed to benefit from a stronger economy.
Philip Stephens
Chairman
15 August 2013
INVESTMENT MANAGER'S REVIEW (QUALIFYING INVESTMENTS)
Calculus Capital advises the Company in respect of qualifying investments made by the Company.
Portfolio developments
At 30 June 2013 the portfolio of qualifying investments comprised 16 companies made up of both AIM quoted and unquoted stocks. The Company continues to meet the requirements for approved VCT status.
During the period the Company made no further quoted investments. Small holdings in Optare and Croma Security Solutions Group were sold. We are pleased to report that the quoted portfolio went up in value by 3.7per cent compared with a decrease in the AIM market of 2.2 per cent.
EpiStem Holdings plc ("EpiStem") is a biotechnology company specialising in epithelial tissue and stem cell analysis. EpiStem's share price rose by 4.6 per cent in the period and as at 30 June 2013 was valued at approximately 4.5x initial cost. EpiStem is expecting to gain regulatory approval of its TB test specific to the Indian sub-continent in 2013.
Pressure Technologies plc ("Pressure Technologies") develops high pressure equipment for the oil and gas, biogas and defence industries. Pressure Technologies share price rose by 11 per cent in the period. The company recently announced strong growth in revenue and profits in its interim results.
InfraStrata plc ("InfraStrata") is an independent petroleum exploration and gas storage company. Significant unrisked P50 prospective resources of 450 million barrels have been identified at the Larne-Lough Neagh basin in Northern Ireland (PL1/10) in which InfraStrata has a 40 per cent interest. The company plans to drill a first exploration well in late 2013. Funding of €1 million has been received to date from BP Gas Marketing Limited in relation to its option to acquire 50.5 per cent interest in the company's Islandmagee gas storage project.
At 30 June 2013, the value of the unquoted companies was £3,509,000. The portfolio decreased by 5 per cent due to a reduction in the carrying value of Lime Technology Limited ("Lime") during the period. Lime is going through a turnaround phase with a new management team, product lines and direction. Whilst the building products industry remains depressed, the 'green' sector shows a modest upward trend.
During the period Terrain Energy Limited ("Terrain") redeemed £75,000 of its loan stock. Terrain continues to make good progress. In January the company appointed Steve Jenkins as Non-Executive Chairman. Steve has extensive exploration and production experience having been CEO of Nautical Petroleum. Terrain's current licence portfolio comprises interests in six licences onshore in the UK, comprising a combination of production and exploration interests. The company is in the process of acquiring an interest in a licence that should double its daily production to 70 barrels per day. Terrain also has a 10 per cent interest in the Larne-Lough Neagh Basin (PL1/10) with combined unrisked P50 prospective resources, net to Terrain, of 45 million barrels.
RMS, which provides port services on the Humber and Trent, continues to perform well and has exceeded its budget for the first six months of 2013.
Secure Electrans has completed further fundraising of £600,000 during the period of which the Company invested £17,000 in the form of loan stock. Secure Electrans has developed an end-to-end payments and security infrastructure which incorporates Chip and Pin for which it has received EMV (EuroPay, MasterCard, Visa), American Express and PCI (Payment Card Industry) PTS 3.1 global certification with SRED capability. The solution is underpinned by innovative patents related to the authentication of remote (i.e. card not present) transactions.
Waterfall Services Limited, which provides catering services to the aged care and education markets, exceeded its budget for the year to March 2013. There have been a number of contracts up for retender recently and, although there have been some losses, the company successfully retained a large contract for Durham primary schools. While 2013/14 will be a challenging year for the company with a couple of these contract losses to take effect, the company is nevertheless trading ahead of budget for the year to date.
Developments since the period end
There have not been any significant developments in the qualifying portfolio since the period end.
John Glencross
Calculus Capital Limited
15 August 2013
INVESTMENT PORTFOLIO
The ten largest holdings by value are included below:
Cost | Valuation | Percentage of portfolio | |
£ | £ | % | |
AIM investments (quoted equity) | |||
EpiStem Holdings plc* | 251,261 | 1,152,329 | 18.50% |
Other AIM investments* | 1,101,027 | 279,237 | 4.40% |
Unquoted equity investments | |||
RMS Group Holdings Limited | 92,339 | 468,413 | 7.50% |
Triage Holdings Limited* | 50,589 | - | 0.00% |
Waterfall Services Limited | 50,129 | 530,464 | 8.50% |
Terrain Energy Limited* | 413,633 | 557,113 | 8.90% |
Human Race Group Limited | 100,000 | 100,000 | 1.60% |
Lime Technology Limited* | 234,285 | 129,458 | 2.10% |
Secure Electrans Limited | 250,000 | 250,000 | 4.00% |
Other unquoted equity investments∞ | 967,992 | 32,750 | 0.50% |
Unquoted preference shares | |||
Triage Holdings Limited preference shares‡ | 265,013 | 391,930 | 6.30% |
Unquoted bonds | |||
Waterfall Services Limited loan stock | 333,333 | 333,333 | 5.30% |
Triage Holdings Limited loan stock | 74,280 | 74,280 | 1.20% |
Human Race Group Limited | 300,000 | 300,000 | 4.80% |
Lime Technology Limited loan stock# | 216,544 | 216,544 | 3.50% |
Secure Electrans loan stock | 17,000 | 17,000 | 0.30% |
Other unquoted bonds∞+ | 570,436 | 70,000 | 1.10% |
Non-qualifying equity investments and loan stock*∞‡† | (347,087) | (154,357) | (2.48%) |
Total qualifying investments | 4,940,774 | 4,748,494 | 76.16% |
Quoted funds | |||
Neptune Quarterly Income Fund Income Units | 500,708 | 528,867 | 8.50% |
The Neptune Income Fund Income A Class | 485,549 | 524,606 | 8.40% |
Unquoted funds | 278,844 | 278,844 | 4.50% |
Non-qualifying equity investments and loan stock*∞‡† | 347,087 | 154,357 | 2.48% |
Total non-qualifying investments | 1,612,188 | 1,486,673 | 23.84% |
Total investments | 6,552,962 | 6,235,168 | 100.0% |
* The valuations of certain investments include small non-qualifying investments. These cost £15,926 and are valued at £10,896.
‡ The valuation of Triage Holdings Limited preference shares includes a redemption premium which is non-qualifying. This cost £nil and is valued at £126,917.
∞ Included in the cost of the equity holding is £37 of Heritage House Media shares which belong to Neptune-Calculus SPV, which is wholly owned by the Company. Included within the cost of the loan stock holding of Heritage House Media is £5,463 of loan stock held by Neptune-Calculus SPV. These investments are valued at £nil and are non-qualifying.
# The Valuation of Lime Technology Limited loan stock includes rolled up interest that is non-qualifying. This cost £16,544 and is valued at £16,544.
† The valuation of Heritage House Media Limited loan stock includes rolled up interest which is non-qualifying. This cost £309,118 and is valued at £nil.
UNAUDITED INCOME STATEMENT
for the six months to 30 June 2013
Six months to30 June2013 | Six months to30 June2012 | Year to 31 December2012 | * | ||||||||
Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||
Note | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
Gains/(losses) on investments at fair value | - | 106 | 106 | - | (83) | (83) | - | 106 | 106 | ||
Investment income | 81 | - | 81 | 94 | - | 94 | 191 | - | 191 | ||
Investment management fee | (12) | (34) | (46) | (11) | (34) | (45) | (25) | (72) | (97 | ) | |
Other expenses | (63) | - | (63) | (66) | - | (66) | (127) | - | (127 | ) | |
Return/(deficit) on ordinary activities before finance charges and taxation | 6 | 72 | 78 | 17 | (117) | (100) | 39 | 34 | 73 | ||
Taxation on ordinary activities | - | - | - | - | - | - | - | - | - | ||
Return/(deficit) attributable to Ordinary shareholders | 6 | 72 | 78 | 17 | (117) | (100) | 39 | 34 | 73 | ||
Return/(deficit) per Ordinary Share | 3 | 0.05p | 0.64p | 0.69p | 0.15p | (1.02)p | (0.87)p | 0.34p | 0.30p | 0.64 | p |
\* These figures are audited.
The total column of this statement is the profit and loss account of the Company. The revenue and capital columns are provided as supplementary information in accordance with the AIC SORP.
All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.
There is no statement of recognised gains and losses as there were no other gains and losses. The accompanying notes are an integral part of this statement.
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months to 30 June 2013
Share capital | Share premium | Special reserve | Capital redemptionreserve | Capitalreserve | Revenue reserve | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
For the period 1 January 2013to 30 June 2013 | |||||||
1 January 2013 | 1,135 | 631 | 8,809 | 105 | (4,285) | 39 | 6,434 |
Purchase of own share | (405) | - | (2,233) | 405 | - | - | (2,233) |
Issue of shares | 401 | 1,817 | - | - | - | - | 2,218 |
Net return after taxationfor the period | - | - | - | - | 72 | 6 | 78 |
Dividends paid | - | - | (189) | - | - | (38) | (227) |
30 June 2013 | 1,131 | 2,448 | 6,387 | 510 | (4,213) | 7 | 6,270 |
For the period 1 January 2012to 30 June 2012 | |||||||
1 January 2012 | 1,163 | 631 | 9,255 | 77 | (4,319) | 45 | 6,852 |
Purchase of own shares | (28) | - | (150) | 28 | - | - | (150) |
Net (deficit)/return after taxation forthe period | - | - | - | - | (117) | 17 | (100) |
Dividends paid | - | - | (182) | - | - | (45) | (227) |
30 June 2012 | 1,135 | 631 | 8,923 | 105 | (4,436) | 17 | 6,375 |
For the year 1 January 2012to 31 December 2012* | |||||||
1 January 2012 | 1,163 | 631 | 9,255 | 77 | (4,319) | 45 | 6,852 |
Purchase of own shares | (28) | - | (150) | 28 | - | - | (150) |
Net return after taxationfor the year | - | - | - | - | 34 | 39 | 73 |
Dividends paid | - | - | (296) | - | - | (45) | (341) |
31 December 2012 | 1,135 | 631 | 8,809 | 105 | (4,285) | 39 | 6,434 |
\* These figures are audited.
The accompanying notes are an integral part of this statement.
UNAUDITED BALANCE SHEET
as at 30 June 2013
30 June 2013 | 30 June 2012 | 31 December2012* | |||
Note | £'000 | £'000 | £'000 | ||
Fixed Assets | |||||
Investments at fair value through profit or loss | 6,235 | 6,309 | 6,371 | ||
Current Assets | |||||
Debtors | 43 | 46 | 96 | ||
Cash at bank | 84 | 115 | 64 | ||
127 | 161 | 160 | |||
Creditors: Amounts falling due within one year | |||||
Creditors | (92) | (95) | (97) | ||
Net Current Assets | 35 | 66 | 63 | ||
Net Assets | 6,270 | 6.375 | 6,434 | ||
Represented by: | |||||
CALLED UP SHARE CAPITAL AND RESERVES | |||||
Share capital | 1,131 | 1,135 | 1,135 | ||
Share premium | 2,448 | 631 | 631 | ||
Special reserve | 6,387 | 8,923 | 8,809 | ||
Capital redemption reserve | 510 | 105 | 105 | ||
Capital reserve - investment holding loss | (325) | (2,839) | (712) | ||
Capital reserve - other | (3,888) | (1,597) | (3,573) | ||
Revenue reserve | 7 | 17 | 39 | ||
Total Ordinary shareholders' funds | 6,270 | 6,375 | 6,434 | ||
Net asset value per Ordinary Share | 4 | 55.43p | 56.16p | 56.68 | p |
\* These figures are audited.
The accompanying notes are an integral part of this statement.
UNAUDITED CASH FLOW STATEMENT
for the six months to 30 June 2013
Six monthsto 30 June2013 | Six monthsto 30 June2012 | Year to31 December 2012* | ||
Note | £'000 | £'000 | £'000 | |
Operating activities | ||||
Investment income received | 70 | 92 | 191 | |
Other income received | 3 | - | 5 | |
Investment management fees paid | (45) | (18) | (69) | |
Administration fees paid | (10) | (11) | (21) | |
Other cash payments | (58) | (60) | (108) | |
Net cash (outflow)/inflow fromoperating activities | 6 | (40) | 3 | (2) |
Investing activities | ||||
Purchase of investments | (197) | (405) | (1,217) | |
Sale of investments | 499 | 516 | 1,397 | |
Net cash inflow from investing activities | 302 | 111 | 180 | |
Equity dividends paid | (227) | (227) | (341) | |
Financing | ||||
Purchase of own shares | (2,222) | (149) | (150) | |
Net proceeds of share issue | 2,207 | - | - | |
Net cash outflow from financing | (15) | (149) | (150) | |
Increase/(decrease) in cash | 20 | (262) | (313) |
\* These figures are audited.
The accompanying notes are an integral part of this statement.
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 31 December 2012. The statutory financial statements for the year ended 31 December 2012, 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 Dividends
The Directors have declared an interim dividend of 1 penny per Ordinary Share. This dividend is payable on 16 October 2013 to shareholders on the register on 20 September 2013.
3 Return per Ordinary Share
Six months to 30 June 2013 | Six months to 30 June 2012 | Year to 31 December 2012 | |||||||
Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
pence | pence | pence | pence | pence | pence | pence | pence | pence | |
Ordinary Share | 0.05 | 0.64 | 0.69 | 0.15 | (1.02) | (0.87) | 0.34 | 0.30 | 0.64 |
Revenue return per Ordinary Share is based on the net revenue return on ordinary activities attributable to the Ordinary Shares of £6,000 (30 June 2012: £17,000, 31 December 2012: £39,000) and on 11,346,503 (30 June 2012: 11,476,347, 31 December 2012: 11,413,774) 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 return for the period of £72,000 (30 June 2012: £117,000 deficit, 31 December 2012: £34,000) and on 11,346,503 (30 June 2012: 11,476,347, 31 December 2012: 11,413,774) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.
Total return per Ordinary Share is based on the total return on ordinary activities attributable to the Ordinary Shares of £78,000 (30 June 2012: £100,000 deficit, 31 December 2012: £73,000) and on 11,346,503 (30 June 2012: 11,476,347 31 December 2012: 11,413,774) Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.
4 Net asset value per Ordinary Share
30 June2013 | 30 June 2012 | 31 December 2012 | |
pence | pence | pence | |
Ordinary Shares of 10p each | 55.43 | 56.16 | 56.68 |
The basic net asset value per Ordinary Share is based on net assets (including current period revenue) of £6,270,000 (30 June 2012: £6,375,000, 31 December 2012: £6,434,000) and on 11,311,329 (30 June 2012: 11,351,880, 31 December 2012: 11,351,880) Ordinary Shares, being the number of Ordinary Shares in issue at the end of the period.
5 Called up share capital
Ordinary Shares
Issued and fully paid: | Six months to30 June 2013 | Six months to30 June 2012 | Year to31 December 2012 | |||
Ordinary Shares of 10p each | Number | £'000 | Number | £'000 | Number | £'000 |
As at 1 January | 11,351,880 | 11,352 | 11,635,043 | 1,163 | 12,300,991 | 1,230 |
Purchase of shares | (4,052,635) | (405) | (283,163) | (28) | 283,163 | 28 |
Issue of shares | 4,012,084 | 401 | - | - | - | - |
As at 30 June | 11,311,329 | 11,311 | 11,351,880 | 1,135 | 11,635,043 | 1,163 |
During the period, pursuant to an Enhanced Share Buyback, the Company purchased for cancellation 4,052,635 Ordinary Shares of 10p (30 June 2012: 283,163) at 54.83 pence per share (30 June 2012: 52.5 pence). The consideration was £2,233,174 including stamp duty of £11,115. Pursuant to the Enhanced Share Buyback, the Company issued 3,930,990 Ordinary Shares at 56.53 pence per share and a further 81,094 Ordinary Shares were issued pursuant to a Top Up Offer at the same price (30 June 2012: none).
6 Reconciliation of net deficit before taxation to net cash (outflow)/inflow from operating activities
Six months to 30 June 2013 | Six months to30 June2012 | Year to31 December 2012 | |
£'000 | £'000 | £'000 | |
Net return/(deficit) before taxation | 78 | (100) | 73 |
Net capital (deficit)/return | (72) | 117 | (34) |
(Increase)/decrease in debtors | (7) | (5) | 4 |
(Decrease)/increase in creditors | (5) | 25 | 27 |
Investment management fee charged to capital | (34) | (34) | (72) |
Net cash (outflow)/inflow from operating activities | (40) | 3 | (2) |
7 Related party transactions
The Company's qualifying investments are managed by Calculus Capital Limited. John Glencross, a Director of the Company, has an interest in Calculus Capital Limited.
Six months to30 June2013 | Six months to30 June 2012 | Year to31 December 2012 | |
£'000 | £'000 | £'000 | |
Investment management and administration fees | 46 | 45 | 97 |
Calculus Capital Limited receives annual fees from Terrain, Lime and Human Race for the provision of John Glencross as a Director, as well as annual monitoring fees. Calculus Capital also receives an annual monitoring fee from MicroEnergy Generation Services Limited ("MicroEnergy"). Other funds under the management or advice of Calculus Capital Limited have also invested in Terrain, Lime, MicroEnergy and Human Race. In the six months to 30 June 2013, the amount payable to Calculus Capital Limited which was attributable to the investment made by the Neptune-Calculus Income and Growth VCT plc was £2,671 (30 June 2012; £2,512: 31 December 2012: £5,122) (excluding VAT) from Terrain, £1,751 (30 June 2012: £2,893; 31 December 2012: £6,184) (excluding VAT) from Lime, £334 (30 June 2012: £443; 31 December 2012: £751) (excluding VAT) from MicroEnergy and £1,516 (30 June 2012: £822; 31 December 2012: 2,442) (excluding VAT) from Human Race.
In the six months to 30 June 2013 Calculus Capital Limited received an arrangement fee of £510 (30 June 2012: £nil; 31 December 2012: £7,500) attributable to the Company's investment in Secure Electrans.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The half-yearly financial report, which has not been audited or reviewed by auditors pursuant to the Auditing Practices Board Guidance on Review of Half-Yearly Financial Information 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 Disclosure and Transparency rules and in accordance with applicable accounting standards including the statement 'Half-yearly financial reports' issued by the UK Accounting Standards Board, gives a true and fair view of the assets, liabilities, financial position and the deficit of the Company as at 30 June 2013.
The Directors confirm that the Chairman's Statement, the Investment Managers' Reviews, and note 7, 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 4.2.8R of the Disclosure and Transparency Rules.
The Directors of Neptune-Calculus Income and Growth VCT plc are:
Philip Stephens
John Glencross
David Kempton
By order of the Board
Philip Stephens
Chairman
15 August 2013
The half yearly report will shortly be posted to shareholders. Copies of the report will also be available from the Company's registered office at 104 Park Street, London, W1K 6NF or from the Qualifying Investment Manager's website at www.calculuscapital.com/neptunevct.aspx.