Directorate Change

Neptune-Calculus Income & Growth VCT (the Company)

Appointment of non-executive Chairman and investment update.

New Chairman

It was announced on 21 March 2017 that Philip Stephens, who has served as Chairman of the Company since its launch in 2004, had decided to retire from the Board at the Annual General Meeting to be held on 22 June 2017 and that a number of candidates were being considered to replace him. The Board of Neptune-Calculus Income and Growth VCT is pleased to announce that Diane Seymour-Williams will be appointed as Non-Executive Chairman of the Company immediately following the AGM. 

Diane's executive career includes 23 years at Morgan Grenfell/Deutsche Asset Management where she became Head of Global Equity Products and 9 years at LGM Investments where she was Global Head of Relationship Management. 

Her previous fund directorships include The China Fund (1993-2005), Pakistan Fund (1993-1996), Batavia Fund (1993-1996), and Chairman Greater Korea Trust (1993-1997). She has also served as a director on the Boards of BMO Investments (Ireland) plc (2013 to 2016), BMO Investments II (Ireland) plc (2008 to 2016), Irish domiciled UCITS companies and LG China Fund plc (2009 to 2017) also domiciled in Ireland. For 5 years from 2007, Diane was a non-executive director of Calculus Capital Limited.

Diane is currently a non-executive director of Witan Pacific Investment Trust plc and Brooks Macdonald Group plc, where, in addition, she chairs the Remuneration Committee. She also serves on the Newnham College Cambridge Investment Committee.

Diane holds 54,504 Ordinary shares in Neptune-Calculus Income and Growth VCT plc. In accordance with paragraph 9.6.13 (2) - (6) of the Listing Rules, Diane Seymour-Williams has advised that she has no details to disclose.

Investment update

The net asset value per share at 31 March 2017 was 32.60p, a modest increase since 31 December 2016, the Company's year end. Since 21 March 2017, the date of the Company's 2016 results announcement, the Company's holding of shares in RMS Europe Limited has been sold at carrying value which was over 5 times the original cost of the shares and the Company has invested £100,000 in Synpromics, an Edinburgh-based synthetic biology company alongside other funds managed by Calculus Capital Limited, Scottish Enterprise and a group of private investors. Synpromics is developing a portfolio of synthetic promoters for application across target markets which include Cell and Gene Therapy, Bioprocessing and Agriculture.