TIDMCLC
RNS Number : 3718U
Calculus VCT PLC
23 October 2017
Calculus VCT plc
Half Yearly Report for the six months ended 31 August 2017
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 the appropriate level of dividends annually to take
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
Total share fund
Financial Highlights 6 months to 6 Months to 12 Months to
31 August 2017 31 August 2016 28 February
2017
Total return per (2.46p) - -
new Ordinary share
Net asset value 87.54p - -
per new Ordinary
share
As a result of the class merger and the different ratios used to
equalise the classes, the returns for the D shares, ordinary shares
and C shares from prior periods are not directly comparable with
the returns for Ordinary shares in existence at 31 August 2017.
The returns for the D shares, ordinary shares and C shares for 6
months to and as at 31 August 2016 and for the 12 months to and as
at 28 February 2017 are shown below.
D share fund
Financial Highlights 6 months to 6 Months to 12 Months to
31 August 2017 31 August 2016 28 February
2017
Total return per
share - (2.08)p (6.55)p
Net asset value
per share - 97.63p 92.43p
C share fund
Financial Highlights 6 months to 6 Months to 12 Months to
31 August 2017 31 August 2016 28 February
2017
Total return per
share - 2.39p 0.85p
Net asset value
per share - 75.16p 26.02p
Original ordinary share fund
Financial Highlights 6 months to 6 Months to 12 Months to
31 August 2017 31 August 2016 28 February
2017
Total return per
share - (2.98p) (3.72p)
Net asset value
per share - 28.38p 20.63p
CHAIRMAN'S UPDATE
I am pleased to present your Company's results for the 6 months
to 31 August 2017.
Performance summary
On 1 August 2017 the ordinary and C share classes and D classes
were merged using a ratio of 0.1442 D share for every ordinary
share held and 0.2435 D share for every C share held. All shares
were named Ordinary shares. Following the merger of the share
classes, the net asset value per Ordinary share at 31 August 2017
was 87.54 pence. This figure is after making a provision for the
dividend of 4.25 pence per share mentioned below which was paid to
eligible Ordinary shareholders on 1 September 2017. The closest
comparative figure to the NAV of the Ordinary shares is the NAV of
the D shares, which was 92.43 pence per share as at 28 February
2017. As a result of the different ratios used to equalise the
share classes in the merger, the net asset values per share for the
original ordinary shares and C shares are not comparable.
During the period, three investments were made on behalf of the
qualifying portfolio. These include a GBP70,000 investment in back
office administration services provider, Quai Administration
Services Limited. In June 2017, GBP150,000 was invested in chip set
designer for high bandwidth communication system providers, Blu
Wireless Technology Limited and in August 2017, GBP150,000 was
invested in the subscription e-commerce business, Cornerstone
Brands Limited. Further details on these investments can be found
in the Investment Manager's Report below.
Dividends
In the period to 31 August 2017, a further 7 pence per original
ordinary share and 3 pence per C share were paid to shareholders
bringing cumulative dividends paid out to 84.05 pence per original
ordinary share and 73.1 pence per C share.
A dividend was paid on the newly merged share class on 1
September 2017 of 4.25 pence per eligible Ordinary share.
Acquisition of the assets and liabilities of Neptune-Calculus
Income and Growth VCT plc
At the general meeting on 31 August 2017 all proposed
resolutions set out in the Circular dated 4 August 2017, including
the resolution to approve the acquisition of the assets and
liabilities of Neptune Calculus Income and Growth VCT plc
("Neptune") and to authorise the issue of new shares in the Company
to the shareholders of Neptune, were duly passed. The assets were
acquired after the period end on 12 September 2017.
New director appointed to the board
Diane Seymour-Williams joined the Board from the board of
Neptune on 13 September 2017. 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, Brooks Macdonald Group plc, where, in
addition, she chairs the Remuneration Committee and Standard Life
Private Equity Trust. She also serves on the Newnham College
Cambridge Investment Committee.
New D share/Ordinary share issue
The offer for subscription for D Shares that opened on 25
November 2016 reached full subscription on 2 February 2017 and the
offer subsequently closed early. Aggregate subscriptions received
from the issue of D shares were GBP7.1 million.
At the general meeting on 31 August 2017 shareholders also
approved the launch of a further offer for subscription for
Ordinary Shares, with the shares to be issued in the 2017/18 and
2018/19 tax years.
Developments since the period end
Other than as described above in connection with the acquisition
of the assets and liabilities of Neptune, there have been no
significant developments since the period end.
INTERIM MANAGEMENT REPORT
Venture Capital Investments
Portfolio developments
Calculus Capital Limited manages the Company's portfolio of
Qualifying Investments. In general, we prefer investments to be of
a sufficient size to enable us to play an influential role in
helping the investee companies develop. Investments by the Company
may be by way of equity, and also 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 2017, the portfolio had eighteen Qualifying
investments.
An update on the portfolio companies has been provided
below:
Air Leisure Group Limited
Air Leisure Group Limited operates trampoline parks in the UK
and Continental Europe, trading under the brand name "XJump" in
continental Europe and "Jumptastic" in the United Kingdom. The
company's first site in Denmark opened in March 2017. The company
is due to open its second site in Denmark in October 2017 and the
build has commenced on a third site in the country.
AnTech Limited
AnTech has developed a new generation of directional drilling
tools which transform the manner and efficiency with which oil and
gas wells can be drilled with coiled tubing. Their tools are
effective for interventions in existing wells to enhance production
yield and extend well life, which is attractive in both high and
low oil price environments.
Blu Wireless Technology Limited
Blu Wireless develops semiconductor IP to allow the wireless,
high-speed, low latency transfer of data. In June 2017, funds
managed by Calculus Capital invested GBP2.4m in the company, as the
cornerstone investor in a GBP6.6 million institutional and private
investment round. This follows on from a strategic investment by
ARM Holdings, the Cambridge-based semiconductor and software design
company. The company has continued to progress its core product as
well as conducting ongoing and advanced negotiations on several
license opportunities.
Cornerstone Brands Limited
Cornerstone Brands Limited is an e-commerce men's shaving
supplier trading under the brand name Cornerstone. Cornerstone
provides quality British skin care products and German engineered
razors to 140,000 customers around the UK via an online
subscription service powered by a proprietary customer acquisition
engine and customer relationship management infrastructure.
Cornerstone won 'Best Razor' in both 2015 and 2016 from
Shortlist and AskMen and has twice won the publicly voted 'People's
Champion' award at the annual Startups Awards. Calculus Capital led
a funding round totalling GBP3.5m which closed in August 2017.
Since the investment, the company has expanded its product
range.
C4X Discovery Holdings plc
C4X is an innovative company in the discovery, design and
development of small molecule drugs. The company was spun out of
the University of Manchester in July 2007. During 2016, the company
enhanced its drug discovery engine through acquisitions and
continued to broaden its portfolio of proprietary drug programmes.
Approximately two-thirds of new drugs originate from smaller
biotech companies. C4X Discovery uses dynamic 3D molecular data to
select suitable drugs candidates. Its current key candidates
address addiction, diabetes, COPD, inflammation and
immuno-oncology.
Genedrive plc
Genedrive is a molecular diagnostics platform for the
identification and treatment of infectious diseases, human
genotyping, animal health, pathogen identification, and other
applications. In January 2017 Genedrive supplied units and assays
to the United States Department of Defense (DoD) for field trials
as part of its $7.8m development programme for a handheld device to
allow for the detection of biohazards. Development of a handheld
biohazard identifier continues. The company has also received CE
certification for its HCV ID Kit- the device allows for
decentralised testing of Hepatitis C (HCV), providing results
within 90 minutes direct from a small plasma sample (25ul). An
estimated 143 million people worldwide suffer from Hepatitis C with
an estimated 11 million new cases annually and 500,000 deaths. In
October 2017, the company announced a distribution agreement with
Sysmex Europe for use of the Genedrive HCV ID Kit and Genedrive
platform in the EMEA region with an initial focus on Africa.
MicroEnergy Generation Services Limited
Several factors have contributed to MicroEnergy's poor
performance of late: the wind resource has been lower than average
for three out of the last four quarters (it was 19% below the ten
year mean in the October to December 2016 quarter) and there have
been continuing inefficiencies due to technical issues with the
Chinese manufactured HY5 turbines that make up 23% of the fleet. An
adviser has been appointed to prepare the company for sale.
Origin Broadband Ltd
Origin Broadband is a provider of internet and phone services,
based in Yorkshire. Since Calculus Capital funds' first investment
in Origin in December 2016, the company has been extremely
successful in acquiring new residential customers, surpassing their
projected numbers by more than 300%. To help meet the exceptional
level of demand for the company's products and services, funds
managed by Calculus Capital have invested a further GBP2 million in
Origin in July 2017. This new round of funding will provide working
capital to support the significant level of customer
acquisition.
Park Street Shipping Limited
The company purchased a 2010 South Korean built Handysize dry
bulk vessel, the Nordic London, in February 2017 for $8.3m which
has been reregistered to the United Kingdom. MV Nordic London is
currently on charter with Danish shipping company Clipper. The
company continues to trade profitably, benefitting from a
recovering dry bulk market. An independent valuation by Clarksons
saw the vessel valued at $10-11m, already a significant increase on
our purchase price.
Pico's Limited ("Benito's Hat")
Benito's Hat is a Mexican-themed fast casual restaurant business
with six sites in London. The trading environment remains
challenging for the company. Tightening discretionary consumer
spending has impacted the restaurant sector. This trend is more
pronounced in London. Food, labour and property cost pressures
remain a challenge to the business. Notwithstanding these
challenges, the company has improved its conversion of sales to
profits. The company is due to open a new site within the Westgate
Shopping Centre, Oxford towards the end of the financial year.
Quai Administration Services Limited
Quai provides platform technology combined with back office
administration services for the high-volume personal savings
industry. Quai's platform administers thousands of individual
savings plans at a fraction of the cost incurred by established
insurance companies and wealth managers. In October 2016, Punter
Southall Aspire ("PSA"), the leading workplace pensions and savings
business, selected Quai as the out-sourced investment administrator
for its forthcoming Master Trust. At the same time PSA made a
strategic investment in Quai, taking a small minority stake. Beyond
the developing relationship with PSA, Quai has continued to win new
clients.
Scancell Holdings plc
Scancell is developing two distinct proprietary immunotherapy
platforms, ImmunoBody and Moditope, for the treatment of certain
hard-to-treat cancers. During 2017, unprecedented survival data in
patients with late stage malignant melanoma from treatment with
Immunobody's vaccine, SCIB1, provided the basis for the next stage
of clinical development. A phase II combination trial of SCIB1
together with Keytruda, a checkpoint inhibitor for late stage
melanoma, is on track to commence out of Massachusetts General
Hospital in Boston and include Harvard Medical School, MD Anderson,
Memorial Sloan Kettering and the Medical Oncology Division at the
University of Colorado. In parallel with the development of SCIB1,
Scancell is developing a second ImmunoBody therapeutic vaccine,
SCIB2, for the treatment of non-small cell lung cancer (NSCLC).
Meanwhile, more pre-clinical proof-of-concept studies have enhanced
the understanding and positioning of its Moditope platform, which
aims to exploit the normal immune response to stressed cells to
eradicate tumours. In September, the company presented data on
Moditope showing that it had a strong anti-tumour effect in
pancreatic, lung, ovarian and sarcoma models. In addition, Scancell
has identified a powerful adjuvant that enhances the body's immune
response in attacking the cancerous cells that allows up to
100-fold lower dose with the same efficacy. In October 2017,
Scancell announced the appointment of experienced biotech industry
executive, Dr Cliff Holloway, as Chief Executive Officer in a
further strengthening of the executive team.
Solab Group Limited
Solab has introduced several initiatives to increase revenues
further. The company had a difficult first half of 2017 but is
optimistic about the order book leading up to the Christmas season.
The Body Shop, which used to be a material client prior to its
acquisition by L'Oreal was bought by the Brazilian Natura
Cosmeticos in July 2017, providing an opportunity for Solab to
regain production business for The Body Shop.
Terrain Energy Limited
Terrain is seeking an exit event for its early investors in the
next 12 months, potentially by way of an AIM IPO. Brockham was
successfully drilled in early 2017 but there have been some delays
in testing and production due to a planning dispute at Brockham.
Initial results indicate that the well could be very productive
from the Kimmeridge clay, in line with the nearby Horse Hill-1 well
which had initial production of over 1600bopd. Work is underway to
increase production. A new well at Lidsey was spudded in
mid-September 2017.
The One Place Capital Limited ("Money Dashboard")
The company recently completed an oversubscribed GBP1.5m
fundraising round via the crowdfunding platform Crowdcube. Money
Dashboard continues to strengthen its user proposition and
developing its data insights product, with its latest funding round
being used to capitalise on the opportunity presented by the Open
Banking initiative.
Tollan Energy Limited
The system size changes required to meet the new Northern
Ireland regulations have been completed, meaning the fleet is now
compliant, albeit with slightly less capacity to generate
electricity. Ofgem is in the process of conducting an audit of the
company's Renewable Obligation Certificates (ROCs) following the
resize project and should be in a position to issue the 2016/7 ROCs
in November 2017. Following this the company can be marketed for
sale.
Venn Life Sciences plc
Venn Life Sciences is a Contract Research Organisation providing
drug development, clinical trial management and resourcing
solutions Europe-wide to pharmaceutical, biotechnology and medical
device organisations. 2017 H1 results saw sales of EUR9.15m and
EBITDA of EUR0.41m. Going forward, we expect improving
profitability as the company consolidates its operations and sees
the benefits of long term contracts in its order book. Venn is
quoted on the Alternative Investment Market and we do not believe
that Venn's achievements to date and potential are yet reflected in
the company's share price based on comparable multiples prevailing
in the sector.
Weeding Technologies Limited
Weedingtech is a cleantech company focused on replacing toxic
herbicides, particularly in the municipal market, but with
potential in the agricultural and domestic markets. Weedingtech's
technology treats weed and moss using environmentally friendly hot
foam (which keeps the heat on long enough to kill the weed or
moss). Increasingly, governments and regulators around the world
are considering, or are already, banning the use of certain
chemical herbicides (e.g. glyphosate, as used in Roundup).
Weedingtech was included in the Sunday Times fast track 100 in
September.
Developments since the period end
In September 2017, GBP150,000 was invested in a Cheshire based,
research and development company, Arcis Biotechnology Holdings
Limited. Arcis uses its technology platform to develop innovative
products in DNA extraction and agriculture.
Also in September 2017, the Company acquired all the assets of
Neptune-Calculus Income and Growth VCT. As part of this
transaction, holdings in four quoted companies were acquired: C4X
Discovery Holdings plc, Genedrive plc, Infrastrata plc and Scancell
Holdings plc. Holdings in nine unquoted companies were also
acquired: Air Leisure Group Limited, Arcis Biotechnology Holdings
Limited, MCD Ventures Limited, MicroEnergy Generation Services
Limited, Origin Broadband Limited, Solab Group Limited, Synpromics
Limited, Terrain Energy Limited and Weeding Technologies Limited.
Of the holdings acquired, Infrastrata plc, Arcis Biotechnology
Holdings Limited, MCD Ventures Limited, and Synpromics Limited were
companies new to Calculus VCT.
Calculus Capital Limited
23 October 2017
INVESTMENT PORTFOLIO AS AT 31 AUGUST 2017
- TOTAL FUND
% of Net Assets
Unquoted - loan stock 5%
Quoted and unquoted - ordinary
and preference shares 29%
Unquoted - liquidity funds 34%
Net current assets 32%
-------------------------------- -----
100%
Asset class - % of Portfolio
Quoted and unquoted - Qualifying
Investments 50%
Unquoted - other non-Qualifying
Investments 50%
------------------------------------ -------------------
100%
Nature of Book Valuation % of
Cost
Company Business GBP'000 GBP'000 Portfolio
---------------------------------- --------------------- -------- ---------- ----------
Qualifying Investments
Air Leisure Group Sports, Travel
Limited & Leisure 100 100 2
AnTech Limited Oil services 270 292 6
Blu Wireless Technology Technology
Limited Hardware 150 150 3
C4X Discovery Holdings
plc Pharma Services 75 57 1
Cornerstone Brands
Limited E-commerce 150 150 3
Genedrive plc Biotech 75 30 1
MicroEnergy Generation
Services Limited Energy 123 123 2
Origin Broadband
Ltd Telecommunications 100 126 2
Park Street Shipping
Limited Shipping 150 190 4
Pico's Limited Leisure 50 52 1
Quai Administration
Services Limited Technology 220 220 4
Scancell Holdings
plc Biotech 115 103 2
Solab Group Limited Cosmetics 230 252 5
Oil and gas
Terrain Energy Limited production 300 365 7
The One Place Capital
Limited Personal Finance 127 127 2
Tollan Energy Limited Energy 123 123 2
Venn Life Sciences
Holdings plc Clinical research 55 39 1
Weeding Technologies Technology
Limited Hardware 100 117 2
---------------------------------- --------------------- -------- ---------- ----------
Total Qualifying
Investments 2,513 2,616 50
Other non-Qualifying
Investments
---------------------------------- --------------------- -------- ---------- ----------
Aberdeen Sterling
Liquidity Fund Liquidity fund 882 882 17
Fidelity Liquidity
Fund Liquidity fund 881 882 17
Goldman Sachs Sterling
Liquidity Fund Liquidity fund 880 880 16
----------------------------------- -------------------- -------- ---------- ----------
Total Other non-Qualifying
Investments 2,643 2,644 50
------------------------------------ ------------------- -------- ---------- ----------
Total Investments 5,156 5,260 100
Net Current Assets
less Creditors due
after one year 2,466
------------------------------------ ------------------- -------- ---------- ----------
Net Assets 7,726
------------------------------------ ------------------- -------- ---------- ----------
PRINCIPAL RISKS
The principal risks facing the Company remain the same as those
detailed on pages 18 to 19 of the Annual Report and Accounts for
the year ended 28 February 2017.
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 half-yearly financial report, which has not been audited or
reviewed by the Company's auditors 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 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 2017.
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:
Michael O'Higgins
Kate Cornish-Bowden
Steve Meeks
Diane Seymour-Williams (Appointed 13 September 2017)
John Glencross
By order of the Board
Michael O'Higgins
Chairman
23 October 2017
CONDENSED INCOME STATEMENT
FOR THE PERIOD FROM 1 MARCH 2017 TO 31 AUGUST 2017
(UNAUDITED)
6 Months Ended 6 Months Ended 12 Months Ended
31 August 2017 31 August 2016 28 February 2017*
Revenue Capital Revenue Capital Revenue Capital
Return Return Total Return Return Total Return Return Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Investment
holding
gains 8 - 165 165 - 315 315 - 70 70
Loss on
disposal
of
investments 8 - (181) (181) - (369) (369) - (214) (214)
Income 27 - 27 37 - 37 62 - 62
Investment
management
fee (18) (52) (70) (7) (20) (27) (16) (47) (63)
Other
operating
expenses (157) - (157) (85) - (85) (193) - (193)
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Loss on
ordinary
activities
before
taxation (148) (68) (216) (55) (74) (129) (147) (191) (338)
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Taxation on 3 - - - - - - - - -
ordinary
activities
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Loss for the
period (148) (68) (216) (55) (74) (129) (147) (191) (338)
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Basic and
diluted
earnings
per new
Ordinary
share 2 (1.7)p (0.8)p (2.5)p - - - - - -
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Basic and
diluted
earnings
per D
share - - - (1.4)p (0.7)p (2.1)p (3.1)p (3.5)p (6.6)p
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Basic and
diluted
earnings
per C
share - - - (0.8)p 3.2p 2.4p (1.8)p 2.6p 0.8p
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
Basic and
diluted
earnings
per
original
ordinary
share - - - (0.4)p (2.6)p (3.0)p (0.6)p (3.1)p (3.7)p
------------- ----- ---------- ---------- -------- ---------- ---------- -------- ---------- -------- --------
* These figures are audited. The figures in the columns
represent the Total Comprehensive Income Statement of the ordinary
Share Fund, C Share Fund and the D Share Fund prior to the merger
of the share classes and of the only Fund after the merger of the
share classes. 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 share classes
merged on 1 August 2017 and all share classes were named Ordinary
shares. As a result of different ratios used to equalise the
classes, the prior period basic and diluted earnings per share
figures are not directly comparable with the basic and diluted
earnings per Ordinary share in existence following the merger
calculated on the basis shown in note 2. The notes form an integral
part of these condensed financial statements.
CONDENSED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD FROM 1 MARCH 2017 TO 31 AUGUST 2017
(UNAUDITED)
Non-distributable Distributable
reserves reserves
Share Capital Capital
Share Premium Special Reserve Reserve Revenue
Capital Account Reserve Realised Unrealised Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- -------- --------- ----------- -------- --------
For the 6 month period
to 31 August 2017
1 March 2017 141 7,046 1,277 725 (61) (705) 8,423
Investment holding gains - - - - 165 - 165
Loss on disposal of investments - - - (181) - - (181)
New D share issue 2 153 - - - - 155
Expenses of D share issue - (9) - - - - (9)
Purchase of shares for
cancellation (55) - 55 - - - -
Management fee allocated
to capital - - - (52) - - (52)
Change in accrual in
IFA Commission - (26) - - - - (26)
Revenue return on ordinary
activities after tax - - - - - (148) (148)
Dividend paid (note 9) - - (601) - - - (601)
--------------------------------- -------- -------- -------- --------- ----------- -------- --------
31 August 2017 88 7,164 731 492 104 (853) 7,726
--------------------------------- -------- -------- -------- --------- ----------- -------- --------
For the 6 month period
to 31 August 2016
1 March 2016 66 - 2,615 986 (131) (558) 2,978
Investment holding gains - - - - 315 - 315
Loss on disposal of investments - - - (369) - - (369)
New share issue 18 1,848 - - - - 1,866
Expenses on share issue - (63) - - - - (63)
Management fee allocated
to capital - - - (20) - - (20)
Revenue return on ordinary
activities after tax - - - - - (55) (55)
Dividend paid - - (87) - - - (87)
--------------------------------- -------- -------- -------- --------- ----------- -------- --------
31 August 2016 84 1,785 2,528 597 184 (613) 4,565
--------------------------------- -------- -------- -------- --------- ----------- -------- --------
For the 12 months ended
28 February 2017*
1 March 2016 66 - 2,615 986 (131) (558) 2,978
Investment holding gains - - - - 70 - 70
Loss on disposal of investments - - - (214) - - (214)
New share issue 75 7,420 - - - - 7,495
Expense of share issue - (374) - - - - (374)
Management fee allocated
to capital - - - (47) - - (47)
Revenue return after
tax - - - - - (147) (147)
Dividends paid - - (1,338) - - - (1,338)
--------------------------------- -------- -------- -------- --------- ----------- -------- --------
28 February 2017 141 7,046 1,277 725 (61) (705) 8,423
--------------------------------- -------- -------- -------- --------- ----------- -------- --------
* These figures are audited.
CONDENSED BALANCE SHEET
AS AT 31 AUGUST 2017
(UNAUDITED)
31 August 31 August 28 February
2017 2016 2017*
Note GBP'000 GBP'000 GBP'000
---------------------------------- ----- ---------- ---------- -----------------------------
Total
Fixed assets
Investments 8 5,260 4,440 4,906
---------------------------------- ----- ---------- ---------- -----------------------------
Current assets
Debtors 22 36 14
Cash at bank and on deposit 2,652 221 3,782
---------------------------------- ----- ---------- ---------- -----------------------------
2,674 257 3,796
---------------------------------- ----- ---------- ---------- -----------------------------
Creditors: amounts falling
due within one year
Creditors (185) (119) (279)
Bank overdraft - (13) -
---------------------------------- ----- ---------- ---------- -----------------------------
(185) (132) (279)
Net current assets 2,489 125 3,517
---------------------------------- ----- ---------- ---------- -----------------------------
Non-current liabilities
IFA trail commission (23) - -
---------------------------------- ----- ---------- ---------- -----------------------------
Total net assets 7,726 4,565 8,423
---------------------------------- ----- ---------- ---------- -----------------------------
Capital and reserves
Called-up share capital 6 88 84 141
Share premium account 7,164 1,785 7,046
Special reserve 731 2,528 1,277
Capital reserve - realised 492 597 725
Capital reserve - unrealised 104 184 (61)
Revenue reserve (853) (613) (705)
---------------------------------- ----- ---------- ---------- -----------------------------
Total shareholders' funds 7,726 4,565 8,423
---------------------------------- ----- ---------- ---------- -----------------------------
Net asset value per new Ordinary
share - basic 4 87.5p - -
---------------------------------- ----- ---------- ---------- -----------------------------
Net asset value per D share-
basic - 97.6p 92.4p
---------------------------------- ----- ---------- ---------- -----------------------------
Net asset value per C share-
basic - 75.1p 26.0p
---------------------------------- ----- ---------- ---------- -----------------------------
Net asset value per original
ordinary share - basic - 28.4p 20.6p
---------------------------------- ----- ---------- ---------- -----------------------------
* These figures are audited. The comparative figure columns of
these statements represent the total assets and liabilities of the
ordinary Share Fund, C Share Fund and the D Share Fund. The share
classes merged on 1 August 2017 and all share classes were named
Ordinary shares. As a result of different ratios used to equalise
the classes, the prior period net asset values per share per share
are not directly comparable with the net asset values per Ordinary
share following the merger of the classes. The notes form an
integral part of these condensed financial statements.
CONDENSED STATEMENT OF CASH FLOW
FOR TO THE PERIOD FROM 1 MARCH 2017 TO 31 AUGUST 2017
(UNAUDITED)
6 Months 6 Months 12 Months
Ended Ended Ended
31 August 31 August 28 February
2017 2016 2017*
Note GBP'000 GBP'000 GBP'000
----------------------------------- ----- ---------- -------------------------------------- ------------
Total
Cash flow from operating
activities
Investment income received 25 35 59
Deposit interest received 1 1 1
Investment management fees
(paid)/refunded (33) 6 (40)
Other cash payments (138) (33) (107)
----------------------------------- ----- ---------- -------------------------------------- ------------
Net cash flow from operating
activities 5 (145) 9 (87)
----------------------------------- ----- ---------- -------------------------------------- ------------
Cash flow from investing
activities
Purchase of investments (370) (1,565) (3,561)
Sale of investments - - 1,440
----------------------------------- ----- ---------- -------------------------------------- ------------
Net cash flow from investing
activities (370) (1,565) (2,121)
----------------------------------- ----- ---------- -------------------------------------- ------------
Cash flow from financing
activities
Shares issued 105 1,865 7,546
Expenses of share issues (119) (63) (267)
Equity dividend paid 9 (601) (87) (1,338)
----------------------------------- ----- ---------- -------------------------------------- ------------
Net cash flow from financing
activities (615) 1,715 5,941
----------------------------------- ----- ---------- -------------------------------------- ------------
(Decrease)/increase in cash
and cash equivalents (1,130) 159 3,733
----------------------------------- ----- ---------- -------------------------------------- ------------
Opening cash and cash equivalents 3,782 49 49
Net cash (decrease)/increase (1,130) 159 3,733
Closing cash and cash equivalents 2,652 208 3,782
----------------------------------- ----- ---------- -------------------------------------- ------------
* 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 28 February 2017, and in
accordance with FRS 104. The statutory financial statements for the
year ended 28 February 2017, 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 2017 31 August 2016 28 February
2017
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence Pence pence
--------------- -------- -------- ------ -------- -------- ------ -------- -------- ------
Return
per Ordinary
share (1.7) (0.8) (2.5) - - - - - -
Return
per D
share - - - (1.4) (0.7) (2.1) (3.1) (3.5) (6.6)
Return
per C
share - - - (0.8) 3.2 2.4 (1.8) 2.6 0.8
Return
per original
ordinary
share - - - (0.4) (2.6) (3.0) (0.6) (3.1) (3.7)
--------------- -------- -------- ------ -------- -------- ------ -------- -------- ------
New Ordinary shares
From 1 March to 31 July 2017 the Company's share capital
comprised ordinary shares, C shares and D shares. On 1 August 2017
the share classes were merged to create one class of Ordinary
shares as described in note 5. One Ordinary share was calculated to
be equivalent to 0.1442 ordinary shares or 0.2435 C shares or one D
share (the merger ratios). To calculate a return per Ordinary share
for the period 1 March to 31 July 2017, it is not considered
meaningful to treat an ordinary share or a C share as equal to an
Ordinary share nor to treat the share classes as equal to each
other as the shares were represented by differing amounts of assets
generating different returns. Accordingly for this period the
number of Ordinary shares has been taken to be the equivalent
number of Ordinary shares which each share class represented on the
basis of the merger ratios. Throughout the period 1 March to 31
July 2017 the number of original ordinary shares was 4,738,463
equivalent to 683,243 Ordinary Shares and the number of C shares
was 1,931,095 equivalent to 470,197 Ordinary shares. 7,511,697 D
shares (equivalent to 7,511,697 Ordinary shares) were in existence
at 1 March 2017 and a further 160,810 D shares (equivalent to
160,810 Ordinary Shares) were issued on 7 April 2017. On this
basis, the weighted average number of Ordinary Shares for the
period 1 March to 31 August was 8,793,610 Ordinary shares.
Revenue return per Ordinary share is based on the net revenue
loss on ordinary activities after taxation of GBP147,864 and on
8,793,610 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 GBP68,572 and on 8,793,610 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 GBP216,436 and on 8,793,610
Ordinary shares, being the weighted average number of Ordinary
shares in issue during the period.
D shares
Previously reported revenue return per D share for the 6 months
to 31 August 2016 (year to 28 February 2017) is based on the net
revenue loss after taxation of GBP22,018; (28 February 2017:
GBP83,062) and on 1,624,171 (28 February 2017: 2,720,280) D shares,
being the weighted average number of D shares in issue during the
period.
Previously reported capital return per D share for the 6 months
to 31 August 2016 (year to 28 February 2017) is based on the net
capital loss for the period of GBP11,767; (28 February 2017:
GBP95,039) and on 1,624,171; (28 February 2017: 2,720,280) D
shares, being the weighted average number of D shares in issue
during the period.
Previously reported total return per D share for the 6 months to
31 August 2016 (year to 28 February 2017) is based on the total
loss on D share for the period of GBP33,785 (28 February 2017:
GBP178,101) and on 1,624,171; (28 February 2017: 2,720,280) D
shares, being the weighted average number of D shares in issue
during the period.
C shares
Previously reported revenue return per C share for the 6 months
to 31 August 2016 (year to 28 February 2017) is based on the net
revenue loss after taxation of GBP15,102; (28 February 2017:
GBP33,187) and on 1,931,095 (28 February 2017: 1,931,095) C shares,
being the weighted average number of C shares in issue during the
period.
Previously reported capital return per C share for the 6 months
to 31 August 2016 (year to 28 February 2017) is based on the net
capital gain for the period of GBP61,283 (28 February 2017:
GBP49,541) and on 1,931,095 (28 February 2017: 1,931,095) C shares,
being the weighted average number of C shares in issue during the
period.
Previously reported total return per C share for the 6 months to
31 August 2016 (year to 28 February 2017) is based on the total
gain for the period of GBP46,181 (28 February 2017: GBP16,354) and
on 1,931,095 (28 February 2017: 1,931,095) C shares, being the
weighted average number of C shares in issue during the period.
Original ordinary shares
Previously reported revenue return per original ordinary share
for the 6 months to 31 August 2016 (year to 28 February 2017) is
based on the net revenue loss after taxation of GBP16,875; (28
February 2017: GBP30,481) and on 4,738,463 (28 February 2017:
4,738,463) original ordinary shares, being the weighted average
number original ordinary shares in issue during the period.
Previously reported capital return per original ordinary share
for the 6 months to 31 August 2016 (year to 28 February 2017) is
based on the net capital gain for the period of GBP124,299 (28
February 2017: GBP145,957) and on 4,738,463 (28 February 2017:
4,738,463) original ordinary shares, being the weighted average
number original ordinary shares in issue during the period.
Previously reported total return per original ordinary share for
the 6 months to 31 August 2016 (year to 28 February 2017) is based
on the total loss for the period of GBP141,174 (28 February 2017:
GBP176,438) and on 4,738,463 (28 February 2017: 4,738,463) original
ordinary shares, being the weighted average number original
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 28 February
2017 2016 2017
pence Pence Pence
------------------------------ ----------- ---------- ------------
Net asset value per new 87.5 - -
Ordinary share
Net asset value per D
share - 97.6 92.4
------------------------------ ----------- ---------- ------------
Net asset value per C
share - 75.1 26.0
------------------------------ ----------- ---------- ------------
Net asset value per original
ordinary share - 28.4 20.6
------------------------------ ----------- ---------- ------------
The basic net asset value per new Ordinary share is based on net
assets (including current period revenue) of GBP7,726,207 and on
8,825,947 new Ordinary shares, being the number of new Ordinary
shares in issue at the period end.
The previously reported basic net asset value per D share as at
31 August 2016 (28 February 2017) is based on net assets of
GBP1,769,084 (28 February 2017: GBP6,942,952) and on 1,812,084 (28
February 2017:7,511,697) D shares, being the number of D shares in
issue at the period end.
The previously reported basic net asset value per C share as at
31 August 2016 (28 February 2017) is based on net assets of
GBP1,451,482 (28 February 2017: GBP502,438) and on 1,931,095 (28
February 2017: 1,931,095) C shares, being the number of C shares in
issue at the period end.
The previously reported basic net asset value per original
ordinary share as at 31 August 2016 (28 February 2017) is based on
net assets of GBP1,344,655 (28 February 2017: GBP977,699) and on
4,738,463 (28 February 2017: 4,738,463) original ordinary shares,
being the number of original 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 28 February
2017 2016 2017
GBP'000 GBP'000 GBP'000
----------------------------- ---------- ---------- ------------
Ordinary Share Fund
Loss on ordinary activities
before tax (216) (129) (338)
Loss on investments 16 54 144
(Increase)/decrease in
debtors (8) 49 71
(Decrease)/increase in
creditors (94) 34 36
D share issue costs 157 - -
----------------------------- ---------- ---------- ------------
Cash flow from operating
activities (145) 8 (87)
----------------------------- ---------- ---------- ------------
6. Called up share capital
31 August
2017
Number GBP'000
---------------------------- ---------- ----------
Ordinary shares of 1p each 8,825,947 88
In April 2017 the Company issued 160,810 D shares for a total
consideration of GBP155,005.
The D shares that were issued prior to 1 January 2017 ranked for
the dividend of 4.25 pence per share that was paid on 1 September
2017. The D shares subscribed for after 1 January 2017 were not
eligible for any dividends declared in respect of the Company's
year ended 28 February 2017.
On 31 July 2017, based on adjusted net asset value per share of
the respective share classes at 28 February 2017, it was calculated
that 1 D share was equivalent to 0.1442 ordinary shares and 0.2435
C shares. The 4,738,463 ordinary shares in issue at that date were
therefore equivalent to 683,243 D shares and the 1,931,095 C shares
were equivalent to 470,197 D shares.
To effect the merger of the classes, on 1 August 2017 the
Company converted 4,055,220 ordinary shares of 1p and 1,460 898 C
shares of 1p into 4,055,220 deferred shares of 1p and 1,460,898
deferred shares of 1p respectively to create a total of 5,516,118
deferred shares of 1p each leaving 683,243 ordinary shares and
470,197 C shares. On the same day the C shares were renamed
ordinary shares and the D shares were renamed Ordinary shares. On
17 August 2017 the 5,516,118 deferred shares were re purchased by
the Company for cancellation for a total cost of 1 penny.
The above results in 8,825,947 Ordinary shares being in issue as
at 31 August 2017.
7. Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities in
existence at 31 August 2017 (31 August 2016: GBPnil, 31 December
2016: GBPnil).
8. Fair Value Hierarchy
As required by Financial Reporting Standard 29 'Financial
Instruments: Disclosures' (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, the
measurement bases are categorised 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 Level Level Total
1 2 3
GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- --------
Ordinary Share Fund
Opening book cost 2,963 - 2,004 4,967
Opening unrealised
(depreciation)/appreciation (69) - 8 (61)
-------- -------- -------- --------
Opening valuation 2,894 - 2,012 4,906
-------- -------- -------- --------
Movements in the period:
Purchase at cost - - 370 370
Sales - proceeds - - - -
Sales - realised losses
on sales - - (181) (181)
Unrealised losses
realised during the
period - - 181 181
Decrease in unrealised
(depreciation)/appreciation (21) - 5 (16)
-------- -------- -------- --------
Closing valuation 2,873 - 2,387 5,260
-------- -------- -------- --------
Closing book cost 2,963 - 2,193 5,156
Closing unrealised
(depreciation)/appreciation (90) - 194 104
-------- -------- -------- --------
Closing valuation 2,873 - 2,387 5,260
-------- -------- -------- --------
9. Dividends
For the year to 28 February 2017, the C Share Fund declared a
special dividend of 3p per C share on 1,931,095 shares amounting to
GBP57,933. The dividend was paid on 16 June 2017 to C shareholders
on the register at 19 May 2017.
For the year to 28 February 2017, a special dividend of 7p per
original ordinary share was paid on 4,738,463 shares amounting to
GBP331,692. The dividend was paid on 16 June 2017 to original
ordinary shareholders on the register at 19 May 2017.
The final dividend for 2017 of 4.25p was paid to eligible
Ordinary shareholders amounting to GBP211,097 on 1 September
2017.
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, one of the Company's Investment Managers.
Calculus Capital Limited receives an investment manager's fee
from the Company. For the 6 months to 31 August 2017, Calculus
Capital Limited earned GBP69,732 (31 August 2016: GBP26,522; 28
February 2017: GBP62,838). Calculus Capital Limited also earned a
company secretarial fee of GBP9,000 (31 August 2016: GBP9,001; 28
February 2017: GBP18,251).
Calculus Capital Limited has taken on the expenses cap from 15
December 2015. For the 6 months to 31 August 2017, Calculus Capital
contributed GBPnil (31 August 2016: GBP25,506; 28 February 2017:
GBP20,492).
At 31 August 2017, there was GBP78,732 owed to Calculus Capital
Limited (31 August 2016: GBP42,972; 28 February 2017:
GBP37,449).
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, the Company's Investment Manager. He does not
receive any remuneration from the Company. He is a director of
Terrain Energy Limited.
Calculus Capital Limited receives a fee from certain portfolio
companies. In the year the 31 August 2017, Calculus Capital charged
a monitoring fee to Air Leisure Group Limited, Antech Limited,
Origin Broadband Limited, Park Street Shipping Limited, Solab Group
Limited, MicroEnergy Generation Services Limited, Quai
Administration Services Limited, Terrain Energy Limited, The One
Place Capital Limited, Tollan Energy Limited and Weeding
Technologies Limited.
Calculus Capital charged a fee for the provision of a director
to Air Leisure Group Limited, Origin Broadband Limited, Pico's
Limited, Terrain Energy Limited, The One Place Capital Limited and
Weeding Technologies Limited.
Calculus Capital Limited also charged Terrain Energy Limited for
the provision of office support services.
The amount received by Calculus Capital which relates to the
Company's investment was GBP486 (28 February 2017: GBP948; 31
August 2016: GBP474) from Antech Limited, GBP887 (28 February 2017:
GBP1,479; 31 August 2016: GBP1,000) from Solab Group Limited,
GBP788 (28 February 2017: GBP1,554; 31 August 2016: GBP774) from
MicroEnergy Generation Services Limited, GBP159 (28 February 2017:
GBP389; 31 August 2016: GBP156) from Pico's Limited, GBP2,671 (28
February 2017: GBP924; 31 August 2016: GBP520) from Quai
Administration Services Limited, GBP415 (28 February 2017: GBP802;
31 August 2016: GBP368) from Terrain Energy Limited, GBP568 (28
February 2017: GBP817; 31 August 2016: GBP419) from The One Place
Capital Limited, GBP822 (28 February 2017: GBP1,611; 31 August
2016: GBP803) from Tollan Energy Limited, GBP667 (28 February 2017:
GBP3,000 ;31 August 2016: GBPnil) from Air Leisure Group Limited,
GBP2,259 (28 February 2017: GBP3,000; 31 August 2016: GBPnil) from
Origin Broadband Limited, GBP357 (28 February 2017: GBP4,500; 31
August 2016: GBPnil) from Park Street Shipping Limited, GBP667 (28
February 2017: GBP3,000; 31 August 2016: GBPnil) from Weeding
Technologies Limited, GBP5,172 (28 February 2017: GBPnil; 31 August
2016: GBPnil) from Blu Wireless Technology Limited and GBP4,500 (28
February 2017: GBPnil; 31 August 2016: GBPnil) from Cornerstone
Brands Limited (all excluding VAT).
12. Post balance sheet events
After the year end the Company issued 2,511,180 Ordinary shares
to acquire the assets and liabilities of Neptune-Calculus Income
and Growth VCT plc which were valued at GBP2,201,300. There are no
other post balance sheet events to report.
COMPANY INFORMATION
Directors Fund Administrator
Michael O'Higgins (Chairman) Capita Sinclair Henderson
Limited
Kate Cornish-Bowden (Trading as Capita
Asset Services)
John Glencross Beaufort House
Steven Meeks 51 New North Road
Diane Seymour-Williams Exeter EX4 4EP
Registered Office Auditors
104 Park Street Grant Thornton UK LLP
London 30 Finsbury Square
W1K 6NF London EC2P 2YU
Telephone: 020 7493 4940
Sponsor and Broker
Company Number Nplus1 Singer Advisory
LLP
07142153 One Hanover Street
London W1S 1YZ
Venture Capital Investments Registrars
Manager
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
Legal Entity Identifier: 2138005SMDWLMMNPVA90
Printed copies of the Calculus VCT plc Half Yearly Report for
the six months ended 31 August 2017 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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