TIDMNEP TIDMTTM
RNS Number : 0316W
Neptune-Calculus Income &Growth VCT
13 August 2015
Neptune-Calculus Income and Growth VCT plc
Half-Yearly Report for the six months ended 30 June 2015
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
the Alternative Investment Market ('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
('Calculus'), 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.
Financial highlights
Six months
to
30 June
2015
-------------------------------------- ----------
Return per Ordinary Share 2.0 p
-------------------------------------- ----------
Net asset value per Ordinary Share 46.6 p
-------------------------------------- ----------
Cumulative dividends paid per Ordinary
Share 32.5 p
-------------------------------------- ----------
Accumulated shareholder value 79.1 p
-------------------------------------- ----------
Proposed interim dividend 1.5 p
-------------------------------------- ----------
Accumulated shareholder value represents net asset value per
share plus cumulative dividends paid per share.
As at
31 July
2015 *
----------------------------------- --------
Net asset value per Ordinary Share+ 45.4 p
----------------------------------- --------
*Being the latest practicable date prior to publication.
+Including current period revenue.
CHAIRMAN'S STATEMENT
I am pleased to present your Company's results for the six
months ended 30 June 2015. The portfolio saw an increase in value
over the period on a like-for-like basis and the Company paid 7p
per share in dividends to shareholders. A special dividend of 5p
per share was paid in March 2015 from the proceeds of the sale of
Waterfall Services Limited received in December 2014 and the 2014
final dividend of 2 pence per share was paid In June 2015. After
payment of these dividends net assets per Ordinary Share on 30 June
2015 were 46.6 pence per share compared with 51.6 pence per share
as at 31 December 2014. The dividend payments took the total
cumulative dividends paid on the Ordinary Shares since inception to
32.5 pence per share.
Our qualifying investments, which include both unquoted and AIM
companies, are managed by Calculus. Over the period under review,
the overall value the unquoted portfolio increased by 10 per cent
during the period principally due to an increase in the value of
Terrain Energy Limited ('Terrain'). The value of the quoted
companies decreased on a like-for-like basis by approximately 2.4
per cent, compared with an Increase in the AIM market of 7.6 per
cent mainly due to a fall in the share price of Epistem Holdings
plc ('Epistem').
During the period the Company increased its holding of Hampshire
Cosmetics Limited ('Hampshire') by subscribing for 5556 ordinary
shares at a total cost of GBP10,000 and GBP140,000 qualifying loan
stock acquired at par. It also made a GBP150,000 non qualifying
loan stock investment in MicroEnergy Generation Services Limited
('MicroEnergy') to acquire additional installed turbines. The
GBP135,000 secured short term loan facility made available to
Hembuild Group Limited (previously called Lime Technology Limited)
('Hembuild Group') was repaid and a further GBP100,000 was received
from redemptions of Hembuild Group loan stocks. Further details are
disclosed in the Investment Manager's Report.
Our non-qualifying investments principally comprise holdings in
the Neptune Income Fund and Neptune Quarterly Income Fund which
increased by 2.2 per cent on a like for like basis over the period.
At 30 June 2015, the Company also held certain investments in
portfolio companies which are non-qualifying and GBP3,000 in cash
funds, as shown in the Investment Portfolio.
A more detailed analysis of qualifying investment performance
can be found in the Investment Manager's Review following this
statement.
Developments since the period end
In July 2015, the Company received payment for all of its
remaining loan facility to Triage Holdings Limited ('Triage') at
its carrying value of approximately GBP64,000.
Dividends
In line with our policy of maximising tax-free dividends to
shareholders, the Directors are pleased to declare an interim
dividend of 1.5 pence per Ordinary Share, payable on 14 October
2015 to shareholders on the register on 18 September 2015.
Outlook
There are signs of a strengthening economy and we believe the
investments in the portfolio are well placed to benefit from
improving conditions.
Philip Stephens
Chairman
13 August 2015
INVESTMENT MANAGER'S REVIEW (QUALIFYING INVESTMENTS)
Calculus advises the Company in respect of qualifying
investments made by the Company.
Portfolio developments
At 30 June 2015 the portfolio of qualifying investments
comprised 12 companies made up of both AIM quoted and unquoted
stocks. The Company continues to meet the requirements for approved
VCT status.
At 30 June 2015, the value of the unquoted portfolio was GBP2.4m
and increased by 10.0 per cent on a like for like basis principally
due to an increase in the carrying value of Terrain during the
period.
Terrain has interests in ten petroleum licences; Keddington;
Kirklington; Dukes Wood; Burton on the Wolds in the East Midlands;
Larne and P2123 in Northern Ireland; Brockham and Lidsey in the
Weald Basin; and Egmating (formerly Bruckmuhl) and Starnberger See
in Germany. Terrain is currently producing from wells at Keddington
and Brockham and will produce from its recently acquired interest
in the Lidsey oil field as soon as consent is received from the
Secretary of State which is expected in August 2015.
Permission to drill has now been confirmed for an exploration
well on the Larne licence, with the proposed drilling start date in
October 2015. Work continues on Terrain's German licences where
existing seismic and well data is being reprocessed and
re-interpreted in order to identify the location of remaining
conventional oil and gas reserves. This has been supplemented by a
gravity survey which recently completed. The increase in valuation
reflects the increased reserves due to the Lidsey acquisition and
the reduction in risk of drilling at Larne.
MicroEnergy owns and operates a fleet of 168 small onshore wind
turbines (<5kW) installed on farm land in East Anglia and
Yorkshire. Revenues from the fleet of turbines come from two
sources, both of which are inflation protected, being directly
linked to RPI. In May 2015, the Company made available a GBP150,000
non qualifying short term loan facility to MicroEnergy to enable
fifteen installed turbines to be acquired for a total consideration
of approximately GBP225,000 MicroEnergy is cash generative and
expects to be in a position to repay in full this loan within six
months.
A further GBP150,000 of qualifying investments were made in
Hampshire in June 2015 in the form of GBP140,000 loan stock and
GBP10,000 in ordinary shares. Hampshire develops and manufactures a
comprehensive range of products covering fragrances, body
treatments, skincare and shampoos and has been focussing on
diversifying its customer and product base, including creating own
brands.
Hembuild Group has restructured its business. Its lime renders
and mortars business which accounted for 16.6% of turnover was sold
to The Lime Mortar and Render Company, a company in which funds
managed by Calculus Capital have invested, and its external and
internal wall insulation business has been closed. This allows the
business to focus on the manufacturing of hemp-based prefabricated
wall panels. A short term loan facilty of GBP135,000 made available
to Hembuild Group has been repaid and a further GBP100,000 net has
been received from the redemption of other long term loan stocks.
The terms of the remaining loan stocks have been renegotiated.
The remaining unquoted companies in the portfolio have performed
broadly in line with expectations.
At 30 June 2015, the value of the quoted portfolio was
GBP550,000 and decreased by 2.4 per cent on a like for like basis
compared with an increase in the AIM market of 7.7 per cent. This
performance is principally due to a decrease in the share price of
Epistem which is still valued at over twice initial cost.
The share price does not reflect the underlying progress of the
company. Epistem is developing a handheld molecular diagnostic
instrument, Genedrive for infectious diseases, which generates
results in 30-60 minutes. Indian regulatory approval was received
in April to distribute Genedrive in the Indian Market to diagnose
tuberculosis (TB). India has the highest level of TB cases in the
world with World Health Organisation (WHO) statistics for 2013
giving an estimated 2 million cases annually out of a global level
of 9 million. Epistem won the British Venture Capital Association's
North West regional award for innovation 2015.
The other quoted company in the portfolio is Infrastrata plc
("Infrastrata") is an independent petroleum exploration and gas
storage company. The company has three key projects: exploration
and gas storage in Northern Ireland, and exploration in Dorset. In
June the company announced that drilling and data gathering
operations had been concluded at the Islandmagee-1 well in Northern
Ireland. and that the first phase of the 2015 work programme had
confirmed expectations and been completed successfully.
Developments since the period end
The Company's holding of ordinary shares and preference shares
in Triage were sold in July 2014 and GBP10,000 of its loan facility
was repaid. The remaining loan facility was due to be repaid in two
equal annual tranches in 2015 and 2016, but In July this year the
whole remaining balance of approximately GBP64,000 was repaid.
There have been no other significant developments since the year
end
John Glencross
Calculus Capital Limited
13 August 2015
INVESTMENT PORTFOLIO
The ten largest holdings by value are included below:
Percentage
Cost Valuation of portfolio
GBP GBP %
AIM investments (quoted equity)
EpiStem Holdings plc* 251,261 535,732 12.56
Other AIM investments* 450,939 10,422 0.24
Unquoted equity investments
Terrain Energy Limited* 413,633 949,157 22.26
RMS Group Holdings Limited 100,044 598,717 14.04
Hembuild Group Limited* 234,285 32,365 0.76
Human Race Group Limited 100,000 100,000 2.35
Hampshire Cosmetics Limited 35,000 42,168 0.99
Other unquoted equity investments* 1,312,493 80,150 1.88
Unquoted bonds
Human Race Group Limited loan
stock 300,000 300,000 7.04
Hampshire Cosmetics Limited
loan stock 215,000 215,000 5.04
Hembuild Group Limited loan
stock* 235,000 176,250 4.13
Triage Holdings Limited loan
stock# 64,280 64,280 1.51
Dryden Human Capital Group
Limited loan stock 25,000 25,000 0.59
MicroEnergy Generation Services
Limited Loan stock# 150,000 150,000 3.52
Other unquoted loan notes 696,436 0 0.00
Non-qualifying equity investments
and loan stock* # (536,148) (222,887) (5.23))
Total qualifying investments 4,047,223 3,056,354 71.68
Quoted funds
Neptune Income Fund Income
A Class 431,435 497,688 11.67
Neptune Quarterly lncome Fund
Income Units 444,327 483,752 11.35
Money market funds 3,149 3,150 0.07
Non-qualifying equity investments
and loan stock* # 536,148 222,887 5.23
Total non-qualifying investments 1,415,059 1,207,477 28.32
Total investments 5,462,282 4,263,831 100.00
* The valuations of certain investments include small purchases
made which are non-qualifying investments. These cost GBP12,750 and
are valued at GBP1,480.
The valuation of other unquoted loan notes includes rolled up
interest for Heritage House Media Limited which is non-qualifying.
This cost GBP309,118 and is valued at GBPnil.
# The Triage Holdings Limited loan stock and the MicroEnergy
Generation Services Limited loan stock are non-qualifying.
UNAUDITED INCOME STATEMENT
for the six months to 30 June 2015
Six months Six months Year to
to to 31 December
30 June 30 June 2014*
2015 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/(losses)
on investments
at fair value - 250 250 - 74 74 - 788 788
Investment
income 67 - 67 46 - 46 107 - 107
Investment
management
fee (5) (15) (20) (4) (13) (17) (14) (42) (56)
Other expenses (72) - (72) (75) - (75) (148) - (148)
(Deficit)/return
on ordinary
activities
before taxation (10) 235 225 (33) 61 28 (55) 746 691
Taxation on
ordinary activities 4 - - - - - - - - -
(Deficit)/return
attributable
to Ordinary
shareholders (10) 235 225 (33) 61 28 (55) 746 691
(Deficit)/return
per Ordinary (0.09) 2.08 1.99 0.54 0.25
Share 3 p p p (0.29)p p p (0.49)p 6.60p 6.11 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
Association of Investment Companies Statement of Recommended
Practice.
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 relevant accompanying notes are an integral part of this
statement.
UNAUDITED RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months to 30 June 2015
Capital
Share Share Special redemption Capital Revenue
capital premium reserve reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the period
1 January 2015
to 30 June 2015
1 January 2015 1,131 - 8,356 510 (4,105) (54) 5,838
Net return/(deficit)
after taxation
for the period - - - - 235 (10) 225
Dividends paid - - (792) - - - (792)
30 June 2015 1,131 - 7,564 510 (3870) (64) 5,271
For the period
1 January 2014
to 30 June 2014
1 January 2014 1,131 - 8,695 510 (4,851) 1 5,486
Net return after
taxation
for the period - - - - 61 (33) 28
Dividends paid - - (225) - - (1) (226)
30 June 2014 1,131 - 8,470 510 (4,790) (33) 5,288
For the year 1
January 2014
to 31 December
2014*
1 January 2014 1,131 - 8,695 510 (4,851) 1 5,486
Net deficit after
taxation
for the year - - - - 746 (55) 691
Dividends paid - - (339) - - - (339)
31 December 2014* 1,131 - 8,356 510 (4,105) (54) 5,838
*These figures are audited.
The relevant accompanying notes are an integral part of this
statement.
UNAUDITED BALANCE SHEET
as at 30 June 2015
30 June 30 June 31 December
2015 2014 2014*
Note GBP'000 GBP'000 GBP'000
Fixed Assets
Investments at fair value
through profit or loss 4,264 5,296 3,949
Current Assets
Debtors 54 14 21
Cash at bank 1,001 35 1,979
1,055 49 2,000
Creditors: Amounts falling
due within one year
Creditors (48) (57) (111)
Net Current (Liabilities)/Assets 1,007 (8) 1,889
Net Assets 5,271 5,288 5,838
Represented by:
CALLED UP SHARE CAPITAL
AND RESERVES
Share capital 6 1,131 1,131 1,131
Special reserve 7,564 8,470 8,356
Capital redemption reserve 510 510 510
Capital reserve - other (2,672) (4,214) (2,640)
Capital reserve - investment
holding loss (1,198) (576) (1,465)
Revenue reserve (64) (33) (54)
Total Ordinary shareholders'
funds 5,271 5,288 5,838
Net asset value per Ordinary
Share 5 46.60p 46.75p 51.61p
*These figures are audited.
The relevant accompanying notes are an integral part of this
statement.
UNAUDITED CASH FLOW STATEMENT
for the six months to 30 June 2015
Six months Six months
to 30 to 30 Year to
June June 31 December
2015 2014 2014*
Note GBP'000 GBP'000 GBP'000
Operating activities
Investment income received 35 45 98
Investment management fees
paid (67) - -
Administration fees paid (25) - -
Other cash payments (64) (73) (130)
Net cash outflow from operating
activities 7 (121) (28) (32)
Investing activities
Purchase of investments (301) (100) (160)
Sale of investments 236 301 2,422
Net cash inflow from investing
activities (65) 201 2,262
Equity dividends paid (792) (226) (339)
Financing
Purchase of own shares - - -
Net proceeds of Ordinary
Share issue - - -
Share issue costs - - -
Share premium cancellation
costs - - -
Net cash outflow from financing - - -
(Decrease)/increase in
cash for the period (978) (53) 1,891
*These figures are audited.
The relevant 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 2014. The statutory
financial statements for the year ended 31 December 2014, 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 1.5 pence per
Ordinary Share. This dividend is payable on 14 October 2015 to
shareholders on the register on 18 September 2015.
3 Return per Ordinary Share
Year to
Six months to Six months to 31 December
30 June 2015 30 June 2014 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Ordinary (0.09) 2.08 1.99
Share p p p (0.29) 0.54 0.25 (0.49) 6.60 6.11
Revenue return per Ordinary Share is based on the net deficit on
ordinary activities attributable to the Ordinary Shares of
GBP10,351 (30 June 2014: net deficit GBP33,000, 31 December 2014:
net deficit GBP55,000) and on 11,311,329 (30 June 2014: 11,311,329,
31 December 2014: 11,311,329) 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 GBP235,560 (30 June 2014: net capital
return GBP61,000, 31 December 2014: net capital return GBP746,000)
and on 11,311,329 (30 June 2014: 11,311,329, 31 December 2014:
11,311,329) 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
GBP225,209 (30 June 2014: net return GBP28,000, 31 December 2014:
net return GBP691,000) and on 11,311,329 (30 June 2014: 11,311,329,
31 December 2014: 11,311,329) Ordinary Shares, being the weighted
average number of Ordinary Shares in issue during the period.
4 Taxation on ordinary activities
The tax charge for the half year is GBPnil (30 June 2014:
GBPnil, 31 December 2014: GBPnil). The estimated effective tax rate
is 0% as investment gains are exempt from tax due to the company's
status as an investment company and there is an excess of
management charges to carry forward against future taxable
profits.
5 Net asset value per Ordinary Share
30 June 30 June 31 December
2015 2014 2014
pence pence pence
Ordinary Shares of 10p each 46.60 46.75 51.61
The basic net asset value per Ordinary Share is based on net
assets (including current period revenue) of GBP5,271,000 (30 June
2014: GBP5,288,000, 31 December 2014: GBP5,838,000) and on
11,311,329 (30 June 2014: 11,311,329, 31 December 2014: 11,311,329)
Ordinary Shares, being the weighted average number of Ordinary
Shares in issue during the period.
6 Called up share capital
Ordinary Shares
Six months Year to
Issued and fully to Six months to 31 December
paid: 30 June 2015 30 June 2014 2014
Ordinary Shares
of 10p each Number GBP'000 Number GBP'000 Number GBP'000
As at 1 January 11,311,329 1,131 11,311,329 1,131 11,311,329 1,131
Purchase of
shares - - - - - -
Shares issued - - - - - -
As at 30 June 11,311,329 1,131 11,311,329 1,131 11,311,329 1,131
During the period, the Company did not issue or purchase for
cancellation any Ordinary Shares.
7 Reconciliation of net return/ (deficit) before taxation to net
cash outflow from operating activities
Six months Six months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Net return before taxation 225 28 691
Net capital (return)/deficit (235) (61) (745)
(Increase)/decrease in debtors (33) 9 2
(Decrease)/increase in creditors (63) 9 62
Investment management fee
charged to capital (15) (13) (42)
Net cash outflow from operating
activities (121) (28) (32)
8 Contingent assets and contingent liabilities
There were no contingent assets or contingent liabilities in
existence at 30 June 2015 (30 June 2014: GBPnil, 31 December 2014:
GBPnil).
9 Financial Instruments
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:
- Level A
Inputs to Level A fair values are quoted prices in active
markets for identical assets. An active market is one in which
transactions occur with sufficient frequency and volume to provide
pricing information on an ongoing basis. The Company's investments
in AIM quoted equities, money market funds and the quoted Neptune
funds are classified within this category.
- Level B
Inputs to Level B fair values are inputs other than quoted
prices included within Level A that are observable for the asset,
either directly or indirectly. The Company has no investments
classified within this category.
- Level C
i) Fair value is measured using a valuation technique that is
based on observable market and
ii) Fair value is measured using a valuation technique that is
not based on data from an observable market
The Company's unquoted equities, preference shares and loan
stocks are classified within this category. Unquoted investments
are valued in accordance with IPEVCA guidelines.
Financial assets at fair value through
profit or loss
as at 30 June 2015
Level A Level B Level Ci Level Cii Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Equity investments 546 - - 1,803 2,349
Preference
share investments - - - - -
Fixed interest
investments - - - 931 931
Money market
funds 2 - - - 2
Quoted funds 982 - - - 982
1,530 - - 2,734 4,264
Financial assets at fair value through
profit or loss
as at 31 December 2014
Level A Level B Level Ci Level Cii Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Equity investments 560 - - 1,597 2,157
Preference
share investments - - - - -
Fixed interest
investments - - - 829 829
Money market
funds 3 - - - 3
Quoted funds 960 - - - 960
1,523 - - 2,426 3,949
Financial assets at fair value through
profit or loss
as at 30 June 2014
Level A Level B Level Ci Level Cii Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Equity investments 689 - - 2,361 3,050
Preference
share investments - - - 39 39
Fixed interest
investments - - - 1,134 1,134
Money market
funds 2 - - - 2
Quoted funds 1,071 - - - 1,071
1,762 - - 3,534 5,296
The table below shows movements in the assets measured at fair
value based on Level C-ii valuation techniques for which any
significant input is not based on observable market data. During
the year there were no transfers between levels A, B or Ci, Cii
Level Cii financial assets at
fair value through profit or loss
as at 30 June 2015
Preference Fixed
share interest
Equity investments investments investments* Total
GBP'000 GBP'000 GBP'000 GBP'000
Opening balance at 1 January
2015 1,597 - 829 2,426
Purchases 10 - 290 300
Sales - - (235) (235)
Total net losses recognised
in the
Income Statement 196 - 47 243
Closing balance at 30
June 2015 1,803 - 931 2,734
Level Cii financial assets at
fair value through profit or loss
as at 31 December 2014
Preference Fixed
share interest
Equity investments investments investments* Total
GBP'000 GBP'000 GBP'000 GBP'000
Opening balance at 1 January
2014 2,241 64 1,093 3,398
Purchases - - 160 160
Sales (568) (64) (106) (738)
Total net losses recognised
in the Income Statement (76) - 318 394
Closing balance at 31
December 2014 1,597 - 829 2,426
Level Cii financial assets at
fair value through profit or loss
as at 30 June 2014
Preference Fixed
share interest
Equity investments investments investments* Total
GBP'000 GBP'000 GBP'000 GBP'000
Opening balance at 1 January
2014 2,241 64 1,093 3,398
Purchases - - 100 100
Sales - - (70) (70)
Total net (losses)/gains
recognised
in the Income Statement 120 (25) 11 106
Closing balance at 30
June 2014 2,361 39 1,134 3,534
10 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 Six months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Investment management and
administration fees 28 17 56
11 Transactions with the Investment Manager
The Company's qualifying investments are managed by Calculus
Capital Limited. The investment management and administration fees
paid to the Investment Manager are disclosed in note 10. John
Glencross, a director of the Company, has an interest in Calculus
Capital Limited and is a director of Terrain Energy Limited. John
Glencross was also a director of Hembuild Group Limited from 1st
January 2014 to 31st October 2014, when he resigned from the Board.
Calculus Capital Limited receives annual fees from Terrain Energy
Limited for the provision of John Glencross as a director, as well
as annual monitoring fees. Calculus Capital Limited also received a
fee from Hembuild Group Limited for the provision of John Glencross
as a director until 31st October 2014. Other employees of Calculus
Capital Limited are directors of Human Race Group, Hampshire
Cosmetics Limited and Dryden Human Capital Group. Calculus Capital
Limited receives annual fees from these companies for the provision
of a director. Calculus Capital Limited receives an annual
monitoring fee from Hembuild Group Limited, MicroEnergy Generation
Services Limited, Hampshire Cosmetics Limited and Human Race Group
Limited. Other funds under the management or advice of Calculus
Capital Limited have also invested in Terrain Energy Limited,
Hembuild Group Limited, MicroEnergy Generation Services Limited,
Hampshire Cosmetics Limited, Human Race Group Limited and Dryden
Human Capital Group Limited. In the six months to 30 June 2015, the
amount payable to Calculus which was attributable to the investment
made by the Company was GBP1,339 (30 June 2014: GBP1,250; 31
December 2014: GBP2,640) (excluding VAT) from Terrain Energy
Limited; GBP83 (30 June 2014: GBP2,301; 31 December 2014: GBP5,780)
(excluding VAT) from Hembuild Group Limited; GBP139 (30 June 2014:
GBP179; 31 December 2014: GBP235) (excluding VAT) from MicroEnergy
Generation Services Limited; GBP1,586 (30 June 2014: GBP1,682; 31
December 2014: GBP3,138) (excluding VAT) from Human Race Group
Limited; GBP336 (30 June 2014 GBP367; 31 December 2014 GBP699) from
Hampshire Cosmetics Limited. Calculus Capital Limited also receives
fees relating to a directorship for Dryden Human Capital Limited.
In the six months to 30 June 2015, the amount payable to Calculus
Capital Limited which was attributable to the investment made by
the Company was GBP610 (30 June 2014: GBP1514; 31 December 2014:
GBP2,875) (excluding VAT) from Dryden Human Capital Limited.
12 Post balance sheet events
There are no post balance sheet events to report.
DISCLOSURES
The Company is required to make the following disclosures in its
Half-Yearly Report:
Principal risks and uncertainties
The Board regularly reviews the risks the business faces and
their potential impact on the Company. The Company's principal
risks are regulatory risk, market risk, credit risk, investment and
liquidity risk. These risks are described In more detail in the
strategic report in the Company's annual report and accounts for
the year ended 31 December 2014.The Company's principal risks and
uncertainties have not changed materially since the date of that
report.
Going concern
The Board receives regular reports from the Investment Manager
and the Directors have a reasonable expectation that the Company
has adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the financial statements as
outlined in the Annual Report for the year ended 31 December
2014.
Statement of Directors' responsibilities
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 30 June 2015
The Directors confirm that the Chairman's Statement, the
Investment Manager's Review, 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 Neptune-Calculus Income and Growth VCT plc
are:
Philip Stephens
John Glencross
David Kempton
By order of the Board
Philip Stephens
Chairman
13 August 2015
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:
http://www.calculuscapital.com/neptune-income-growth-vct/
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUUWRUPAGAW
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