TIDMCLC
RNS Number : 2807D
Calculus VCT PLC
18 October 2022
Calculus VCT Plc (the 'Company')
Interim results for the six months ended 31 August 2022
(unaudited)
For the full half yearly unaudited financial report, please
refer to the Investor Information section on
https://www.calculuscapital.com/calculus-vct/
Financial Highlights 6 Months to 6 Months to 12 Months to
31 August 2022 31 August 2021 28 February
2022
======================== ================ ================ =============
Dividends paid
per new Ordinary
share 3.06p 3.02p 3.02p
---------------- ---------------- -------------
Total return per
new Ordinary share[1] 0.38p 0.54p 4.83p
---------------- ---------------- -------------
Net asset value
per new Ordinary
share 64.91p 64.01p 67.90p
---------------- ---------------- -------------
As expected, following the dividend of 3.06 pence per share paid
in July 2022, the NAV was adjusted by the same margin. However,
some positive performance in the qualifying portfolio meant that
there was some uplift to the NAV to 64.91 pence per share at the
reporting date.
Total return by shareholder cohort
Investors by calendar year Issue price (p)* NAV at Cumulative Total return** Total return
31 August dividends on net investment
2022 (p) paid (p) ***
2016 subscription 102.7 64.91 20.93 0.84x 1.19x
2017 subscription 95.7 64.91 16.33 0.85x 1.21x
2018 subscription 84.7 64.91 12.68 0.92x 1.31x
2019 subscription 76.3 64.91 11.34 1.00x 1.43x
2020 subscription 65.2 64.91 7.21 1.11x 1.58x
2021 subscription 65.4 64.91 6.08 1.08x 1.55x
2022 subscription (current) 65.7 64.91 4.18 1.05x 1.50x
* Weighted average in respect of each year
** Total Return is equal to the sum of NAV at 31 August 2022 and
cumulative dividends received, divided by the average issue
price
*** Total Return on net investment is equal to the sum of NAV at
31 August 2022 and cumulative dividends received, divided by the
average issue price less 30% tax relief
CHAIRMAN'S UPDATE
I am pleased to present your Company's results for the 6 months
to 31 August 2022.
Performance summary
The war in Ukraine and resultant energy crisis have dominated
the news in the six months to 31 August 2022. The portfolio has
managed to gain value in the period despite these challenges, in
part because the Company has few investments in the most 'at risk'
sectors such as industrials and manufacturing.
The Company is pleased to announce the successful exit of Park
Street Shipping in the period. In October 2021, Park Street
Shipping sold its only asset, the MV Nordic London - a 2010 South
Korean built, 35,000 deadweight Handysize ship, providing an
overall return of 1.8x. The sale of the ship was the initial step
of the exit process. In order to distribute the proceeds, the
company entered Member Voluntary Liquidation on 1st April 2022 and
on 5 August 2022, shareholders including Calculus VCT received 92%
of the proceeds with the remainder being held by the liquidator
until the liquidation has been completed.
Despite the ongoing economic challenges, the Board is pleased
with the performance of the Company's portfolio and the positive
uplifts in the valuations of some portfolio companies. The most
significant movement in the qualifying portfolio on the upside was
Wazoku which increased the NAV by GBP0.3m. The company has shown
strong growth and in September 2022 raised GBP8.3m to develop its
software and strengthen its team.
Another strong performer has been Oxford Biotherapeutics ("OBT")
which has added GBP0.3m of value to the NAV in the period to 31
August 2022. In June 2022, the company announced a multi-year
collaboration with Immunogen, receiving an upfront payment and is
eligible to receive milestone payments and tiered royalties.
Home Team Content, a UK-based independent production company
enjoyed an uplift in share value since February 2022, improving the
NAV by GBP0.2m. The company has been making strong progress on its
slate and has a range of film and TV projects at the pre-production
stage.
The AIM quoted holdings have been affected by the economic
climate, collectively losing GBP0.6m of value from the NAV since
the year end. It is our view that this value will be regained when
the global economic and political situation stabilises and markets
can recover.
Other than the quoted holdings, the only portfolio company to
lose value in the period was Arcis Biotechnology Holdings. The
company has been facing trading issues for some time and went into
administration in August 2022.
In the period to 31 August 2022, four new investments and four
follow-on investments were made on behalf of the qualifying
portfolio:
New Investments
Date of Name of Investment Sector Amount Percentage Percentage
Investment of Investment of ownership of ownership
by VCT controlled
by the Manager
============= ========================= =============== ================ ============== ================
Destiny Pharma
March 2022 PLC Biotech GBP500,000 1.4% 1.4%
============= ========================= =============== ================ ============== ================
Riff Raff Entertainment
June 2022 Limited Entertainment GBP424,000 9.3% 22.0%
============= ========================= =============== ================ ============== ================
Notify Technology
June 2022 Limited Technology GBP628,100 8.7% 25.8%
============= ========================= =============== ================ ============== ================
August 2022 Optalitix Limited Technology GBP1,065,000 10.6% 14.3%
============= ========================= =============== ================ ============== ================
Follow-on Investments
Date of Name of Investment Sector Amount Percentage Percentage
Investment of Investment of ownership of ownership
by VCT controlled
by the Manager
============= ======================= ============== ================ ============== ================
Arcis Biotechnology
March 2022 Limited Life science GBP50,000 11.2% 25.4%
============= ======================= ============== ================ ============== ================
Censo Biotechnologies Pharma
March 2022 Ltd Services GBP400,000 3.7% 17.2%
============= ======================= ============== ================ ============== ================
June 2022 Rota Geek Limited Technology GBP750,000 2.4% 6.7%
============= ======================= ============== ================ ============== ================
August 2022 Thanksbox Limited Technology GBP400,000 4.7% 12.9%
============= ======================= ============== ================ ============== ================
We believe the portfolio is well positioned to continue to
provide long term growth to shareholders and that our Investment
Manager is similarly positioned to exploit these opportunities.
Further information can be found on new investee companies
Destiny Pharma PLC, Riff Raff Entertainment Limited, Notify
Technology Limited and Optalitix Limited in the Investment
Manager's Report.
Buybacks
During the period, the Company bought back and cancelled 846,270
Ordinary shares. The Company continues to review opportunities to
carry out share buybacks at a discount of no greater than 5% to
NAV.
Dividends
As mentioned above, a dividend was paid on 31 July 2022 of 3.06
pence per eligible Ordinary share.
Board composition
The board consist of four Directors, three of which are
independent from the Manager.
Ordinary share issue
The offer for subscription for Ordinary Shares that opened on 13
September 2021 and closed on 26 August 2022 received aggregate
subscriptions from the issue of Ordinary shares of GBP6.7 million.
On 21 September 2022 a new prospectus was launched for a further
offer for subscription for Ordinary Shares, with the shares to be
issued in the 2022/23 and 2023/24 tax years.
I invested GBP5,000 under the offer that closed in August 2022
and had 7,077 shares allotted in June 2022. These shares were
acquired on the same terms as the shares subscribed for by other
investors in the offer.
Developments since the period end
As mentioned above. since the period end the Company has made a
follow on investment of GBP300,000 in Wazoku to support the
development of its software.
Future prospects
It is generally accepted that the UK is heading towards more
challenging markets however the Board is optimistic that the
portfolio's predominant exposure to B2B technology, healthcare,
life sciences and entertainment sectors will mean the Company is
shielded to some extent. Your Board continues to keep a watchful
brief over developments and our Investment Manager is working
closely with our portfolio companies. We maintain our cautious but
optimistic outlook.
Jan Ward
Chairman, 18 October 2022
[1] Total return per share is a non-GAAP Alternative Performance
Measure ("APM"). It is taken from the Income Statement on page 12
and is calculated by taking the total profit or loss for the period
and dividing by the weighted average number of shares. This has
been selected to provide better understanding of the Company's
performance over the period on a per share basis.
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END
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(END) Dow Jones Newswires
October 18, 2022 06:46 ET (10:46 GMT)
Calculus Vct (LSE:CLC)
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