TIDMCLC
RNS Number : 2859T
Calculus VCT PLC
13 November 2023
Calculus VCT Plc (the 'Company')
Interim results for the six months ended 31 August 2023
(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 12 months to 6 months to
31-Aug-23 28-Feb-23 31-Aug-22
------------------------- ------------ ------------- ------------
pence pence pence
Opening net asset
value 65.63 67.90 67.90
Capital (loss)/gain (1.04) 1.69 0.65
Revenue return 0.11 (0.39) (0.27)
------------ ------------- ------------
Total return(1) (0.93) 1.30 0.38
Dividends paid (2.95) (3.06) (3.06)
Impact of share capital
movements (0.20) (0.61) (0.31)
Closing net asset
value 61.55 65.53 64.91
------------------------- ------------ ------------- ------------
([1]) Total return per share is a non-GAAP Alternative
Performance Measure ("APM"). It is taken from the Income Statement
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.
Total Shareholder value Ordinary shares (pence
per share)
----------------------------------- -----------------------
Total dividends paid to 31 August
2023(2) 23.88
Net asset value on 31 August 2023 61.55
Total shareholder value to 31
August 2023 85.43
----------------------------------- -----------------------
(2) total dividends paid include cumulative dividends paid since 2017
Total return by shareholder cohort
Investors by Issue NAV at 31 Cumulative Total return** Total return
calendar year price August 2023 dividends on net investment
(p)* (p) paid (p) ***
2017 subscription 95.7 61.55 23.88 0.89x 1.28x
2018 subscription 84.7 61.55 19.63 0.96x 1.37x
2019 subscription 76.3 61.55 15.63 1.01x 1.44x
2020 subscription 65.2 61.55 12.23 1.13x 1.62x
2021 subscription 65.4 61.55 9.03 1.08x 1.54x
2022 subscription 65.7 61.55 6.01 1.03x 1.47x
2023 subscription
(current) 64.9 61.55 2.95 0.99x 1.42x
* Weighted average in respect of each year
** Total Return is equal to the sum of NAV at 31 August 2023 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 2023 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 2023.
Performance summary
The NAV at the period end was 61.55 pence per share, which,
after paying the 2.95 pence dividend in August 2023, represents a
decrease of 1.7% since the year end. Despite the small NAV
decrease, the Board is pleased with the performance of the
Company's portfolio and the positive uplifts in the valuations of
some of the portfolio companies. A number of positive movements in
the qualifying portfolio derived from the company's quoted
holdings, such as Destiny Pharma and C4X Discovery, have increased
the NAV by GBP0.3m.
Another strong performer for the company has been Open Energy
Market Limited which has added GBP0.1m to the NAV in the period to
31 August 2023. In May 2023, Open Energy Market launched
ground-breaking proprietary platform, True, which unites an
organisation's real energy procurement costs and Net Zero
strategies in one platform.
Some of the AIM quoted holdings have been affected by the
volatile economic climate, such as Scancell plc, losing GBP0.2m of
value from the NAV since the year end despite promising early
indications from its two clinical trials in progress. Positive
further announcements should be beneficial for the share price. In
the one-month period to 30 September 2023 following the half
year-end, Scancell received a GBP0.2m uplift in NAV, restoring the
AIM listed price back to year-end levels.
Similarly, Arecor Therapeutics is another AIM-listed company
which suffered a GBP0.2m reduction in their NAV in the period. In
August 2023, despite Arecor announcing its collaboration and signed
agreement with a top 10 pharmaceutical company to develop an
enhanced antibody formulation, the turbulent market has meant that
the news did not result in an increase in share price.
The entertainment industry has been adversely affected by the
lengthy US writers' (WGA) and actors' (SAG-AFTRA) strikes, both now
settled, which led to a global slowdown in commissioning,
development and production; thus between both Brouhaha
Entertainment Limited and Raindog Films Limited, there has been a
GBP0.3m reduction in the NAV. The settlement of both strikes now
enables delayed projects to move forward.
In the 6-month period following the year-end, the company
invested GBP3.0m into liquidity funds. This provides the company
with a steady and stable return from these investments whilst
ensuring ready access to cash for future investments.
In the period to 31 August 2023, four follow-on investments were
made on behalf of the qualifying portfolio and three follow-on
investments were made on behalf of the non-qualifying
portfolio:
Follow-on Investments
Date of Name of Investment Location Sector Amount Percentage Percentage
Investment of Investment of ownership of ownership
by VCT controlled
by the
Manager
============= =================== =============== =============== ================ ============== ==============
March -
June 2023 WheelRight Limited Kent, UK Industrials GBP1,062,000 1.90% 42.70%
============= =================== =============== =============== ================ ============== ==============
Quai
Administration Peterborough,
Mar-23 Services Limited UK Technology GBP250,000 1.80% 42.20%
============= =================== =============== =============== ================ ============== ==============
Blu Wireless
Technology Bristol,
Mar-23 Limited UK Technology GBP350,000 1.30% 11.60%
============= =================== =============== =============== ================ ============== ==============
Riff Raff
Aug-23 Entertainment London, UK Entertainment GBP450,000 16.00% 27.80%
============= =================== =============== =============== ================ ============== ==============
Buybacks
During the period, the Company bought back and cancelled 334,652
Ordinary shares. The Company continues to review opportunities to
carry out share buybacks at a discount of no greater than 5% to
NAV.
Since the period end, the Company has bought back and cancelled
a further 1,124,473 shares.
Change of accounting reference date
In June 2023, the Board changed the accounting reference date of
the Company to achieve greater operational efficiency. The
accounting reference date changed from 28 February to 31 March.
Accordingly, the Company will look to report as follows:
-- Unaudited half-yearly results for the six-month period ending 31 August 2023 and
-- Audited results for the 13 months ending 31 March 2024
Dividends
As mentioned above, a dividend was paid on 25 August 2023 of
2.95 pence per eligible Ordinary share. It is expected that,
subject to shareholder approval, the next dividend will be paid in
August 2024.
Board composition
The board consist of four Directors, three of which are
independent from the Manager.
Appointment of new auditor
Following a formal selection process, the Board appointed Moore
Kingston Smith as its new independent auditor in September 2023.
The Company elected to change auditors as it sought a firm more
suited to the size of the Company. The re-appointment of Moore
Kingston Smith for the financial year ending 31 March 2025 will be
subject to approval by shareholders at the next Annual General
Meeting of the Company to be held in August 2024.
Ordinary share issue
The offer for subscription for Ordinary Shares that opened on 21
September 2022 and closed on 25 August 2023 received aggregate
subscriptions from the issue of Ordinary shares of GBP7.3 million.
On 22 September 2023 a new prospectus was launched for a further
offer for subscription for Ordinary Shares, with the shares to be
issued in the 2023/24 and 2024/25 tax years.
Developments since the period end
As mentioned above. since the period end the Company has made a
follow-on investment of GBP250,000 in WheelRight Limited to support
the continued development of its operations.
Since the period end, the company has invested GBP744,000 in a
new company called Laverock Therapeutics as part of GBP10m
investment round. Laverock's platform is engineering the next
generation of programmable cell therapies, which has the potential
to halt and reverse disease, restore damaged organs or even cure
life threatening conditions.
In October 2023, the company invested GBP300,000 in Quai
Administration Services Limited as part of a larger investment
round. . Quai provides platform technology combined with
back-office administration services for the high-volume personal
savings industry. Quai received its FCA authorisation in late 2021
which has proven to be a significant milestone, leading to a
material increase in the rate of growth.
Markets in the UK and globally are undergoing a period of
uncertainty with geopolitical factors and rising interest rates
weighing upon sentiment. The portfolio's predominant exposure to
B2B technology, healthcare, life sciences and the entertainment
sectors is likely to provide some protection against the impact of
adverse political and economic factors. In September 2023,
Chancellor Jeremy Hunt said "the UK is strongest in the sectors
that will grow fastest in the 21st century - technology, film and
television and life sciences". We continue to work closely with
companies in our portfolio and maintain our cautious but optimistic
outlook.
Jan Ward
Chairman
13 November 2023
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END
IR GPGACGUPWGQW
(END) Dow Jones Newswires
November 13, 2023 11:46 ET (16:46 GMT)
Calculus Vct (LSE:CLC)
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