Calculus VCT plc - Calculus Capital Limited
The VCT aims to generate sufficient returns to maximise tax-free dividends while giving capital growth over the medium to long term. The current fundraising is for Ordinary shares, which will have an income target of 4.5% of NAV. Returns will be generated by investing in a portfolio of mainly unquoted companies across different industries. The investment criteria include a target IRR of at least 20% p.a. for each investment. The intention is for individual investments to exit in three to seven years, with the VCT itself being a continuing entity. The current offer is to raise £10m, with a £5m over-allotment facility.The report goes into details of how the investment process works, sourcing and decision-making, exit strategies, post-investment governance and monitoring, fees and more. It also includes Hardman & Co’s unique fee calculation table, allowing advisors and investors to properly investigate their effect.
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