Tuesday January 18, 2011 at 12:00
Investec is aiming to raise up to -ú25m for a repeat issue of ordinary C shares in its structured products VCT, Calculus, managed jointly with Calculus Capital. The venture capital trust, which invests in structured products and VCT-qualifying investments, offers potential tax relief of up to 30% on the initial investment with subsequent dividends and capital gains potentially tax free. The structured product part of the investment is designed to bring an element of capital protection to the product, which ten months on from its March 2010 launch is on track to achieve its initial objective of an annual dividend for five years of 4.5p per share, plus a return of 47.5p per share after five and a half years.
The structured products in the portfolio are managed by Investec Structured Products and have simple defined returns linked to the FTSE, with other global indices also permitted. Counterparties include Investec, HSBC, Santander and RBS.
Investec's head of intermediary sales, Gary Dale, said the popularity of the initial launch combined with current IFA feedback suggests the new offer will be 'incredibly popular'.
The shares are open until 5 April 2011 for income tax relief for the 2010/11 tax year and until 30 April 2011 for the 2011/12 tax year. Minimum investment is -ú5,000.
This investment does not meet SRP's definition of a structured product and will not appear on the UK database.