Oxford Tech 3 VCT Net Asset Value(s)
21 May 2020 - 4:00PM
UK Regulatory
TIDMOTT
Following yesterday's release of the audited results of the Company for
the year ended 29 February 2020, the Board wishes to draw the attention
of shareholders to the following section of the 'Covid-19 Response'
section of the Chairman's Statement, reproduced verbatim from the Annual
Accounts document and yesterday's RNS:
"The Board and the Investment Adviser have sought to assess the current
impact on valuations. Using latest bid prices for quoted investees and
the Directors' normal determinants of fair value for unquoted investees
we estimate that the NAV per share has reduced to 56.6p (a drop of 19%)
as at mid-May (unaudited). The reduction is driven by Ixaris, as airline
recovery time looks increasingly delayed.
First Quarter Results Announcement
Given the statement above, we do not currently intend to issue a NAV as
at 31 May 2020. We will update the market further with our half year
results to the end of August 2020. We do not currently consider that
publishing this quarterly result will add any further value to
shareholders, and not doing so will save some costs".
The Board considers that the NAV per share of 56.6p remains a materially
accurate unaudited valuation as of 20 May 2020, a drop of 19% from the
audited valuation of 69.6p per share as at 29 February 2020. The
unaudited valuation of 56.6p per share was calculated using the closing
bid price of Scancell Holding plc on 14 May 2020 of 6.8p per Scancell
share.
Further information:
Lucius Cary or Andrea Mica 01865 784466
(END) Dow Jones Newswires
May 21, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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