Oxford Tech 4 VCT Strategy/Company/Operations Update
28 July 2021 - 9:00PM
UK Regulatory
TIDMOXF
The Board of Oxford Technology 4 VCT Plc (OT4) notes the RNS
issued today by Oxford Technology 2 VCT Plc (OT2) regarding a
Strategy Update.
Whilst discussion between OT2 and third parties who may wish to
raise funds in a new share class within OT2 do not directly affect
shareholders of OT4, those discussions may expand to include the
merger of one or more other OT VCT funds into the same vehicle.
The Board of OT4 is pleased to provide an update to enable more
open discussions at the two forthcoming shareholders events. The
first takes place at 2pm today in Oxford and the second one, a
webinar, will be at 10.30am on Thursday 12 August (details below).
No additional price sensitive information will be shared during
these forums.
Discussions continue with two parties whose identities are
currently confidential, either of whom would be a good partner to
work with. Both would look to raise funds in a new share class in
OT2, consistent with the Board's stated aim to seek to raise the
Company's net assets, to enable the running costs to be shared more
widely and create fund longevity for those OT2 shareholders with
deferred capital gains.
In addition, consideration is also being given to the merits of
one of more of the other OT VCTs merging with OT2 at the same time
(using a scheme of arrangement that will preserve existing
shareholders tax benefits). Any such merged funds would be into
separate share classes of OT2 to ensure shareholders suffer no
dilution of their individual portfolio holdings.
Any merger would be subject to the Board of OT4 agreeing
suitable terms with both OT2 and any potential new manager and
would also be subject to approval of the shareholders of any funds
considering such a merger.
As stated previously, there is no certainty that any of the
above options will conclude. However, we are keen to explore these
concepts with shareholders so that we can ensure any route selected
by the Board(s) is likely to be met with shareholder approval were
it to be sought. In any event we will be seeking shareholder
approval at the AGM for the continuation of the VCT.
Both shareholder informal forums will include a presentation
from OTM followed by a shareholder Q&A to include future
strategy. There will be selected investee video presentations.
Details of how to register for the webinar are on the website:
https://www.globenewswire.com/Tracker?data=jDRJfh8-GgReyBiuaOCLoXQttL8H-iUU0zxsgwUiUlKGPfNS24zV7ThwvsAtjurZO_9J1E_YvHGktzPUVEUW19h1LoDOTi5I9Viim23r_ae59QO7JWS9o0SjYH9jTk_f
www.oxfordtechnologyvct.com.
No dates have been determined yet for any general meetings
required to actually give effect to any of the above potential
proposals.
For more information, please contact David Livesley, the
Chairman, by emailing
https://www.globenewswire.com/Tracker?data=vNNRN0B8DAwPKhVaBcU5cv7z-owtiHQRKf3wsm-5wpu14xD_mVgfPmq7IZGDQNJZFdO-GiurgC7aDHl0OkalKoSa4Ts2_xS_4IPZetjpTL-2IrxkOg2A-UW5P3uC2vB9
vcts@oxfordtechnology.com
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. Upon the publication of this announcement via
a Regulatory Information Service, this information is now
considered to be in the public domain.
(END) Dow Jones Newswires
July 28, 2021 07:00 ET (11:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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