Oxford Tech 2 VCT Oxford Technology 2 Vct Plc : Tender Offer
25 July 2017 - 4:00PM
UK Regulatory
TIDMOXH
As discussed at the AGM on 5 July 2017, Oxford Technology 2 VCT Plc is
pleased to announce further details about the cash it intends to return
to eligible shareholders by way of the "Tender Offer". Up to 30% in
aggregate of the Company's issued share capital will be available for
tender at a price of 31.5p per share, a discount of just over 15% to the
net asset value of 31 May 2017. Shareholder approval for this Tender
Offer was given at the latest AGM.
The Board is aware that liquidity in the shares has been limited which
on occasions has led to a wide disparity between the share price and net
asset value. The buy back helps to address this issue and allows
shareholders that should so wish, to dispose of shares at a price which
more fully reflects the net asset value. Shares not tendered in the buy
back will be available for excess applications by shareholders wishing
to sell more than 30% of their holding.
Full details of the Tender Offer are contained in a circular that will
be sent to all registered shareholders on 26 July 2017
Timetable of Events
Record date 25 July 2017
Latest time and date for receipt of the Tender Offer 1pm on the 31 August 2017
Registrars Books Closing Date for the Tender Offer 6pm on the Thursday 31
August 2017
Announcement of the take-up level under the Tender Monday 4 September 2017
Offer
Settlement date for the Tender Offer Cheques despatched By Thursday 14 September2017
and assured payments made through Crest.
The dates and times given are based on the Company's current
expectations and may be subject to change. Any changes to the expected
timetable will be announced via a Regulatory Information Service.
If you have any queries regarding the procedure for accepting the Tender
Offer, please contact Lucius Cary lucius@oxfordtechnology.com
Shareholders that do not participate in the Tender Offer will own a
greater portion of the remaining assets. Assuming at least some
shareholders opt to participate in the tender offer, then immediately
following the tender, and before the payment of any further dividends,
the net asset per remaining share will increase (assuming no change in
investment performance) as a result of the discount attributed to the
shares bought back in. Shareholders should also note that a dividend
will be paid to all shareholders still on the register after the
completion of the Tender Offer. At the current time, the Directors would
expect to declare a dividend of at least 7p per remaining share, which
will be paid before the end of November 2017. The precise quantum of
this dividend will depend in part on any follow-on investments made in
the next few months. Any shares purchased under the Tender Offer will
not be eligible for this dividend.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Oxford Technology 2 VCT plc via Globenewswire
http://www.oxfordtechnology.com
(END) Dow Jones Newswires
July 25, 2017 02:00 ET (06:00 GMT)
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