Oxford Tech 2 VCT Oxford Technology 2 Vct Plc : Result Of Tender Offer
04 September 2017 - 10:45PM
UK Regulatory
TIDMOXH
Oxford Technology 2 VCT plc (the "Company") today announces the results
of the Tender Offer which was set out in the circular published by the
Company on 26 July 2017 (the "Circular"), and which closed on 31 August
2017. As set out in the Circular, the Tender Offer Price was 31.5 pence
per Ordinary Share with Shareholders having a Basic Entitlement of 30%.
1,461,034 Ordinary Shares were validly tendered under the Tender Offer.
This was less than total of 2,037,877 that the Company was authorised to
buy back. This means that all the Ordinary Shares tendered by
Shareholders, including any excess number requested above their Basic
Entitlement, will therefore be re-purchased. The total value of all
Ordinary Shares being purchased is GBP460,225.71.
It is anticipated that the proceeds payable to the Company's Qualifying
Shareholders for the certificated Ordinary Shares purchased under the
Tender Offer will be despatched in the form of a cheque (together with a
balancing certificate where applicable) and that CREST account holders
will have their CREST accounts credited by 14 September 2017.
The Company intends to cancel such Ordinary Shares, reducing its total
issued share capital from 6,792,923 to 5,331,889 Ordinary Shares.
The above figures may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, Oxford Technology 2
VCT plc under the FCA's Disclosure and Transparency Rules. In particular,
Shareholders who remain invested should be aware that the Tender Offer
may have the effect of increasing their percentage of the total share
capital in the Company remaining in issue to a level where such a
disclosure is required.
Those directors of the VCT and Oxford Technology Management who are
shareholders in the Company exercised their right to tender their Basic
Entitlement (or just under) under the Tender Offer, such that the shares
they disposed of, and resultant holdings are now as follows:
No. shares before No. Shares tendered No. Shares after
Richard Roth 62,902 18,869 44,033
Robin Goodfellow 19,700 5,700
14,000
Lucius Cary 33,597 10,079
23,518
While the Board intends to declare further dividends as soon as possible,
it does not want to limit its flexibility to participate in possible
short term investee company actions. The Board plans to make an
announcement on further dividends at a later date, but as stated in the
Tender Offer Circular: "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."
Enquiries
Lucius Cary on 01865 784466
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
September 04, 2017 08:45 ET (12:45 GMT)
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