TIDMOXH
19 May 2020
Oxford Technology 2 VCT plc ("the Company" or "OT2")
Annual Report and Accounts for the year ended 29 February 2020
The Directors are pleased to announce the audited results of the Company
for the year ended 29 February 2020. A copy of the Annual Report and
Accounts (together the "Accounts") will be made available to
Shareholders shortly. Set out below are extracts from the audited
Accounts. References to page numbers below are to those Accounts.
The AGM will be held at Magdalen Centre, Oxford Science Park, Oxford OX4
4GA on Thursday 9 July 2020, at 2pm. We believe the meeting is likely
to be a virtual meeting with limited physical attendance and no investee
or Investment Adviser presentations. We will provide further updates on
this by the end of June via our website:
https://www.oxfordtechnologyvct.com. In this eventuality, shareholders
will not be allowed to attend in person.
A copy of the Annual Report and Accounts will be available from the
registered office of the Company at Magdalen Centre, Oxford Science Park,
Oxford OX4 4GA, as well as on the Company's website.
Financial Headlines
Year Ended Year Ended
29 February 2020 28 February 2019
--------------------------------------- ------------------ -----------------
Net Assets at Year End GBP1.48m GBP1.67m
--------------------------------------- ------------------ -----------------
Net Asset Value (NAV) per Share 27.8p 31.4p
--------------------------------------- ------------------ -----------------
Dividend paid in Year 1.5p 0.0p
--------------------------------------- ------------------ -----------------
Cumulative Dividend per Share 22.5p 21.0p
--------------------------------------- ------------------ -----------------
NAV + Cumulative Dividend per Share
Paid from Incorporation 50.3p 52.4p
--------------------------------------- ------------------ -----------------
Share Price at Year End 22.5p 40.0p
--------------------------------------- ------------------ -----------------
Earnings Per Share
(Basic & Diluted) (2.1)p (0.3)p
--------------------------------------- ------------------ -----------------
Chairman's Statement
I present the Annual Report for the year to 29 February 2020 to fellow
shareholders.
In these unprecedented and uncertain times our thoughts are with
everyone affected by the recent market and social turmoil, specifically
our shareholders, the staff of our Investment Adviser and the employees
of our investee companies. We hope that by the time of our AGM in July
there will be some light at the end of the tunnel and greater visibility
going forward.
Shareholders will appreciate that an annual report is a snapshot in
time. Our year end was 29 February and shareholders will be aware that
the FTSE100 had been above 7000 for the whole year up to 26 February and
fell to 6700 at 29 February. It subsequently dropped to a low of 5000 on
23 March 2020 before recovering to 5750 as of mid-May, a drop of 14%
since 29 February 2020. Whilst the FTSE index is not a direct
determinant of the valuation of small unquoted early stage technology
companies, it represents a guide to market sentiment which is likely to
influence general company value assessments.
Under the valuation rules we are required to produce valuations based on
all the information that was known or should have been known to the
Directors at 29 February 2020. Clearly the full scale of the impact of
the Covid-19 virus and the extraordinary measures that the government
took in March to protect the country, combined with the oil price shock
were unexpected at that time, to say the least.
We have been continuously assessing the effect of this double impact.
With the passage of another two months to the time of signing off this
report we are beginning to get greater clarity of what it means to the
investee companies and your VCT. Industry-wide the worst hit sectors
have been airlines, travel, hospitality, oil and non-essential retail
while on the upside some biotech companies have found new opportunities
and there has been an occasional takeover of an undervalued company. For
OT2, Scancell Holdings Plc (Scancell) had a 30% uplift after announcing
the start of its research programme to develop a Covid-19 vaccine but
has subsequently settled back to near (but modestly above) the bid share
price at our year end; the rest of the portfolio has not materially
changed since 29 February 2020 as a direct result of the Covid-19
pandemic.
We should also not forget that calendar 2019 also had its fair share of
challenges, however benign they may seem in hindsight. Last year our
biggest Brexit concern was the uncertainty itself, and this year, I had
expected to comment on the ongoing uncertainty about the terms on which
the UK would "fully leave" the EU at the end of this calendar year. The
result of the General Election, the signing of the EU Withdrawal
Agreement, Covid-19 and its ensuing turmoil have now returned Brexit and
trade discussions to the business pages. The pandemic has highlighted a
national need for a higher degree of self-sufficiency and the economic
downturns across Europe will hopefully work against the introduction of
extreme trade barriers and tariffs. Last year we stated that our
portfolio was not overly exposed to trade with EU companies and that
remains our view.
There has been significant other market turmoil over the last 12 months,
including the closing of the Woodford Equity Income Fund and the
suspension of several property funds driven by investors wishing to
withdraw their money faster than assets could be realised.
Despite all of the above, it is worth reminding ourselves that the VCT
structure is an appropriate holding vehicle for unquoted companies
through difficult times. Unlike unit trusts, we are under no pressure
to make fire sales to meet the demand from unit holders to withdraw
their cash.
Your VCT has GBP270k in the bank, as of mid-May, which covers nearly
four years of expenses, at the current running rate, and if we do not
invest further in the portfolio. Furthermore the portfolio contains one
liquid AIM quoted company worth GBP85k as of mid-May which, in extremis,
could also provide liquidity, although that is not our preference at
this time.
Overview
The year started off much better than it ended, when we were pleased to
receive the full amount that had been retained to cover potential
warranty claims following our sale of OC Robotics Limited (OCR) two
years earlier, providing a cash boost of GBP323k after costs, and an
uplift in net asset value of some 3p per share. This uplift was due to
the fact that previously only 50% of the amount originally held in
escrow had been accrued. However, some of our remaining investments
have not fared so well, and the total return for the period was a loss
of 2.1p per share.
Further explanations are included in the portfolio review section below.
Net asset value (NAV) per share was 27.8p at 29 February 2020, after
taking account of the 1.5p per share dividend paid on 21 February 2020.
Total Return since the Company's launch is 50.3p per share.
Whilst we anticipate the majority of our investees will be less impacted
by the recent turmoil than many entities, they are by no means immune
from it. All companies have now needed to react to the change in
circumstances, revising their cash flow forecasts and adjusting for
significantly reduced sales revenues. The Investment Adviser will help
companies through this process, and if desired support them to raise
additional funding where possible. The Board and Investment Adviser have
sought to assess the immediate impact on valuations. Using latest bid
prices, and the Directors' normal determinants of fair value, we
estimate that the NAV per share has reduced to an unaudited 25.0p (a
drop of 10%) as of mid-May. Given we are in no immediate hurry to
liquidate any of our holdings, we would hope some form of market
normality will return before asset sales occur.
Portfolio Review
The Company currently has holdings in 7 unlisted companies and one AIM
quoted company. They continue to develop, and where we want to (and they
need it) and permitted under VCT rules your Company continues to invest
to support that development.
Arecor Limited (Arecor) has become our largest holding representing 28%
of NAV, following a valuation increase as a result of its excellent
progress. It recently announced that it has achieved an important second
contractual milestone with one of its pharmaceutical partners. The first
milestone was triggered in October 2017 following the signature of a
license agreement between the parties. It has also announced a
multi-product collaboration with a US-based clinical stage biotechnology
company. Under the collaboration, Arecor will leverage its proprietary
technology to develop liquid formulations of two proprietary novel
products, one in oncology and one in a rare genetic orphan condition. It
is well placed to expand and remains a bright spot in the portfolio.
Select Technology (STL Management Ltd) is still a significant holding,
at more than a quarter of our NAV. It has been at the forefront of
remote working both as a practitioner of the art and a provider of
relevant software for others, and as a result, has seamlessly embraced
lockdown working practices. Clearly, it has suffered interruption to its
normal course of business as customers have grappled with the effects of
the economic shock of the last two months.
However, looking beyond the short-term disruption, there is an immediate
opportunity to provision its end customers with the required software
tools that ensure business resilience and effective remote working. A
recent sales webinar was attended by 125 people, up nearly fivefold on
normal attendee levels.
This could just because buyers are lacking things to do, but there is at
least circumstantial evidence showing that companies are using the
lockdown hiatus to spend time on 'housekeeping matters', which includes
replacing out-of-date software systems. If this is the case, then
Select Technology may be well-positioned for any upcoming return to
normality. Select Technology paid a dividend in February 2020.
ImmBio (more formally known as ImmunoBiology Ltd) has signed a
commercial licence with the China National Biotech Group for its
pneumococcal vaccine PnuBioVax and the first milestone payment has been
received. Further milestones payments will be made when the transfer of
certain technology is complete. This has been delayed partly by Covid-19
related events. The company is seeking to licence its vaccine in other
countries and is pursuing grant applications. We have continued to
support the working capital of the company with 2 small share placings
during the year totalling GBP28k. However the continuing delays have led
us to reduce the valuation during in the current year.
Scancell had a disappointing year of regulatory and clinical delays in
its flagship melanoma trial and its share price fell over the course of
the year. Its planned Phase 2 combination trial with their initial
product SCIB1 ran into difficulties with the US Food and Drug
Administration (FDA) due to the delayed approval by the FDA of the
upgraded delivery device from 3(rd) party Ichor. In the event, the
trials started in the UK later than expected. Subsequently the required
US approvals were received but a year has been lost and results will now
be correspondingly delayed. Post period end the UK trial went on hold as
a result of Covid-19 risks. Nevertheless good data from these trials
could represent a significant value inflection point for Scancell and
are eagerly awaited.
Preparations for trials with their other 2 lead products (SCIB2 and
MODI-1) are continuing to make progress but both are at too early a
stage to influence valuations yet. The new AvidiMab platform has also
generated significant interest and three agreements have been signed
with different partners to evaluate its potential, which if successful,
could translate into important commercial deals. During the year, and
after conducting in-depth scientific and commercial due diligence,
Vulpes Life Science Fund subscribed GBP4m in Scancell, through a share
placing at 5.0p/share, to become a significant (17%) shareholder. The
investment by Vulpes has extended the Scancell's cash runway, but it is
anticipated that there will be a need to raise further funds or form
commercial partnerships to realise the potential of all the technologies
under development. Scancell's share price started the year at 7.0p and
ended at 6.4p but swung during the year between a high of 9.2p and a low
of 3.0p when a distressed hedge fund unhelpfully exited all its large
position in an emergency fire sale. In the latter part of April, the
Scancell share price spiked temporarily following an announcement that
the company had initiated a research project to use its clinical
expertise in cancer to produce a simple, safe, cost effective and
scalable vaccine which could induce a durable response against the virus
that causes Covid-19.
Orthogem Ltd (Orthogem) was sold in January 2020 to one of its
distributors TRB Chemedica (UK) Ltd for a nominal amount. Although
Orthogem had made significant technical progress with the launch of its
putty product and appointment of international distributors, it was
unable to raise sufficient funding to be able to continue to trade.
The Oxford Technology VCTs (OT VCTs) were willing to continue supporting
the company, especially given we believed the company was very close to
commercial success, but the VCT rules governing the age of companies and
the use to which any new funds raised can be applied prevented us from
doing so. Similar restrictions applied to potential EIS investors.
Whilst some other investors were also willing to support Orthogem, it
was at an insufficient level. The only way to avoid the company being
placed into liquidation was to put itself up for sale - with original
investors retaining the right to a potential royalty income should
product sales follow. The Investment Adviser is working with HMRC to see
how the VCTs may be able to benefit from this income stream without
breaching any VCT rules, should royalties become receivable in the
future.
Your Company also has holdings in four other companies, which together
represent less than 10% of the NAV. We still hope some of these have
potential for future value growth, although we had to reduce the value
of two of them: in the case of Oxis, the current valuation is in line
with their latest funding round and at Inaplex, where progress is slower
than hoped.
Overall, as seen in the Income Statement, the impact of valuation
changes across the portfolio during 2019/2020 year was a loss of GBP46k,
once the benefit from uplift due to the full OCR final distribution of
GBP159k had been netted off.
The Board and your Investment Adviser continue to monitor and mentor
investee companies towards points of value inflection at which we can
profitably exit and return funds to shareholders. This is the nature of
our technology fund with a longer than expected life.
The Directors continue to take an active interest in the companies
within the portfolio, both to support their management teams to achieve
company development, but also to prepare companies for realisation at
the appropriate time. It should be noted, however, that approaches do
occur at other times, and the ability of the Directors and Investment
Adviser to be able to provide support when such approaches occur is
essential for maximising value.
Further details are contained within the Investment Adviser's Report,
and on our website.
First Quarter Results Announcement
As mentioned in the overview section above, the Directors estimate that
the NAV per share is 25.0p (unaudited) as of mid-May. At this time, and
unless there are reasons to suggest conditions are not similar at the
end of May 2020, we do not currently intend to issue a NAV as at 31 May
2020, and 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 value to shareholders, and not doing
so will save some costs.
Dividends/Return of Capital
Due to its small size the Company remains exposed to balancing solvency
requirements and compliance with VCT rules To that end, the Directors
have elected to retain as much cash as is allowed by the VCT rules, to
ensure it can continue to operate for the foreseeable future. However,
part of the proceeds from the OCR sale needed to be paid out before the
year end, to ensure the VCT met the more stringent 80% level of
qualifying assets required by 1 March 2020 (up from 70%). As a result a
dividend of 1.5p per share (the highest possible dividend whilst still
retaining liquidity) was paid to shareholders on 21 February 2020.
The ongoing strategy remains to seek to crystallise value from the
portfolio and distribute cash to shareholders. Our priority is to
maximise shareholder value and liquidity over the medium term by seeking
exits for these holdings at the appropriate time, but remaining mindful
of the need to meet both VCT and going concern tests.
VCT Market Changes
After some big changes in recent years, this has been another period of
allowing the new regulatory landscape to bed in. The types of investment
now allowed are of the sort in which the OT VCTs have always specialised
and we continue to believe the VCT structure is well-suited to this
patient approach to long term value creation. However, the VCT rules do
provide additional challenges for very small VCTs, where there is very
little flexibility in how to operate, and with a small portfolio, we are
very severely hindered from continuing to support our own investee
companies. Our VCT is not in line with the majority of the industry,
which is continuing to raise funds and making new investments, and where
scale is not an issue, so these policies impact us more than larger
VCTs. As mentioned above, from March 2020 we are required to have more
than 80% of assets in qualifying assets compared to 70% in prior years.
On 29 February 2020, we were at this level, and remain so at the time of
writing.
Cost Control
Your Board continues to look at methods of improving operational
efficiency, reducing costs and, more generally putting in place
appropriate plans to ensure that your VCT's operational costs relative
to its overall size remain within acceptable limits. Over the last 5
years we have renegotiated almost every element of cost.
Our investment management and Directors' fees and auditors' remuneration
are amongst the lowest in the VCT industry. The largest remaining
elements of cost are the LSE listing fee at almost GBP10k and the FCA
fee of GBP6k. These regulatory fees seem to have relentless increases
and bear disproportionally on a small company. We have written to both
organisations to request a one-off 50% rebate in this difficult year and
asked them to reconsider their overall fee structures and, in particular,
relook at their charges to the lower end of the market.
Covid-19 Response
The Investment Adviser has proved to be operationally resilient and
financially sound during the turmoil of Covid-19. Your Board is used to
working in a virtual environment and the VCT has continued to operate
effectively, as evidenced by the publication of this Annual Report and
Financial Statements to our normal timetable.
Whilst your VCT remains in reasonable structural shape, it seems prudent
to take some precautionary measures. Every year we have a resolution for
the shareholders to enable the Directors to raise a further 5% of shares
without pre-emption rights and this has always been approved. This year,
following guidance from the FRC Pre-emption Group we would like, with
our shareholders' approval, to raise the current level to 20% to provide
flexibility, if ever required, to raise money more cheaply and at
shorter notice. This would enable to us to support investee companies
(within the VCT rules) and exceptionally take advantage of other
opportunities arising from other investees in the OT VCT stable.
At the moment we have no plans to raise additional capital or to conduct
a possible placing, but it seems prudent in these uncertain times to
have the capability in case the Board considers it opportune to act
quickly. Shareholders who might be interested in buying shares via such
a placing are invited to register their potential interest at
vcts@oxfordtechnology.com.
AGM
We believe the meeting is likely to be a virtual meeting with limited
physical attendance and no investee or Investment Adviser presentations.
We will provide further updates on this by the end of June via our
website. Covid-19 permitting, the Board and Investment Adviser hope to
be able to host a physical event in October/November following the half
year results so that shareholders can be updated and for them to hear
how some of our investees have coped with this year's disruption.
In the meantime, may I encourage you to return your proxies for the AGM
as early as possible. Please send in any questions you might have and we
will put up a Q&A section on the website.
Please note that in accordance with new AIC guidelines all four
directors are standing for annual re-election. I have no hesitation in
recommending shareholders to vote for all my co-directors. All have
played a very full part in the VCT's activities throughout the year.
We also recommend the re-election of UHY Hacker Young who have done a
very good job this year under difficult conditions, not least of which
was one of their key staff contracting Coronavirus during the period of
the audit.
As in previous years, we are putting forward a resolution to vote for
the continuation of the VCT. The Directors do not consider this to be an
appropriate time to wind up the VCT and would not be in shareholders'
best interests.
Finally, we have taken the opportunity to further update our articles of
association; we already did this 2 years ago, but we have taken the
opportunity whilst the other Oxford Technology VCTs are updating theirs
to make some additional improvements. More details are shown on page 37
and on our website www.oxfordtechnologyvct.com/vct2.html.
A formal Notice of the AGM has been enclosed with these Financial
Statements together with a Proxy Form. We encourage you to vote on the
AGM resolutions via your proxy forms and thank you all for your ongoing
support.
Outlook/Planning for the Future
Our company remains the smallest VCT (by both net assets and market cap,
and reducing in size as we realise investments and return proceeds to
shareholders), and we continue to operate on a shoestring budget.
Efforts have continued throughout the year to seek a partner interested
in using the existing VCT structure to launch its own share offering,
and hence enabling us to expand our asset base. As I reported at the
half year, we have had detailed conversations with many other
prospective parties who are potentially interested in entering the VCT
industry, but to date, the costs of such a launch present too high a
risk for other parties to make such a move. We have always made clear
that there is no certainty such a possibility can be successful but the
Directors will continue seeking such opportunities when the future
outlook has become clearer.
We continue to believe your VCT is an appropriate structure to hold your
Company's investments, albeit it would be preferable to have a larger
asset base to share the operating costs.
In the meantime, your Board continues to work to best position the
Company such that -- when conditions and liquidity permit -- holdings
can be exited and proceeds distributed to shareholders.
In normal years I would conclude by expressing my thanks to all
shareholders for their continuing support and looking forward to
welcoming as many of you as possible to the AGM. This year I will just
express a wish that you keep safe and healthy and that together we may
ultimately arise stronger and more united for a future in what will
undoubtedly be a different world.
Richard Roth
Chairman
19 May 2020
Investment Portfolio Review
OT2 was formed in 2000 and invested in a total of 30 companies, all
start-up or early stage technology companies. Some of these companies
failed with the loss of the investment. Some have succeeded and have
been sold. The table on page 24 shows the companies remaining in the
portfolio. A more detailed analysis is given for some of the larger
investments.
The ultimate outcome for investors will depend on how the remaining
investments perform. In particular, Select Technology, Scancell and
Arecor have the potential to deliver significant returns. However, all
the companies in the portfolio will now be adjusting their business
plans in response to the Covid-19 pandemic and OTM are helping and
advising these companies through these difficult and unprecedented
times.
Select Technology specialises in software for photocopiers -- now known
as MFDs -- Multi-Function Devices. Over the last decade Select
Technology has built up a global network of distributors and dealers
through which it sells third party products. These products now include
PaperCut, KPAX, Foldr, Drivve Image, EveryonePrint and Square 9
Enterprise Content Management. Sales have increased from GBP210k in the
year to July 2010 to just over GBP6.5m in the year to January 2020.
Select paid a dividend in February 2020.
Arecor conducted its phase 1 trial for Ultra-Rapid Acting Insulin. The
results were very good with all the desired outcomes being met. Arecor
also has other insulin and non-insulin internal development programmes.
Arecor also announced a new collaboration agreement with a pharma
company and it has received a milestone payment for a partnered
programme.
In February 2019 ImmBio signed a license deal for PnuBioVax in the
Chinese market with a subsidiary of CNBG, the leading Chinese biologics
company. PnuBioVax is a vaccine that targets pneumococcal disease in
children and the elderly. Throughout the year it has been working to
transfer the technology to its partner. An investment of GBP150k (of
which OT2 contributed GBP20k) was made in February 2020 to extend the
company runway. In March 2019 OT2 also invested GBP8k as part of an
earlier GBP150k round.
Oxis Energy is developing a Lithium Sulphur rechargeable battery with a
significantly higher specific energy (energy storage per unit weight)
than the currently available Lithium Ion batteries. OT2 was the first
investor in Oxis Energy (then known as Intellikraft) in January 2000.
Oxis announced that it had received GBP3.2m of funding to establish a
factory in Port Talbot, to provide components for batteries. It started
a collaborative deal with US aviation company Bye Aerospace aiming to
double the flight times of their electric aeroplanes. During the year
it raised a further GBP7.8m at a 30p share price.
Orthogem received a CE mark for its putty product in early 2018.
Approvals for other countries were very slow to follow. Although a deal
was made with a new and much larger UK distributor, the sales did not
pick up quickly enough for the company to remain solvent going forward.
The OT VCTs were willing to continue supporting the company, especially
given we believed the company was very close to commercial success, but
the VCT rules governing the age of companies and the use to which any
new funds raised could be applied prevented us from doing so. The
company was sold for GBP1 and a 10% share of gross profits going
forward. We are currently working with HMRC to see how OT2 may be able
to benefit from any future income stream in the form of possible
royalties without breaching any VCT rules.
Scancell is developing novel immunotherapies for cancer based on three
platform technologies known as Immunobody, Moditope and Avidimab.
Results from Scancell's first clinical trial for the treatment of
melanoma continue to be excellent with recurrence free survival at 69%
at 5 years, surpassing results in other trials of ipilimumab (leading
immunotherapy for cancer) which showed 46.5% at 3 years. The Avidimabs
-- which are antibodies directed at targets expressed on cancer cells --
are the latest addition to the business of Scancell and have already
generated three development agreements.
Scancell had a fall in its share price in the first half of the year. An
investment of GBP3.87m from Vulpes Life Sciences Fund supported the
company and the share price rose again to 6.4p at 29 February 2020.
Scancell has received authorisation to proceed with its SCIB1 trial in
combination with Keytruda both in the UK and the US. Post period end
Scancell has announced its plans to initiate research work to develop a
vaccine against the Covid-19 virus causing a moderate increase in its
share price.
New Investments in the year
Follow on investments were made into ImmBio of GBP8,230 in March 2019
and GBP20,000 in February 2020. These have complied with both EU State
Aid rules and HMRC rules.
Disposals during the year
We received GBP322,889 held in escrow in respect of the final earn-out
from the sale of OC Robotics. Orthogem was disposed of during the year
but only for a nominal sum of GBP1.
Valuation Methodology
Quoted and unquoted investments are valued in accordance with current
industry guidelines that are compliant with International Private Equity
and Venture Capital (IPEVC) Valuation Guidelines and current financial
reporting standards.
VCT Compliance
Compliance with the main VCT regulations as at 29 February 2020 and for
the year then ended is summarised as follows:
Type of Investment
By HMRC Valuation Rules Actual Target
--------------------------- ------ --------------------------
Minimum obligation of: 70%
VCT Qualifying Investments 81.0% (80% from 1 March 2020)
Maximum allowed: 30%
Non-Qualifying Investments 19.0% (20% from 1 March 2020)
--------------------------- ------ --------------------------
Total 100% 100%
The value used in the qualifying tests is not necessarily the original
investment cost due to the complex rules required by HMRC, therefore the
allocation of Qualifying investments as defined by the legislation can
be different to the portfolio weighting as measured by market value
relative to the net assets of the VCT.
At least 70% of each investment must be in eligible shares - Complied.
No more than 15% of the income from shares and securities is retained -
Complied.
No investment constitutes more than 15% of the Company's portfolio (by
value at time of investment or when the holding is added to) - Complied.
The Company's income in the period has been derived wholly or mainly
(70% plus) from shares or securities - Complied.
No investment made by the VCT has caused the company to receive more
than GBP5m of State Aid investment in the year, nor more than the
lifetime limit of GBP12m -- Complied.
Table of Investments held by Company at 29 February 2020
Change
in
Net cost Carrying value
of value at for the % equity
investment 29/02/20 year held by % %
Company Description Date of initial investment GBP'000 GBP'000 GBP'000 OT2 equity held by all OTVCTs net assets
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Arecor Protein stabilisation Jul 2007 252 420 124 1.8 10.5 28.3
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Select Technology
-- STL Mgt. Speciaist photocopier interfaces Nov 2001 132 412 (17) 7.4 58.6 27.8
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
ImmBio Novel vaccines Dec 2000 295 185 (90) 3.1 22.6 12.5
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Scancell
(bid price 6.4p) Antibody based cancer therapeutics Apr 2018 150 80 (8) 0.3 2.7 5.4
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Insense Wound healing dressings Jun 2001 204 52 - 2.0 6.8 3.5
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Plasma Antennas Solid state directional antennas Nov 2001 188 38 - 5.6 48.8 2.6
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Oxis Energy Battery technology Jan 2000 540 25 (10) 0.1 0.3 1.7
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Inaplex Data integration software Jan 2001 138 2 (7) 21.5 34.8 0.1
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Totals 1,900 1,214 (8) 81.9
------------------ ----------------------------------- --------------------------- ---------- -------- ------- --------- --------------------------- -----------
Other Net
Assets 269 18.1
------------------------------------------------------------------------------------ ---------- -------- ------- --------- --------------------------- -----------
NET ASSETS 1,483 100.0
------------------------------------------------------------------------------------ ---------- -------- ------- --------- --------------------------- -----------
Number of shares in issue: 5,331,889
Net Asset Value per share at 29 February 2020: 27.8p
Dividends per share paid to date: 22.5p
This table above shows the current portfolio holdings. The investments
in Acumen, Assertion, Astron Clinica, Ciphergrid, CHR Design, Coraltech,
Im-Pak, Freehand Surgical, Inscentinel, Jetmask, M3 Networks, OST,
Promic and SVA have been written off. The investments in Hardide,
Commerce Decisions, MET, Telegesis, Equitalk, Duncan Hynd Associates, OC
Robotics and Orthogem have been sold.
Lucius Cary
Director -- OT2 Managers Ltd
Investment Manager
19 May 2020
Directors' Report
The Directors present their report together with Financial Statements
for the year ended 29 February 2020.
The Directors consider that the Annual Report and Financial Statements,
taken as a whole, are fair, balanced and understandable and provide the
information necessary for shareholders to assess the Company's
performance, business model and strategy.
This report has been prepared by the Directors in accordance with the
requirements of s415 of the Companies Act 2006. The Company's
independent auditor is required by law to report on whether the
information given in the Directors' Report is consistent with the
Financial Statements.
Principal Activity
The Company commenced business in 2000. The Company invests in start-up
and early stage technology companies in general located within 60 miles
of Oxford. The Company has maintained its approved status as a Venture
Capital Trust by HMRC.
Review of Business Activities
The Directors are required by section 417 of the Companies Act 2006 to
include a Business Review to shareholders. This is set out on page 13
and forms part of the Strategic Report. The purpose of the Business
Review is to inform members of the Company and help them assess how the
Directors have performed their duty under section 172 of the Companies
Act 2006 (duty to promote the success of the Company). The Company's
section 172 Statement on page 19, the Chairman's Statement on page 6 to
12, and the Investment Portfolio Review on pages 21 to 29 also form part
of the Strategic Report.
Corporate Governance Statement
The Board has considered the principles and recommendations of the 2019
AIC Code as applied to companies reporting as at 29 February 2020. The
Company's Corporate Governance policy is set out on pages 41 to 47.
The 2019 AIC Code is available on the AIC website (www.theaic.co.uk). It
includes an explanation of how the 2019 AIC Code adapts the Principles
and Provisions set out in the UK Code to make them relevant for
investment companies.
The Company has complied with the recommendations of the 2019 AIC Code
and the relevant provisions of the UK Code, except as set out below:
-- The Company does not have a Chief Executive Officer or a Senior
Independent Director. The Board does not consider this necessary as it
does not have any executive directors.
-- New Directors do not receive a formal induction on joining the Board,
though they did receive one tailored to them on an individual basis.
-- The Company conducts a formal review as to whether there is a need for an
internal audit function. However, the Directors do not consider that an
internal audit would be an appropriate control for this VCT at this
time.
-- The Company does not have a Remuneration Committee as these matters are
dealt with by the Board.
-- The Company does not have a Nomination Committee as these matters are
dealt with by the Board.
For the reasons set out in the AIC Guide, and as explained in the UK
Code, the Board considers the above provisions are not relevant to the
position of the Company, being an investment company run by the Board
and managed by the Investment Adviser. In particular, all of the
Company's day-to-day administrative functions are outsourced to third
parties. As a result, the Company has no executive directors, employees
or internal operations.
Furthmore, the Board acknowledges that it is not recommended practice
that the Chariman of the Company to be chairman of the Audit Committee;
however, for administrative convenience, Richard Roth is chairman of the
Audit Committee as he fulfils this role for all the OT VCTs.
Directors
The Directors of the Company are required to notify their interests
under Disclosure and Transparency Rule 3.12R. The membership of the
Board and their beneficial interests in the ordinary shares of the
company at 29 February 2020 and at 28 February 2019 are set out below:
Name 2020 2019
R Roth 44,033 44,033
A Starling Nil Nil
R Goodfellow 14,000 14,000
D Livesley Nil Nil
Under the Company's articles of association Directors are required to
retire by rotation every third year. However, best practice under the
latest corporate governance guidelines is for all directors to stand for
election each year and as a result, Richard Roth, Alex Starling, Robin
Goodfellow and David Livesley will all be nominated for re-election at
the forthcoming AGM. The Board believes that all the non-executive
Directors continue to provide a valuable contribution to the Company and
remain committed to their roles. The Board recommends that shareholders
support the resolutions to re-elect all four Directors at the
forthcoming AGM.
The Board is satisfied that, following individual performance appraisals,
the Directors who are retiring continue to be effective and demonstrate
commitment to their roles and therefore offer themselves for re-election
with the support of the Board.
The Board did not identify any conflicts of interest between the
Chairman's interest and those of the shareholders, especially with
regard to the relationship between the Chairman and the Investment
Adviser.
The Board is cognisant of shareholders' preference for Directors not to
sit on the boards of too many larger companies ("overboarding").
Shareholders will be aware that in July 2015, the Company, along with
the other VCTs that were managed by Oxford Technology Management,
appointed directors such that the four VCTs each had a Common Board. In
addition, Richard Roth has subsequently also become a Director of Seneca
Growth Capital VCT Plc, a VCT investing in the MedTech sector which is
also self-managed and has a number of investments in common with the
Oxford Technology VCTs.
Whilst great care is taken to safeguard the interests of the
shareholders of each separate company, there is an element of overlap in
the workload of each Director across the four OT funds due to the way
the VCTs are managed. The Directors note that the workload related to
the four OT funds is less than it would be for four totally separate and
larger funds, and are satisfied that Richard Roth has the time to focus
on the requirements of each OT fund.
Investment Management Fees
OT2 Managers Ltd, the Company's wholly owned subsidiary, has an
agreement to provide investment management services to the Company for a
fee of 1% of net assets per annum. OT2 Managers Ltd subcontracts these
services to OTM on a pass through basis. Alex Starling and Richard Roth
together with Lucius Cary are Directors of OT2 Managers Ltd.
Directors' and Officers' Insurance
The Company has maintained insurance cover on behalf of the Directors,
indemnifying them against certain liabilities which may be incurred by
them in relation to their duties as Directors of the Company.
Ongoing Review
The Board has reviewed and continues to review all aspects of internal
governance to mitigate the risk of breaches of VCT rules or company law.
Whistleblowing
The Board has been informed that the Investment Adviser has arrangements
in place in accordance with the UK Code's recommendations by which staff
of Oxford Technology Management or the Secretary of the Company may, in
confidence, raise concerns within their respective organisations about
possible improprieties in matters of financial reporting or other
matters.
Bribery Act 2010
The Company is committed to carrying out business fairly, honestly and
openly. The Investment Adviser has established policies and procedures
to prevent bribery within its organisation. The Company has adopted a
zero tolerance approach to bribery and will not tolerate bribery under
any circumstance in any transaction the Company is involved in. The
Company has instructed the Investment Adviser to adopt the same approach
with investee companies.
Relations with Shareholders
The Company values the views of its shareholders and recognises their
interest in the Company.
The Company's website provides information on all of the Company's
investments, as well as other information of relevance to shareholders (
https://www.globenewswire.com/Tracker?data=Rz0vMPQDaeuJLgKDbUqxUUfI4ZDoLqGv7V6pTawTwfOyfCS0VjfRg4p6Mdv9cO1pezoQ9Ucb3HRtI0dkW1olE2_ArplrwwN4tPJgezJfjstJeR_NZdDhJFMlyjSJxfB-WZ7ykiMtzu6ClajzAuW2Uw==
www.oxfordtechnologyvct.com/vct2.html).
Shareholders have the opportunity to meet the Board at the Annual
General Meeting. In addition to the formal business of the AGM the Board
is available to answer any questions a shareholder may have.
The Board is also happy to respond to any written queries made by
shareholders during the course of the year and can be contacted at the
Company's registered office: Magdalen Centre, Oxford Science Park,
Oxford OX4 4GA. Alternatively your question can be emailed to:
vcts@oxfordtechnology.com.
Going Concern
The assets of the Company consist mainly of securities, one of which is
AIM quoted, quite liquid and readily accessible, as well as cash. After
making enquiries, the Directors have a reasonable expectation that the
Company has adequate resources to continue in operational existence for
the foreseeable future. For this reason they have adopted the going
concern basis in preparing the Financial Statements.
Share Capital
As disclosed on page 80, the Board does not have authority to make
market purchases of the Company's own shares. As a result of some
shareholder representations, the Company has previously withdrawn the
customary buy-back resolution and none is proposed this year. No shares
were bought back by the Company during the year.
The Board has authority to allot up to 266,950 shares (representing
approximately 5% of the ordinary share capital as at 21 May 2019). No
shares were allotted by the Company during the year.
The total number of Ordinary Shares of 10p each in issue at 29 February
2020 was 5,331,889 (2019: 5,331,889) with each share having one vote.
There are no other share classes in issue.
As discussed in the Chairman's Statement, whilst the VCT remains in good
structural shape, it seems prudent to take some precautionary measures
and the Board is proposing a resolution for the shareholders to enable
the Directors to raise a further 20% of shares without pre-emption
rights this year, following guidance from the FRC Pre-emption Group.
This will provide additional flexibility, if ever required, to raise
money more cheaply and at shorter notice. This would enable the Company
to support investee companies (within the VCT rules) and, exceptionally,
take advantage of other opportunities arising from other investees in
the OT VCT stable. At the moment we have no plans to raise additional
capital or to conduct a possible placing, but it seems prudent in these
uncertain times to have the capability in case the Board wishes to act
quickly.
In accordance with Schedule 7 of the Large and Medium Size Companies and
Groups (Accounts and Reports) Regulations 2008, as amended, the
Directors disclose the following information:
-- The Company's capital structure and voting rights are summarised above,
and there are no restrictions on voting rights nor any agreement between
holders of securities that result in restrictions on the transfer of
securities or on voting rights;
-- There exist no securities carrying special rights with regard to the
control of the Company;
-- The rules concerning the appointment and replacement of Directors,
amendment of the articles of association and powers to issue or buy back
the Company's shares are contained in the articles of association of the
Company and the Companies Act 2006;
-- The Company does not have any employee share scheme;
-- There exist no agreements to which the Company is party that may affect
its control following a takeover bid; and
-- There exist no agreements between the Company and its Directors providing
for compensation for loss of office that may occur following a takeover
bid or for any other reason
Substantial Shareholders
At 29 February 2020, the Company has been notified of the following
investors whose interest exceeds three percent of the Company's issued
share capital: Redmayne Nominees Limited 5.98% (includes the beneficial
interests of Ms Shivani Palakpari Shree Parikh); Barclays Direct
Investing Nominees Ltd, 4.86%; The Estate of Mr Richard Vessey, 4.38%;
Mrs Mary Louisa Perry, 3.84%; Hargreaves Lansdown Nominees Limited,
3.24%; Merrick Sidney Whitehouse Feast, 3.19%.
Auditors
UHY Hacker Young LLP offer themselves for re-appointment as the
independent auditors in accordance with Section 489 of the Companies Act
2006.
Adoption of New Articles of Association
At the AGM, we are also seeking to adopt new articles ("New Articles")
in substitution for the current articles. The New Articles have tidied
up a number of provisions in the current articles and make some of
clauses less specific to the transaction that was previously being
planned with Chelverton Asset Management Limited, and will provide the
Directors more flexibility to negotiate with a new third party. Another
change proposed which reduces the nominal value of each share from 10p
per share to 1p per share is a pre-cursor to enable the creation of
additional distributable reserves in the future, which may allow the
Company to pay out more to shareholders in time. A more detailed
summary of the key differences between the current articles of the
Company and the New Articles which, in the opinion of the Directors, are
relevant for shareholders, is set on the Company's website (
https://www.globenewswire.com/Tracker?data=Rz0vMPQDaeuJLgKDbUqxUUfI4ZDoLqGv7V6pTawTwfOyfCS0VjfRg4p6Mdv9cO1pViQhGEP0ahJOXKfE_AYEBDboxJqZDC6IOoLKfibPf0Xqxb9hMhpQiztOgrA4Eux4grgEEHBgPa3UoWXW4bYExA==
www.oxfordtechnologyvct.com/vct2.html), as are the New Articles
themselves.
A copy of the proposed New Articles is also available for inspection
from the date of this Annual Report at the registered office of the
Company and for at least 15 minutes prior to and during the Annual
General Meeting at the place of the Annual General Meeting, Magdalen
Centre, Oxford Science Park, Oxford OX4 4GA.
On behalf of the Board
Richard Roth
Chairman
19 May 2020
Directors' Remuneration Report
Introduction
This report has been prepared by the Directors in accordance with the
requirements of the Companies Act 2006. The Company's independent
auditor, UHY Hacker Young LLP, is required to give its opinion on
certain information included in this report. This report includes a
statement regarding the Directors' Remuneration Policy. This report sets
out the Company's Directors' Remuneration Policy and the Annual
Remuneration Report which describes how this policy has been applied
during the year.
The Directors' Remuneration Policy was last approved by shareholders at
the AGM on 12 July 2018. It needs to be put to a shareholder vote every
three years, and shareholders will be asked to approve it again at the
Annual General Meeting in 2021.
Shareholders also need to approve the Directors' Remuneration Report
every year. It was last approved at the AGM on 3 July 2019 on a
unanimous show of hands and 100% of proxies voted in favour. A
Resolution to approve the Directors' Remuneration Report for the year
ended 29 February 2020 will be proposed at the Annual General Meeting on
9 July 2020.
Directors' Terms of Appointment
The Board consists entirely of non-executive Directors who meet at least
four times a year and on other occasions as necessary to deal with
important aspects of the Company's affairs. Directors are appointed with
the expectation that they will serve for at least three years and are
expected to devote the time necessary to perform their duties. All
Directors retire at the first general meeting after election and
thereafter every third year. In line with best practice, all Directors
will offer themselves for re-election this year. Re-election will be
recommended by the Board, but is dependent upon shareholder vote. There
are no service contracts in place, but Directors have a letter of
appointment.
Directors' Remuneration Policy
The Board acts as the Remuneration Committee and meets annually to
review Directors' pay to ensure it remains appropriate given the need to
attract and retain candidates of sufficient calibre and ensure they are
able to devote the time necessary to lead the Company in achieving its
strategy.
The articles of association of the company state that the aggregate of
the remuneration (by way of fee) of all the Directors shall not exceed
GBP75,000 per annum unless otherwise approved by Ordinary Resolution of
the Company. The following Directors' fees are payable by the Company:
per annum
Director Base Fee GBP3,500
Chairman's Supplement GBP2,000
Audit Committee Chairman GBP3,000
Audit Committee Member GBP1,500
The OT2 Director Fees are amongst the lowest of any VCT.
Richard Roth chairs the Company and also chairs the Audit Committee,
with Robin Goodfellow as a member of the committee. As the VCT is self
managed, the Audit Committee carries out a particularly important role
for the VCT and plays a significant part in the sign off of quarterly
management accounts, and the production of the half year and annual
statutory accounts.
Fees are currently paid annually. The fees are not specifically related
to the Directors' performance, either individually or collectively. No
expenses are paid to the Directors. There are no share option schemes
or pension schemes in place, but Directors are entitled to a share of
the carried interest as detailed below. The Directors may at their
discretion pay additional sums in respect of specific tasks carried out
by individual Directors on behalf of the Company.
Alex Starling and Richard Roth receive no remuneration in respect of
their directorships of OT2 Managers Ltd, the Company's Investment
Manager.
The performance fee is detailed in note 3. Current Directors are
entitled to benefit from any payment made, subject to a formula driven
by relative lengths of service. The performance fee becomes payable if
a certain cash return threshold to shareholders is exceeded -- the
excess is then subject to a 20% carry that is distributed to Oxford
Technology Management, past Directors and current Directors; the
remaining 80% is returned to shareholders. At 29 February 2020 no
performance fee was due.
Should any performance fee be payable at the end of the year to 28
February 2021, Alex Starling, Robin Goodfellow, and Richard Roth would
each receive 0.36% of any amount over the threshold and David Livesley
0.87%. No performance fee will be payable for the year ending 28
February 2021 unless original shareholders have received back at least
166.9p in cash for each 100p (gross) invested.
Relative Spend on Directors' Fees
The Company has no employees, so no consultation with employees or
comparison measurements with employee remuneration are appropriate.
Loss of Office
In the event of anyone ceasing to be a Director, for any reason, no loss
of office payments will be made. There are no contractual arrangements
entitling any Director to any such payment.
Annual Remuneration Report
No change to Director's remuneration is expected for the year ending 28
February 2021.
Directors' Fees Year End 28/02/21 Year End 29/02/20 Year End 28/02/19*
(unaudited) (audited) (audited)
---------------- ----------------- ----------------- ------------------
Richard Roth GBP8,500 GBP8,500 GBP16,500
---------------- ----------------- ----------------- ------------------
Alex Starling GBP3,500 GBP3,500 GBP5,500
---------------- ----------------- ----------------- ------------------
Robin Goodfellow GBP5,000 GBP5,000 GBP5,000
---------------- ----------------- ----------------- ------------------
David Livesley GBP3,500 GBP3,500 GBP3,500
---------------- ----------------- ----------------- ------------------
Total GBP20,500 GBP20,500 GBP30,500
---------------- ----------------- ----------------- ------------------
*In 2019 an additional one off payment was made to Richard Roth of
GBP8,000 and GBP2,000 to Alex Starling as compensation for work
undertaken in relation to setting up of the new B share structure as
well as the preparation of the circular and draft prospectus associated
with the planned offer for subscription by Chelverton.
Income Statement
Year Ended Year Ended
29 February 2020 28 February 2019
Note Revenue Capital Total Revenue Capital Total
Ref. GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------- ----- -------- -------- -------- -------- -------- --------
Loss on disposal of fixed asset investments - (10) (10) - - -
Unrealised (loss)/gain on valuation of fixed asset
investments - (36) (36) - 59 59
Investment income 2 4 - 4 4 - 4
Investment management fees 3 (17) - (17) (1) (13) (14)
Other expenses 4 (51) - (51) (67) - (67)
----------------------------------------------------- ----- -------- -------- -------- -------- -------- --------
Return on ordinary activities before tax (64) (46) (110) (64) 46 (18)
Taxation on return on ordinary activities 5 - - - - - -
----------------------------------------------------- ----- -------- -------- -------- -------- -------- --------
Return on ordinary activities after tax (64) (46) (110) (64) 46 (18)
----------------------------------------------------- ----- -------- -------- -------- -------- -------- --------
Return on ordinary activities after tax attributable
to equity shareholders (64) (46) (110) (64) 46 (18)
----------------------------------------------------- ----- -------- -------- -------- -------- -------- --------
Earnings per share -- basic and diluted 6 (1.2)p (0.9)p (2.1)p (1.2)p 0.9p (0.3)p
There was no other Comprehensive Income recognised during the year.
The 'Total' column of the Income Statement is the Profit and Loss
Account of the Company, the supplementary Revenue and Capital return
columns have been prepared under guidance published by the Association
of Investment Companies.
All Revenue and Capital items in the above statement derive from
continuing operations.
The Company has only one class of business and derives its income from
investments made in shares and securities and from bank and money market
funds.
The accompanying notes are an integral part of the Financial Statements.
Balance Sheet
Year Ended Year Ended
29 February 2020 28 February 2019
Note Ref. GBP'000 GBP'000 GBP'000 GBP'000
------------------------- --------- --------- -------- --------- --------
Fixed Asset Investments
at Fair Value 7 1,214 1,391
Debtors 8 10 168
Cash at Bank 270 126
Creditors 9 (11) (12)
------------------------- --------- --------- -------- --------- --------
Net Current Assets 269 282
------------------------- --------- --------- -------- --------- --------
Net Assets 1,483 1,673
------------------------- --------- --------- -------- --------- --------
Called Up Share Capital 10 533 533
Capital Redemption
Reserve 146 146
Share Premium Reserve 376 376
Unrealised Capital
Reserve 11 (686) (881)
Profit and Loss Account 11 1,114 1,499
------------------------- --------- --------- -------- --------- --------
Total Equity
Shareholders' Funds 11 1,483 1,673
------------------------- --------- --------- -------- --------- --------
Net Asset Value Per Share 27.8p 31.4p
The accompanying notes are an integral part of the Financial Statements.
The statements were approved by the Directors and authorised for issue
on 19 May 2020 and are signed on their behalf by:
Richard Roth
Chairman
Statement of Changes in Equity
Called up Share Capital Captial Redemption Reserve Share Premium Reserve Unrealised Capital Reserve Profit & Loss Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------------------- ----------------------- -------------------------- --------------------- -------------------------- ------------- --------
As at 1 March 2018 533 146 376 (940) 1,576 1,691
Revenue return on ordinary activities after tax - - - - (64) (64)
Expenses charged to capital - - - - (13) (13)
Current period gains on fair value of investments - - - 59 - 59
-------------------------------------------------- ----------------------- -------------------------- --------------------- -------------------------- ------------- --------
Balance as at 28 February 2019 533 146 376 (881) 1,499 1,673
Revenue return on ordinary activities after tax - - - - (64) (64)
Current period losses on disposal - - - - (10) (10)
Current period losses on fair value of investments - - - (36) - (36)
Prior years losses now realised - - - 231 (231) -
Dividends paid - - - - (80) (80)
-------------------------------------------------- ----------------------- -------------------------- --------------------- -------------------------- ------------- --------
Balance as at 29 February 2020
533 146 376 (686) 1,114 1,483
The accompanying notes are an integral part of the Financial Statements.
Statement of Cash Flows
Year Ended Year Ended
29 February 2020 28 February 2019
GBP'000 GBP'000
---------------------------------------- ----------------- -----------------
Cash flows from operating activities
Return on ordinary activities before tax (110) (18)
Adjustments for:
Loss on disposal of investments 10 -
Loss/(gain) on valuation of investments 36 (59)
(Decrease)/increase in creditors (1) 2
Decrease/(increase) in debtors 158 (2)
Movement in investment debtors and
creditors (164) -
---------------------------------------- ----------------- -----------------
Cash outflow from operating activities (71) (77)
---------------------------------------- ----------------- -----------------
Cash flows from investing activities
Purchase of investments (28) (183)
Disposal of investments 323 -
---------------------------------------- ----------------- -----------------
Cash inflows/(outflows) from investing
activities 295 (183)
---------------------------------------- ----------------- -----------------
Cash flows from financing activities
Dividends paid (80) -
---------------------------------------- ----------------- -----------------
Increase/(decrease) in cash at bank 144 (260)
---------------------------------------- ----------------- -----------------
Opening cash and cash equivalents 126 386
---------------------------------------- ----------------- -----------------
Cash and cash equivalents at year end 270 126
The accompanying notes are an integral part of the Financial Statements.
Notes to the Financial Statements
Oxford Technology 2 Venture Capital Trust Plc is a public company and is
limited by shares.
1. Principal Accounting Policies
Basis of Preparation
The Financial Statements have been prepared under the historical cost
convention, except for the measurement at fair value of certain
financial instruments, and in accordance with UK Generally Accepted
Accounting Practice ("GAAP"), including Financial Reporting Standard 102
-- 'The Financial Reporting Standard applicable in the United Kingdom
and Republic of Ireland' ('FRS 102') and with the Companies Act 2006 and
the Statement of Recommended Practice (SORP) 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts (revised 2018)'
issued by the AIC.
The principal accounting policies have remained materially unchanged
from those set out in the Company's 2019 Annual Report and Financial
Statements (the only change relating to investment management fees no
longer being partially allocated to capital, as explained below). A
summary of the principal accounting policies follows.
FRS 102 sections 11 and 12 have been adopted with regard to the
Company's financial instruments. The Company held all fixed asset
investments at fair value through profit or loss. Accordingly, all
interest income, fee income, expenses and gains and losses on
investments are attributable to assets held at fair value through profit
or loss.
The most important policies affecting the Company's financial position
are those related to investment valuation and require the application of
subjective and complex judgements, often as a result of the need to make
estimates about the effects of matters that are inherently uncertain and
may change in subsequent periods. These are discussed in more detail
below.
Going Concern
The assets of the Company consist mainly of securities, one of which is
AIM quoted, quite liquid and readily accessible, as well as cash. After
reviewing the Company's forecasts and expectations, the Directors have a
reasonable expectation that the Company has adequate resources to
continue in operational existence for the foreseeable future. The
Company therefore continues to adopt the going concern basis in
preparing its Financial Statements.
Key Judgements and Estimates
The preparation of the Financial Statements requires the Board to make
judgements and estimates regarding the application of policies and
affecting the reported amounts of assets, liabilities, income and
expenses. Estimates and assumptions mainly relate to the fair valuation
of the fixed asset investments particularly unquoted investments.
Estimates are based on historical experience and other assumptions that
are considered reasonable under the circumstances. The estimates and the
assumptions are under continuous review with particular attention paid
to the carrying value of the investments.
Investments are regularly reviewed to ensure that the fair values are
appropriately stated. Unquoted investments are valued in accordance with
current IPEVC Valuation Guidelines, which can be found on their website
at www.privateequityvaluation.com, although this does rely on subjective
estimates such as appropriate sector earnings or revenue multiples,
forecast results of investee companies, asset values of investee
companies and liquidity or marketability of the investments held.
Although the Directors believe that the assumptions concerning the
business environment and estimate of future cash flows are appropriate,
changes in estimates and assumptions could result in changes in the
stated values. This could lead to additional changes in fair value in
the future, and in particular this could be the case in the short term
if the Covid-19 lockdown is extended.
The material factors affecting the returns and net assets attributable
to shareholders are the valuations of the investments and ongoing
general expenses.
Functional and Presentational Currency
The Financial Statements are presented in Sterling (GBP). The functional
currency is also Sterling (GBP).
Cash and Cash Equivalents
Cash and cash equivalents includes cash in hand, deposits held at call
with banks, other short-term highly liquid investments with original
maturities of three months or less and also include bank overdrafts.
Fixed Asset Investments
The Company's principal financial assets are its investments and the
policies in relation to those assets are set out below.
Purchases and sales of investments are recognised in the Financial
Statements at the date of the transaction (trade date).
These investments will be managed and their performance evaluated on a
fair value basis and information about them is provided internally on
that basis to the Board. Accordingly, as permitted by FRS 102, the
investments are measured as being fair value through profit and loss on
the basis that they qualify as a group of assets managed, and whose
performance is evaluated, on a fair value basis in accordance with a
documented investment strategy. The Company's investments are measured
at subsequent reporting dates at fair value.
In the case of investments quoted on a recognised stock exchange, fair
value is established by reference to the closing bid price on the
relevant date or the last traded price, depending upon convention of the
exchange on which the investment is quoted. In the case of AIM quoted
investments this is the closing bid price.
In the case of unquoted investments, fair value is established by using
measures of value such as the price of recent transactions, earnings or
revenue multiples, discounted cash flows and net assets. These are
consistent with the IPEVC Valuation Guidelines.
Gains and losses arising from changes in fair value of investments are
recognised as part of the capital return within the Income Statement and
allocated to the Unrealised Capital Reserve.
In the preparation of the valuations of assets the Directors are
required to make judgements and estimates that are reasonable and
incorporate their knowledge of the performance of the investee
companies.
Fair Value Hierarchy
Paragraph 34.22 of FRS 102 regarding financial instruments that are
measured in the Balance Sheet at fair value requires disclosure of fair
value measurements dependent on whether the stock is quoted and the
level of the accuracy in the ability to determine its fair value. The
fair value measurement hierarchy is as follows:
For Quoted Investments:
Level 1: quoted prices in active markets for an identical asset. The
fair value of financial instruments traded in active markets is based on
quoted market prices at the Balance Sheet date. A market is regarded as
active if quoted prices are readily and regularly available, and those
prices represent actual and regularly occurring market transactions on
an arm's length basis. The quoted market price used for financial assets
held is the bid price at the Balance Sheet date.
Level 2: where quoted prices are not available (or where a stock is
normally quoted on a recognised stock exchange that no quoted price is
available), the price of a recent transaction for an identical asset,
providing there has been no significant change in economic circumstances
or a significant lapse in time since the transaction took place. The
Company held no such investments in the current or prior year.
For investments not quoted in an active market:
Level 3: the fair value of financial instruments that are not traded in
an active market is determined by using valuation techniques.
These valuation techniques maximise the use of observable data (e.g. the
price of recent transactions, earnings/revenue multiple, discounted cash
flows and/or net assets) where it is available and rely as little as
possible on entity specific estimates.
There have been no transfers between these classifications in the year
(2019: none). The change in fair value for the current and previous year
is recognised in the Income Statement.
Income
Investment income includes interest earned on bank balances and from
unquoted loan note securities, and dividends. Fixed returns on debt are
recognised on a time apportionment basis so as to reflect the effective
yield, provided it is probable that payment will be received in due
course. Dividend income from investments is recognised when the
shareholders' rights to receive payment have been established, normally
the ex dividend date.
Expenses
All expenses are accounted for on an accruals basis and are charged
wholly to revenue. Historically investment management fees were charged
75% to capital and 25% to revenue. However, the Directors have
determined that a more appropriate current split is to charge these fees
100% to revenue since the company is a small late life VCT no longer
raising new capital. This modification to the policy has been applied
this year. There is no change to the total return, nor to distributable
reserves. Any applicable performance fee will continue to be charged
100% to capital. Due to the small amounts involved we have not restated
the previous year.
Revenue and Capital
The revenue column of the Income Statement includes all income and
revenue expenses of the Company. The capital column includes gains and
losses on disposal and holding gains and losses on investments. Gains
and losses arising from changes in fair value of investments are
recognised as part of the capital return within the Income Statement and
allocated to the appropriate capital reserve on the basis of whether
they are realised or unrealised at the Balance Sheet date.
Taxation
Current tax is recognised for the amount of income tax payable in
respect of the taxable profit for the current or past reporting periods
using the applicable tax rate. The tax effect of different items of
income/gain and expenditure/loss is allocated between capital and
revenue return on the "marginal" basis as recommended in the SORP.
Deferred tax is recognised on an undiscounted basis in respect of all
timing differences that have originated, but not reversed, at the
balance sheet date, except as otherwise indicated.
Deferred tax assets are only recognised to the extent that it is
probable that they will be recovered against the reversal of deferred
tax liabilities or other future taxable profits.
Financial Instruments
The Company's principal financial assets are its investments and the
policies in relation to those assets are set out above. Financial
liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into.
An equity instrument is any contract that evidences a residual interest
in the assets of the entity after deducting all of its financial
liabilities. Where the contractual terms of share capital do not have
any terms meeting the definition of a financial liability then this is
classed as an equity instrument.
The Company does not have any externally imposed capital requirements.
Reserves
Called up Share Capital -- represents the nominal value of shares that
have been issued.
Share Premium Reserve -- includes any premiums received on issue of
share capital. Any transaction costs associated with the issuing of
shares are deducted from the Share Premium Reserve.
Capital Redemption Reserve -- represents the nominal value of the shares
repurchased in the tender offer in September 2017.
Unrealised Capital Reserve arises when the Company revalues the
investments still held during the period and any gains or losses arising
are credited/charged to the Unrealised Capital Reserve.
When an investment is sold, any balance held on the Unrealised Capital
Reserve is transferred to the Profit and Loss Account as a movement in
reserves.
The Profit and Loss Account represents the aggregate of accumulated
realised profits, less losses and dividends.
Dividends Payable
Dividends payable are recognised as distributions in the Financial
Statements when the Company's liability to make payment has been
established. This liability is established for interim dividends when
they are declared by the Board, and for final dividends when they are
approved by shareholders.
2. Investment Income
Year Ended Year Ended
29 February 2020 28 February 2019
GBP'000 GBP'000
------------------- ----------------- -----------------
Dividends received 4 4
------------------- ----------------- -----------------
Total 4 4
All of the Company's income has been generated in the United Kingdom
from its investment portfolio.
3. Investment Management Fees
Investment Management Fees are accounted for on an accruals basis and
are charged wholly to revenue. In the previous year, the investment
management fee was charged 75% to capital.
Year Ended Year Ended
29 February 2020 28 February 2019
GBP'000 GBP'000
-------------------------- ----------------- -----------------
Investment management fee 17 16
Cost Cap refund from OTM - (2)
-------------------------- ----------------- -----------------
Total 17 14
In the year to 29 February 2020 the manager received a fee of 1% of the
net asset value as at the previous year end (2019: 1%). Oxford
Technology Management is also entitled to certain monitoring fees from
investee companies and the Board reviews the amounts.
A performance fee is payable to the Investment Manager once original
shareholders have received a specified threshold in cash for each 100p
(gross) invested.
The original threshold of 100p has been increased by compounding that
portion that remains to be paid to shareholders by 6% per annum with
effect from 1 March 2010, resulting in the remaining required threshold
rising to 129.8p at 29 February 2020, corresponding to a total
shareholder return of 159.1p after taking into account the 29.3p already
paid out (29.3p + 129.8p = 159.1p). The 29.3p already paid out includes
an effective 6.8p (per original share) that was returned to shareholders
as part of the Tender Offer.
After this amount has been distributed to shareholders, each extra 100p
distributed goes 80p to the shareholders and 20p to the beneficiaries of
the performance incentive fee, of which Oxford Technology Management
receives 14p.
No performance fee has become due or been paid to date. Any applicable
performance fee will be charged 100% to capital. Expenses are capped at
3%, including the management fee, but excluding Directors' fees and any
performance fee. Oxford Technology Management did not need to reduce
their management fee in the current year (2019: GBP2,000 with the amount
credited to the revenue account).
4. Other Expenses
All expenses are accounted for on an accruals basis. All expenses are
charged through the income statement except as follows:
-- those expenses which are incidental to the acquisition of an investment
are included within the cost of the investment;
-- expenses which are incidental to the disposal of an investment are
deducted from the disposal proceeds of the investment.
Year Ended Year Ended
29 February 2020 28 February 2019
GBP'000 GBP'000
--------------------------- ----------------- -----------------
Directors' remuneration 21 31
Auditors' remuneration 8 7
London Stock Exchange Fees 10 9
FCA Fees 6 6
Other expenses 6 14
--------------------------- ----------------- -----------------
Total 51 67
5. Tax on Ordinary Activities
Corporation tax payable at 19.0% (2019: 19.0%) is applied to profits
chargeable to corporation tax, if any. The corporation tax charge for
the period was GBP nil (2019: GBP nil).
Year Ended Year Ended
29 February 2020 28 February 2019
GBP'000 GBP'000
---------------------------------------- ----------------- -----------------
Return on ordinary activities before tax (110) (18)
---------------------------------------- ----------------- -----------------
Current tax at standard rate of taxation (21) (3)
UK dividends not taxable (1) (1)
Unrealised losses/(gains) not taxable 7 (11)
Realised losses not taxable 2 -
Excess management expenses carried
forward 13 15
---------------------------------------- ----------------- -----------------
Total current tax charge - -
Unrelieved management expenses of GBP1,690,416 (2019: GBP1,621,167)
remain available for offset against future taxable profits.
6. Earnings per Share
The calculation of earnings per share (basic and diluted) for the period
is based on the net loss of GBP110,000 (2019: loss of GBP18,000)
attributable to shareholders divided by the daily weighted average
number of shares 5,331,889 (2019: 5,331,889) in issue during the period.
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted returns per share figures are relevant. The basic
and diluted earnings per share are therefore identical.
7. Investments
AIM quoted investments Unquoted investments Total
Level 1 Level 3 investments
GBP'000 GBP'000 GBP'000
---------------------------------- ---------------------- -------------------- -----------
Valuation and net book amount:
Book cost as at 28 February 2019 150 2,123 2,273
Cumulative revaluation to 28
February 2019 (62) (819) (881)
---------------------------------- ---------------------- -------------------- -----------
Valuation at 28 February 2019 88 1,303 1,391
---------------------------------- ---------------------- -------------------- -----------
Movement in the year:
Purchases at cost - 28 28
Disposals at cost - (401) (401)
Disposals revaluation - 232 232
Revaluation in year (8) (28) (36)
---------------------------------- ---------------------- -------------------- -----------
Valuation at 29 February 2020 80 1,134 1,214
---------------------------------- ---------------------- -------------------- -----------
Book cost at 29 February 2020 150 1,750 1,900
Cumulative revaluation to 29
February 2020 (70) (616) (686)
---------------------------------- ---------------------- -------------------- -----------
Valuation at 29 February 2020 80 1,134 1,214
---------------------------------- ---------------------- -------------------- -----------
All investments are initially measured at their transaction price.
Subsequently, at each reporting date, the investments are valued at fair
value through profit and loss, and all capital gains or losses on
investments are so measured.
The changes in fair value of such investments recognised in these
Financial Statements are treated as unrealised holding gains or losses.
Subsidiary Company
The Company also holds 100% of the issued share capital of OT2 Managers
Ltd at a cost of GBP1.
Results of the subsidiary undertaking for the year ended 29 February
2020 are as follows:
Country of Nature of Turnover Retained Net Assets
Registration Business profit/loss
OT2 Managers England and Investment
Ltd Wales Manager GBP16,736 GBP0 GBP1
Consolidated group Financial Statements have not been prepared as the
subsidiary undertaking is not considered to be material for the purpose
of giving a true and fair view. The Financial Statements therefore
present only the results of Oxford Technology 2 Venture Capital Trust
Plc, which the Directors also consider is the most useful presentation
for shareholders.
8. Debtors
29 February 2020 28 February 2019
GBP'000 GBP'000
------------------------------------------ ---------------- ----------------
Prepayments, accrued income & other
debtors 10 4
Deferred consideration from sale of
investments - 164
------------------------------------------ ---------------- ----------------
Total 10 168
9. Creditors
29 February 2020 28 February 2019
GBP'000 GBP'000
----------------------- ---------------- ----------------
Creditors and accruals 11 12
----------------------- ---------------- ----------------
Total 11 12
10. Share Capital
29 February 2020 28 February 2019
GBP'000 GBP'000
---------------------------------------------------- ---------------- ----------------
Allotted, called up and fully paid: 5,331,889 (2019:
5,331,889) ordinary shares of 10p each 533 533
11. Reserves
When the Company revalues its investments during the period, any gains
or losses arising are credited/charged to the Income Statement. Changes
in fair value of investments are then transferred to the Unrealised
Capital Reserve. When an investment is sold any balance held on the
Unrealised Capital Reserve is transferred to the Profit and Loss Account
as a movement in reserves.
Distributable reserves are GBP428,000 as at 29 February 2020 (2019:
GBP618,000).
Reconciliation of Movement in Shareholders' Funds
29 February 2020 28 February 2019
GBP'000 GBP'000
---------------------------------------- ---------------- ----------------
Shareholders' funds at start of year 1,673 1,691
Return on ordinary activities after tax (110) (18)
Dividends paid (80) -
---------------------------------------- ---------------- ----------------
Shareholders' funds at end of year 1,483 1,673
12. Capital Commitments
The Company had no commitments at 29 February 2020 or 28 February 2019.
13. Related Party Transactions
OT2 Managers Ltd, a wholly owned subsidiary, provides investment
management services to the Company with effect from 1 July 2015 for a
fee of 1% of net assets per annum. During the year, GBP16,736 was paid
in respect of these fees (2019: GBP14,569). No amounts were outstanding
at the year end.
14. Financial Instruments
The Company's financial instruments comprise equity and loan note
investments, cash balances and debtors and creditors. The Company holds
financial assets in accordance with its investment policy of investing
mainly in a portfolio of VCT -- qualifying unquoted securities whilst
holding a proportion of its assets in cash or near cash investments in
order to provide a reserve of liquidity. The risk faced by these
instruments, such as interest rate risk or liquidity risk is considered
to be minimal due to their nature. All of these are carried in the
accounts at fair value.
The Company's strategy for managing investment risk is determined with
regard to the Company's investment objective. The management of market
risk is part of the investment management process and is a central
feature of venture capital investment. The Company's portfolio is
managed with regard to the possible effects of adverse price movements
and with the objective of maximising overall returns to shareholders.
Investments in unquoted companies, by their nature, usually involve a
higher degree of risk than investments in companies quoted on a
recognised stock exchange, though the risk can be mitigated to a certain
extent by diversifying the portfolio across business sectors and asset
classes, though VCT rules limit the extent to which suitable Qualifying
investments can be bought or sold.
The Company's portfolio is concentrated for various reasons, including
the age of the VCT, exits within the portfolio and the Company's policy
of seeking to return excess capital to shareholders. No new funds have
been raised by the Company since 2010. No investments in new portfolio
companies have been made since 2018. The overall disposition of the
Company's assets is regularly monitored by the Board.
Classification of financial instruments
The Company held the following categories of financial instruments, all
of which are included in the balance sheet at fair value, at 29 February
2020 and 28 February 2019:
29 February 2020 28 February 2019
GBP'000 GBP'000
------------------------------------------ ---------------- ----------------
Financial assets at fair value through
profit or loss
Fixed asset investments 1,214 1,391
------------------------------------------ ---------------- ----------------
Total 1,214 1,391
------------------------------------------ ---------------- ----------------
Financial assets
measured at amortised cost
Cash at bank and in hand 270 126
Debtors 10 168
------------------------------------------ ---------------- ----------------
Total 280 294
------------------------------------------ ---------------- ----------------
Financial liabilities measured at
amortised cost
Creditors - -
Accruals 11 12
------------------------------------------ ---------------- ----------------
Total 11 12
Fixed asset investments (see note 7) are valued at fair value. Unquoted
investments are carried at fair value as determined by the Directors in
accordance with current venture capital industry guidelines. The fair
value of all other financial assets and liabilities is represented by
their carrying value in the balance sheet. The Directors believe that
the fair value of the assets held at the year-end is equal to their book
value.
The Company's creditors and debtors are initially recognised at fair
value, which is usually the transaction price, and then thereafter at
amortised cost.
15. Financial Risk Management
In carrying on its investment activities, the Company is exposed to
various types of risk associated with the financial instruments and
markets in which it invests. The most significant types of financial
risk facing the Company are market risk, credit risk and liquidity risk.
The Company's approach to managing these risks is set out below together
with a description of the nature and amount of the financial instruments
held at the Balance Sheet date. In addition, the Board considers that
the impact of Covid-19 presents an additional risk that is worth
flagging separately.
Market risk
The Company's strategy for managing investment risk is determined with
regard to the Company's investment objective, as outlined on page 5. The
management of market risk is part of the investment management process.
The Company's portfolio is managed with regard to the possible effects
of adverse price movements and with the objective of maximising overall
returns to shareholders in the medium term. Investments in unquoted
companies, by their nature, usually involve a higher degree of risk than
investments in companies quoted on a recognised stock exchange, though
the risk can be mitigated to a certain extent by diversifying the
portfolio across business sectors and asset classes. The overall
disposition of the Company's assets is regularly monitored by the Board.
Details of the Company's investment portfolio at the Balance Sheet date
are set out on pages 21 to 29.
76.5% (2019: 77.9%) by value of the Company's net assets comprise
investments in unquoted companies held at fair value. The valuation
methods used by the Company include the price of recent transactions,
earnings or revenue multiples, discounted cashflows and net assets. A
10% overall increase in the valuation of the unquoted investments at 29
February 2020 (28 February 2019) would have increased net assets and the
total return for the year by GBP113,000 (2019: GBP130,000) disregarding
the impact of the performance fee; an equivalent change in the opposite
direction would have reduced net assets and the total return for the
year by the same amount.
5.4% (2019: 5.3%) by value of the Company's net assets comprises equity
securities quoted on AIM. A 10% increase in the bid price of these
securities as at 29 February 2020 (28 February 2019) would have
increased net assets and the total return for the year by GBP8,000
(2019: GBP9,000) disregarding the impact of the performance fee; a
corresponding fall would have reduced net assets and the total return
for the year by the same amount.
Credit risk
There were no significant concentrations of credit risk to
counterparties at 29 February 2020 or 28 February 2019.
Credit risk is the risk that a counterparty to a financial instrument
will fail to discharge an obligation or commitment that it has entered
into with the Company. The Board carries out a regular review of
counterparty risk. The carrying values of financial assets represent the
maximum credit risk exposure at the Balance Sheet date.
Liquidity risk
The Company's financial assets include investments in unquoted equity
securities which are not traded on a recognised stock exchange and which
generally are illiquid. They also include investments in AIM-quoted
companies, which, by their nature, involve a higher degree of risk than
investments on the main market. As a result, the Company may not be able
to realise some of its investments in these instruments quickly at an
amount close to their fair value in order to meet its liquidity
requirements.
The Company's liquidity risk is managed and monitored on a continuing
basis by the Board in accordance with policies and procedures laid down
by the Board.
Covid-19 risk
At the time of writing there remains significant uncertainty with regard
to the lasting effects on the world economy of Covid-19 although it is
clear that UK economic growth will fall this year. The worst hit sectors
have been airlines, travel, hospitality, oil and non- essential retail,
while on the upside some biotech companies have found new opportunities.
Investee companies have been creative in finding short term solutions
but delays in restarting the economy will be very hard to accommodate
without major pain.
16. Control
Oxford Technology 2 Venture Capital Trust Plc is not under the control
of any one party or individual.
17. Events after the Balance Sheet Date
As referred to in the Chairman's Statement, the financial implications
of the Covid 19 pandemic only really started to become apparent post the
Balance Sheet date. Under the valuation rules we are required to produce
valuations based on all the information that was known or should have
been known to the Directors at 29 February 2020. Hence the valuations
used to assess the Company's NAV at 29 February 2020 did not take into
account the implications of any possible lock down, nor the global oil
market collapse that again only manifested itself in March.
The Board and Investment Adviser have sought to assess the immediate
impact on valuations. Using latest bid prices, and the Directors' normal
determinants of fair value, we estimate that the NAV per share has
reduced to an unaudited 25.0p (a drop of 10%) as of mid-May, mainly due
to falls in the valuation of Select Technology and ImmBio. This change
has been treated as an unadjusting event after the Balance Sheet date,
since the major impacts of Covid-19 on UK lockdown happened after period
end.
As highlighted on page 27, ImmBio had made 3 vaccine grant applications
at the end of 2019: in two of them, active discussions with the grant
award bodies have continued post year end. Unfortunately, in May 2020,
ImmBio were advised that they had been unsuccessful in accessing one of
the remaining two grants. Dialogue continues regarding the third
application. Separately, they have also decided to launch the
development of a vaccine against Covid-19. Both of these have been
treated as a non-adjusting post Balance Sheet events.
This announcement contains inside information for the purposes of
Article 7 of Regulation (EU) 596/2014
Company Number: 3928569
Note to the announcement:
The financial information set out in this announcement does not
constitute statutory accounts as defined in the Companies Act 2006 ("the
Act"). The Balance Sheet as at 29 February 2020, Income Statement and
Statement of Cash Flows for the period then ended have been extracted
from the Company's 2020 statutory financial statements upon which the
auditor's opinion is unqualified and does not include any statement
under the section 495 of the Act.
The Annual Report and Accounts for the year ended 29 February 2020 will
be filed with the Registrar of Companies.
Copies of the documents will be submitted to the National Storage
Mechanism and are available for inspection at:
https://www.globenewswire.com/Tracker?data=4i5mxYg12LW2TxHGUiLpDrugCrsYAT1AWkhyXBk-J6ThGz_0hfywgRgr2B5u3_Tv6qQtVCCm7fyHhLyrUE8w1hNX_1YE-oNk2-FEK3c7h7j4LXFAbhhaaK36DNmwhA0pmugMijBtiUwQRO9eGAN6Yb8ozME4zYsJAWkwxUdyPwDttun0BWXNNaEAHVDy6uzcDscyOsO8UhqNAMh3IuZzdtn1evlG6HOg3d0j8ICx80NH0TOJkC1dwr-sS9kRtGXr6YfjQYd0P0lIKyV-r0ray33Z47uojnbhixmcHh_BLk6AzocKcOUYSymSWR7ouw6Gmo-2cnZZRWXVZ6Ix23NYRp8s9s0P_nAu62D7Xssx8CM=
http://www.mornningstar.co.uk/uk/NSM
(END) Dow Jones Newswires
May 20, 2020 02:00 ET (06:00 GMT)
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