Oxford Tech 2 VCT 3rd Quarter Results
05 December 2022 - 6:00PM
UK Regulatory
TIDMOXH
5 December 2022
Oxford Technology 2 VCT Plc (the "Company")
Legal Entity Identifier: 2138002COY2EXJDHWB30
3rd Quarter Results
Oxford Technology 2 VCT Plc presents its quarterly update for
the 3 month period ending 30 November 2022. The Directors have
reviewed the valuation of its entire portfolio as at that date. The
unaudited net asset value (NAV) for each Class of ordinary share
(and other associated data) as at 30 November 2022 is shown in the
table below:
Cumulative
Dividends
Unaudited Unaudited Change to 30/11/22 Total Return Shares
NAV p 30/11/2022 NAV p 31/08/2022 in NAV p p in Issue
Share Class
OT1 49.9 38.4 29.9% 55.0 104.9 5,431,655
OT2 26.0 26.1 -0.4% 22.5 48.5 5,331,889
OT3 38.6 33.2 16.2% 42.0 80.6 6,254,596
OT4 29.1 33.0 -12.0% 48.0 77.1 10,826,748
The primary drivers of these changes are movements in the share
prices of the Company's two significant AIM holdings. The share
price of Scancell Holdings Plc ("Scancell") has almost doubled from
11p at 31 August 2022 to 23.5p at 30 November 2022, whereas the
share price of Arecor Therapeutics Plc has reduced from 270p to
240p.
In the half year accounts to 31 August 2022, the Board deemed it
prudent to apply a 15% discount to its valuation methodologies with
respect to unquoted trading companies, to recognise that trading
conditions and margins are likely to suffer significant negative
pressures in the current economic climate. This discount has been
increased to 20% at 30 November 2022. The Board hopes this discount
can be reversed in due course.
During the period under review, the OT1 Share Class sold 119,048
Scancell shares for liquidity purposes, raising GBP25k. In line
with expectations, the OT3 Share Class received a GBP69k instalment
of deferred consideration following the sale of Ixaris last year. A
further GBP130k may be received through to 2027, of which GBP38k
has been accrued as at 30 November 2022. No other investments nor
divestments were made by any of the Share Classes. The three
management companies (OT1 Managers Ltd, OT3 Managers Ltd and OT4
Managers Ltd) which transferred across to Oxford Technology 2 VCT
Plc as part of the merger are in the process of being struck off,
as they are no longer required.
On 11 November 2022, the High Court of Justice confirmed the
company's application for a reduction of capital totalling
GBP10,078,248.27 which became effective on registration of the
Court Order at Companies House on 22 November 2022. This has
resulted in an increase in distributable reserves, which can be
used to pay dividends and/or buy back shares in the Company when
appropriate.
On 18 May 2022 the Company launched an offer for subscription
for Leisure Shares to raise, in aggregate, up to GBP10 million with
an over-allotment facility of up to a further GBP10 million (before
issue costs) (the "Offer"). Full details of the Offer are contained
in a prospectus issued by the Company on that date (the
"Prospectus"). The Offer remains open. A copy of the Prospectus,
and the application form, is available on the Company's website:
https://www.globenewswire.com/Tracker?data=XyMCjNhieSVa4SJu4mrA5nDLG8bPn-tMKHT-KMPFfiUvRfd81FW2ntYhxNStoYhfZ2F0fGcjS214ukS_ect25je7sQaiJww2nz1h0lIlQ2-spvXBV_IfzlTb8kHtF-k6
www.oxfordtechnologyvct.com/, as well as from
https://www.globenewswire.com/Tracker?data=m05PE-OHLZy4i0LDR7TEQKu8DZGExwL49dpV0r-KnXmri3Qb7xaly466mH5DLobXLHHSeCwZOTwAyPj7YY4_DjTAQxlSqX_iDCU6KzYmcHBBuZIg0bQY5UOSJy5Gz34pKqcYUn9VTlkJm7IK-LlikA==
https://www.editioncapital.co.uk/vct.
The Directors are not aware of any other events or transactions
which have taken place between 30 November 2022 and the publication
of this statement which have had a material effect on the financial
position of the Company.
At 30 November 2022, the Company's issued share capital by Share
Class is shown in the table above. The Company holds no shares in
treasury and the total voting rights in the Company are 27,844,888.
This figure of 27,844,888 may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.
Enquiries: Lucius Cary Oxford Technology Management 01865
784466
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. Upon the publication of this announcement via
a Regulatory Information Service, this information is now
considered to be in the public domain.
(END) Dow Jones Newswires
December 05, 2022 02:00 ET (07:00 GMT)
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