Oxford Technology Oxford Technology Vct Plc : Quarterly Update
05 July 2017 - 4:00PM
UK Regulatory
TIDMOXT
Oxford Technology VCT PLC
Update for the quarter ending 31 May 2017
Oxford Technology VCT PLC presents its quarterly update for the period
commencing 1 March 2017.
The Directors have recently reviewed the valuation of its entire
portfolio as at 31 May 2017.
The valuation of Select has been temporarily reduced pending visibility
of the outcome of Select's new business strategy.
The unaudited net asset value per ordinary share as at 31 May 2017 was
46.2p. This is a fall of 7.0p from the previously published NAV for the
period ending 28 February 2017. The fall in NAV was primarily due to the
fall in Scancell's bid price from 14.0p to 10.25p after the placing in
May 2017. The bid price has subsequently partially recovered.
The total number of ordinary shares in issue is 5,431,655.
The Board noted in the recent Annual Financial Statement that, though
the portfolio remains concentrated, the VCT structure is suited to
holding your Company's assets. The overall portfolio is well positioned
for both growth and cash generation. As it is not planned to increase
the size of the portfolio in terms of number of investments, however,
the Board wishes to have in place appropriate plans to ensure any
further realisations do not result in your VCT becoming sub-economic.
The Board has considered a number of options regarding how this can be
dealt with (and is currently in discussions regarding these options).
Once a proposal which the Board considers is in the best interests of
existing shareholders is sufficiently advanced, a further announcement
will be made. However, there can be no certainty that any of these
discussions will lead to a concrete proposal, at this time or in the
future.
The Directors are not aware of any other events or transactions which
have taken place between 31 May 2017 and the publication of this
statement which have had a material effect on the financial position of
the Company.
05 July 2017
Enquiries:
Lucius Cary, Oxford Technology Management
01865 784466
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Oxford Technology VCT plc via Globenewswire
http://www.oxfordtechnology.com/
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July 05, 2017 02:00 ET (06:00 GMT)
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