Oxford Technology VCT plc : 3rd Quarter Results
Oxford Technology VCT PLC
Update for the quarter ending 30 November 2017
Oxford Technology VCT PLC presents its quarterly update for the period commencing 1 September 2017.
The Directors have recently reviewed the valuation of its entire portfolio and the unaudited net asset value per ordinary share was 49.9p as at 30 November 2017. This is a fall of 2.7p from the previously published NAV per share for the period ending 31 August 2017. The total return to shareholders including previous dividends of 55.0p per share is now 104.9p per share.
The change in NAV is primarily due to a decrease in the Scancell share price. Post period end Scancell made an encouraging announcement relating to a Clinical Development Partnership with Cancer Research UK to fund and conduct a Phase1/2 clinical trial of SCIB2 focussing on non-small cell lung cancer.
The portfolio remains concentrated. Two investments, Select Technology and Scancell, make up 82% of net asset value.
The Board of Oxford Technology VCT PLC welcomes the recent budget changes with respect to VCTs and the government`s response to the Patient Capital Review. We appreciate the rationale for the increase of the level of qualifying investments to 80% (up from 70%) from April 2019. However, as a very small VCT, we believe this may give us some administrative problems - an unintended consequence of the proposed revised legislation. With most of our investments being unquoted and with no short term method of realisation, we require a cash reserve for administrative expenses. Corporate liquidity tests will now be very tight. We will take up this issue with HMRC while the Finance Bill passes through its reviews. We hope that a simple amendment is possible.
The total number of ordinary shares in issue is 5,431,655.
The Directors are not aware of any other events or transactions that have taken place between 30 November 2017 and the publication of this statement that have had a material effect on the financial position of the Company.
19 December 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
HUG#2156545
