Interim Results
October 13 2000 - 4:14AM
UK Regulatory
RNS Number:4550S
Oxford Technology Vent Cap Tst PLC
12 October 2000
Interim Statement
For the Period 1 March 2000 to 31 August 2000
Statement on behalf of the Board
Oxford Technology Venture Capital Trust plc has now invested a total of #4.18m
in 19 companies. Brief progress reports on these investments are given in the
accompanying newsletter.
As would be expected with early stage and start-up investments, some companies
are experiencing problems while others are making good or satisfactory progress.
The net assets per share showed a modest increase over the period from #1.08 at
29 February 2000 to #1.11 at 31 August 2000. Details of the investments are
given in the accompanying newsletter. The Board is pleased with the development
of the portfolio as a whole.
On behalf of the Board
John Jackson
Chairman
1 October 2000
Unaudited Financial Information
Summarised Statement of Total
Return for the Period Six months Six months Year
1 Mar 00 1 Mar 99 1 Mar 99
to 31 Aug 00 to 31 Aug 99 29 Feb 00
#'000 #'000 #'000
Gain/(losses) on investments 203 (219) 727
Income 18 69 107
Expenses (65) (77) (142)
Net return before taxation 156 (227) 692
Tax on ordinary activities - (2) (4)
Return attributable to equity
shareholders 156 (229) 688
Dividends in respect of equity shares - - -
Transfers to/(from) reserves 156 (229) 688
Revenue earnings per share (0.97)p (0.21)p (0.81)p
Capital return per share 4.18p (4.56)p 15.07p
Total return per ordinary share 3.21p (4.77)p 14.26p
Summarised Balance Sheet 31 Aug 00 31 Aug 99 29 Feb 00
#'000 #'000 #'000
Unquoted investments 5,063 2,617 4,239
Government stocks - 937 910
Other net current assets 333 769 91
Net assets 5,396 4,323 5,240
Capital and reserves
Called up share capital 485 485 485
Share premium: Share issues 4,368 4,368 4,368
Expenses on share issues (261) (261) (261)
4,592 4,592 4,592
Capital reserve - unrealised 889 (260) 686
realised (9) (9) (9)
Revenue reserve (76) - (29)
5,396 4,323 5,240
Net asset value per share 111p 89p 108p
CASHFLOW STATEMENT
for the Period Six months Six months Year
1 Mar 00 1 Mar 99 1 Mar 99
to 31 Aug 00 to 31 Aug 99 29 Feb 00
#'000 #'000 #'000
Net cash inflow/(outflow)
from operating activities (11) 18 59
Taxation recovered - - 13
Capital expenditure and financial
investment
Purchase of investments (648) (881) (1,612)
Redemption of investments 900 994 994
Net cash inflow/(outflow) for capital
expenditure and financial investment 252 103 (618)
Dividends paid - (24) (24)
Net cash inflow/(outflow) before
financing 241 97 (570)
Financing
Issue of shares - 68 68
Net cash inflow from financing - 68 68
Increase/(decrease) in cash 241 165 (502)
Company Information
Directors Secretary
John Jackson (Chairman) James Gordon
Charles Breeze
Lucius Cary
Michael O'Regan
Sir Martin Wood
Investment Adviser Investment Manager
Seed Capital Ltd and Registered Office
Magdalen Centre Larpent Newton & Company Ltd
Oxford Science Park 4th Floor
Oxford 24-26 Baltic Street West
OX4 4GA London EC1Y 0UR
Registrars Brokers
IRG Plc Cazenove & Co
Balfour House 12 Tokenhouse Yard
390/398 High Road London EC2R 7AN
Ilford
Essex IG1 1NQ
Notes to the Unaudited Financial Information on pages 2 and 3
1 The financial information for each of the interim periods ended 31 August
2000 and 31 August 1999 is unaudited and does not constitute statutory
accounts within the meaning of the Companies Act 1985. It has been prepared
using accounting policies consistent with those set out in the company's
statutory accounts for the period ended 29 February 2000. The financial
information for the period ended 29 February 2000 has been extracted from
the company's statutory accounts for that period which contained an
unqualified audit report and which have been filed with the Registrar of
Companies.
2 The calculation of earnings per share for the period is based on the return
attributable to shareholders divided by the weighted average number of
shares in issue during the period.
3 Listed investments are stated at market value based upon middle market
prices at the accounting period end. The unrealised depreciation or
appreciation on the valuation of investments and the gains and losses
arising on the disposal of investments are dealt with in the capital
reserve.
4 Copies of the Interim Statement are being sent to shareholders and further
copies can be obtained from the Company's Registered Office.
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