Interim Results
October 02 2002 - 12:24PM
UK Regulatory
RNS Number:9863B
Oxford Technology Vent Cap Tst PLC
02 October 2002
Oxford Technology Venture Capital Trust plc
Interim Statement
For the period
1 March 2002 to 31 August 2002
Statement on behalf of the Board
I am pleased to report generally satisfactory progress in the six months to 31
August 2002. At this date, the net assets per share were #1.19, compared to
#1.12 at 31 August 2001 and #1.22 at 28 February 2002. However, the investment
climate has been and continues to be difficult, so that those companies which
have needed to raise capital to survive have often had to accept money on worse
terms than they would have wished, and this, of course, lowers the valuation of
the investee and the net asset value of Oxford Technology VCT itself.
Against this background, it is therefore satisfactory to be able to report that
MET has been able to raise capital at an enhanced valuation, and that Avidex has
been able to raise #11.5m of capital at the same valuation as the previous
round, which occurred before 11 September and the fall in the valuations of
technology shares generally. Details of all of the investments are given in the
October 2002 newsletter.
On behalf of the Board
John Jackson
Chairman
Unaudited financial information
Summarised Statement of Total Six months Six months Year
Return for the period 1 Mar 02 1 Mar 01 1 Mar 01
to 31 Aug 02 to 31 Aug 01 to 28 Feb 02
#'000 #'000 #'000
Gain / (loss) on investments (57) (268) 297
Income 3 13 4
Expenses (76) (57) (140)
_____ _____ _____
Net return before taxation (130) (312) 161
Tax on ordinary activities - - -
_____ _____ _____
Return attributable to equity shareholders (130) (312) 161
Dividends in respect of equity shares - - -
_____ _____ _____
Transfers to / (from) reserves (130) (312) 161
===== ===== =====
Revenue loss per share (1.50)p (0.91)p (2.80)p
Capital return / (loss) per share (1.18)p (5.52)p 6.12p
Total return per ordinary share (2.68)p (6.43)p 3.32p
===== ===== =====
Summarised Balance Sheet 31 Aug 02 31 Aug 01 28 Feb 02
#'000 #'000 #'000
Unquoted investments 5,646 5,046 5,670
Quoted investments 162 308 228
Other net current assets (24) 87 16
_____ _____ _____
Net assets 5,784 5,441 5,914
===== ===== =====
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 2,445 1,807 2,513
realised (905) (775) (916)
Revenue reserve (348) (183) (275)
_____ _____ _____
5,784 5,441 5,914
===== ===== =====
Net asset value per share 119p 112p 122p
===== ===== =====
Cash flow statement for the period Six months Six months Year
1 Mar 02 1 Mar 01 1 Mar 01
to 31 Aug 02 to 31 Aug 01 to 28 Feb 02
#'000 #'000 #'000
Net cash inflow / (outflow) from operating activities (30) (91) (147)
Capital expenditure and financial investment
Purchase of investments - (68) (83)
Disposal of investments 32 - 22
_____ _____ _____
Net cash inflow / (outflow) for capital expenditure 32 (68) (61)
and financial investment
_____ _____ _____
Increase / (decrease) in cash 2 (159) (208)
===== ===== =====
This information is provided by RNS
The company news service from the London Stock Exchange
END
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