Oxford Tech 3 VCT Oxford Technology 3 Vct Plc : Annual Financial Report
May 21 2013 - 9:36AM
UK Regulatory
TIDMOTT
Preliminary Announcement for
Oxford Technology 3 Venture Capital Trust PLC
For the year ended 28 February 2013
Statement on behalf of the Board
OT3 has a portfolio of 21 investees. Several of these are making good or
excellent progress and have the potential to become stars and deliver
significant returns to OT3 shareholders. Cumulative Dividends to date
are 10p.
The net asset value per share was 97p on 28 February 2013, compared to
71p per share on 29 February 2012. The earnings per share in the year
to 28 February 2013 were 26.4p compared to a loss of 1.9p in the year to
February 2012. These figures result from the changes to the valuations
of the investments during the year with some investments being valued
upwards and some being downvalued based on their performance.
The main contributor to the rise has been Scancell. OT3 first invested
in Scancell in December 2003. The company is now quoted on AIM and has
a vaccine for skin cancer in phase 2 clinical trials. The share price
of the company increased from 5.25p on 29 February 2012 to 32.0p on 28
February 2013.
Investment Policy & Fundraising
The Company has built a balanced portfolio of investments with the
following characteristics:
-- unlisted, UK based, science, technology and engineering businesses
-- investments typically in the range of GBP100,000 to GBP500,000
-- generally located within approximately 60 miles of Oxford
Results for the year
The profit for the year was GBP1,794,000 (2012: loss of GBP131,000) and
earnings per share for the year are 26.7p (2012: loss of 1.9p). The
main contributor to the rise is the increased share price of Scancell.
Interest on bank deposits and investee loans produced gross income of
GBP16,000 (2012: GBP2,000) in the year. The graph on page 14 shows the
historical Net Current Assets and other investments per share. Together,
these two figures make up the total Net Asset Value per share. The
graph also shows cumulative dividends paid to date.
AGM
Shareholders should note that the AGM for Oxford Technology 3 VCT (OT3)
will be held on Wednesday 3 July 2013, at the Magdalen Centre, Oxford
Science Park, starting at 12.00 noon and will include presentations by
some of the companies in which the Oxford Technology VCTs have invested.
A formal Notice of AGM has been included at the back of these Accounts
together with a Form of Proxy for those not attending.
Richard Vessey
Chairman
20 May 2013
Profit and loss account
for the year ended 28 February 2013
Year ended 28 Year ended 29
February 2013 February 2012
GBP'000 GBP'000
Gain on disposal of investments held at fair value 3
18
Unrealised gain/(loss) on fair value
of investments 1,913 (19)
Other income
16 2
Investment management fees
(96) (93)
Other expenses
(42) (39)
______ ______
Profit/(loss) on ordinary activities before tax 1,794
(131)
Taxation on profit/(loss) on ordinary activities -
-
_____ _____
Profit/(loss) on ordinary activities after tax
1,794 (131)
_____ _____
Earnings per share (basic and diluted)
26.7p (1.9)p
======= =======
Historic cost profits and losses note
2013 2012
GBP000 GBP000
Profit/(loss) for the year 1,794 (131)
Unrealised loss on fair value of investments (1,913) 19
(Profit) on disposal of investments held at fair value (3) (18)
(Loss) on disposal of investments held at historical
value (78) (1,051)
Historical cost (loss) before tax (200) (1,181)
Historical cost (loss) after tax (200) (1,181)
Balance sheet at 28 February 2013
28 February 2013 29 February 2012
GBP000 GBP000 GBP000 GBP000
Fixed assets
Investments at fair value 6,337
4,242
Current assets
Other debtors & prepayments 2
10
Cash at bank 342
610
_____ _____
344 620
Creditors: amounts falling 9
due within one year (81)
(56)
_____ _____
Net current assets 263 564
_____ _____
Net assets
6,600 4,806
Capital and reserves
Called up share capital 679
679
Share premium 718
718
Profit and loss account 1,555
1,755
Unrealised capital reserve 3,648
1,654
_____ _____
Shareholders' funds 6,600
4,806
Net asset value per share 97p
71p
These financial statements were approved by the directors on 20 May
2013.
JLA Cary
Director
20 May 2013
Cash flow statement
for the period ended 28 February 2013
2013 2012
Note GBP000 GBP000
Net cash (outflow) from operating activities 13 (97) (106)
Capital expenditure and financial investment
Purchase of investments (233) (242)
Disposal of investments 62 -
______ ______
Net cash (outflow) from capital expenditure
and financial investment (171) (242)
Net cash outflow before financing (268) (348)
Financing
Issue of Shares - 272
Expenses paid in connection with share issue - (14)
______ ______
Net cash inflow from financing - 311
______ ______
Dividends Paid - (644)
______ ______
(Decrease) in cash (268) (90)
====== ======
Notes:
1. Basis of preparation
The financial statements have been prepared under the historical cost
convention, modified to include the revaluation of investments. The
financial statements have been prepared in accordance with applicable
accounting standards and with the Statement of Recommended Practice
'Financial statements of investment trust companies' issued in 2009.
2. Earnings per Ordinary Share
The calculation of earnings per share for the period is based on the
profit attributable to shareholders divided by the weighted average
number of shares in issue during the period.
3. Valuation of Investments
Quoted investments are stated at the bid price. Unquoted investments are
stated at fair value, where fair value is estimated after following the
guidelines laid down by the International Private Equity and Venture
Capital Guidelines. The Directors' policy is to initially state
investments at cost and then to review the valuation every three months.
The Directors' may then apply an appropriate methodology which, as far
as possible, draws on external, objective market data such as where fair
value is indicated by:
-- a material arms length transaction by a third party in the shares
of the company, with discounting for more junior asset classes, and
reviewed for impairment; or
-- a suitable revenue or earnings multiple where the company is
well established and generating maintainable profits. The multiple will
be based on comparable listed companies but may be discounted to reflect
a lack of marketability; or
-- the net assets of the business.
Where such objective data is not available the Directors' may choose to
maintain the value of the company as previously stated or to discount
this where indicated by underperformance against plan.
The directors consider that this basis of valuation of unquoted
investments is consistent with the International Private Equity and
Venture Capital Guidelines.
4. General
The financial information set out in this preliminary announcement does
not constitute statutory accounts as defined in section 434(3) of the
Companies Act 2006. The balance sheet at 28 February 2013 and the profit
and loss account, cash flow statement and associated notes for the year
then ended have been extracted from the company's 2013 statutory
financial statements.
Those financial statements have been delivered to the Registrar of
Companies, contain an auditors' opinion that is unqualified and do not
include any statement under section 498(2) or (3) of the Companies Act
2006.
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Oxford Technology 3 VCT plc via Thomson Reuters ONE
HUG#1703376
http://www.oxfordtechnology.com
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