Oxford Tech 3 VCT Oxford Technology 3 Vct Plc : Half-yearly Report
October 21 2014 - 9:34AM
UK Regulatory
TIDMOTT
Oxford Technology 3 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2014 to 31 August 2014
Statement on behalf of the Board
Shareholders will be aware from our announcement on 12 September 2014
that we have had confirmation that we continue to retain VCT status.
This closes a period of uncertainty for shareholders and now enables the
new Board of Directors and Manager to refocus on maximising shareholder
value. The net assets per share as at 31 August 2014 were 98p compared
to 100p as at 31 August 2013 and 98p as at 28 February 2014.
OT3 owns 4,425,920 shares in Scancell. These shares were valued at 33p
in the accounts, as at 31 August 2014. Scancell has a vaccine for skin
cancer in clinical trials. Early indications on animals are that when
Scancell's vaccine is used in combination with checkpoint inhibitors,
the success rate for the treatment rises from around 50% to around 85%.
If this is borne out by future trials, then Scancell's value may
increase significantly. Glide remains on track for a proof of concept
clinical trial in 2015. Although Ixaris sales are increasing they are
currently below budget which has led us to take a more conservative view
on valuation. Abzena, formerly Polytherics, floated on AIM in July at an
increase over our previous valuation. Telegesis is profitable and cash
generating and its sales are rising steadily.
The Board has reviewed the policy for accounting for future performance
fees as announced at the AGM and have accrued GBP141k based on the total
return position at 31 August 2014.
On behalf of the Board
Robin Goodfellow - Chairman
Unaudited Financial Information
Six months to Six months to Year to
31 Aug 14 31 Aug 13 28 Feb 14
Profit and Loss Account for the Period GBP'000 GBP'000 GBP'000
Profit on disposal of assets held at fair
value - 36 73
Unrealised gain on fair value of
investments 235 244 167
Other income - - 2
Other expenses (232) (88) (172)
_____ _____ _____
Profit on ordinary activities 3 192 70
before tax
Tax on profit/(loss) on ordinary
activities - - -
_____ _____ _____
Profit on ordinary activities
after tax 3 192 70
_____ _____ _____
Earnings per Share 0.0p 2.8p 1.0p
_____ _____ _____
Six months to Six months to Year to
Historic Cost Profits and 31 Aug 14 31 Aug 13 28 Feb 14
Losses Note GBP'000 GBP'000 GBP'000
Profit for the financial period 3 192 70
Unrealised (gain) on fair value of investments
(235) (244) (167)
(Profit) on disposal of investments held at fair value
- (36) (73)
Profit/(loss) on disposal of investments held at historical 5 36 (336)
value
_____ _____ _____
Historical cost (loss)
before tax (227) (52) (506)
_____ _____ _____
Historical cost (loss)
after tax (227) (52) (506)
_____ _____ _____
31 Aug 14 31 Aug 13 28 Feb 14
Summarised Balance Sheet GBP'000 GBP'000 GBP'000
Investments held at fair value 6,676 6,510 6,405
Net current assets 263 283 265
Creditors: amounts falling due
> 1 year (266) - -
_____ _____ _____
Net assets 6,673 6,793 6,670
_____ _____ _____
Capital and Reserves
Called up share capital 679 679 679
Share premium 719 719 719
Profit and loss account 821 1,504 1,048
Revaluation reserve 4,454 3,891 4,224
_____ _____ _____
Shareholders' funds 6,673 6,793 6,670
_____ _____ _____
Net asset value per share 98p 100p 98p
_____ _____ _____
Six months to Six months to Year to
Reconciliation of Movements in 31 Aug 14 31 Aug 13 28 Feb 14
Shareholders' Funds for the Period GBP'000 GBP'000 GBP'000
Shareholders' funds at the start of period 6,670 6,600 6,600
Return on ordinary activities after tax 3 193 70
_____ _____ _____
Shareholders' funds at the end of the period 6,673 6,793 6,670
_____ _____ _____
Cash Flow Statement for the Period Six months to Six months to Year to
31 Aug 14 31 Aug 13 28 Feb 14
GBP'000 GBP'000 GBP'000
Net cash (outflow) from operating activities
(89) (151) (212)
Capital expenditure and financial investment
Purchase of investments - (32) (85)
Disposal of investments - 88 222
_____ _____ _____
Net cash inflow from capital expenditure and financial - 56 137
investment
_____ _____ _____
(Decrease) in cash (89) (95) (75)
_____ _____ _____
Notes to the Unaudited Financial Information
1 The financial information for each of the interim periods ended 31
August 2014 and 31 August 2013 is unaudited and does not constitute
statutory accounts within the meaning of the Companies Act 2006. It has
been prepared using accounting policies consistent with those set out in
the company's statutory accounts for the year ended 28 February 2014.
The financial information for the year ended 28 February 2014 has been
extracted without material adjustment 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 bid prices
at the accounting period end. The unrealised depreciation or
appreciation on the valuation of investments are dealt with in the
revaluation reserve.
4 Copies of the Interim Statement are being sent to shareholders and
further copies can be obtained from the Company's Registered Office.
Registered Office : Magdalen Centre, Oxford Science Park, Oxford OX4
4GA
Board Directors : Robin Goodfellow and Richard Vessey
Investment Manager : Oxford Technology Management Ltd
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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 3 VCT plc via Globenewswire
HUG#1864502
http://www.oxfordtechnology.com
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