Oxford Tech 3 VCT Oxford Technology 3 Vct Plc : Disposal Of Investment
November 24 2015 - 2:00AM
UK Regulatory
TIDMOTT
Oxford Technology 3 VCT plc ("the Company")
Realisation of Investment
The Company is pleased to announce the sale on 20 November 2015 of its
investment in Telegesis (UK) Ltd ("Telegesis"), a world leading supplier
of Zigbee technology. Telegesis has been acquired by Silicon
Laboratories UK Ltd.
The Company will receive cash proceeds of GBP3.33m for its shares. The
carrying value which was incorporated within the net asset value of the
Company at 31 August 2015 was GBP2.8m. Consequently the effect of this
transaction had it been incorporated into the accounts at 31 August 2015
would have increased the net asset value per share by 6.2p to 111.7p
after accruing for performance fee. The net cost of the company's
investment was GBP147k, so the current realisation represents a return
of 23x on the company's investment.
Telegesis was founded in 2003 when OT2 and OT3 became the first
investors. Later, in 2005, OT4 invested to support the company as it
grew.
Telegesis specialises in Zigbee technology. Zigbee is a wireless
communications protocol like Bluetooth. Bluetooth is for sending large
volumes of data over short distances, Zigbee is for sending small
amounts of data over large distances. Lots of companies do Zigbee, but
it is believed that Telegesis is the only company which specialises only
in Zigbee. In the year to 31 March 2015, sales were GBP5.5m, and
sales growth has continued in the current year.
OT3's 3rd quarter ends on 30 November and the board will be considering
dividend policy during the review of those results.
OT3 would like to congratulate Nicholas Gomersall and Ollie Smith for
having successfully founded and developed the business.
Lucius Cary
Oxford Technology Management
01865 784466
Nicholas Gomersall
Telegesis (UK) Ltd
01494 510199
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#1968861
http://www.oxfordtechnology.com
(END) Dow Jones Newswires
November 24, 2015 02:00 ET (07:00 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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