Oxford Technology Oxford Technology Vct Plc : Annual Financial Report
May 21 2013 - 7:05AM
UK Regulatory
TIDMOXT
Preliminary Announcement for
Oxford Technology Venture Capital Trust PLC
For the year ended 28 February 2013
Statement on behalf of the Board
The net asset value per share on 28 February 2013 was 74p compared to
25p on 29 February 2012. The earnings per share in the year to 28
February 2013 were 49.5p
The main contributor to the rise in the net asset value has been
Scancell. Oxford Technology VCT (OT1) first invested in Scancell in
1999. 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 Feb 2012, to 32.0p on 28 February 2013.
During the period from November to 28 February OT1 has sold 1,450,000
shares in Scancell, realising GBP606,750. OT1 still owns 6,883,300
shares. On 3 April 2013 the Board of OT1 declared a dividend of 10p per
share. This brings the cumulative dividends paid by Oxford Technology
VCT (OT1) to 52.7p.
While there have been some disappointments over the years, several
companies in the portfolio continue to have the potential to deliver
good returns to investors.
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 GBP2,691,000 (2012: loss of GBP60,000) and
earnings per share for the year showed a profit of 49.5p (2012: loss of
1.1p), largely resulting from the increase in the share price of
Scancell. Interest on bank deposits and investee loans produced gross
income of GBP4,000 (2012: GBP4,000) in the year. The graph on page 13
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 VCT (OT1)
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.
John Jackson - 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 477
-
Unrealised gain/(loss) on fair value
of investments
2,254 (18)
Other income
4 4
Investment management fees (20)
(21)
Other expenses
(24) (25)
______ _____
Profit/(loss) on ordinary activities before tax 2,691
(60)
Taxation on profit/(loss) on ordinary activities -
-
_____ _____
Profit/(loss) on ordinary activities after tax 2,691
(60)
_____ _____
Earnings per share (basic and diluted) 49.5p
(1.1)p
======= =======
Historic cost profits and losses note
2013 2012
Profit/(loss) for the year
2,691 (60)
Unrealised (gain)/loss on fair value of investments (2,254)
18
(Profit)/loss on disposal of investments held at fair value (477)
-
Profit/(loss) on disposal of investments held at historical
value 16 (112)
Historical cost (loss)/profit before tax
(24) (154)
Historical cost (loss)/profit after tax
(24) (154)
Balance sheet at 28 February 2013
28 February 2013 29 February 2012
GBP000 GBP000 GBP000 GBP000
Fixed assets
Investments at fair value
3,250 1,097
Current assets
Other debtors & prepayments 19
16
Cash at bank 778 243
_____ _____
797 259
Creditors: amounts falling
due within one year (6)
(6)
_____ _____
Net current assets 791
253
_____ _____
Net assets 4,041 1,350
_____ _____
Capital and reserves
Called up share capital
543 543
Share premium
176 176
Profit and loss account
532 556
Unrealised capital reserve
2,790 75
_____ _____
Shareholders' funds
4,041 1,350
_____ _____
Net asset value per share
74p 25p
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
GBP000 GBP000
Net cash (outflow) from operating activities (42) (49)
Capital expenditure and financial investment
Purchase of investments (18) -
Disposal of investments 595 -
______ ______
Net cash inflow from capital expenditure
and financial investment 577 -
Net cash outflow before financing (535) (49)
_______ ______
(Decrease)/Increase in cash 535 (49)
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 VCT plc via Thomson Reuters ONE
HUG#1703326
http://www.oxfordtechnology.com/
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