Interim Results
November 05 2003 - 10:15AM
UK Regulatory
RNS Number:7219R
Oxford Technology Vent Cap Tst PLC
05 November 2003
Oxford Technology Venture Capital Trust plc
Interim Statement
For the period
1 March 2003 to 31 August 2003
Statement on behalf of the Board
I am pleased to report good progress in the six months to 31 August 2003.
During this period, Valid Information Systems Ltd was sold and the fund received
a payment of just over #1.4m for its shareholding. In addition, the fund should
receive a further #1m, over a period of 2 years following the sale. But these
additional payments are based on Valid achieving certain performance targets and
therefore have not been recognised in the accounts (although an indicative Net
Asset Value per Share is given below the balance sheet to show the effect of
these future payments, discounted by 50%, on the actual NAV per share of
#1.30p). Along with all the other shareholders, OTVCT signed the normal
warranties and could, therefore, in theory, have to repay the proceeds. The
Board intends to pay a dividend to shareholders as soon as it may prudently do
so.
As usual some other investees fared well but others, such as Getmapping,
experienced problems. The overall result was that the net assets per share
increased from #1.15 on 28 Feb 2003 to #1.30 on 31 August 2003.
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 03 1 Mar 02 1 Mar 02
to 31 Aug 03 to 31 Aug 02 to 28 Feb 03
#'000 #'000 #'000
Gain / (loss) on investments 791 (57) (201)
Income 14 3 29
Expenses (65) (76) (157)
_____ _____ _____
Net return before taxation 740 (130) (329)
Tax on ordinary activities - - -
_____ _____ _____
Return attributable to equity shareholders 740 (130) (329)
Dividends in respect of equity shares - - -
_____ _____ _____
Transfers to / (from) reserves 740 (130) (329)
===== ===== =====
Revenue loss per share (1.07)p (1.50)p (2.64)p
Capital return / (loss) per share 16.29p (1.18)p (4.14)p
Total return / (loss) per ordinary share 15.22p (2.68)p (6.78)p
===== ===== =====
Summarised Balance Sheet 31 Aug 03 31 Aug 02 28 Feb 03
#'000 #'000 #'000
Unquoted investments 4,923 5,646 5,517
Quoted investments 124 162 147
Other net current assets 1,278 (24) (79)
_____ _____ _____
Net assets 6,325 5,784 5,585
===== ===== =====
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 1,839 2,445 2,186
realised 348 (905) (790)
Revenue reserve (454) (348) (403)
_____ _____ _____
6,325 5,784 5,585
===== ===== =====
Net asset value per share 130p 119p 115p
===== ===== =====
Net asset value per share (recognising
future payments from sale of Valid 141p
shares, discounted by 50%) =====
Cash flow statement for the period Six months Six months Year
1 Mar 03 1 Mar 02 1 Mar 02
to 31 Aug 03 to 31 Aug 02 to 28 Feb 03
#'000 #'000 #'000
Net cash outflow from operating activities (14) (30) (13)
Capital expenditure and financial investment
Disposal of investments 1,407 32 33
_____ _____ _____
Net cash inflow from capital expenditure and 1,407 32 33
financial investment
_____ _____ _____
Increase / (decrease) in cash 1,393 2 20
===== ===== =====
Notes to the Unaudited Financial Information
1 The financial information for each of the interim periods ended 31 August 2003 and 31 August 2002 is unaudited and
does not constitute statutory accounts within the meaning of the Companies Act 1985. It has been prepared using
accounting policies consistent with those set out in the company's statutory accounts for the year ended 28 February
2003. The financial information for the year ended 28 February 2003 has been extracted 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 middle market prices at the accounting period end. The
unrealised depreciation or appreciation on the valuation of investments and the gains and losses arising on the
disposal of investments are dealt with in the capital reserve.
4 Along with other investors, OTVCT signed the warranties which were associated with the sale of Valid Information
Systems Ltd. No claims under the warranties have been made and none are expected; no provision has therefore been made
in the accounts. However, in theory claims could be made under the warranties, and the Board therefore considers it
prudent to retain the sale proceeds against any possible future claims. The Board intends to declare a dividend in
respect of the realised gain on the sale of Valid as soon as it considers it prudent to do so.
5 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's
Registered Office.
This information is provided by RNS
The company news service from the London Stock Exchange
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