Oxford Technology Oxford Technology Vct Plc : Half-yearly Report
October 21 2014 - 9:27AM
UK Regulatory
TIDMOXT
Oxford Technology 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 68p compared
to 70p as at 31 August 2013 and 65p as at 28 February 2014.
There are four companies in the portfolio which have the potential to
yield a good return to shareholders. The largest of these is Scancell,
in which OT1 owns 6,883,300 shares. These shares were valued at 33p 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.
Getmapping is making steady progress: sales and profits are on an upward
trend. Select has been growing and is now profitable and cash
generating. BioCote had accumulated a substantial cash reserve and
recently returned some capital to its shareholders.
On behalf of the Board
Alex Starling - 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/(loss) on disposal of assets held
at fair value - 1 (59)
Unrealised gain/(loss) on fair value of
investments 233 343 198
Other expenses (51) (55) (103)
Profit on ordinary activities _____ _____ _____
before tax 182 289 36
Tax on profit/(loss) on ordinary
activities - - -
_____ _____ _____
Profit on ordinary activities after tax 182 289 36
_____ _____ _____
Earnings per Share 3.4p 4.8p 0.7p
_____ _____ _____
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 182 289 36
Unrealised (gain) on fair value of investments
(233) (343) (198)
Loss/(profit) on disposal of investments held at fair
value - (1) 59
Profit/(loss) on disposal of investments held at historical (65) 55 (11)
value
_____ _____ _____
Historical cost profit/(loss)
before tax (116) - (114)
_____ _____ _____
Historical cost profit/(loss)
after tax (116) - (114)
_____ _____ _____
31 Aug 14 31 Aug 13 28 Feb 14
Summarised Balance Sheet GBP'000 GBP'000 GBP'000
Investments held at fair value 3,486 3,477 3,271
Net current assets 230 310 263
_____ _____ _____
Net assets 3,716 3,787 3,534
_____ _____ _____
Capital and Reserves
Called up share capital 543 543 543
Share premium 176 176 176
Profit and loss account (241) (11) (125)
Revaluation reserve 3,238 3,079 2,940
_____ _____ _____
Shareholders' funds 3,716 3,787 3,534
_____ _____ _____
Net asset value per share 68p 70p 65p
_____ _____ _____
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 3,534 4,041 4,041
Return on ordinary activities after tax 182 289 36
Dividends paid - (543) (543)
_____ _____ _____
Shareholders' funds at the end of the period 3,716 3,787 3,534
_____ _____ _____
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
(70) (117) (156)
Capital expenditure and financial investment
Purchase of investments - - -
Disposal of investments 53 65 83
_____ _____ _____
Net cash inflow from capital expenditure and financial 53 65 83
investment
Dividends paid - (543) (543)
(Decrease) in cash (17) (595) (616)
_____ _____ _____
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 : Alex Starling and Richard Roth
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 VCT plc via Globenewswire
HUG#1864500
http://www.oxfordtechnology.com/
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