Oxford Technology Oxford Technology Vct Plc : Half-yearly Report
October 28 2015 - 3:01AM
UK Regulatory
TIDMOXT
Oxford Technology Venture Capital Trust PLC
Interim Statement
For the period 1 March 2015 to 31 August 2015
Financial Headlines
Interim Period Ended Year Ended
31 August 2015 28 February 2015
Net Assets at Period End GBP3.68m GBP3.53m
Net Asset Value per Share 67.8p 65.0p
Cumulative Dividend 52.7p 52.7p
Total NAV Return 120.5p 117.7p
Share Price (mid market) 47.0p 53.0p
Earnings per Share 2.8p 0.0p
Statement on behalf of the Board
It has been a busy six months for the VCT with a number of changes
announced with our annual results in June: reduced management fees, an
escalating threshold added to the performance fee, and the introduction
of a Common Board across the four Oxford Technology VCTs. Your VCT is
now 'self-managed' by the directors; Lucius Cary and his team continue
to be involved with the portfolio as OT1 Managers Ltd (the Company's
investment manager) sub-contracts services from Oxford Technology
Management. The VCT is unlikely to be significantly affected by the
changes proposed for the VCT industry as a result of the Budget
announcements earlier in the year.
The net assets per share as at 31 August 2015 were 67.8p compared to
68.4p as at 31 August 2014 and 65.0p as at 28 February 2015. The VCT's
assets are dominated by its holdings in Scancell and Select; as at 31
August 2015 the sum of these holdings and the Company's cash balance is
more than 90% of the VCT's NAV, with Scancell (which is listed on AIM)
making up 50% of the VCT's NAV (33.9p per share). Privately held Select
has increased in value again due to continued growth and profitable
trading. As per generally accepted practice, a valuation methodology
based on profitability has been used (and will be used henceforth) that
also takes into account any excess cash balance held by the investee
company.
The rest of the portfolio is making steady progress. The VCT's directors
continue to take an active interest in its investee companies and look
forward to continuing to work with OTM to maximise shareholder value.
Following the period end, the Scancell share price has fallen. Taking
the bid price of 17.0p at close of trading on 26 October 2015, the
effect of this fall has been to reduce Scancell's contribution to NAV by
12.4p, reducing the VCT's NAV to 55.4p assuming no other changes.
Cash-generative Select is currently the VCT's largest holding by value
at 25.9p per share.
On behalf of the Board
Alex Starling - Chairman
Unaudited Financial Information
Six months to Six months to Year to
31 Aug 15 31 Aug 14 28 Feb 15
Income Statement for the Period GBP'000 GBP'000 GBP'000
(Loss)/gain on disposal of assets held
at fair value - - -
Unrealised gain/(loss) on fair value of
investments 193 233 104
Expenses (45) (51) (105)
Profit/(loss) on ordinary activities _____ _____ _____
before tax 148 182 (1)
Tax on profit/(loss) on ordinary
activities - - -
_____ _____ _____
Profit/(loss) on ordinary activities
after tax 148 182 (1)
_____ _____ _____
Earnings per Share 2.8p 3.4p 0.0p
_____ _____ _____
Statement of Changes in Equity for the Period Six months to Six months to Year to
31 Aug 15 31 Aug 14 28 Feb 15
GBP'000 GBP'000 GBP'000
Shareholders' funds at the start of period
3,533 3,534 3,534
Return on ordinary activities after tax 148 182 (1)
_____ _____ _____
Shareholders' funds at the end of period
3,681 3,716 3,533
_____ _____ _____
31 Aug 15 31 Aug 14 28 Feb 15
Summarised Balance Sheet GBP'000 GBP'000 GBP'000
Investments held at fair value 3,545 3,486 3,353
Net current assets 136 230 180
_____ _____ _____
Net assets 3,681 3,716 3,533
_____ _____ _____
Capital and Reserves
Called up share capital 543 543 543
Share premium 176 176 176
Profit and loss account (335) (241) (290)
Revaluation reserve 3,297 3,238 3,104
_____ _____ _____
Shareholders' funds 3,681 3,716 3,533
_____ _____ _____
Net asset value per share 67.8p 68.4p 65.0p
_____ _____ _____
Cash Flow Statement for the Period Six months to Six months to Year to
31 Aug 15 31 Aug 14 28 Feb 15
GBP'000 GBP'000 GBP'000
Net cash inflow/(outflow) from
operating activities (63) (70) (33)
Financial investment
Purchase of investments - - -
Disposal of investments - 53 57
_____ _____ _____
Increase/(decrease) in cash (63) (17) 24
_____ _____ _____
Oxford Technology Venture Capital Trust Plc
Summary of Investment Portfolio as at 31 August 2015
Net cost of Valuation
investment Valuation movement % of portfolio
Company GBP000's GBP000's GBP000's by value
Scancell
(bid price 26.75p) 344 1,841 (257) 51.9%
Select Technology 488 1,408 450 39.7%
Getmapping 518 213 - 6.0%
Biocote 85 66 - 1.9%
DHA 150 10 - 0.3%
Other Investments 7 7 0.2%
Total Investments 1,592 3,545 193 100.0%
Net Current Assets 136
Net Assets 3,681
Notes to the Unaudited Financial Information
1 The unaudited financial information for the six months to 31 August
2015 has been prepared in accordance with Financial Reporting Standard
104 "Interim Financial Reporting" and in accordance with the accounting
policies and principles that will be adopted in the next financial
statements which are to be prepared under Financial Reporting Standard
102 for the first time. No restatement of prior periods has been
necessary. The unaudited financial information for the six months to 31
August 2015 does not constitute statutory accounts within the meaning of
Section 415 of the Companies Act 2006. The comparative figures for the
year ended 28 February 2015 have been extracted from the audited
financial statements for that year, which have been delivered to the
Registrar of Companies. The independent auditor's report on those
financial statements was unqualified.
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 have been made available to
shareholders and further copies can be obtained from the Company's
Registered Office.
Board Directors : Alex Starling, Robin Goodfellow, Richard Roth and
David Livesley
Investment Manager : OT1 Managers Ltd with services contracted to
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#1961828
http://www.oxfordtechnology.com/
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