Oxford Technology Oxford Technology Vct Plc : 3rd Quarter Results

 
TIDMOXT 
 
 
   Oxford Technology VCT PLC 
 
   Update for the quarter ending 30 November 2017 
 
   Oxford Technology VCT PLC presents its quarterly update for the period 
commencing 1 September 2017. 
 
   The Directors have recently reviewed the valuation of its entire 
portfolio and the unaudited net asset value per ordinary share was 49.9p 
as at 30 November 2017. This is a fall of 2.7p from the previously 
published NAV per share for the period ending 31 August 2017. The total 
return to shareholders including previous dividends of 55.0p per share 
is now 104.9p per share. 
 
   The change in NAV is primarily due to a decrease in the Scancell share 
price. Post period end Scancell made an encouraging announcement 
relating to a Clinical Development Partnership with Cancer Research UK 
to fund and conduct a Phase1/2 clinical trial of SCIB2 focussing on 
non-small cell lung cancer. 
 
   The portfolio remains concentrated.  Two investments, Select Technology 
and Scancell, make up 82% of net asset value. 
 
   The Board of Oxford Technology VCT PLC welcomes the recent budget 
changes with respect to VCTs and the government's response to the 
Patient Capital Review. We appreciate the rationale for the increase of 
the level of qualifying investments to 80% (up from 70%) from April 
2019. However, as a very small VCT, we believe this may give us some 
administrative problems - an unintended consequence of the proposed 
revised legislation. With most of our investments being unquoted and 
with no short term method of realisation, we require a cash reserve for 
administrative expenses. Corporate liquidity tests will now be very 
tight. We will take up this issue with HMRC while the Finance Bill 
passes through its reviews. We hope that a simple amendment is possible. 
 
   The total number of ordinary shares in issue is 5,431,655. 
 
   The Directors are not aware of any other events or transactions that 
have taken place between 30 November 2017 and the publication of this 
statement that have had a material effect on the financial position of 
the Company. 
 
   19 December 2017 
 
   Enquiries: 
 
   Lucius Cary, Oxford Technology Management 
 
   01865 784466 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq 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 
 
 
  http://www.oxfordtechnology.com/

(END) Dow Jones Newswires

December 19, 2017 02:00 ET (07:00 GMT)

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