Result of Meeting
Oxford Technology VCT PLC
Results of General Meeting and Merger Update
30 June 2022
The Board of Oxford Technology VCT plc ("the Company or “OT1")
is pleased to announce the resolution to approve the Company being
placed in liquidation, appoint the liquidators and cancel the
listing of the Company's shares, was duly passed on a show of hands
and with 98.6% of proxy votes received being in favour (or at the
chairman's discretion). Full details are shown below.
The general meeting of the Company held today was in connection
with the merger of the Company with Oxford Technology 2 VCT plc
("OT2") by way of a scheme of reconstruction of the Company
pursuant to Section 110 of the Insolvency Act 1986, whereby the
Company will now be placed into members' voluntary liquidation and
all of its assets and liabilities will be transferred by the
appointed liquidators to OT2. Full details were contained in the
Company's circular to shareholders ("Circular") dated 18 May
2022.
A copy of the resolution passed at the above meeting will
shortly be available for inspection on both the Company's website
(www.oxfordtechnologyvct.com), as well as at the National Storage
Mechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism).
Accordingly, by way of implementation of the Scheme, the Company
has been placed into members' voluntary liquidation and the assets
and liabilities of the Company transferred to OT2 in consideration
for the issue of new ordinary shares of 1p each in the new OT1
Share pool of OT2 ("OT1 Consideration Shares"). The total number of
OT1 Consideration Shares issued to the Company's shareholders was
5,431,655.
Application will shortly be made for all the OT1 Consideration
Shares issued to be admitted to the Official List and to trading on
the main market of the London Stock Exchange. It is expected that
admission of these Consideration Shares will become effective and
that trading will commence on 1 July 2022. CREST accounts are also
expected to be credited on 1 July 2022. Where OT1 shareholders held
their shares in OT1 in certificated form, those certificates will
cease to be of value and such shareholders will be issued with an
identical number of OT1 Consideration Shares. Certificates
for these Consideration Shares are expected to be dispatched by 15
July.
As part of the Scheme, the suspension of the listing of the
Company's own shares took place at 7.30 a.m. today (30 June 2022)
and the cancellation of these shares will take place with effect
from 8.00 am on 8 July 2022 (being slightly earlier than originally
anticipated in the Circular).
Full details of the voting were as follows:
Proxy votes were received in respect of 2,298,220 Ordinary
Shares, representing 42.3% of the issued share capital as at
28 June 2022.
The following table shows the proxy votes cast for the
resolution:
| |
For |
Against |
%age of Issued share capital |
Abstain |
| |
Votes |
% |
Votes |
% |
voted |
|
| SPECIAL
RESOLUTION |
|
|
|
|
|
|
| 1 To approve
the Company being wound up voluntarily, the appointment of Dow
Schofield Watts Business Recovery LLP as Liquidators, the
Liquidators being remunerated and cancellationof the Company's
listing of shares on the Official List |
2,265,051 |
98.6% |
33,169 |
1.4% |
42.3% |
0 |
The full text of the resolution passed at the Second General
Meeting can be found in the OT1 Circular which is available on the
Company's website at https://www.oxfordtechnologyvct.com/.
1. A withheld vote is not a vote in law and,
accordingly, is not counted in the calculation of the proportion of
votes "For" and "Against" the resolution concerned.
2. Any proxy appointments which gave discretion to the Chairman
have been included in the vote "For" total.
3. The number of shares in issue (and total voting rights) at
close of business on 28 June 2022 was 5,431,655 ordinary shares,
carrying one vote each. Therefore, the total voting rights in the
Company are 5,431,655.
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. Upon the publication of this
announcement via a Regulatory Information Service, this information
is now considered to be in the public domain.
Enquiries: Lucius Cary Oxford Technology Management 01865
784466
LEI: 213800HI61VDMTDOAX43
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