Oxford Tech 2 VCT Oxford Technology 2 Vct Plc : Disposal

 
TIDMOXH 
 
 
   Disposal of Investment 
 
   Oxford Technology 2 VCT plc (LON:OXH) is pleased to announce that the 
sale of OCR envisaged in the 2017 Annual Report has now completed. 
Oliver Crispin Robotics Limited (and its subsidiary OCRobotics Ltd.) 
"OCR", a company in which Oxford Technology 2 VCT plc originally 
invested when the company was a start-up in 2001, has been sold to GE 
Aircraft Engine Services Ltd. 
 
   OCR has developed a range of snake arm robots, robots in which the head 
of the snake may be moved along a path and the rest of the snake then 
follows the path taken by the head. 
 
   Oxford Technology 2 VCT plc invested GBP125,000 initially, and then made 
additional investments over the years taking the total investment to 
GBP310,860 by the date of the most recent annual accounts to 28 February 
2017, when it was valued at GBP1,535,000. 
 
   Oxford Technology 2 VCT plc has received an initial payment of GBP1,356k, 
with a further GBP327,500 being held in escrow for 24 months against 
normal business warranties and an estimated GBP 98k of excess cash to be 
released in 90 days. In line with OT2's normal practice, 50% of both the 
amount in escrow and the estimated excess cash are being recognised in 
the net asset value. 
 
   Oxford Technology 2 VCT plc will recognise an immediate realised value 
of GBP1,569k, compared to the holding value of GBP 1,535k as at 
28/02/2017 equating to 0.5 p/share gain, and it represents a 5 fold 
uplift vs cost. 
 
   As indicated in the Annual Report, the Directors of Oxford Technology 2 
VCT plc will propose how much, how and when the capital is returned, 
following the vote at the AGM regarding the proposed tender offer. 
 
   For further information please contact Lucius Cary on 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 2 VCT plc via Globenewswire 
 
 
  http://www.oxfordtechnology.com 
 

(END) Dow Jones Newswires

June 08, 2017 02:00 ET (06:00 GMT)

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