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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxford Technology 2 Venture Capital Trust Plc | LSE:OXH | London | Ordinary Share | GB0003105052 | OT2 ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.90 | 8.40 | 15.40 | 11.90 | 11.90 | 11.90 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -1.63M | -1.88M | -0.0674 | -1.77 | 3.31M |
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Oxford Technology 2 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 GBP2.05m GBP1.89m
Net Asset Value per Share 30.1p 27.8p
Cumulative Dividend 10.5p 10.5p
Total NAV Return 40.6p 38.3p
Share Price (mid market) 20.0p 11.0p
Earnings per Share 2.3p 1.4p
Statement on behalf of the Board
I am pleased to present my first report to shareholders, having taken
over the Chairmanship from Michael O'Regan in July. Neither Michael nor
Lucius Cary stood for re-election as Directors at the AGM. I would like
to thank them both for all their hard work on behalf of shareholders
since the formation of the Company in 2000.
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
escalation added to the threshold for the performance fee, and the
introduction of a Common Board across the four Oxford Technology VCTs
commensurate with the companies becoming 'self-managed'. Lucius Cary and
his team continue to be involved with the portfolio as OT2 Managers Ltd
(the Company's investment manager) sub-contracting services from Oxford
Technology Management. OT2 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 asset value has increased by 8.3% (2.3p) from 27.8p at 28
February 2015 to 30.1p at 31 August 2015, primarily driven by continued
improved trading at both Select Technology and Telegesis. The Company's
assets remain dominated by OCR, which the Board believes still has
growth potential. Full details of these investments are included in our
Annual Report, and on the website.
The ultimate success for OT2, and the potential for distributions in the
future are likely to revolve around profitable exits from these investee
companies.
On behalf of the Board
Richard Roth - 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 187 92 157
Expenses (32) (34) (58)
Profit/(loss) on ordinary activities _____ _____ _____
before tax 155 58 99
Tax on profit/(loss) on ordinary
activities - - -
_____ _____ _____
Profit/(loss) on ordinary activities
after tax 155 58 99
_____ _____ _____
Earnings per Share 2.3p 0.9p 1.4p
_____ _____ _____
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
1,890 1,791 1,791
Return on ordinary activities after tax 155 58 99
_____ _____ _____
Shareholders' funds at the end of period
2,045 1,849 1,890
_____ _____ _____
31 Aug 15 31 Aug 14 28 Feb 15
Summarised Balance Sheet GBP'000 GBP'000 GBP'000
Investments held at fair value 1,907 1,569 1,720
Net current assets 165 329 205
Creditors: amounts falling due
> 1 year (27) (49) (35)
_____ _____ _____
Net assets 2,045 1,849 1,890
_____ _____ _____
Capital and Reserves
Called up share capital 679 679 679
Share premium 376 376 376
Profit and loss account 0 56 32
Revaluation reserve 990 738 803
_____ _____ _____
Shareholders' funds 2,045 1,849 1,890
_____ _____ _____
Net asset value per share 30.1p 27.2p 27.8p
_____ _____ _____
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 (53) (39) (53)
Financial investment
Purchase of investments - - (86)
Disposal of investments - - -
_____ _____ _____
Increase/(decrease) in cash (53) (39) (139)
_____ _____ _____
Oxford Technology 2 Venture Capital Trust Plc
Summary of Investment Portfolio as at 31 August 2015
Net cost of
investment Valuation Valuation movement % of portfolio
Company GBP000's GBP000's GBP000's by value
OC Robotics 311 860 - 45.1%
Select
Technology 132 348 111 18.3%
Telegesis 8 299 86 15.7%
Plasma Antennas 188 189 - 9.9%
Orthogem 304 62 - 3.3%
Other
Investments 1,072 149 (10) 7.7%
Total
Investments 2,015 1,907 187 100%
Other Net
Assets 138
Net Assets 2,045
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 : Richard Roth, Robin Goodfellow, David Livesley and
Alex Starling
Investment Manager : OT2 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 2 VCT plc via Globenewswire
HUG#1961829
http://www.oxfordtechnology.com
(END) Dow Jones Newswires
October 28, 2015 03:01 ET (07:01 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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