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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 | 08:00:28 |
| 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
Unaudited Half-Yearly Report
For the period
1 March 2016 to 31 August 2016
Financial Headlines
6 Months Ended Year Ended
31 August 2016 29 February 2016
Net Assets at Period End GBP1.90m GBP1.91m
Net Asset Value per Share 28.0p 28.2p
Cumulative Dividend per Share 13.0p 13.0p
Total NAV Return per Share 41.0p 41.2p
Share Price 22.0p 20.0p
Earnings per Share (0.2)p 2.9p
Company Number: 3928569
Registered Address: The Magdalen Centre, Oxford Science Park, Oxford OX4
4GA
Statement on behalf of the Board
I am pleased to present the unaudited results for the six month period
ended 31 August 2016.
Results and dividends
The Company's net asset value (NAV) per share has reduced from 28.2p at
29 February 2016 by 0.2p to 28.0p at 31 August 2016. No dividend was
declared or paid in the period, and further dividends are likely to
require further investee company exits.
Portfolio review
The new VCT rules have not prevented us from investing GBP50k to support
one of our existing portfolio companies, ImmBio, on attractive terms at
the end of their successful clinical trials. Our very small holding in
DHA was exited at around book value for cash.
The Directors have reviewed the valuations of each investee company in
the unquoted portfolio but have made only minor changes. Several
companies in the portfolio have had minor valuation increases in the
period to reflect their continued growth (although their effect was
offset by the Company's running costs).
Shareholders should remain aware that the portfolio is very concentrated
with just three holdings representing nearly three quarters of our NAV.
The value of the portfolio is thus very sensitive to changes in
valuations of these three holdings: OCR, Select and Plasma.
The Directors continue to take an active interest in the investee
companies and look forward to continuing to work with OTM to maximise
shareholder value and to secure profitable exits from these investee
companies at the appropriate time and to enable further dividends to be
paid.
Liquidity
At period end our Company had net current assets of GBP236k. This
provides sufficient resource to match the expected short term support
required for the portfolio, and post the period end we have committed to
invest in Arecor and Orthogem.
VCT qualifying status
The Board has procedures in place to ensure that the Company continues
to comply with the conditions laid down by HMRC for maintaining approval
as a VCT.
Presentation of half-yearly report
In order to reduce the length of this report, we have omitted details of
the Company's objectives and investment strategy, its Advisers and
Registrars and how to buy and sell shares in the Company. These details
are all included in the Annual Reports, which, together with previous
half-yearly reports, are available for viewing on the Oxford Technology
website.
Outlook
The last six months has seen a number of changes to qualification
conditions for VCTs. However, as we are not looking to invest in new
companies we do not believe that these changes will give rise to any
issues for our Company. Likewise, any uncertainties surrounding the
departure from the EU are unlikely to affect us directly. OCR still
dominates the portfolio, representing 45% of net assets; it continues to
progress well, although several other investees also show promise. The
board remains focused on ensuring these are realised in a timely and
appropriate fashion (although this is still not without risk), allowing
a further return of funds to shareholders in due course.
We were pleased to welcome a large number of shareholders to our AGM in
July and I would like to take this opportunity to thank shareholders for
their continued support.
Richard Roth
Chairman
19 October 2016
Investment Portfolio as at 31 August 2016
Change
in
value
Net Cost for the
of 6 month
investment Carrying value at 31/8/16 period % Equity held % Equity held %
Company Description GBP'000 GBP'000 GBP'000 OT2 All OT of fund investment value
Snake arm
OC Robotics robots 311 860 - 36.9 36.9 51.5
Select Photocopier
Technology interfaces 132 388 7 7.4 58.5 23.2
Solid state
Plasma Antennas antennas 188 139 - 6.7 45.1 8.3
Bone graft
Orthogem material 317 75 - 7.2 14.6 4.5
ImmBio Novel vaccines 225 62 50 1.2 13.9 3.7
Protein
Arecor stabilisation 14 46 8 0.5 7.3 2.7
Active would
healing
Insense dressings 204 38 - 3.5 12.1 2.3
Data
transformation
Inaplex software 138 36 - 21.5 34.8 2.2
Rechargeable
Oxis Energy batteries 540 27 5 0.2 0.5 1.6
Total Investments 2,070 1,672 70 100%
Other Net Assets 227
Net Assets 1,899
Responsibility Statement of the Directors in respect of the half-yearly
report
We confirm that to the best of our knowledge:
-- the half-yearly financial statements have been prepared in accordance
with the statement "Interim Financial Reporting" issued by the Financial
Reporting Council;
-- the half-yearly report includes a fair review of the information required
by the Financial Services Authority Disclosure and Transparency Rules,
being:
-- an indication of the important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
financial statements.
-- a description of the principal risks and uncertainties for the remaining
six months of the year.
-- a description of related party transactions that have taken place in the
first six months of the current financial year that may have materially
affected the financial position or performance of the Company during that
period and any changes in the related party transactions described in the
last annual report that could do so.
On behalf of the Board:
Richard Roth
Chairman
19 October 2016
Income Statement
Six months to 31 Aug 2016 Six months to 31 Aug 2015 Year to 29 February 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on
disposal of
fixed asset
investments - - - - - - - 142 142
Gain on
valuation
of fixed
asset
investments - 20 20 - 187 187 - 83 83
Other income - - - - - - 36 - 36
Investment
management
fees (2) (8) (10) (2) (7) (9) (3) (14) (17)
Other
expenses (23) - (23) (23) - (23) (52) - (52)
Return on
ordinary
activities
before tax (25) 12 (13) (25) 180 155 (19) 211 192
Taxation on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (25) 12 (13) (25) 180 155 (19) 211 192
Earnings per
share -
basic and
diluted (0.4)p 0.2p (0.2)p (0.4)p 2.7p 2.3p (0.2)p 3.1p 2.9p
-- The 'Total' column of this statement is the profit and loss account of
the Company; the supplementary Revenue return and Capital return columns
have been prepared under guidance published by the Association of
Investment Companies.
-- All revenue and capital items in the above statement derive from
continuing operations.
-- The accompanying notes are an integral part of the half-yearly report.
-- The Company has only one class of business and derives its income from
investments made in shares and securities and from bank and money market
funds.
The Company has no recognised gains or losses other than the results for
the period as set out above. Accordingly a Statement of Comprehensive
Income is not required.
Balance Sheet
As at 31 Aug As at 31 Aug As at 29 February
2016 2015 2016
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset investments * 1,672 1,907 1,602
Current assets:
Debtors 14 30 21
Creditors:
Amounts falling due within one year (23) (5) (27)
Cash at Bank 245 160 333
Net current assets 236 165 327
Creditors:
Amounts falling due in more than one year (9) (27) (17)
Net assets 1,899 2,045 1,912
Called up equity share capital 679 679 679
Share premium 376 376 376
Unrealised capital reserve (398) 990 (418)
Profit and Loss account reserve 1,242 - 1,275
Total equity shareholders' funds 1,899 2,045 1,912
Net asset value per share 28.0p 30.1p 28.2p
* At fair value through profit and loss
Statement of Changes in Equity
Share Share Profit & Loss
Capital Premium Unrealised Capital Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
March 2015 679 376 803 32 1,890
Revenue
return on
ordinary
activities
after tax - - - (25) (25)
Expenses
charged to
capital - - - (7) (7)
Current
period
gains on
fair value
of
investments - - 187 - 187
Balance as
at 31
August
2015 679 376 990 - 2,045
As at 1
March 2015 679 376 803 32 1,890
Revenue
return on
ordinary
activities
after tax - - - (19) (19)
Expenses
charged to
capital - - - (14) (14)
Current
period
gains on
disposal - - - 142 142
Current
period
gains on
fair value
of
investments - - 83 - 83
Prior years'
unrealised
gains now
realised - - (207) 207 -
Movement in
reserves - - (1,097) 1,097 -
Dividends
paid - - - (170) (170)
Balance as
at 29
February
2016 679 376 (418) 1,275 1,912
As at 1
March 2016 679 376 (418) 1,275 1,912
Revenue
return on
ordinary
activities
after tax - - - (25) (25)
Expenses
charged to
capital - - - (8) (8)
Current
period
gains on
fair value
of
investments - - 20 - 20
Balance as
at 31
August
2016 679 376 (398) 1,242 1,899
Statement of Cash Flows
Six months to 31 Six months to 31 Year to 29
Aug 2016 Aug 2015 February 2016
GBP'000 GBP'000 GBP'000
Cash flows from
operating
activities
Return on ordinary
activities before
tax (13) 155 192
Adjustments for:
Decrease/(increase)
in debtors 7 (12) (2)
(Decrease)/increase
in creditors (12) (9) (17)
Gain on disposal of
fixed asset
investments - - (142)
Gain on valuation of
fixed asset
investments (20) (187) (83)
Net cash generated
from operating
activities (38) (53) (52)
Cash flows from
investing
activities
Purchase of fixed
asset investments (50) - (13)
Sale of fixed asset
investments - - 355
Total cash flows
from investing
activities (50) - 342
Cash flows from
financing
activities
Dividends paid - - (170)
Total cash flows
from financing
activities - - (170)
Increase/(decrease)
in cash and cash
equivalents (88) (53) 120
Opening cash and
cash equivalents 333 213 213
Closing cash and
cash equivalents 245 160 333
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31
August 2016 have been prepared in accordance with the Financial
Reporting Council's (FRC) Financial Reporting Standard 104 Interim
Financial Reporting ('FRS 104') and the Statement of Recommended
Practice (SORP) for Investment Companies re-issued by the Association of
Investment Companies in November 2014. Details of the accounting
policies and valuation methodologies are included in the Annual Report.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 August
2016 do not constitute statutory accounts within the meaning of Section
415 of the Companies Act 2006. The comparative figures for the year
ended 29 February 2016 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, in accordance with chapter 3, part 16 of the Companies Act
2006, was unqualified. This half-yearly report has not been reviewed by
the Company's auditor.
3. Earnings per share
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. There are no potentially
dilutive capital instruments in issue and, therefore, no diluted returns
per share figures are relevant.
4. Net asset value per share
The net asset value per share is based on the net assets at the period
end divided by the number of shares in issue at that date (6,792,923 in
each case).
5. Principal risks and uncertainties
The Company's assets consist of equity and fixed interest investments,
cash and liquid resources. Its principal risks are therefore market risk,
credit risk and liquidity risk. Other risks faced by the Company include
economic, loss of approval as a Venture Capital Trust, investment and
strategic, regulatory, reputational, operational and financial risks.
These risks, and the way in which they are managed, are described in
more detail in the Company's Annual Report and Accounts for the year
ended 29 February 2016. The Company's principal risks and uncertainties
have not changed materially since the date of that report.
6. Related party transactions
OT2 Managers Ltd, a wholly owned subsidiary, provides investment
management services to the Company for a fee of 1% of net assets per
annum.
7. Copies of this statement are available from Oxford Technology
Management, The Magdalen Centre, Oxford Science Park, Oxford OX4 4GA and
on the Company's website - www.oxfordtechnology.com/vct2.
Board Directors: Richard Roth, Alex Starling, Robin Goodfellow, and
David Livesley
Investment Manager: OT2 Managers Ltd with services contracted to Oxford
Technology Management Ltd
Website: www.oxfordtechnology.com/vct2
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
October 19, 2016 06:00 ET (10:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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