Share Name Share Symbol Market Type Share ISIN Share Description
Oxford Technology 3 Vct LSE:OTT London Ordinary Share GB0031420390 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 52.50p 35.00p 70.00p 52.50p 52.50p 52.50p 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -0.1 -0.9 - 3.56

Oxford Technology 3 Vct Share Discussion Threads

Showing 26 to 49 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
05/8/2014
08:37
ShareSoc's voting recommendations for the rescheduled AGMs:
timbo003
05/8/2014
08:32
New Proxy Forms for rescheduled AGM (for Oxford Tech 3 VCT)
timbo003
05/8/2014
07:48
Here's the remuneration policy referred to in the letter to OT3 shareholders, a couple of things to note. * See how the managers fee dwarfs that of the director's remuneration, exactly what is the manager doing to earn that sort of fee (£400K across the 4 VCTs with total assets of about £20M), now the fund is in run off? * See also what a total rip off the manager's performance fee is. All the manager has to do is return the original capital (£1/share) and then he pockets 15% of everything above that. That is not a performance fee, that is a fee for performing somewhat worse than cash in the bank.
timbo003
05/8/2014
07:47
See below my copy of the letter Lucius sent out to Oxford Tech 3 VCT shareholders on Friday (Oxford Tech VCT shareholders received a similar letter). It is not often a shareholder action group achieves such an unqualified success, we have got just about everything we asked for. All we want now is for HMRC to permanently revoke the decision to withdraw VCT status and for the new directors (vetted and approved buy ShareSoc) to sort out the mess. One other thing to note: A merger of the 4 VCTs is now on the agenda, a merged VCT may have to sell a few Scancell shares to get under the 15% holding threshold.
timbo003
31/7/2014
17:28
ShareSoc press release now out welcoming today's news: http://www.sharesoc.org/campaigns5.html
timbo003
31/7/2014
14:15
Link to today's today's announcements from Oxford Tech VCT and Oxford Tech 3 VCT, which together hold >5% of Scancell. http://www.investegate.co.uk/oxford-technology--oxt-/gnw/oxford-technology-vct-plc---directorate-change/20140731122818H5402/ http://www.investegate.co.uk/oxford-tech-3-vct--ott-/gnw/oxford-technology-3-vct-plc---directorate-change/20140731140857H5444/ Three new directors, including a Foolish one (good luck Tolmers!) The manager is stepping down from the Board on OT1 and OT3 (Did he jump before he was pushed? He was up for re-election on both OT1 and OT3 this year). No doubt there will be more news to follow shortly. Result! Give yourself a pat on the back ShareSoc.
timbo003
21/7/2014
17:46
This email from ShareSoc went out to OT1 and OT3 shareholders earlier today: Update 21/7/2014: Roger Lawson, Deputy Chairman of ShareSoc, has sent a letter to Lucius Cary concerning the lax voting arrangements at the Oxford Technology VCTs. You can read it here: http://www.sharesoc.org/Cary%20Letter%202014-07-21.pdf We consider this an important matter so as to ensure that all shareholders in these companies get the opportunity to vote and are aware of the Annual General Meetings of these companies (now rescheduled to the 27th August). We understand that new Notices of the AGMs will be issued together with revised (i.e. replacement) proxy voting forms. We will reconsider our voting arrangements and give further advice on how to vote as soon as we see the new resolutions and any proposed changes (which of course we have been pushing for). More news will follow as more is publicly disclosed.
timbo003
01/7/2014
09:04
The ShareSoc Oxford Tech VCT Action Group has today issued a note on the Corporate Governance issues at the Oxford Tech VCTs with some recommendations on how they should be improved: http://www.sharesoc.org/campaigns5.html
timbo003
18/6/2014
17:56
See latest update from the Investors Chronicle which published online today, so presumably it will appear in the print edition on Friday: http://www.investorschronicle.co.uk/2014/06/18/funds-and-etfs/vcts-and-eiss/oxford-vcts-invite-shareholders-to-become-neds-YKJztBavdHEg1yO7VTbpFL/article.html
timbo003
15/6/2014
20:19
The ShareSoc OXTAG reaction to the invitation to fill out and return the proxy forms (also included in the letter) went out to shareholders via email today. Snail mail letters are due to be posted tomorrow. http://www.sharesoc.org/Proxy-Voting-Recommendations.pdf
timbo003
15/6/2014
17:51
This letter was sent to OT3 shareholders at the end of last week, OT1 shareholders also received one (which was very similar).
timbo003
10/6/2014
15:18
Date change for the Oxford Tech AGM (applies to all 4 VCTs) http://www.investegate.co.uk/oxford-technology--oxt-/gnw/oxford-technology-vct-plc---agm-statement/20140610153832H1781/ Which makes quite a lot of sense. The possible only downside is that they might not be able to line up all the speakers for the new date (Avid readers of the OXTAG updates, will have been aware that Scancell were down to give a presentation on the original date) Oxford Technology VCT Plc today announces that the Annual General Meeting has been rescheduled. It had been previously announced that it would be held on Wednesday 9(th) July. It will now be held at 12 noon on Wednesday 27(th) August. On 7(th) March VCT approval was withdrawn from OT1 and OT3. On 26(th) March Oxford Technology appealed against this decision. On 6(th) June HMRC set aside this decision. HMRC will now consider afresh whether it will be appropriate to withdraw VCT status from OT1 and OT3, and to assist their consideration of this matter they have invited Joseph Hage Aaronson LLP to make additional representations relating to the issue. We hope that the position will be clearer by the 27(th) August and this is the reason for the postponement.
timbo003
08/6/2014
22:41
OXTAG have now issued an update following Fridays news: http://www.sharesoc.org/campaigns5.html
timbo003
06/6/2014
13:27
Excellent news http://uk.advfn.com/news/UKREG/2014/article/62477783 http://uk.advfn.com/news/UKREG/2014/article/62477783 No idea what HMRC are going to do next, hopefully it will be to rescind the decision entirely, although there will almost certainly be conditions attached 6 June 2014 Oxford Technology VCT Plc: notice to shareholders: HMRC set aside decision of 7 March 2014 to withdraw VCT approval and will reconsider afresh the issue of withdrawal of VCT approval Following consideration of a legal opinion given on behalf of the Oxford VCTs by Graham Aaronson QC and Jonathan Bremner of Counsel, instructed by Joseph Hage Aaronson LLP, HMRC have today notified Joseph Hage Aaronson LLP that the decision dated 7 March 2014 to withdraw venture capital trust approval from Oxford Technology VCT Plc ("OT1") and Oxford Technology 3 VCT Plc ("OT3") has been set aside. HMRC will now consider afresh whether it will be appropriate to withdraw VCT status from OT1 and OT3, and to assist their consideration of this matter they have invited Joseph Hage Aaronson LLP to make additional representations relating to the issue. The effect of this is that the VCT status of OT1 and OT3 is, at the moment, to be treated as not having been withdrawn so that shareholders need not take any steps in relation to this matter. If, in the light of the further representations HMRC decide that VCT approval should not be withdrawn then that will conclude the matter so far as the shareholders' tax position is concerned. If, on the other hand, HMRC decide that such approval should be withdrawn, then shareholders will be notified accordingly and will need to consider what steps they should take.
timbo003
28/5/2014
16:36
Some coverage in Investors Chronicle, worth a read http://www.investorschronicle.co.uk/2014/05/28/funds-and-etfs/vcts-and-eiss/oxford-technology-vct-boards-face-shareholder-action-OtJrwYCtcNKV3UMzsr21jI/article.html
timbo003
24/5/2014
16:31
See the meeting report from Tuesday's OXTAG meeting with shareholders of Oxford Technology 1 and 3 VCTs Meeting report: http://www.sharesoc.org/OXTAG-Meeting-Report.pdf Campaign web page: http://www.sharesoc.org/campaigns5.html
timbo003
07/5/2014
19:19
From Oxford Tech website as no RNS announcement hxxp://www.oxfordtechnology.com/ OT1 & OT3's appeal against HMRC withdrawal of VCT approval – Update At the meeting held 28 April between HMRC and Oxford Technology and its legal advisers, it was agreed that certain detailed arguments in support of the VCTs' appeal would be submitted in writing to HMRC, who will consider them as urgently as possible. It is expected that these detailed arguments will be provided to HMRC before the end of this week.
127tolmers
23/4/2014
07:10
From Oxford Tech website as no RNS announcement hxxp://www.oxfordtechnology.com/ OT1 & OT3's appeal against HMRC withdrawal of VCT approval – Next Steps On 26 March 2014 OT1 and OT3 appealed against HMRC's withdrawal of VCT approval. The appeal will be led by Graham Aaronson QC of Joseph Hage Aaronson LLP. The statutory appeal process requires that the appeal is first made to HMRC. In the event that the matter cannot be resolved at that initial stage, provision is then made for a review by HMRC of its decision and, if the outcome of the review is not favourable, an appeal to the First-tier Tribunal (Tax Chamber), which is independent of HMRC. HMRC has helpfully offered to meet to discuss the appeals process and any request for re-approval with Oxford Technology directly. Oxford Technology has accepted this offer and it will therefore be engaging in a dialogue with HMRC in order to determine whether this matter can be resolved by agreement. To this end a meeting has been scheduled for 28 April 2014 between HMRC and Oxford Technology. If resolution cannot be reached via agreement, the further avenues of review and appeal will thereafter be explored. If it is necessary to pursue the appeal process to the First-tier Tribunal, the likely timescale for such a hearing is in the region of 9 to 14 months from the lodging of the appeal with the Tribunal. Individuals who have invested in OT1 and OT3 should, as previously indicated, seek their own personal financial advice from their stockbroker, bank manager, solicitor, accountant, fund manager or other independent financial adviser who specialises in advising on the acquisition or disposal of shares in order that they may ascertain the implications associated with the Company losing its VCT approval and take appropriate action. Further announcements will be made to keep shareholders fully informed of developments.
127tolmers
15/4/2014
18:31
Some progress to report for the Oxford Technology VCTs Action Group. Over the last two weeks, the Action Group has written to all shareholders in Oxford Tech VCT and Oxford Tech 3 VCT, inviting them to sign up at the Action Group web page. This notice was sent out today by email to all shareholders who have registered with the action group. If you are a shareholder in Oxford technology VCT or Oxford techology 3 VCT, you can register here, if you haven't already done so: http://www.sharesoc.org/campaigns5.html
timbo003
27/3/2014
15:03
Good to see an appeal properly launched today by Oxford 1 & 3; see RNSs
127tolmers
21/3/2014
19:03
FT article setting out HMRC position and the possible basis for appeal http://www.ft.com/cms/s/0/eb896fb8-ae8d-11e3-8e41-00144feab7de.html#axzz2wcodKxYw
timbo003
21/3/2014
16:03
Here is an extremely helpful guide (just published) on the implications of withdrawal of VCT status for private investors from the AIC http://www.theaic.co.uk/sites/default/files/hidden-files/AICConsumerGuideVCTApprovalWithdrawalMar14.pdf
timbo003
21/3/2014
10:49
ShareSoc press release just out on the Oxford Tech VCTs http://www.sharesoc.org/pr55oxfordtech.html I would urge any VCT shareholders to get in touch and register with the action group
timbo003
14/3/2014
22:47
Like Timbo I have also written to Kathryn Robertson at HMRC Dear Kathryn, I am a serial investor in both new and second hand VCTs as I have an interest in investing in and supporting small growing UK companies. I am writing to you today as a shareholder in both Oxford Technology VCT 1 (OXT) and Oxford Technology VCT 3 (OTT). As you will be aware, both recently had their VCT status revoked as a result of a technical breach of VCT rules. I purchased shares in OXT and OTT some time ago as I like to support UK based, fast growing technology companies, in which the Oxford Technology VCTs specialise. I bought my shares in the second hand market, so I have no personal exposure to loss of VCT relief or triggering of deferred CGT liability. Of course there will be future tax implications for me personally from the fund losing its VCT status. I understand that the VCT rule breach came about as the result of OXT and OTT taking up their allocation in the July 2013 share placing in Scancell plc. Subsequently, Scancell represented over 15% of the value of the fund, so the increase in investment was not permitted under prevailing VCT rules. I am quite sure that this breach was unintentional, as I was present during discussions at a Scancell investor meeting (1 October 2013), when a fellow shareholder alerted the Lucius Cary (the OXT and OTT Director and Manager) of a possible breach of the VCT rules after he had mentioned that OXT and OTT had participated in the July placing. He appeared genuinely surprised and shocked by this news. He even suggested that this shareholder ought to be on his board! The rule regarding the 15% maximum holding was presumably designed to ensure a wide spread of initial investments. OXT and OTT accordingly have invested in 20 or so companies and, as might be expected, some were more successful than others. However an unintended consequence of this rule is that it hinders, rather than helps investment in small growing SMEs. The rules governing VCTs are complex and have evolved over a number of years, but I suspect the rule concerning the 15% maximum was not originally intended to discourage continued investment support from VCTs, such as OXT and OTT, into promising, fast growing companies such as Scancell after some of their other earlier investments had failed. This is particularly relevant in the current funding environment, where pre revenue, R&D based SMEs, such as Scancell, find it extremely difficult to attract investment through more conventional routes. I do understand the necessity for rule compliance and that an inadvertent breach of the rules cannot be ignored, but I would hope that a first time, inadvertent technical breach could be more appropriately remedied. For example is it not possible to find a simple solution which would bring the VCT back into compliance by requiring the VCTs to sell the shares incorrectly acquired in the placing. Leaving aside the rules and complexity of VCT compliance, it does seem somewhat inappropriate to target punishment at individual, blameless OXT and OTT shareholders, who may have much to lose. Many of them, like me, will have been motivated to invest in OXT and OTT because they wished to support UK based, technology start-up companies and many would probably not have invested, if it were not for the VCT tax breaks to compensate for the high risk nature of the investment. As shareholders we rely on the Board and Manager's statements in their annual report; Internal control The directors are responsible for the company's system of internal control. The Board has adopted an internal operating and strategy document for the company. This includes procedures for the selection and approval of investments, the functions of the Investment Manager and exit and dividend strategies. Day to day operations are delegated under agreements with the Investment Manager who has established clearly defined policies and standards. These include procedures for the monitoring and safeguarding of the company's investments and regular reconciliation of investment holdings. This system of internal control, which includes procedures such as physical controls, segregation of duties, authorisation limits and comprehensive financial reporting to the Board, is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The Board has considered the need for an internal audit function but has decided that the size of the company does not justify it at present. However, it will keep the decision under annual review. The Board has reviewed, with its Investment Manager, the operation and effectiveness of the company's system of internal control for the financial period and the period up to the date of approval of the financial statements. And later: Deferred Tax Deferred tax is not provided on capital gains and losses arising on the revaluation or disposal of investments because the company meets (and intends to continue for the forseeable future to meet) the conditions for approval as a Venture Capital Trust. The HMRC has approved the company as a Venture Capital Trust for the purpose of Section 247 of the Income and Corporation Taxes Act 2007. The approval was given in the financial period ended 28 February 1998 and the company has subsequently directed its affairs so as to enable it to continue to be so approved. If punitive action does need to be taken, would it not be more appropriate to impose a fine on the Board and Managers and to restore VCT status to both OXT and OTT. The publicity that this HMRC action has generated in the VCT world will undoubtedly strengthen the internal control processes in all VCTs and I am sure that the Oxford Boards will never let this happen again. I understand that there is now a one month window for the VCTs to lodge their appeals and I would be grateful if you could ensure this correspondence is taken into consideration during the appeal processes and forward it on to all those concerned with it in HMRC. I look forward to your reply. Kind regards,
127tolmers
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