Oxford Tech 3 VCT Oxford Technology 3 Vct Plc : Disposal Of Investment

 
TIDMOTT 
 
   Oxford Technology 3 VCT plc ("the Company") 
 
   Realisation of Investment 
 
 
 
 
 
   The Company is pleased to announce the sale on 20 November 2015 of its 
investment in Telegesis (UK) Ltd ("Telegesis"), a world leading supplier 
of Zigbee technology. Telegesis has been acquired by Silicon 
Laboratories UK Ltd. 
 
   The Company will receive cash proceeds of GBP3.33m for its shares. The 
carrying value which was incorporated within the net asset value of the 
Company at 31 August 2015 was GBP2.8m. Consequently the effect of this 
transaction had it been incorporated into the accounts at 31 August 2015 
would have increased the net asset value per share by 6.2p to 111.7p 
after accruing for performance fee. The net cost of the company's 
investment was GBP147k, so the current realisation represents a return 
of 23x on the company's investment. 
 
 
 
   Telegesis was founded in 2003 when OT2 and OT3 became the first 
investors.  Later, in 2005, OT4 invested to support the company as it 
grew. 
 
 
 
   Telegesis specialises in Zigbee technology.  Zigbee is a wireless 
communications protocol like Bluetooth. Bluetooth is for sending large 
volumes of data over short distances, Zigbee is for sending small 
amounts of data over large distances. Lots of companies do Zigbee, but 
it is believed that Telegesis is the only company which specialises only 
in Zigbee.    In the year to 31 March 2015, sales were GBP5.5m, and 
sales growth has continued in the current year. 
 
   OT3's 3rd quarter ends on 30 November and the board will be considering 
dividend policy during the review of those results. 
 
   OT3 would like to congratulate Nicholas Gomersall and Ollie Smith for 
having successfully founded and developed the business. 
 
 
 
 
 
   Lucius Cary 
 
   Oxford Technology Management 
 
   01865 784466 
 
 
 
   Nicholas Gomersall 
 
   Telegesis (UK) Ltd 
 
   01494 510199 
 
   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 3 VCT plc via Globenewswire 
 
   HUG#1968861 
 
 
  http://www.oxfordtechnology.com 
 

(END) Dow Jones Newswires

November 24, 2015 02:00 ET (07:00 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.