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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oxford Technology 3 Venture Capital Trust Plc | LSE:OTT | London | Ordinary Share | GB0031420390 | 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% | 34.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOTT Oxford Technology 3 Venture Capital Trust Plc Unaudited Half-Yearly Report For the period 1 March 2017 to 31 August 2017 Financial Headlines 6 Months Ended Year Ended 31 August 2017 28 February 2017 Net Assets at Period End GBP5.53m GBP5.60m Net Asset Value per Share 81.6p 82.5p Cumulative Dividend per Share 36.0p 32.0p Total NAV Return per Share 117.6p 114.5p Share Price at Period End 42.5p 52.5p Earnings per Share 3.1p (4.1)p Company Number: 4351474 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 2017. Results and Dividends The Company's net asset value (NAV) per share has decreased from 82.5p at 28 February 2017 by 0.9p to 81.6p at 31 August 2017. The underlying NAV per share rose by 3.1p but was offset by the payment of a 4p per share dividend on 21 July 2017. Further dividends are likely to require a profitable investee company exit. Portfolio Review The companies within the portfolio continue to develop, and where required and permitted under VCT rules your company continues to invest to support that development. During the period, additional investments were made into Immbio (GBP31k), Plasma Antennas (GBP50k) and Scancell (GBP50k). Following a successful first in human clinical trial, Immbio is now negotiating commercial licences for its Pneumococcal Vaccine Pnubiovax. Plasma Antennas continues to develop its unique technology while looking for commercial partners. Scancell has a strong novel cancer related clinical development pipeline. SCIB1, targeting malignant melanoma, has had good Phase1/2 results and a Phase 2 combination trial with an immune checkpoint inhibitor is planned for 2018. SCIB2 targets non-small lung cancer and Modi-1 targets breast and ovarian cancers and osteosarcoma. Four Phase1/2 trials on each target are also planned for 2018. Another of the listed companies within the portfolio Abzena raised money within the period by way of a placing at 33p per share. Your company did not participate in the placing. The directors have reviewed the valuation of each investee company in the unquoted portfolio. Changes have been made to a number of valuations to reflect company performance primarily Ixaris and Glide Pharmaceutical. Ixaris has continued to grow sales significantly and generate cash. As a result, our loan of GBP108k along with accrued interest of GBP79k will be repaid shortly after period end. On a negative note Glide went into administration after the period end after both the two previous major investors refused to put up further funds or renegotiate their preference shares leading to your company having to write off the remaining GBP48k of investment. The Directors along with the Investment Advisor continue to take an active interest in the remaining companies within the portfolio, both to support their management teams to achieve company development, but also to prepare companies for realisation at the appropriate time. It should be noted that the current portfolio is highly concentrated with Ixaris representing 58% and Scancell 15% of investments and the VCT NAV is very sensitive to changes in these valuations. Liquidity At period end we had net current assets of GBP711k which continues to provide us with flexibility to make follow-on investments if attractive. 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 Registrar 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 Your directors continue to monitor changes to VCT legislation, and its potential impact on both the VCT and its investee companies. The recent publication of the Patient Capital Review makes many recommendations regarding investment into early stage high growth companies. It is expected that this may drive additional changes to tax efficient investment schemes. Your directors do not expect that this will have any material impact on the current portfolios or on current investors as the VCT is fully invested. Likewise, whilst the impact of Brexit remains unclear, your directors do not expect its eventual outcome to have a material impact on portfolio valuations. We were pleased to welcome a large number of shareholders to our AGM in July. Two of our investee companies made presentations: Arecor and Immbio. These presentations are on the Oxford Technology website. The directors' view remains that the portfolio, while concentrated, still holds significant potential over the medium term but is not without risk. Finally I would like to take this opportunity to thank shareholders for their continued support. Robin Goodfellow - Chairman 20 October 2017 Investment Portfolio as at 31 August 2017 Change in value Net Cost for the of 6 month investment Carrying value at 31/8/17 period % Equity held % Equity held % Company Description GBP'000 GBP'000 GBP'000 OT3 All OT of fund investment value Ixaris Group Internet Holdings payments 535 2,802 152 7.3 7.3 58.1 Antibody based Scancell cancer (bid price 14p) therapeutics 409 718 70 1.6 3.8 14.9 Directional Plasma Antennas antennas 358 290 40 12.4 48.9 6.0 ImmBio Novel vaccines 432 277 39 4.9 16.2 5.7 Protein Arecor stabilisation 224 256 - 2.6 11.3 5.3 Bone graft Orthogem material 234 142 - 7.6 20.2 2.9 Photocopier Select Technology interfaces 47 131 2 2.8 58.6 2.7 Protein & Abzena peptide based (bid price 44p) drugs 69 88 15 0.1 0.1 1.8 Insense Wound healing 333 60 - 2.3 6.8 1.3 Data transformation Inaplex software 58 22 - 13.3 34.8 0.5 Low power Invro electronics 40 20 - 33.1 33.1 0.4 Production of Metal Nanopowders metal powders 153 13 - 20.0 36.7 0.3 Production of hard Superhard Materials materials 11 3 - 21.8 40.0 0.1 Microarray Insense spinout 2 0 - 2.0 2.0 - Needle free Glide Technologies injector 225 0 (48) - - - Total Investments 3,130 4,822 270 100% Other Net Assets 711 Net Assets 5,533 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: Robin Goodfellow - Chairman 20 October 2017 Income Statement Six months to 31 Aug 2017 Six months to 31 Aug 2016 Year to 29 February 2017 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 - 9 9 - - - - 154 154 Unrealised gain/(loss) on valuation of fixed asset investments - 247 247 - 85 85 - (417) (417) Performance fee accrual - - - - 23 23 - 23 23 Investment income 9 - 9 - - - 84 - 84 Investment management fees (7) (21) (28) (9) (26) (35) (17) (52) (69) Other expenses (28) - (28) (27) - (27) (55) - (55) Return on ordinary activities before tax (26) 235 209 (36) 82 46 12 (292) (280) Taxation on ordinary activities - - - - - - - - - Return on ordinary activities after tax (26) 235 209 (36) 82 46 12 (292) (280) Earnings per share - basic and diluted (0.4)p 3.5p 3.1p (0.5)p 1.2p 0.7p 0.2p (4.3)p (4.1)p -- 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 2017 2016 2017 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Fixed asset investments * 4,822 4,917 4,552 Current assets: Debtors 226 17 103 Creditors: Amounts falling due within one year (29) (52) (55) Cash at Bank 514 1,064 995 Net current assets 711 1,029 1,043 Creditors: Amounts falling due in more than one year - (24) - Net assets 5,533 5,922 5,595 Called up equity share capital 679 679 679 Share premium 718 719 718 Unrealised capital reserve 1,596 1,998 1,349 Profit and Loss account reserve 2,540 2,526 2,849 Total equity shareholders' funds 5,533 5,922 5,595 Net asset value per share 81.6p 87.3p 82.5p * 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 2016 679 718 1,913 3,583 6,893 Revenue return on ordinary activities after tax - - - (36) (36) Expenses charged to capital - - - (3) (3) Current period gains on fair value of investments - - 85 - 85 Dividends paid - - - (1,018) (1,018) Balance as at 31 August 2016 679 718 1,998 2,526 5,922 As at 1 March 2016 679 718 1,913 3,583 6,893 Revenue return on ordinary activities after tax - - - 12 12 Expenses charged to capital - - - (29) (29) Current period gains on disposal - - - 154 154 Current period losses on fair value of investments - - (417) - (417) Prior years' unrealised gains now realised - - (147) 147 - Dividends paid - - - (1,018) (1,018) Balance as at 28 February 2017 679 718 1,349 2,849 5,595 As at 1 March 2017 679 718 1,349 2,849 5,595 Revenue return on ordinary activities after tax - - - (26) (26) Expenses charged to capital - - - (21) (21) Current period gains on disposal - - - 9 9 Current period gains on fair value of investments - - 247 - 247 Dividends paid - - - (271) (271) Balance as at 31 August 2017 679 718 1,596 2,540 5,533 Statement of Cash Flows Six Six Year to months to months to 28 31 Aug 31 Aug February 2017 2016 2017 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Return on ordinary activities before tax 209 46 (280) Adjustments for: Increase in debtors (124) (15) (101) Decrease in creditors (25) (49) (70) Gain on disposal of fixed asset investments (9) - (154) (Gain)/loss on valuation of fixed asset Investments (247) (85) 417 Movement in investment debtors and creditors (10) - 30 Outflow from operating activities (206) (103) (158) Cash flows from investing activities Purchase of fixed asset investments (131) (709) (1,009) Sale of fixed asset investments 127 - 286 Total cash flows from investing activities (4) (709) (723) Cash flows from financing activities Dividends paid (271) (1,018) (1,018) Total cash flows from financing activities (271) (1,018) (1,018) Increase/(decrease) in cash and cash equivalents (481) (1,830) (1,899) Opening cash and cash equivalents 995 2,894 2,894 Closing cash and cash equivalents 514 1,064 995 Notes to the Half-Yearly Report 1. Basis of preparation The unaudited half-yearly results which cover the six months to 31 August 2017 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 2017 do not constitute statutory accounts within the meaning of Section
415 of the Companies Act 2006. The comparative figures for the year ended 28 February 2017 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 (6,785,233 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 28 February 2017. The Company's principal risks and uncertainties have not changed materially since the date of that report. 6. Related party transactions OT3 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/vct3. Board Directors: Robin Goodfellow, Richard Roth, Alex Starling and David Livesley Investment Manager: OT3 Managers Ltd with services contracted to Oxford Technology Management Ltd Website: www.oxfordtechnology.com/vct3 Enquiries: Lucius Cary, Oxford Technology Management 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 3 VCT plc via Globenewswire http://www.oxfordtechnology.com
(END) Dow Jones Newswires
October 23, 2017 02:00 ET (06:00 GMT)
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