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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxford Technology 4 Venture Capital Trust Plc | LSE:OXF | London | Ordinary Share | GB00B01H4V84 | 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 |
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This is a correction of the announcement from 11:00 19.10.2016 BST.
Reason for the correction:
Correction to portfolio table.
The RNS concerning the Interim Accounts for Oxford Technology 4 VCT to
31 August 2016, issued on 19 October, was missing the line for Dynamic
Extractions in the portfolio table on page 3.
This RNS, issued on 26 October includes the missing line.
Oxford Technology 4 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 GBP7.66m GBP7.69m
Net Asset Value per Share 66.5p 66.8p
Cumulative Dividend per Share 37.0p 37.0p
Total NAV Return per Share 103.5p 103.8p
Share Price 47.0p 52.0p
Earnings per Share (0.3)p 20.6p
Castleton Technology - infrastructure solutions in the social housing,
commercial and public sectors
Company Number: 5038854
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 66.8p at
29 February 2016 by 0.3p to 66.5p 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 GBP320k to
support our existing portfolio companies. We invested GBP202k in Plasma
Antennas to position them for a further funding round. GBP98k was
invested in ImmBio at attractive terms at the end of their successful
trials. Finally we invested GBP20k in Zuvasyntha to allow the company to
reduce its cost base whilst pursuing strategic partnerships.
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. However this was more than
offset by the fall in the Castleton Technologies share price from 78.5p
on 29 February 2016 to 64.5p on 31 August 2016.
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 GBP715k. This
provides sufficient resource to match the expected short term support
required for the portfolio.
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. The company
continues to have a diversified portfolio with several promising
companies capable of delivering very strong returns, and the board is
focused on ensuring such realisations occur in a timely and appropriate
fashion.
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. One of our investees Plasma Antennas presented
at the AGM, and their presentation is available on the Oxford Technology
website.
On behalf of the Board
David Livesley
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 OT4 All OT of fund investment value
Castleton Technology Mobile software for
(bid price 64.0p) contractors 192 1,486 (325) 2.9 2.9 21.4
Glide Technologies Needle free injector 975 1,439 - 5.8 9.0 20.7
Select Technology Photocopier interfaces 237 960 19 18.4 58.5 13.8
Plasma Antennas Directional antennas 650 687 260 26.1 45.1 9.9
Diamond Hard Surfaces Diamond coatings 640 551 166 49.9 49.9 7.9
Arecor Protein stabilisation 291 535 89 6.2 7.3 7.7
ImmBio Novel vaccines 673 448 98 8.3 13.9 6.4
Dynamic Extractions Separation technology 377 313 - 30.4 30.4 4.5
Oxis Energy Rechargeable batteries 305 183 33 0.3 0.5 2.6
Zuvasyntha Microbial technology 333 110 20 23.1 23.1 1.6
Bioengineering &
Novacta antibiotics 347 63 - 2.4 2.4 0.9
Insense Wound healing 476 48 - 4.5 12.1 0.7
Abzena Protein based peptide
(bid price 41p) drugs 33 39 (8) 0.1 0.3 0.6
Orthogem Bone graft material 130 35 - 3.3 14.6 0.5
Historic Futures Traceability software 420 32 - 6.2 6.2 0.5
Virtual product
MirriAd Advertising placement - 15 - 0.3 0.3 0.2
Production of metal
Metal Nanopowders powders 51 10 - 16.7 36.7 0.2
Production of hard
Superhard Materials materials 9 5 - 18.2 40.0 0.1
Total Investments 6,139 6,961 352 100%
Other Net Assets 701
Net Assets 7,662
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:
David Livesley
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 - 2 2 - 1,328 1,328 - 1,049 1,049
Gain/(loss)
on
valuation
of fixed
asset
investments - 32 32 - 733 733 - 1,355 1,355
Other income - - - 3 - 3 94 - 94
Investment
management
fees (10) (28) (38) (10) (28) (38) (19) (58) (77)
Other
expenses (27) - (27) (26) - (26) (55) - (55)
Return on
ordinary
activities
before tax (37) 6 (31) (33) 2,033 2,000 20 2,346 2,366
Taxation on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (37) 6 (31) (33) 2,033 2,000 20 2,346 2,366
Earnings per
share -
basic and
diluted (0.3)p 0.0p (0.3)p (0.3)p 17.7p 17.4p 0.2p 20.4p 20.6p
-- 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 * 6,961 7,544 6,619
Current assets:
Debtors 18 320 26
Creditors:
Amounts falling due within one year (32) (41) (36)
Cash at Bank 729 697 1,111
Net current assets 715 976 1,101
Creditors:
Amounts falling due in more than one year (14) (41) (27)
Net assets 7,662 8,479 7,693
Called up equity share capital 1,152 1,152 1,152
Share premium 813 813 813
Unrealised capital reserve 821 899 600
Profit and Loss account reserve 4,876 5,615 5,128
Total equity shareholders' funds 7,662 8,479 7,693
Net asset value per share 66.5p 73.6p 66.8p
* At fair value through profit and loss
Statement of Changes in Equity
Share Profit & Loss
Share Capital Premium Unrealised Capital Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1
March 2015 1,152 813 255 5,411 7,631
Revenue
return on
ordinary
activities
after tax - - - (33) (33)
Expenses
charged to
capital - - - (28) (28)
Current
period
gains on
disposal - - - 1,328 1,328
Current
period
gains on
fair value
of
investments - - 733 - 733
Prior years'
unrealised
gains now
realised - - (89) 89 -
Dividends
paid - - - (1,152) (1,152)
Balance as
at 31
August
2015 1,152 813 899 5,615 8,479
As at 1
March 2015 1,152 813 255 5,411 7,631
Revenue
return on
ordinary
activities
after tax - - - 20 20
Expenses
charged to
capital - - - (58) (58)
Current
period
gains on
disposal - - - 1,049 1,049
Current
period
gains on
fair value
of
investments - - 1,355 - 1,355
Prior years'
unrealised
gains now
realised - - (654) 654 -
Movement in
reserves - - (356) 356 -
Dividends
paid - - - (2,304) (2,304)
Balance as
at 29
February
2016 1,152 813 600 5,128 7,693
As at 1
March 2016 1,152 813 600 5,128 7,693
Revenue
return on
ordinary
activities
after tax - - - (37) (37)
Expenses
charged to
capital - - - (28) (28)
Current
period
gains on
disposal - - - 2 2
Current
period
gains on
fair value
of
investments - - 32 - 32
Prior years'
unrealised
losses now
realised - - 189 (189) -
Balance as
at 31
August
2016 1,152 813 821 4,876 7,662
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 (31) 2,000 2,366
Adjustments for:
(Increase)/decrease
in debtors 1 (161) 125
Decrease/(increase)
in creditors (17) (15) (33)
(Gain) on disposal
of fixed asset
investments (2) (1,328) (1,049)
(Gain) on valuation
of fixed asset
investments (32) (733) (1,355)
Net cash generated
from operating
activities (81) (237) 54
Cash flows from
investing
activities
Purchase of fixed
asset investments (320) (200) (645)
Sale of fixed asset
investments 19 1,577 3,297
Total cash flows
from investing
activities (301) 1,377 2,652
Cash flows from
financing
activities
Dividends paid - (1,152) (2,304)
Total cash flows
from financing
activities - (1,152) (2,304)
Increase/Decrease in
cash and cash
equivalents (382) (12) 402
Opening cash and
cash equivalents 1,111 709 709
Closing cash and
cash equivalents 729 697 1,111
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 (11,516,946 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 OT4 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/vct4. Board Directors: David Livesley, Alex Starling, Robin Goodfellow and Richard Roth. Investment Manager: OT4 Managers Ltd with services contracted to Oxford Technology Management Ltd Website: www.oxfordtechnology.com/vct4 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 4 VCT plc via Globenewswire http://www.oxfordtechnology.com
(END) Dow Jones Newswires
October 26, 2016 05:01 ET (09:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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