We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxford Technology Venture Capital Trust Plc | LSE:OXT | London | Ordinary Share | GB0006640204 | 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% | 27.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMOXT
Oxford Technology 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 GBP3.24m GBP3.33m
Net Asset Value per Share 59.7p 61.2p
Cumulative Dividend per Share 54.0p 52.7p
Total NAV Return per Share 113.7p 113.9p
Share Price 38.0p 40.5p
Earnings per Share (0.2)p (3.8)p
Company Number: 3276063
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 61.2p at
29 February 2016 by 1.5p to 59.7p at 31 August 2016. This 1.5p per
share movement in NAV is the sum of a reduction in underlying NAV per
share of 0.2p and the payment of a 1.3p per share final revenue dividend
on 20 July 2016.
Portfolio review
The Directors have reviewed the valuations of each investee company in
the unquoted portfolio but have made only minor changes. The largest
holding in the portfolio, that of Select Technology, increased modestly
due to continued profitable growth. Our very small holding in DHA was
exited at around book value for cash.
The Company did not participate in the Scancell placing and open AIM
offer due to restrictions imposed by VCT rules. The Scancell share
price remained broadly stable through the period and ended the half year
period flat at 17.5p per share.
Shareholders should remain aware that the portfolio is very concentrated
with just two holdings - Scancell and Select Technology - representing
over 85% of NAV. The value of the portfolio is thus very sensitive to
changes in valuations of these holdings.
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 we had net current assets of just over GBP143,000.
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. We were
pleased to welcome a large number of shareholders to our AGM in July.
John Chiplin, the new chairman of one of our investee companies,
Scancell, gave a presentation that is available for download from the
Oxford Technology website.
The Directors' view remains that the portfolio - though concentrated -
is well positioned for growth and continued cash generation. We
continue to work to maximise value for shareholders and will, as per our
stated strategy, continue to seek to crystallise this value and
distribute to shareholders via dividend payments when valuation and
liquidity allow.
Finally I would like to take this opportunity to thank shareholders for
their continued support.
Alex Starling
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 OT1 All OT of fund investment value
Photocopier
Select Technology interfaces 488 1,567 30 30.0 58.5 50.6
Antibody
Scancell based cancer
(bid price 17.5p) therapeutics 344 1,205 - 2.6 4.4 38.8
Aerial
Getmapping photography 518 224 - 3.9 3.9 7.2
Bactericidal
powder
Biocote coating 85 106 - 6.6 6.6 3.4
Total Investments 1,435 3,102 30 100%
Other Net Assets 143
Net Assets 3,245
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:
Alex Starling
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/(Loss)
on disposal
of fixed
asset
investments - - - - - - - - -
Gain/(Loss)
on
valuation
of fixed
asset
investments - 30 30 - 193 193 - (265) (265)
Other income - - - - - - 154 - 154
Investment
management
fees (4) (13) (17) (4) (13) (17) (9) (26) (35)
Other
expenses (24) - (24) (28) - (28) (60) - (60)
Return on
ordinary
activities
before tax (28) 17 (11) (32) 180 148 85 (291) (206)
Taxation on
ordinary
activities - - - - - - - - -
Return on
ordinary
activities
after tax (28) 17 (11) (32) 180 148 85 (291) (206)
Earnings per
share -
basic and
diluted (0.5)p 0.3p (0.2p) (0.6)p 3.4p 2.8p 1.5p (5.3)p (3.8p)
-- 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* 3,102 3,545 3,081
Current assets:
Debtors 18 17 2
Creditors:
Amounts falling due
within one year (6) (4) (9)
Cash at Bank 131 123 253
Net current assets 143 136 246
Net assets 3,245 3,681 3,327
Called up equity share
capital 543 543 543
Share premium 176 176 176
Unrealised capital
reserve 1,666 3,297 1,346
Profit and Loss account
reserve 860 (335) 1,262
Total equity
shareholders' funds 3,245 3,681 3,327
Net asset value per share 59.7p 67.8p 61.2p
* 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 543 176 3,104 (290) 3,533
Revenue
return on
ordinary
activities
after tax - - - (32) (32)
Expenses
charged to
capital - - - (13) (13)
Current
period gain
on fair
value of
investments - - 193 - 193
Balance as
at 31
August
2015 543 176 3,297 (335) 3,681
As at 1
March 2015 543 176 3,104 (290) 3,533
Revenue
return on
ordinary
activities
after tax - - - 85 85
Expenses
charged to
capital - - - (26) (26)
Current
period
losses on
fair value
of
investments - - (265) - (265)
Movement in
reserves - - (1,493) 1,493 -
Balance as
at 29
February
2016 543 176 1,346 1,262 3,327
As at 1
March 2016 543 176 1,346 1,262 3,327
Revenue
return on
ordinary
activities
after tax - - - (28) (28)
Expenses
charged to
capital - - - (13) (13)
Current
period
gains on
fair value
of
investments - - 30 - 30
Prior years'
losses now
realised - - 290 (290) -
Dividends
paid - - - (71) (71)
Balance as
at 31
August
2016 543 176 1,666 860 3,245
Statement of Cash Flows
Six months Six months Year to 29
to 31 Aug to 31 Aug February
2016 2015 2016
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Return on ordinary activities before tax (11) 148 (206)
Adjustments for:
(Increase)/decrease in debtors (15) (14) -
Increase/(decrease) in creditors (4) (4) 1
Gain on disposal of fixed asset
investments - - -
Loss/(gain) on valuation of fixed asset
investments (30) (193) 265
Net cash generated from operating
activities (60) (63) 60
Cash flows from investing activities
Purchase of fixed asset investments - - -
Sale of fixed asset investments 9 - 7
Total cash flows from investing
activities 9 - 7
Cash flows from financing activities
Dividends paid (71) - -
Total cash flows from financing
activities (71) - -
Increase/(decrease) in cash and cash
equivalents (122) (63) 67
Opening cash and cash equivalents 253 186 186
Closing cash and cash equivalents 131 123 253
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 (5,431,656 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
OT1 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/vct1.
Board Directors: Alex Starling, Robin Goodfellow, Richard Roth and David
Livesley
Investment Manager: OT1 Managers Ltd with services contracted to Oxford
Technology Management Ltd
Website: www.oxfordtechnology.com/vct1
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 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.
1 Year Oxford Technology Ventur... Chart |
1 Month Oxford Technology Ventur... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
