Oxford Tech 2 VCT Oxford Technology 2 Vct Plc : Result Of Tender Offer

 
TIDMOXH 
 
 
   Oxford Technology 2 VCT plc (the "Company") today announces the results 
of the Tender Offer which was set out in the circular published by the 
Company on 26 July 2017 (the "Circular"), and which closed on 31 August 
2017. As set out in the Circular, the Tender Offer Price was 31.5 pence 
per Ordinary Share with Shareholders having a Basic Entitlement of 30%. 
 
 
 
   1,461,034 Ordinary Shares were validly tendered under the Tender Offer. 
This was less than total of 2,037,877 that the Company was authorised to 
buy back. This means that all the Ordinary Shares tendered by 
Shareholders, including any excess number requested above their Basic 
Entitlement, will therefore be re-purchased. The total value of all 
Ordinary Shares being purchased is GBP460,225.71. 
 
 
 
   It is anticipated that the proceeds payable to the Company's Qualifying 
Shareholders for the certificated Ordinary Shares purchased under the 
Tender Offer will be despatched in the form of a cheque (together with a 
balancing certificate where applicable) and that CREST account holders 
will have their CREST accounts credited by 14 September 2017. 
 
 
 
   The Company intends to cancel such Ordinary Shares, reducing its total 
issued share capital from 6,792,923 to 5,331,889 Ordinary Shares. 
 
 
 
   The above figures may be used by shareholders as the denominator for the 
calculations by which they will determine if they are required to notify 
their interest in, or a change to their interest in, Oxford Technology 2 
VCT plc under the FCA's Disclosure and Transparency Rules. In particular, 
Shareholders who remain invested should be aware that the Tender Offer 
may have the effect of increasing their percentage of the total share 
capital in the Company remaining in issue to a level where such a 
disclosure is required. 
 
   Those directors of the VCT and Oxford Technology Management who are 
shareholders in the Company exercised their right to tender their Basic 
Entitlement (or just under) under the Tender Offer, such that the shares 
they disposed of, and resultant holdings are now as follows: 
 
   No. shares before         No. Shares tendered          No. Shares after 
 
   Richard Roth              62,902                              18,869                        44,033 
 
 
   Robin Goodfellow     19,700                               5,700 
14,000 
 
   Lucius Cary               33,597                              10,079 
23,518 
 
   While the Board intends to declare further dividends as soon as possible, 
it does not want to limit its flexibility to participate in possible 
short term investee company actions. The Board plans to make an 
announcement on further dividends at a later date, but as stated in the 
Tender Offer Circular: "Shareholders should also note that a dividend 
will be paid to all Shareholders still on the register after the 
completion of the Tender Offer. At the current time, the Directors would 
expect to declare a dividend of at least 7p per remaining Share, which 
will be paid before the end of November 2017. The precise quantum of 
this dividend will depend in part on any follow-on investments made in 
the next few months. Any Shares purchased under the Tender Offer will 
not be eligible for this dividend." 
 
   Enquiries 
 
   Lucius Cary on 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 2 VCT plc via Globenewswire 
 
 
  http://www.oxfordtechnology.com 
 

(END) Dow Jones Newswires

September 04, 2017 08:45 ET (12:45 GMT)

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