Oxford Technology 3 Vent... Share Discussion Threads

[sharesoc] 16/7/2019 11:44

There is a detailed report on Oxford Technology VCT's recent AGM which can be found in our members area here:

To access the report, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here:

Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the report (and reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here:

[sharesoc] 06/9/2018 11:59

There is a recent AGM report on Oxford Technology VCT available here:

To access the report, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here:

Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the report (and reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here:

[sharesoc] 16/7/2017 19:52

There is a recent AGM report on Oxford Technology VCT available here:

To access the report, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here:

Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the report (and reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here:

[timbo003] 05/8/2014 09:37

ShareSoc's voting recommendations for the rescheduled AGMs:

[timbo003] 05/8/2014 09:32

New Proxy Forms for rescheduled AGM (for Oxford Tech 3 VCT)

[timbo003] 05/8/2014 08:48

Here's the remuneration policy referred to in the letter to OT3 shareholders, a couple of things to note.

* See how the managers fee dwarfs that of the director's remuneration, exactly what is the manager doing to earn that sort of fee (£400K across the 4 VCTs with total assets of about £20M), now the fund is in run off?

* See also what a total rip off the manager's performance fee is. All the manager has to do is return the original capital (£1/share) and then he pockets 15% of everything above that. That is not a performance fee, that is a fee for performing somewhat worse than cash in the bank.

[timbo003] 05/8/2014 08:47

See below my copy of the letter Lucius sent out to Oxford Tech 3 VCT shareholders on Friday (Oxford Tech VCT shareholders received a similar letter).

It is not often a shareholder action group achieves such an unqualified success, we have got just about everything we asked for.

All we want now is for HMRC to permanently revoke the decision to withdraw VCT status and for the new directors (vetted and approved buy ShareSoc) to sort out the mess.

One other thing to note: A merger of the 4 VCTs is now on the agenda, a merged VCT may have to sell a few Scancell shares to get under the 15% holding threshold.

[timbo003] 31/7/2014 18:28

ShareSoc press release now out welcoming today's news:

[timbo003] 31/7/2014 15:15

Link to today's today's announcements from Oxford Tech VCT and Oxford Tech 3 VCT, which together hold >5% of Scancell.






Three new directors, including a Foolish one (good luck Tolmers!)

The manager is stepping down from the Board on OT1 and OT3 (Did he jump before he was pushed? He was up for re-election on both OT1 and OT3 this year).

No doubt there will be more news to follow shortly.

Result! Give yourself a pat on the back ShareSoc.

[timbo003] 21/7/2014 18:46

This email from ShareSoc went out to OT1 and OT3 shareholders earlier today:

Update 21/7/2014: Roger Lawson, Deputy Chairman of ShareSoc, has sent a letter to Lucius Cary concerning the lax voting arrangements at the Oxford Technology VCTs. You can read it here:


We consider this an important matter so as to ensure that all shareholders in these companies get the opportunity to vote and are aware of the Annual General Meetings of these companies (now rescheduled to the 27th August).

We understand that new Notices of the AGMs will be issued together with revised (i.e. replacement) proxy voting forms. We will reconsider our voting arrangements and give further advice on how to vote as soon as we see the new resolutions and any proposed changes (which of course we have been pushing for). More news will follow as more is publicly disclosed.

[timbo003] 01/7/2014 10:04

The ShareSoc Oxford Tech VCT Action Group has today issued a note on the Corporate Governance issues at the Oxford Tech VCTs with some recommendations on how they should be improved:

[timbo003] 18/6/2014 18:56

See latest update from the Investors Chronicle which published online today, so presumably it will appear in the print edition on Friday:

[timbo003] 15/6/2014 21:19

The ShareSoc OXTAG reaction to the invitation to fill out and return the proxy forms (also included in the letter) went out to shareholders via email today.

Snail mail letters are due to be posted tomorrow.

[timbo003] 15/6/2014 18:51

This letter was sent to OT3 shareholders at the end of last week, OT1 shareholders also received one (which was very similar).

[timbo003] 10/6/2014 16:18

Date change for the Oxford Tech AGM (applies to all 4 VCTs)



Which makes quite a lot of sense.

The possible only downside is that they might not be able to line up all the speakers for the new date (Avid readers of the OXTAG updates, will have been aware that Scancell were down to give a presentation on the original date)



Oxford Technology VCT Plc today announces that the Annual General
Meeting has been rescheduled. It had been previously announced that it
would be held on Wednesday 9(th) July. It will now be held at 12 noon
on Wednesday 27(th) August.

On 7(th) March VCT approval was withdrawn from OT1 and OT3. On 26(th)
March Oxford Technology appealed against this decision. On 6(th) June
HMRC set aside this decision.

HMRC will now consider afresh whether it will be appropriate to withdraw
VCT status from OT1 and OT3, and to assist their consideration of this
matter they have invited Joseph Hage Aaronson LLP to make additional
representations relating to the issue. We hope that the position will
be clearer by the 27(th) August and this is the reason for the postponement.

[timbo003] 08/6/2014 23:41

OXTAG have now issued an update following Fridays news:

[timbo003] 06/6/2014 14:27

Excellent news




No idea what HMRC are going to do next, hopefully it will be to rescind the decision entirely, although there will almost certainly be conditions attached


6 June 2014

Oxford Technology VCT Plc: notice to shareholders: HMRC set aside
decision of 7 March 2014 to withdraw VCT approval and will reconsider
afresh the issue of withdrawal of VCT approval

Following consideration of a legal opinion given on behalf of the Oxford
VCTs by Graham Aaronson QC and Jonathan Bremner of Counsel, instructed
by Joseph Hage Aaronson LLP, HMRC have today notified Joseph Hage
Aaronson LLP that the decision dated 7 March 2014 to withdraw venture
capital trust approval from Oxford Technology VCT Plc ("OT1") and Oxford
Technology 3 VCT Plc ("OT3") has been set aside.

HMRC will now consider afresh whether it will be appropriate to withdraw
VCT status from OT1 and OT3, and to assist their consideration of this
matter they have invited Joseph Hage Aaronson LLP to make additional
representations relating to the issue.

The effect of this is that the VCT status of OT1 and OT3 is, at the
moment, to be treated as not having been withdrawn so that shareholders
need not take any steps in relation to this matter. If, in the light of
the further representations HMRC decide that VCT approval should not be
withdrawn then that will conclude the matter so far as the shareholders'
tax position is concerned.

If, on the other hand, HMRC decide that such approval should be
withdrawn, then shareholders will be notified accordingly and will need
to consider what steps they should take.

[timbo003] 28/5/2014 17:36

Some coverage in Investors Chronicle, worth a read

[timbo003] 24/5/2014 17:31

See the meeting report from Tuesday's OXTAG meeting with shareholders of Oxford Technology 1 and 3 VCTs


Meeting report:



Campaign web page:

[127tolmers] 07/5/2014 20:19

From Oxford Tech website as no RNS announcement

hxxp://www.oxfordtechnology.com/

OT1 & OT3's appeal against HMRC withdrawal of VCT approval – Update

At the meeting held 28 April between HMRC and Oxford Technology and its legal advisers, it was agreed that certain detailed arguments in support of the VCTs' appeal would be submitted in writing to HMRC, who will consider them as urgently as possible.

It is expected that these detailed arguments will be provided to HMRC before the end of this week.

[127tolmers] 23/4/2014 08:10

From Oxford Tech website as no RNS announcement

hxxp://www.oxfordtechnology.com/

OT1 & OT3's appeal against HMRC withdrawal of VCT approval – Next Steps

On 26 March 2014 OT1 and OT3 appealed against HMRC's withdrawal of VCT approval. The appeal will be led by Graham Aaronson QC of Joseph Hage Aaronson LLP.

The statutory appeal process requires that the appeal is first made to HMRC. In the event that the matter cannot be resolved at that initial stage, provision is then made for a review by HMRC of its decision and, if the outcome of the review is not favourable, an appeal to the First-tier Tribunal (Tax Chamber), which is independent of HMRC.

HMRC has helpfully offered to meet to discuss the appeals process and any request for re-approval with Oxford Technology directly. Oxford Technology has accepted this offer and it will therefore be engaging in a dialogue with HMRC in order to determine whether this matter can be resolved by agreement. To this end a meeting has been scheduled for 28 April 2014 between HMRC and Oxford Technology.

If resolution cannot be reached via agreement, the further avenues of review and appeal will thereafter be explored. If it is necessary to pursue the appeal process to the First-tier Tribunal, the likely timescale for such a hearing is in the region of 9 to 14 months from the lodging of the appeal with the Tribunal.

Individuals who have invested in OT1 and OT3 should, as previously indicated, seek their own personal financial advice from their stockbroker, bank manager, solicitor, accountant, fund manager or other independent financial adviser who specialises in advising on the acquisition or disposal of shares in order that they may ascertain the implications associated with the Company losing its VCT approval and take appropriate action.

Further announcements will be made to keep shareholders fully informed of developments.

[timbo003] 15/4/2014 19:31

Some progress to report for the Oxford Technology VCTs Action Group.

Over the last two weeks, the Action Group has written to all shareholders in Oxford Tech VCT and Oxford Tech 3 VCT, inviting them to sign up at the Action Group web page.

This notice was sent out today by email to all shareholders who have registered with the action group.

If you are a shareholder in Oxford technology VCT or Oxford techology 3 VCT, you can register here, if you haven't already done so:

[127tolmers] 27/3/2014 15:03

Good to see an appeal properly launched today by Oxford 1 & 3; see RNSs

[timbo003] 21/3/2014 19:03

FT article setting out HMRC position and the possible basis for appeal