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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 |
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Oxford Technology 3 Venture Capital Trust Plc
Unaudited Half-Yearly Report
For the period
1 March 2018 to 31 August 2018
Financial Headlines
6 Months Ended Year Ended
31 August 2018 28 February
2018
Net Assets at Period GBP5.80m GBP5.85m
End
Net Asset Value per 85.5p 86.2p
Share
Cumulative Dividend 36.0p 36.0p
per Share
Total NAV Return 121.5p 122.2p
per Share
Share Price at Period 52.5p 52.5p
End(Mid-Market)
Earnings per Share (0.7)p 7.7p
------------
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 2018.
Results and Dividends
The Company's net asset value (NAV) per share has decreased from 86.2p
at 28 February 2018 by 0.7p to 85.5p at 31 August 2018. The decrease is
primarily due to a reduction of the Scancell share price during the
period following a placing. No dividends were paid or declared in the
period.
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, an additional
investment was made into ImmBio (GBP30k) and post balance sheet
investments were made into Orthogem (GBP83k) and Arecor (GBP171k).
Ixaris, our largest holding, has had a mixture of good and bad news.
The good news is that overall the business has been generating cash and
the free cash balance stood at c GBP11m in August. Also, the Ixaris
Systems side of the business has been growing very fast and
approximately doubling in size each year. The bad news is that a change
in regulations by Visa has meant that Entropay has had to cease allowing
customers outside Europe to use Entropay cards for gambling. This will
have quite a severe impact on EBITDA in the short term, but the
expectation is that the gap will quite quickly be filled by the
continuing rapid growth of Ixaris Systems.
We were unable to invest in the recent Scancell placing due to the 15%
VCT rule. They are continuing to develop a number of exciting new
potential breakthrough cancer treatments and have a number of active
initiatives. In the last few months, they have established a
manufacturing agreement for Moditope, extended the Trichor delivery
mechanism deal for SCIB1 and are busy preparing for the clinical trials
which were signed up earlier in the year.
ImmBio is in negotiations with pharma partners regarding PnuBiovax, and
during the period, an additional investment of GBP30k was made to enable
the first deals to be closed.
Arecor continues to make encouraging technical and commercial progress,
and has now secured a GBP6m funding round, led and 80% funded by 3 VCT
groups; Calculus, Downing and Albion. We take this as a strong third
party vote of confidence in the company, its technology and its business
plan. After period end we also invested GBP171k in the first tranche and
committed around a further GBP50k in the second tranche.
Select Technology, a photocopier (or more generally Multi Function
Device, or MFD) software company, suffered a setback with the loss of a
master distributorship for Europe with one product in 2017, which led to
the company becoming loss-making for a period. Since then Select has
been making good progress with IDEA - the International Document
Evolution Alliance. This is a global network of distributors who all
understand software, networks and the document management business, and
who can offer a one stop global distribution network which is attractive
to developers. Sales and profit margins have been increasing and the
prospects for the future are encouraging.
After the period end, GBP83k was invested in Orthogem, which has now got
CE approval and started distributing its putty product and is signing up
new distributors as a result.
Abzena have recently agreed a cash offer of 16.0p per share following a
bid from Astro BidCo Limited.
The Directors along with the Investment Adviser 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 62% and Scancell 10% of net assets and the VCT's NAV is
very sensitive to changes in these valuations.
Liquidity
At period end we had net current assets of GBP579k 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.
Change of Auditor
James Cowper Kreston, our auditors for the last 13 years, have decided
to withdraw from auditing Public Interest Entities for the time being
due to the increasing regulatory landscape and associated costs.
Unfortunately, this includes VCTs. The Board would like to thank them
for all their support and constructive feedback during their period in
office. Shareholders will recall that last year, we carried out a tender
for the audit. The Audit Committee was also impressed by one of the
other firms who responded, and on its recommendation, the Board is
therefore pleased to appoint UHY Hacker Young LLP ("UHY") to fill the
casual vacancy that has arisen. UHY will audit the Company's 2019 annual
results, and shareholders will be asked to reappoint them at next year's
AGM for the following year's audit.
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. Recent rule
changes to tax efficient investment schemes are not expected to have any
material impact on our current portfolios; nor 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.
Your Board continues to explore long term strategic options for this
small VCT. Should discussions prove successful we will bring them to
shareholders as soon as practicable. However, there can be no certainty
that any of these discussions will lead to a concrete proposal at this
time or in the future.
We were pleased to welcome a large number of shareholders to our AGM in
July where there were presentations from three of our investee
companies: Ixaris, Select and Scancell. The presentations for Select and
Scancell 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
23 October 2018
Investment Portfolio as at 31 August 2018
Change
in value
Carrying for the
Net Cost value 6 month % Equity % Equity
of investment at 31/08/18 period held held % Net
Company Description GBP'000 GBP'000 GBP'000 OT3 All OTVCTs assets
--------------------- ------------------------------------- --------------- ------------ ----------- -------- ----------- -------
Ixaris Group
Holdings Internet payments 535 3,601 69 7.2 7.2 62.1
Scancell
(bid price
11.5p) Antibody based cancer therapeutics 409 590 (128 ) 1.3 3.3 10.2
ImmBio Novel vaccines 461 308 72 6.3 20.9 5.3
Arecor Protein stabilisation 224 282 25 2.5 12.1 4.9
Select Technology Photocopier interfaces 47 147 12 2.8 58.6 2.5
Orthogem Bone graft material 234 142 - 7.5 19.9 2.4
Insense Wound healing 333 60 - 2.3 6.8 1.0
Invro Low power electronics 40 41 - 33.1 33.1 0.7
Abzena
(bid price
15.2p) Protein & peptide based drugs 69 30 (20 ) 0.1 0.1 0.5
Inaplex Data Integration 58 11 - 13.3 34.8 0.2
Metal Nanopowders Production of metal powders 153 5 - 20.0 36.7 0.1
Plasma Antennas Directional antennas 358 3 - 12.4 48.8 0.1
Superhard
Materials Production of hard materials 11 1 - 21.8 40.0 -
Microarray Insense spinout 2 - - 0.2 0.2 -
Glide Technologies Needle free injector 225 - - 3.2 8.8 -
--------------------- ------------------------------------- --------------- ------------ -------- ----------- -------
Total Investments 3,159 5,221 30 90.0
Other Net
Assets 579 10.0
----------------------------------------------------------------------------- ------------ ----------- -------- ----------- -------
Net Assets 5,800 100
----------------------------------------------------------------------------- ------------ ----------- -------- ----------- -------
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
23 October 2018
Income Statement
Six months to 31 Aug 2018 Six months to 31 Aug 2017 Year to 28 Feb 2018
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 - 10 10 - 9 9 - 9 9
Unrealised
gain on
valuation
of fixed
asset
investments - - - - 247 247 - 615 615
Investment
income - - - 9 - 9 10 - 10
Investment
management
fees (7) (22) (29) (7) (21) (28) (14) (42) (56)
Other
expenses (28) - (28) (28) - (28) (55) - (55)
------------ ---
Return on
ordinary
activities
before tax (35) (12) (47) (26) 235 209 (59) 582 523
Taxation on
ordinary
activities - - - - - - - - -
------------ --------- --------- --------- ---- --------- --------- ---------- --- ----------- ---------- ---------- ---
Return on
ordinary
activities
after tax (35) (12) (47) (26) 235 209 (59) 582 523
------------ --- ---------- --- ----------- ---------- ---
Earnings per
share --
basic and
diluted (0.5)p (0.2)p (0.7)p (0.4)p 3.5p 3.1p (0.9)p 8.6p 7.7p
------------ --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
-- 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 28 Feb
2018 2017 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------- ------- ------- ----------
Fixed asset investments
(At fair value through
profit and loss) 5,221 4,822 5,190
Current assets:
Debtors 20 226 23
Creditors: Amounts falling
due within one year (10) (29) (10)
Cash at Bank 569 514 644
--------------------------- ------- ------- ----------
Net current assets 579 711 657
Net assets 5,800 5,533 5,847
--------------------------- --------- ------- --------- ------- --------- ----------
Called up equity share
capital 679 679 679
Share premium 718 718 718
Unrealised capital reserve 2,061 1,596 2,061
Profit and Loss account
reserve 2,342 2,540 2,389
Total equity shareholders'
funds 5,800 5,533 5,847
Net asset value per 85.5p 81.6p 86.2p
share
--------------------------- --------- ------- --------- ------- --------- ----------
Statement of Changes in Equity
Unrealised Profit
Share Share Capital & Loss
Capital Premium Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ -------- -------- ---------- ---------- ----------
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
------------------------------
As at 1 March 2017 679 718 1,349 2,849 5,595
Revenue return on ordinary
activities after tax - - - (59) (59)
Expenses charged to
capital - - - (42) (42)
Current period gains
on disposal - - - 9 9
Current period gains
on fair value of investments - - 615 - 615
Prior period unrealised
losses now realised - - 97 (97) -
Dividends paid - - - (271) (271)
------------------------------
Balance as at 28 February
2018 679 718 2,061 2,389 5,847
------------------------------
As at 1 March 2018 679 718 2,061 2,389 5,847
Revenue return on ordinary
activities after tax - - - (35) (35)
Expenses charged to
capital - - - (22) (22)
Current period gains
on disposal - - - 10 10
Balance as at 31 August
2018 679 718 2,061 2,342 5,800
------------------------------ -------- -------- ---------- ------ ------
Statement of Cash Flows
Six months to 31 Six months to Year to 28 Feb
Aug 2018 31 Aug 2017 2018
GBP'000 GBP'000 GBP'000
-------------------------- ----------------- --------------- --------------
Cash flows from
operating
activities
Return on ordinary
activities before
tax (47) 209 523
Adjustments for:
Decrease/(increase)
in debtors 3 (124) 80
Decrease in creditors - (25) (45)
Gain on disposal of
fixed asset
investments (10) (9) (9)
Gain on valuation of
fixed asset
investments - (247) (615)
Movement in investment
debtors and creditors (20) (10) (10)
-------------------------- ----- ----
Outflow from operating
activities (74) (206) (76)
-------------------------- ----- ----
Cash flows from investing
activities
Purchase of fixed asset
investments (30) (131) (131)
Sale of fixed asset
investments 29 127 127
-------------------------- ------ ----- ---
Total cash flows from
investing activities (1) (4) (4)
Cash flows from financing
activities
Dividends paid - (271) (271)
-------------------------- ------ ----
Total cash flows from
financing activities - (271) (271)
Increase/(decrease) in
cash and cash
equivalents (75) (481) (351)
Opening cash and cash
equivalents 644 995 995
Closing cash and cash
equivalents 569 514 644
-------------------------- --------- ------ -------- ----- --------- ---
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31
August 2018 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
2018 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 2018 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 2018. 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. Events after the Balance Sheet Date
In September 2018, OT3 invested GBP83,000 in Orthogem Limited and
GBP170,530 in Arecor Limited. A further commitment of approximately
GBP50,000 has been made to Arecor, the exact amount to be determined by
the application of the VCT rules at the time of investment.
8. 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
(END) Dow Jones Newswires
October 24, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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