Oxford Tech 3 VCT Oxford Technology 3 Vct Plc : 3rd Quarter Results

 
TIDMOTT 
 
 
   Oxford Technology 3 VCT PLC 
 
   Update for the quarter ending 30 November 2017 
 
   Oxford Technology 3 VCT PLC presents its quarterly update for the period 
commencing 1 September 2017. 
 
   The Directors have recently reviewed the valuation of its entire 
portfolio and the unaudited net asset value per ordinary share was 86.3p 
as at 30 November 2017.  This is an increase of 4.7p from the previously 
published NAV per share for the period ending 31 August 2017. The total 
return to shareholders including previous dividends of 36.0p per share 
is now 122.3p per share. 
 
   The change in NAV is primarily due to an increase in the valuation of 
Ixaris and Arecor offset by a decrease in the Scancell share price and a 
reduction in the Plasma Antennas valuation as it seeks new significant 
third party financing or support. Post period end Scancell made an 
encouraging announcement relating to a Clinical Development Partnership 
with Cancer Research UK to fund and conduct a Phase1/2 clinical trial of 
SCIB2 focussing on non-small cell lung cancer. 
 
   No investments or disposals were made in the quarter. However, the 
Ixaris loan of GBP108k was repaid together with accrued interest as 
outlined in the half year results. 
 
   The portfolio continues to be very concentrated with over 75% of 
investments concentrated in just Ixaris and Scancell. Liquidity remains 
satisfactory to support investees. 
 
   The Board of Oxford Technology 3 VCT PLC welcomes the recent budget 
changes with respect to VCTs and the government's response to the 
Patient Capital Review. We welcome the extension of the six month VCT 
rule to twelve months as providing a greater level of future 
re-investment flexibility. We also appreciate the rationale for the 
increase of the level of qualifying investments to 80% (up from 70%) 
from April 2019. However, as a very small VCT, we believe this may give 
us some administrative problems - an unintended consequence of the 
proposed revised legislation. With most of our investments being 
unquoted and with no short term method of realisation, we require a cash 
reserve for administrative expenses. Corporate liquidity tests will 
therefore become much tighter once the new regime is in force. We will 
take up this issue with HMRC while the Finance Bill passes through its 
reviews. We hope that a simple amendment is possible. 
 
   The total number of ordinary shares in issue is 6,785,233. 
 
   The Directors are not aware of any other events or transactions that 
have taken place between 30 November 2017 and the publication of this 
statement that have had a material effect on the financial position of 
the Company. 
 
   19 December 2017 
 
   Enquiries: 
 
   Lucius Cary, Oxford Technology Management 
 
   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 3 VCT plc via Globenewswire 
 
 
  http://www.oxfordtechnology.com 
 

(END) Dow Jones Newswires

December 19, 2017 02:00 ET (07:00 GMT)

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