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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 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 35.00 20.00 50.00 35.00 35.00 35.00 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Nonequity Investment Instruments 0.0 -0.1 -1.7 - 2

Oxford Technology 3 Vent... Share Discussion Threads

Showing 1 to 15 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
21/3/2014
16:03
Here is an extremely helpful guide (just published) on the implications of withdrawal of VCT status for private investors from the AIC http://www.theaic.co.uk/sites/default/files/hidden-files/AICConsumerGuideVCTApprovalWithdrawalMar14.pdf
timbo003
21/3/2014
10:49
ShareSoc press release just out on the Oxford Tech VCTs http://www.sharesoc.org/pr55oxfordtech.html I would urge any VCT shareholders to get in touch and register with the action group
timbo003
14/3/2014
22:47
Like Timbo I have also written to Kathryn Robertson at HMRC Dear Kathryn, I am a serial investor in both new and second hand VCTs as I have an interest in investing in and supporting small growing UK companies. I am writing to you today as a shareholder in both Oxford Technology VCT 1 (OXT) and Oxford Technology VCT 3 (OTT). As you will be aware, both recently had their VCT status revoked as a result of a technical breach of VCT rules. I purchased shares in OXT and OTT some time ago as I like to support UK based, fast growing technology companies, in which the Oxford Technology VCTs specialise. I bought my shares in the second hand market, so I have no personal exposure to loss of VCT relief or triggering of deferred CGT liability. Of course there will be future tax implications for me personally from the fund losing its VCT status. I understand that the VCT rule breach came about as the result of OXT and OTT taking up their allocation in the July 2013 share placing in Scancell plc. Subsequently, Scancell represented over 15% of the value of the fund, so the increase in investment was not permitted under prevailing VCT rules. I am quite sure that this breach was unintentional, as I was present during discussions at a Scancell investor meeting (1 October 2013), when a fellow shareholder alerted the Lucius Cary (the OXT and OTT Director and Manager) of a possible breach of the VCT rules after he had mentioned that OXT and OTT had participated in the July placing. He appeared genuinely surprised and shocked by this news. He even suggested that this shareholder ought to be on his board! The rule regarding the 15% maximum holding was presumably designed to ensure a wide spread of initial investments. OXT and OTT accordingly have invested in 20 or so companies and, as might be expected, some were more successful than others. However an unintended consequence of this rule is that it hinders, rather than helps investment in small growing SMEs. The rules governing VCTs are complex and have evolved over a number of years, but I suspect the rule concerning the 15% maximum was not originally intended to discourage continued investment support from VCTs, such as OXT and OTT, into promising, fast growing companies such as Scancell after some of their other earlier investments had failed. This is particularly relevant in the current funding environment, where pre revenue, R&D based SMEs, such as Scancell, find it extremely difficult to attract investment through more conventional routes. I do understand the necessity for rule compliance and that an inadvertent breach of the rules cannot be ignored, but I would hope that a first time, inadvertent technical breach could be more appropriately remedied. For example is it not possible to find a simple solution which would bring the VCT back into compliance by requiring the VCTs to sell the shares incorrectly acquired in the placing. Leaving aside the rules and complexity of VCT compliance, it does seem somewhat inappropriate to target punishment at individual, blameless OXT and OTT shareholders, who may have much to lose. Many of them, like me, will have been motivated to invest in OXT and OTT because they wished to support UK based, technology start-up companies and many would probably not have invested, if it were not for the VCT tax breaks to compensate for the high risk nature of the investment. As shareholders we rely on the Board and Manager's statements in their annual report; Internal control The directors are responsible for the company's system of internal control. The Board has adopted an internal operating and strategy document for the company. This includes procedures for the selection and approval of investments, the functions of the Investment Manager and exit and dividend strategies. Day to day operations are delegated under agreements with the Investment Manager who has established clearly defined policies and standards. These include procedures for the monitoring and safeguarding of the company's investments and regular reconciliation of investment holdings. This system of internal control, which includes procedures such as physical controls, segregation of duties, authorisation limits and comprehensive financial reporting to the Board, is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The Board has considered the need for an internal audit function but has decided that the size of the company does not justify it at present. However, it will keep the decision under annual review. The Board has reviewed, with its Investment Manager, the operation and effectiveness of the company's system of internal control for the financial period and the period up to the date of approval of the financial statements. And later: Deferred Tax Deferred tax is not provided on capital gains and losses arising on the revaluation or disposal of investments because the company meets (and intends to continue for the forseeable future to meet) the conditions for approval as a Venture Capital Trust. The HMRC has approved the company as a Venture Capital Trust for the purpose of Section 247 of the Income and Corporation Taxes Act 2007. The approval was given in the financial period ended 28 February 1998 and the company has subsequently directed its affairs so as to enable it to continue to be so approved. If punitive action does need to be taken, would it not be more appropriate to impose a fine on the Board and Managers and to restore VCT status to both OXT and OTT. The publicity that this HMRC action has generated in the VCT world will undoubtedly strengthen the internal control processes in all VCTs and I am sure that the Oxford Boards will never let this happen again. I understand that there is now a one month window for the VCTs to lodge their appeals and I would be grateful if you could ensure this correspondence is taken into consideration during the appeal processes and forward it on to all those concerned with it in HMRC. I look forward to your reply. Kind regards,
127tolmers
14/3/2014
16:40
I have now written to Kathryn Robertson at HMRC asking her to consider my correspondence during the appeal against the ruling: http://boards.fool.co.uk/to-kathrynrobertsonhmrc-gsigovuk-re-oxford-12994037.aspx I suggest other share holders do the same.
timbo003
14/3/2014
08:13
See links to OXT and MotleyFool http://boards.fool.co.uk/just-had-a-look-at-this-situation-and-the-holdings-12993619.aspx http://uk.advfn.com/cmn/fbb/thread.php3?id=28106158
127tolmers
31/7/2002
00:25
Not a lot, apparently. The demise of the coal industry's to blame, IMO. No slag, no slagging, you see.
peter perfect
31/7/2002
00:19
WHATS HAPPENING HERE THEN???
lastmanstanding
31/7/2002
00:17
WHATS HAPPENING HERE THEN???
lastmanstanding
30/7/2002
18:30
bj.. try looking up the epic...OXH.
mitzis
30/7/2002
15:45
There is a real company OTT = Oxford Tech 3 ; top of Gainers list, gone up 500% today !!!!!! Anybody know any news ??? cant see any.
bj444
30/7/2002
15:45
Necrophilia is dead boring.
modellermark
30/7/2002
13:59
I like anthropomorphism better, but it's hard to work into everyday conversation. Dorothy Parker was challenged to put horticulture into a epigram. She said:- 'You can take a horticulture, but you can't make her think.' That's what I call horizontal thinking.
indieman
30/7/2002
13:55
Ann O'Nymity? Great handle!!!!! "manmadmandy - 30 Jul'02 - 13:06 - 5 of 7 oi Peter , who do you think you are - some sort of a mr perfect ?" One tries, mandy, one tries. ;-)
peter perfect
30/7/2002
13:42
transmogrify - top word!
pjg
30/7/2002
13:06
oi Peter , who do you think you are - some sort of a mr perfect ?
manmadmandy
Chat Pages: 2  1
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