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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 Tech 3 VCT Half-year Report

09/10/2020 7:00am

UK Regulatory (RNS & others)


 
TIDMOTT 
 
   RNS 
 
   Oxford Technology 3 VCT Plc 
 
   Unaudited Half-Yearly Report 
 
   For the period 1 March 2020 to 31 August 2020 
 
 
 
 
                                  6 Months Ended      Year Ended 
                                   31 August 2020   29 February 2020 
--------------------------------  ---------------  ----------------- 
Net Assets At Period End             GBP3.37m          GBP4.72m 
--------------------------------  ---------------  ----------------- 
Net Asset Value (NAV) Per Share        49.7p             69.6p 
--------------------------------  ---------------  ----------------- 
Cumulative Dividend Per Share          36.0p             36.0p 
--------------------------------  ---------------  ----------------- 
Total NAV Return Per Share             85.7p            105.6p 
--------------------------------  ---------------  ----------------- 
Share Price At Period End 
 (Mid-Market)                          35.0p             55.0p 
--------------------------------  ---------------  ----------------- 
Earnings Per Share                        (19.9)p            (19.9)p 
--------------------------------  ---------------  ----------------- 
 
 
 
 
 
 
 
   Statement on behalf of the Board 
 
   I am pleased to present the unaudited results for the six month period 
ended 31 August 2020.  The period under review continues to be dominated 
by the implications of the Covid-19 pandemic and the subsequent actions 
of the UK government. Your Investment Adviser and the Directors have 
continued to manage the VCT and its portfolio effectively together via 
remote working during lockdown. 
 
   The six months to 31 August 2020 have been a volatile and uncertain 
period for the economy and for businesses operating within this 
environment. During this period, your Board has kept the impact of the 
pandemic on your Company's investments closely under review as part of 
our regular Board agenda. 
 
   On 19 May 2020, when we issued our annual report, we reviewed the 
portfolio valuation since the year ended 29 February 2020 and this led 
to us announce a reduction in the NAV per share from 69.6p to an 
unaudited 56.6p. Since then, the pandemic along with the lockdown has 
continued to impose great uncertainty for UK companies. However while 
most of our overall technology portfolio has remained relatively stable, 
Ixaris has faced strong headwinds from the continuing severe downturn in 
the airline and travel sector. 
 
   Results and Dividend 
 
   The Company's net asset value (NAV) per ordinary share has decreased by 
19.9p per share from 69.6p at 29 February 2020 to 49.7p per share as at 
31 August 2020.  Compared to 29 February 2020, operating costs reduced 
the NAV per share by 0.8p during the period, with the remaining 19.1p 
reduction being due to movements in the portfolio, the most significant 
of which relate to Ixaris, and are explained in the Portfolio Review 
section below. 
 
   As noted above, the NAV as at 31 August 2020 of 49.7p per ordinary share 
is a reduction 6.9p since the mid-May update of 56.6p per share 
primarily as result of longer than expected travel restrictions. 
 
   The Directors are not recommending the payment of a dividend at this 
time. 
 
   Portfolio Review 
 
   The majority of the portfolio which contains 13 investments in total 
(one of which is quoted on AIM) continues to develop. None have sought 
funding from the VCT during this period, although Scancell Holdings Plc 
("Scancell") did raise GBP15m in a round that was not VCT qualifying. 
 
   Ixaris still dominates the portfolio at over 50%. The company provides a 
payment service to the international travel sector.  It had been doing 
very well and had accepted an offer for sale of more than GBP100m at the 
end of 2019,  (and which had the deal concluded would have enabled OT3 
to pay the largest single dividend ever paid by a VCT).  It  has been 
very badly affected by Covid-19 with sales falling by 95%, as air travel 
collapsed. So the focus is now on survival.  The company has made 
widespread redundancies and pay cuts for those staff that remain.  In 
recent months, there has been some improvement as the holiday air travel 
business has revived somewhat, but it has been a case of 3 steps forward, 
2 steps backwards as restrictions on travel to different parts of the 
world have come and gone and then come again.  If Ixaris can survive, it 
is likely to require some further investment and then the hope and 
expectation is that it will again become valuable as the travel business 
returns to normal. However the risks remain high. 
 
   Arecor now represents over 20% of the portfolio. It has published 
excellent phase 1 clinical data for its ultra-rapid insulin.  The trial 
was only sized to demonstrate equivalence, which it did, and on average 
the Arecor insulin delivered twice the early glucose lowering effect of 
the fastest insulin on the market. The hope is that this will prove to 
be fast enough to respond to glucose levels as they occur, instead of a 
patient having to predict their insulin requirement.  Arecor will be 
continuing its clinical insulin programme and is expected to raise 
further funds soon to progress this. 
 
   Scancell continues to develop its multiple technologies. The SCIB1 Phase 
2 clinical trial programme will continue with further sites later this 
year and the Modi-1 Phase1/2 trial is progressing for regulatory 
submission with a planned study start in the UK in 1H21. In August, 
Scancell announced it had been awarded a grant to develop its COVIDITY 
Covid-19 vaccine based on its Immunobody platform into a Phase1 clinical 
trial. In August, it also completed a fundraising to raise GBP15 million 
at a price of 5.5p per share, and which included a significant new US 
institutional investor (Redmile Group LLC). This funding will allow 
planned trials to continue while partnering discussions are pursued. As 
a result of all this news, the Scancell share price has seen much 
volatility, both during the period to 31 August 2020 and later. Its 
share price was 8p as at 31 August 2020 (on which these valuations are 
based) and has subsequently doubled to 16p in early October. 
 
   The VCT sold GBP10k worth of Scancell shares prior to 31 August 2020, 
another GBP30k during the middle of September 2020, and a further GBP20k 
during October, thereby crystallising some of the gain on the VCT's 
investment in Scancell and for liquidity purposes. 
 
   ImmBio - formally known as ImmunoBiology Ltd has licensed its 
pneumococcal vaccine to China National Biotech Group. It has completed 
certain parts of its technology transfer and is now seeking to start a 
phase 2 study of the same vaccine. To do this it has been applying for 
grants. It was turned down for several grants but has two more grant 
applications pending. Coronavirus has again highlighted the importance 
of vaccines to the world and in recent years pneumococcal disease has 
claimed a similar number of deaths as Covid-19 in 2020. An existing 
vaccine has reduced the death rate, but the existing vaccines only 
protect against fewer than 20 of the 90 or so existing strains. As 
ImmBio's ImmBioVax technology utilises heat shock proteins to activate 
T-cell responses, it is hoped that it can be used to create vaccines for 
a wide range of currently poorly served infectious diseases. 
 
   Select Technology distributes high quality document management software 
via its global channel partners while adding significant further value 
through its development team by providing integrations and bespoke 
solutions.  Sales have been significantly affected by Covid-19 with 
sales from February to July, being about 50% down on the previous six 
months. However, the greatest impact was in April and May: sales have 
revived somewhat in the most recent months and the hope is that this 
continues. 
 
   Insense is developing a treatment for fungal nail disease. Work is 
continuing with formulation and stability testing.  The hope is that a 
clinical trial may start in late 2022, or possibly in 2023.  It is not 
anticipated that Covid-19 will have any significant impact on these 
timescales. 
 
   Overall, as seen in the Income Statement, the net impact of valuation 
changes across the portfolio during the first half of the 2020/2021 year 
was a loss of GBP1,298k. 
 
   The Directors, along with the Investment Adviser, continue to take an 
active interest in the 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 
however be noted that approaches do occur at other times, and the 
ability of the Directors and Investment Adviser to be able to provide 
support when such approaches occur is essential for maximising value. 
 
   VCT qualifying status 
 
   As I have previously flagged, the small size of the VCT means 
significant focus is required to ensure we retain sufficient working 
capital to manage the Company whilst meeting all the conditions laid 
down by HMRC for maintaining approval as a VCT. The Board has procedures 
in place to ensure that the Company continues to comply with these 
conditions, in particular the new 80% qualifying holding limit which has 
been in place since 1 March 2020. As noted earlier the top slicing of 
Scancell will assist working capital management. 
 
   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 
 
   Nothing has changed in our plans for your Company. We continue to 
believe your VCT is an appropriate structure to hold your Company's 
investments, but it would be preferable to have a larger asset base to 
share the operating costs. I have reported previously of our efforts to 
seek prospective parties who are potentially interested in entering the 
VCT industry. This initiative is currently on hold whilst any such 
possible organisations are entirely focussed on more immediate actions 
within their own businesses as a result of the Covid-19 pandemic. We 
have always made clear that there is no certainty such a route can be 
achieved, but the Directors will continue seeking such opportunities 
when the future outlook has become clearer.  Directors are also 
revisiting the economics of a merger with some or all of the other 
Oxford Technology VCTs. Such a transaction is not without risk and it is 
by no means clear that it would be in your Company's best interests to 
participate. We will update shareholders if and when these discussions 
reach a conclusion, and in any event, shareholder approval will be 
required before any transaction could proceed. 
 
   Apart from the change to investment qualifying levels, there have been 
no recent changes to VCT legislation, or their potential impact on both 
the VCT and its investee companies. It is still too early to fully 
assess the impact of Covid-19, and the resulting government 
interventions. 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 and Investment Adviser continue to work so as to best 
position your VCT such that, when valuations and liquidity allow, 
holdings can be exited and proceeds distributed to shareholders, whilst 
keeping a keen eye on maintaining costs as low as possible in the 
interim. 
 
   Finally, I would like to take this opportunity to thank shareholders for 
their continued support. We were delighted a significant number of you 
managed to attend our zoom AGM, and we will consider the merits of 
future online forums in due course which allow a greater number of 
shareholders to attend. We hope our shareholders have not been too 
personally affected by the difficulties this year and look forward to a 
return to an 'old normal' as soon as possible. 
 
   Robin Goodfellow 
 
   Chairman 
 
   8 October 2020 
 
 
 
 
 
   Investment Portfolio as at 31 August 2020 
 
 
 
 
                                                         Carrying   Change in value 
                                            Net Cost      value at      for the      % Equity  % Equity 
                                          of investment   31/08/20   6 month period    held     held All   % Net 
Company           Description                GBP'000      GBP'000       GBP'000         OT3      OTVCTs    assets 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Ixaris Group 
 Holdings         Internet payments                 535      1,849          (1,233)       6.2        6.2     54.9 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Arecor            Protein stabilisation             443        712                -       3.1       10.5     21.1 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
                  Antibody based 
Scancell           cancer therapeutics              399        401               72       0.8        2.0     11.9 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
ImmBio            Novel vaccines                    483        148            (100)       6.5       22.6      4.4 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
                  Specialist 
Select -- STL      Photocopier 
 Management Ltd    interfaces                        47        108             (48)       2.8       58.6      3.2 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
                  Wound healing 
Insense            dressings                        333         60                -       2.3        6.8      1.8 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Invro             Low power electronics              40         10                -      33.1       33.1      0.3 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
                  Solid state 
                   directional 
Plasma Antennas    antennas                         358          4                1      12.4       48.8      0.1 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
                  Data integration 
Inaplex            software                          58          1                -      13.3       34.8        - 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Metal             Production of 
 Nanopowders       metal powders                    153          -                -      20.0       36.7        - 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Superhard         Production of 
 Materials         hard materials                    11          -                -      21.8       40.0        - 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Microarray        Insense spinout                     2          -                -       0.2        0.2        - 
----------------  ---------------------  --------------  ---------  ---------------  --------  ---------  ------- 
           Total Investments                      2,862      3,294          (1,308)                          97.7 
---------------------------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Other Net Assets                                                78                                            2.3 
---------------------------------------  --------------  ---------  ---------------  --------  ---------  ------- 
Net Assets                                                   3,372                                          100.0 
---------------------------------------  --------------  ---------  ---------------  --------  ---------  ------- 
 
 
 
 
 
   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. 
 
 
   -- The assets of the Company include cash and shares in an AIM quoted 
      company which is quite liquid and readily accessible. After reviewing the 
      forecast for the Company, the Directors have a reasonable expectation 
      that the Company has adequate resources to continue in operational 
      existence for the foreseeable future. The Company therefore continues to 
      adopt the going concern basis in preparing the half year accounts. 
 
 
   On behalf of the Board: 
 
   Robin Goodfellow 
 
   Chairman 
 
   8 October 2020 
 
   Income Statement 
 
 
 
 
                                                              Six months to 31 Aug 2020                    Six months to 31 Aug 2019                       Year to 29 Feb 2020 
                                                        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/(loss) on disposal of fixed asset investments               -              2              2              -              -              -              -          (239)          (239) 
Unrealised (loss)/gain on valuation of fixed asset 
 investments                                                     -         (1300)         (1300)              -            620            620              -          (997)          (997) 
Investment income                                                -              -              -              -              -              -              1              -              1 
Investment management fees                                    (24)              -           (24)            (7)           (23)           (30)           (61)              -           (61) 
Other expenses                                                (28)              -           (28)           (26)              -           (26)           (54)              -           (54) 
---------------------------------------------------                                -------------                                -------------                                ------------- 
Return on ordinary activities before tax                      (52)         (1298)         (1350)           (33)            597            564          (114)        (1,236)        (1,350) 
Taxation on ordinary activities                                  -              -              -              -              -              -              -              -              - 
---------------------------------------------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
Return on ordinary activities after tax                       (52)         (1298)         (1350)           (33)            597            564          (114)        (1,236)        (1,350) 
---------------------------------------------------                                -------------                                -------------  -------------  -------------  ------------- 
Earnings per share -- basic and diluted                     (0.8)p        (19.1)p        (19.9)p         (0.5)p           8.8p           8.3p         (1.7)p        (18.2)p        (19.9)p 
---------------------------------------------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 
   There was no other Comprehensive Income recognised during the year. 
 
   The 'Total' column of the Income Statement is the Profit and Loss 
Account of the Company, the supplementary Revenue 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 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. 
 
   Balance Sheet 
 
 
 
 
                                  As at 31 Aug      As at 31 Aug        As at 29 Feb 
                                      2020              2019                2020 
                                GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
------------------------------           -------           -------           -------- 
Fixed asset investments at 
 fair value                                3,294             6,457              4,601 
Debtors                              13                18                21 
Cash at Bank                         74               167               121 
Creditors: falling due within 
 one year                           (9)               (6)              (21) 
Net current assets                            78               179                121 
Net assets                                 3,372             6,636              4,722 
------------------------------  -------  -------  -------  -------  -------  -------- 
Called up share capital                      679               679                679 
Share premium reserve                        718               718                718 
Unrealised capital reserve                   432             3,269              1,730 
Profit and Loss account                    1,543             1,970              1,595 
Total equity shareholders' 
 funds                                     3,372             6,636              4,722 
Net asset value per share                  49.7p             97.8p              69.6p 
------------------------------  -------  -------  -------  -------  -------  -------- 
 
 
   Statement of Changes in Equity 
 
 
 
 
                                                              Profit & 
                                               Unrealised       Loss 
              Share Capital  Share Premium   Capital Reserve   Reserve   Total 
                 GBP'000        GBP'000          GBP'000       GBP'000   GBP'000 
------------  -------------  -------------  ----------------  --------  -------- 
As at 1 
 March 2019             679            718             2,649     2,026     6,072 
Revenue 
 return on 
 ordinary 
 activities 
 after tax                -              -                 -      (56)      (56) 
Current 
 period 
 gains on 
 fair value 
 of 
 investments              -              -               620         -       620 
Balance as 
 at 31 
 August 
 2019                   679            718             3,269     2,342     6,636 
------------  -------------  -------------  ----------------  --------  -------- 
As at 1 
 March 2019             679            718             2,649     2,026     6,072 
Revenue 
 return on 
 ordinary 
 activities 
 after tax                -              -                 -     (114)     (114) 
Current 
 period loss 
 on 
 disposal                 -              -                 -     (239)     (239) 
Current 
 period 
 losses on 
 fair value 
 of 
 investments              -              -             (997)         -     (997) 
Prior period 
 unrealised 
 losses now 
 realised                 -              -                78      (78)         - 
Balance as 
 at 29 
 February 
 2020                   679            718             1,730     1,595     4,722 
------------  -------------  -------------  ----------------  --------  -------- 
As at 1 
 March 2020             679            718             1,730     1,595     4,722 
Revenue 
 return on 
 ordinary 
 activities 
 after tax                -              -                 -      (52)      (52) 
Current 
 period 
 gains on 
 disposal                 -              -                 -         2         2 
Current 
 period 
 losses on 
 fair value 
 of 
 investments              -              -           (1,300)         -   (1,300) 
Prior years' 
 unrealised 
 losses now 
 realised                 -              -                 2       (2)         - 
Balance as 
 at 31 
 August 
 2020                   679            718               431     1,543     3,372 
------------  -------------  -------------  ----------------  --------  -------- 
 
 
 
 
 
   Statement of Cash Flows 
 
 
 
 
                            Six months to 31  Six months to 31  Year to 29 Feb 
                                Aug 2020          Aug 2019           2020 
                                GBP'000           GBP'000          GBP'000 
--------------------------  ----------------  ----------------  -------------- 
      Cash flows from 
      operating 
      activities 
      Return on ordinary 
       activities before 
       tax                           (1,350)               564         (1,350) 
      Adjustments for: 
(Gain)/loss on disposal of 
 fixed asset investments                 (2)                 -             239 
      Loss/(gain) on 
       valuation of fixed 
       asset investments               1,300             (620)             997 
      (Decrease)/increase 
       in creditors                     (12)               (6)               9 
      Decrease/(increase) 
       in debtors                          7              (16)            (19) 
Outflow from operating 
 activities                             (57)              (78)           (124) 
--------------------------  ----------------  ----------------  -------------- 
Cash flows from investing 
activities 
Purchase of fixed asset 
 investments                               -              (21)            (21) 
Sale of fixed asset 
 investments                              10                 -               - 
--------------------------  ----------------  ----------------  -------------- 
Inflow/(outflow) from 
 investing activities                     10              (21)            (21) 
Cash flows from financing 
activities                                 -                 -               - 
Total cash flows from 
financing activities                       -                 -               - 
--------------------------  ----------------  ----------------  -------------- 
Decrease in cash and cash 
 equivalents                            (47)              (99)           (145) 
Opening cash and cash 
 equivalents                             121               266             266 
--------------------------  ----------------  ----------------  -------------- 
Closing cash and cash 
 equivalents                              74               167             121 
--------------------------  ----------------  ----------------  -------------- 
 
 
 
 
 
 
 
   Notes to the Half-Yearly Report 
 
   1.         Basis of preparation 
 
   The unaudited half-yearly results which cover the six months to 31 
August 2020 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 
2020 do not constitute statutory accounts within the meaning of Section 
415 of the Companies Act 2006. The comparative figures for the year 
ended 29 February 2020 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 29 February 2020. 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 
 
   On 14 September 2020, following the period end, the Company sold 202,027 
Scancell shares at a price of 15.0p following the sharp share price rise 
on AIM surrounding news about the novel DNA vaccine against Covid-19 
being worked on by Scancell.  On 2 October 2020 the Company sold a 
further 101,016 Scancell shares at a price of 20.0p.  The bid price used 
for valuation at the period end was 8.0p. 
 
   8.         Copies of this statement are available from Oxford Technology 
Management, Magdalen Centre, Oxford Science Park, Oxford OX4 4GA and on 
the Company's website. 
 
   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.comvct/vct3.html 
 
   The information above is deemed by the Company to constitute inside 
information as stipulated under the Market Abuse Regulations (EU No. 
596/2014). Upon the publication of this announcement via a Regulatory 
Information Service this inside information is now considered to be in 
the public domain. 
 
   Enquiries -- Lucius Cary 
 
   Oxford Technology Management 
 
   01865 784466 
 
 
 
 

(END) Dow Jones Newswires

October 09, 2020 02:00 ET (06:00 GMT)

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