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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxford Technology 4 Venture Capital Trust Plc | LSE:OXF | London | Ordinary Share | GB00B01H4V84 | 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 4 Venture Capital Trust Plc
Unaudited Half-Yearly Report
For the period
1 March 2018 to 31 August 2018
Financial Headlines
Year Ended
6 Months Ended 28 February
31 August 2018 2018
Net Assets at Period
End GBP5.60m GBP5.28m
Net Asset Value per
Share 48.6p 45.9p
Cumulative Dividend
per Share 40.0p 37.0p
Total NAV Return
per Share 88.6p 82.9p
Share Price at Period
End (Mid-Price) 29.5p 39.0p
Earnings per Share 5.7p (6.0) p
------------
Company Number: 5038854
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
The Company's net asset value (NAV) per share has increased from 45.9p
at 28 February 2018 by 2.7p to 48.6p at 31 August 2018, largely due to a
rise in the share price of Castleton Technology. During the period, a
3.0p dividend was declared and paid on 31 August 2018 taking the
cumulative dividend paid to 40.0p.
Portfolio Review
Your Company's portfolio now consists of 17 holdings: 3 listed, 12
unlisted and 2 which have been reduced to nil value. Of the listed
companies, Castleton is by far the largest holding, and its share price
has performed extremely well during the period, rising from 68.7p on 28
February to 101.0p on 31 August. This rise coincided with a reasonable
trading volume, allowing your company to dispose of GBP790k of shares:
GBP346k of this has been distributed as a dividend. We will continue to
seek further realisation opportunities for Castleton shares: a further
GBP30k has been realised since the period end. Abzena has recently
agreed a cash offer of 16.0p per share following a bid from Astro BidCo
Limited.
The 12 unlisted companies within the portfolio continue to develop, and
where required and permitted under VCT rules your Company continues to
invest to support that development. ImmBio is in negotiations with
pharma partners regarding PnuBiovax, and during the period an additional
investment of GBP57k was made to enable the first deals to be closed.
After the period end, GBP79k was invested in Orthogem, which now has CE
approval for its putty product and has begun sales and is signing up new
distributors. GBP30k has also been invested in ZuvaSyntha to enable the
company to pursue a large Innovate UK grant. Whilst the grant was won, a
new implementation of EU rules meant it was no longer eligible to
receive the grant or any further grants. Without the grant, the
remaining investment required was beyond the capability of existing
investors, and ZuvaSyntha has made the decision to cease trading.
Arecor continues to make encouraging technical and commercial progress,
and has 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. Your Company has invested GBP99k in this fund raising. This is
significantly less than its pro-rata allocation, but its participation
was scaled back by the requirement to conform to VCT regulations.
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. The company attended our
recent AGM and its presentation can be found on our website.
Oxis Energy are busy leading a GBP7m Innovate project and have started
construction of a manufacturing plant in Brazil, but unfortunately
raised money recently at a significant reduction to the previous round.
The impact of the preferential rights of certain share classes further
amplifies the effect of this dilution.
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
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.
Liquidity
The Directors are not proposing any further dividend at this time, as we
need to ensure that the Company retains sufficient cash to ensure it can
continue to operate for the foreseeable future and remain VCT
qualifying. Some portfolio companies will require further financing, and
as always, these will be considered on a case by case basis.
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 their
potential impact on both the VCT and its investee companies. We do not
expect that recent changes will have any material impact on the current
portfolios or 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.
Finally, I would like to take this opportunity to thank shareholders,
many of whom we were able to welcome to our AGM in July, for their
continued support.
David Livesley
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 OT4 All OTVCTs Assets
-------------------- ------------------- -------------- ------------ ----------- -------- ----------- -------
Castleton
Technology
(bid price Mobile software
101.0p) for contractors 118 1,441 (150) 1.7 1.7 25.7
Photocopier
Select Technology interfaces 237 962 81 18.4 58.6 17.2
Protein
Arecor stabilisation 491 808 73 7.0 12.1 14.4
ImmBio Novel vaccines 789 596 143 12.0 20.9 10.6
Diamond Hard
Surfaces Diamond coatings 640 446 (72) 49.9 49.9 8.0
Separation
Dynamic Extractions technology 377 313 - 30.4 30.4 5.6
Bone graft
Orthogem material 230 135 - 7.1 19.9 2.4
Microbial
Zuvasyntha technology 413 133 (28) 29.1 29.1 2.4
Rechargeable
Oxis Energy batteries 305 121 (13) 0.2 0.4 2.2
Insense Wound healing 476 67 - 2.5 6.8 1.2
Bioengineering
Novacta & antibiotics 347 59 - 2.3 2.3 1.0
Directional
Plasma Antennas antennas 700 41 - 30.9 48.8 0.7
MirriAd Advertising
(bid price Virtual product
31.8p) placement 0 16 (7) 0 0 0.3
Abzena
(bid price Protein based
15.2p) peptide drugs 33 15 (10) 0 0.1 0.3
Production
of metal
Metal Nanopowders powders 52 4 - 16.7 36.7 0.1
Superhard Production
Materials of hard materials 9 1 - 18.2 40.0 -
Needle free
Glide Technologies injector 975 - - 5.6 8.8 -
Historic Traceability
Futures software 420 - - 6.6 6.6 -
-------------------- ------------------- -------------- ------------ --- -------- ----------- -------
Total Investments 6,611 5,158 17 92.1
Other Net
Assets 441 7.9
----------------------------------------- -------------- ------------ ----------- -------- ----------- -------
Net Assets 5,599 100
----------------------------------------- -------------- ------------ ----------- -------- ----------- -------
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:
David Livesley - Chairman
23 October 2018
Income Statement
Six months to 31 Aug 2018 Six months to 31 Aug 2017 Year to 28 February 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 - 176 176 - - - - - -
Unrealised gain/(loss) on valuation of fixed asset
investments - 544 544 - 376 376 - (579) (579)
Investment management fees (7) (20) (27) (8) (22) (30) (15) (45) (60)
Other expenses (28) - (28) (27) - (27) (56) - (56)
Return on ordinary activities before tax (35) 700 665 (35) 354 319 (71) (624) (695 )
Taxation on ordinary activities - - - - - - - - -
--------------------------------------------------- --------- --------- --------- ---- --------- --------- --------- ---- ----------- ------------ ---------- -------
Return on ordinary activities after tax (35) 700 665 (35) 354 319 (71) (624) (695 )
--------------------------------------------------- ---- ---- ----------- ------------ ---------- -------
Earnings per share -- basic and diluted (0.3)p 6.0p 5.7p (0.3)p 3.1p 2.8p (0.6)p (5.4)p (6.0)p
--------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ------------- -------------------
-- 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) 5,158 6,096 5,141
Current assets:
Debtors 21 19 2
Creditors: Amounts falling
due within one year (20) (19) (10)
Cash at Bank 440 198 147
--------------------------- ------- ------- -----------
Net current assets 441 198 139
Net assets 5,599 6,294 5,280
--------------------------- --------- ------ --------- ------ --------- -------
Called up equity share
capital 1,152 1,152 1,152
Share premium 813 813 813
Unrealised capital reserve (1,453) (502) (1,457)
Profit and Loss account
reserve 5,087 4,831 4,772
---------------------------
Total equity shareholders'
funds 5,599 6,294 5,280
Net asset value per 48.6p 54.7p 45.9p
share
--------------------------- --------- ------- --------- ------- --------- -----------
Statement of Changes in Equity
Share Unrealised Profit
Share Premium Capital & Loss
Capital Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ -------- -------- ------------ ---------- ----------
As at 1 March 2017 1,152 813 (878) 4,888 5,975
Revenue return on ordinary
activities after tax - - - (35) (35)
Expenses charged to
capital - - - (22) (22)
Current period gains
on fair value of investments - - 376 - 376
------------------------------
Balance as at 31 August
2017 1,152 813 (502) 4,831 6,294
------------------------------
As at 1 March 2017 1,152 813 (878) 4,888 5,975
Revenue return on ordinary
activities after tax - - - (71) (71)
Expenses charged to
capital - - - (45) (45)
Current period losses
on fair value of investments - - (579) - (579)
------------------------------
Balance as at 28 February
2018 1,152 813 (1,457) 4,772 5,280
------------------------------
As at 1 March 2018 1,152 813 (1,457) 4,772 5,280
Revenue return on ordinary
activities after tax - - - (35) (35)
Expenses charged to
capital - - - (20) (20)
Current period gains
on disposal - - - 176 176
Current period gains
on fair value of investments - - 544 - 544
Dividends paid - - - (346) (346)
Prior years' unrealised
gains now realised - - (540) 540 -
------------------------------
Balance as at 31 August
2018 1,152 813 (1,453) 5,087 5,599
------------------------------
Statement of Cash Flows
Six months to 31 Six months to 31 Year to 28 Feb
Aug 2018 Aug 2017 2018
GBP'000 GBP'000 GBP'000
-------------------------- ---------------- ---------------- --------------
Cash flows from
operating
activities
Return on ordinary
activities before
tax 665 319 (695)
Adjustments for:
Increase in debtors (19) (17) -
Increase/(Decrease)
in creditors 10 (15) (24)
Gain on disposal of
fixed asset
investments (176) - -
(Gain)/Loss on
valuation of fixed
asset investments (544) (376) 579
Outflow from
operating
activities (64) (89) (140)
-------------------------- --------- ---- --------- ---- ---------
Cash flows from investing
activities
Purchase of fixed asset
investments (87) (149) (149)
Sale of fixed asset
investments 790 - -
-------------------------- ----- ----- ---
Total cash flows from
investing activities 703 (149) (149)
-------------------------- ----- ----
Cash flows from financing
activities
Dividends paid (346) - -
-------------------------- ---- ----- ---
Total cash flows from
financing activities (346) - -
-------------------------- ---- ----- ---
Increase/(Decrease) in
cash and cash
equivalents 293 (238) (289)
-------------------------- ----- ----
Opening cash and cash
equivalents 147 436 436
-------------------------- ----- ----- ---
Closing cash and cash
equivalents 440 198 147
-------------------------- ----- ----- ---
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 (11,516,946 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
OT4 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, OT4 invested GBP79,000 in Orthogem Limited and
GBP99,000 in Arecor Limited. A further GBP30,450 Castleton shares were
sold in September to October 2018. ZuvaSyntha, following withdrawal of
an Innovate UK grant, has taken the decision to cease trading.
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/vct4.
Board Directors: David Livesley, Alex Starling, Robin Goodfellow and
Richard Roth.
Investment Manager: OT4 Managers Ltd with services contracted to Oxford
Technology Management Ltd
Website: www.oxfordtechnology.com/vct4
(END) Dow Jones Newswires
October 24, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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