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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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TIDMOXF
2nd May 2018
Oxford Technology 4 VCT plc ("the Company" or "OT4")
Annual Report and Accounts for the year ended 28 February 2018
The Directors are pleased to announce the audited results of the Company
for the year ended 28 February 2018. A copy of the Annual Report and
Accounts (together the "Accounts") will be made available to
Shareholders shortly. Set out below are extracts from the audited
Accounts. References to page numbers below are to those Accounts.
The AGM will be held at The Magdalen Centre, Oxford Science Park, Oxford
OX4 4GA on Thursday 12 July 2018, at 11am.
A copy of the Accounts will be available from the registered office of
the Company at The Magdalen Centre, Oxford Science Park, Oxford OX4 4GA,
as well as on the Company's website: www.oxfordtechnology.com/vct4
Financial Headlines
Year Ended Year Ended
28 February 2018 28 February 2017
Net Assets at Year End GBP5.28m GBP5.98m
Net Asset Value per Share 45.9p 51.9p
Cumulative Dividend per Share 37.0p 37.0p
NAV + Cumulative Dividend Paid per 82.9p 88.9p
Share from Incorporation
Share Price at Year End 39.0p 40.0p
Earnings Per Share
(Basic & Diluted) (6.0)p (14.9)p
Chairman's Statement
I am pleased to present my Annual Report for the year to 28 February
2018 to fellow shareholders.
Overview
The portfolio has concentrated during the year due to the write off or
write down of three of the Company's holdings. Therefore, despite a
rise during the first half of the year to 54.7p, over the full year the
Company's net asset value (NAV) per share has fallen 6.0p from 51.9p on
28 February 2017 to 45.9p on 28 February 2018. Dividends paid to date
are now 37.0p per share, giving a total return to date of 82.9p per
share based on the NAV on 28 February 2018. This is a disappointing
result, as valuations on four of the five largest portfolio holdings
have essentially remained static during the period.
Follow on investments were made into three portfolio companies: ImmBio
(GBP59k), Plasma Antennas (GBP50k) and ZuvaSyntha (GBP40k). Since the
year end, an additional GBP57k has been committed to Immbio.
Portfolio Review
The Directors 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 Advisor to be able to provide support when such approaches
occur is essential for maximising value.
The net asset value (NAV) per share on 28 February 2018 was 45.9p
compared to 51.9p on 28 February 2017. This 6.0p drop in NAV was caused
by the write down or write off of three holdings: Glide, Historic
Futures and Plasma Antennas.
Your companies largest holding is AIM listed Castleton Technology, which
acquired Impact Applications Limited in a cash and share transaction.
Castleton provides managed services and software to the housing sector.
During the year it has made further acquisitions, and announced a
significant strengthening of the management team. Its share price rose
during the year from 56.5p to 68.5p. This provides your Company with a
valuable 'near cash' resource to enable it to support other portfolio
companies as required. To this end, post year end, we realised GBP150k
of Castleton shares to allow further support for less mature portfolio
companies. Since the year end, the Castleton share price has continued
to strengthen and at the time of writing is 87p. This continued rise
adds around 3.4p per share to the NAV.
Valuation of portfolio companies has to be undertaken in line with
International Private Equity and Venture Capital (IPEVC) Valuation
Guidelines, and is often based on the price of the most recent open
major fundraising round. This means that valuations will often remain
static even if the company concerned is actually making substantial
progress. An example of this is Arecor, the third largest holding in
the OT4 portfolio. During the past year, Arecor has announced
significant progress, including a licence agreement with a major global
healthcare company, as well as the successful pre-clinical development
of stable rapid-acting, ultra-concentrated insulin for the significantly
enhanced treatment of type 1 diabetes. However, under valuation
guidelines, the value of the company within your portfolio remains
unchanged.
A further investment of GBP50k was made into Plasma Antennas alongside
GBP50k from OT3, to bridge the company to a larger funding round.
Whilst Plasma Antennas has interest from many of the major players in
telecoms for their plasma antennas, after long discussions no offers to
invest have come forward, nor any immediate further sales opportunities.
Whilst there remains interest in their existing product range, the
company is now in the process of being mothballed and we have decided to
take a provision against our equity holding, totalling GBP590k.
A further GBP59k was invested in ImmBio to support continued
commercialisation of its PnuBioVax Vaccine. The final results to come
from their First-in-Human study were positive and was found to be safe
and well tolerated, and capable of producing antibody responses against
key S. pneumoniae antigens broadly conserved across strains.
Negotiations are progressing with first licensees for the vaccine, and a
further GBP57,000 was committed in April 2018 to allow time for these
conversations to progress.
GBP40k was invested into ZuvaSyntha to allow them to continue to develop
their products, and increase manufacturing scale.
Select Technology, a photocopier (or more generally Multi Function
Device, or MFD) software company, is the second largest holding in your
Company's portfolio. Despite seeing core sales grow, it has experienced
reduced profitability and cash generation this year after simplifying
its business model. As reported last year, this should reduce the
dependency on one particular supplier, increase business resilience and,
ultimately, enable more rapid growth by enabling Select Technology to
take on a more balanced portfolio of software products for worldwide
distribution. It is too early to be able to report fully on the outcome
of this change in the business model, but early indications are not
negative. As reported in the half year statement on 23 October 2017,
having taken these developments into account, we have reverted to a
valuation methodology based on a sales multiple to more appropriately
reflect the prospects of the business. Our 18.4% stake in this business
has increased slightly in value over the course of the reporting period
and as at 28 February 2018 made up 17.1% of your portfolio.
As reported in the previous annual report, Glide Pharmaceuticals raised
money during 2016 on terms which were highly unattractive to existing
shareholders, leading to a significant write down in valuation for our
VCT. Glide attempted to raise further money during 2017, but due to the
terms of the previous funding round, was unable to attract new
investors. Glide therefore was placed into administration during
September 2017.
Whilst the valuation of the portfolio has not shown growth, several
portfolio companies have made significant commercial progress during the
reporting period, and we are hopeful that this progress will be
reflected in improving valuations in the future. Your VCT has access to
sufficient funds to be able to support the portfolio companies as they
raise money in the future at hopefully enhanced valuations, provided the
VCT rules will allow OT4 to continue to invest.
Further details on these investments are contained within the Investment
Portfolio Review. The full list of the Company's investments is shown on
page 17, with details of all investees on our website.
Dividends/Return of Capital
The Directors are not recommending a dividend for the year ending 28
February 2018.
The ongoing strategy is to seek to crystallise value from the portfolio
and distribute cash to shareholders. There is a reasonable expectation
of continued income from Select Technology, though our priority for this
company is to maximise shareholder value and liquidity over the medium
term by seeking an exit for this holding at the appropriate time.
VCT Market Changes
In terms of the broader VCT market, the main event of the year was the
Patient Capital Review (PCR) undertaken by HM Treasury (HMT). Your
Board engaged with the PCR on behalf of your VCT, seeking to ensure the
continued viability of your Company.
As mentioned in our third quarter update, your Board broadly welcomed
the results of the PCR as announced in the Autumn Budget in November
2017. In summary, HMT wishes to encourage investments into earlier
stage businesses; and, if necessary, for these investments to be allowed
to flourish over longer periods of time. We believe that, appropriately
resourced and supported, the VCT structure is well-suited to this
patient approach to long term value creation. We also welcome the
extension of the six month VCT rule to twelve months as providing a
greater level of future re-investment flexibility.
One of the Autumn Budget's announcements was an increase in the level of
VCT qualifying investments to 80% (up from 70%) that a VCT needs to
hold; this legislation received Royal Assent on 15 March 2018. For OT4,
this change is effective from 1 March 2020, and may make it more
challenging for small VCTs, such as your Company, to manage ongoing
compliance with these qualifying tests, which is an unintended consequence of the new legislation. Cash holdings are non-qualifying, but VCTs are obliged to demonstrate that they have adequate working capital over the medium term, which would not be possible if cash reserves must be distributed in order to fulfil the new legislation - corporate liquidity tests could thus become very tight. We fully understand the rationale for introducing this change and believe that a simple amendment is possible that would mitigate this unintended consequence while ensuring that the legislative change retains HMT's desired effect. We will continue to lobby for an appropriate amendment to be made. A further change has seen the introduction of MiFID II & PRIIPS. The most significant impact on VCTs has been the requirement to prepare a Key Information Document (KID). Shareholders who are interested can find it on the Company's website. Planning for the Future As announced in last year's report, your Board continues to look at methods of improving operational efficiency, reducing costs and, more generally, putting in place appropriate plans to ensure that your VCT's operational costs relative to its overall size remain within acceptable limits. The current level of operating costs, directors' fees and total investment management fees are GBP116k (2017: GBP131k) and are just 2.2% of year end assets; one of the lowest ratios in the industry. AGM Shareholders should note that the AGM for the Company will be held on Thursday 12 July 2018 at the Magdalen Centre, Oxford Science Park, starting at 11am and will include presentations by Oxford Technology Management and some of the companies that the Oxford Technology VCTs have invested in. A formal Notice of the AGM has been enclosed with these Financial Statements together with a Form of Proxy for those not attending. We appreciate the input of our shareholders and look forward to welcoming as many of you as possible on the day - thank you for your ongoing support. Outlook The Oxford Technology VCTs have operated and continue to operate very much in the spirit of the VCT legislation by investing in and subsequently supporting early stage technology companies. Unfortunately, the current VCT rules sometimes limit the amount of follow on investment that we are able to make. Looking ahead, though, the Board continues to believe your VCT is an appropriate structure to hold your Company's assets. The portfolio is beginning to mature, with several holdings showing potential to generate strong returns when the appropriate time comes to realise them. As per our stated strategy, your Board continues to work to maximise value, reduce costs, and - when valuations and liquidity allow - crystallise this value and distribute the proceeds to shareholders. David Livesley Chairman 2nd May 2018 Investment Portfolio Review OT4 was formed in 2004 and has invested in 35 companies which were start-up or early stage technology companies. Some of these companies failed with the loss of the investment. Some have succeeded and have been sold. The table on page 17 shows the companies remaining in the portfolio. A more detailed analysis is given of the major investments on the following pages. Several still have the potential to deliver significant returns. OT4 received shares in AIM-listed Castleton Technology as part of the proceeds of sale when Castleton purchased Impact Applications in 2015. Castleton is a provider of software, services and IT infrastructure to the social, public and commercial housing sector. During the year Castleton posted its first profits and had several major contract wins including first contracts in Australia. The effective price of acquisition of these shares for OT4 was 45p. As at 28 February 2018, the bid price for the shares was 68.5p. In March 2018 the Company sold GBP150,000 worth of Castleton shares for 72p per share in order to fund operations and enable new investments. Select Technology specialises in software for photocopiers - now known as MFDs - Multi-Function Devices. Over the last decade Select has built up a global network of distributors and dealers through which it sells both its own and third party products. These products now include PaperCut, Kpax, Foldr and Drivve Image. Sales have increased from GBP210k in the year to July 2010 to over GBP5m in the year to January 2018, though Select lost one contract in 2017 that resulted in substantially reduced profits in the year to July 2017. However, the core business has continued to grow and it is hoped that Select should again be able to pay a dividend in OT4's current financial year. It has employees all over the world; everyone works remotely. Arecor is making encouraging progress. The company has progressed its insulin programme and has both the fastest acting and most concentrated formulations in the world. In preparation for the start of clinical trials it is raising money and there has been good interest, recognizing both the technical advantage and the very competitive nature of the insulin market. The term sheet for the fundraising is currently being negotiated. Plasma Antennas has developed a range of next generation smart selectable antenna technologies and has a prototype of a true plasma antenna, which it was hoped might be at the centre of tomorrow's communications systems. However, although some of the largest global companies were very interested, with companies in the US, China and Japan all making special visits to meet Plasma in Winchester, no partnership deal was done. Therefore, at the time of writing, Plasma is in the process of being mothballed. GBP59,000 was invested in July 2017 into ImmBio to help support the commercialisation of the Pneumonia vaccine which had a successful phase 1 clinical trial in spring 2016. A deal was arranged with the Liverpool School of Tropical Medicine to apply for joint grants to support additional clinical trials. The collaboration has not yet resulted in any successful grant applications. ImmBio has a new CEO, Enrique Tabares having taken over the role. He is leading the discussions with potential licensees, which have been progressing since mid-2017. Negotiations are progressing with first licensees for the vaccine, and a further GBP57,000 was committed in April 2018 to allow time for these conversations to progress. ZuvaSyntha carries out enzyme and microbe engineering to produce chemicals which are difficult to produce by conventional chemical routes. ZuvaSyntha is currently working on 1,3 Butanediol, a chemical that exists in two different forms. An advantage of the enzymatic production is that only one form is produced, and so it is easy to achieve the high purity required in food and pharmaceutical applications. GBP40,000 was invested in March 2017. Dynamic Extractions was formed as a spin-out from Brunel University in 2005. The objective of the company was to commercialise a technology developed at Brunel University for high performance counter current chromatography. Initially the business was based on the trading estate in Slough, and designed and sold HPCCC instruments which were manufactured by subcontract. The company and its business model have been transformed in the last few years. The HPCC instruments have been redesigned from scratch and the first of the much improved instruments, manufactured by a subcontractor in Wales emerged in late 2016. Also, although the sale of HPCCC instruments remains part of the business (these are now in use all over the world) more of the company's effort will be devoted to using its own technology to produce valuable compounds for sale. OT4 was the first investor in Diamond Hard Surfaces (DHS) when the company was formed and owns just under 50%. It has taken a long time, but it is good to report that DHS is now making regular sales to a growing number of companies, many of them overseas, and that the company made a small profit for the first time in the year to December 2016. There are numerous applications in many industries for the DHS coating, and new applications and new customers are being added all the time, many of whom have tried other coatings first. The other remarkable property of the DHS coating is that it is an almost perfect electrical insulator, but has three times the thermal conductivity of copper. This means the coating is finding increasing applications in microchips and electrical circuits to dissipate heat. However, the loss of a major customer in autumn 2017 meant that sales for the year were flat in 2017 and a small loss was made. But it is expected that growth will resume in 2018. There are now 3 production chambers in operation, up from 2 the year before. Oxis Energy is developing a Lithium Sulphur rechargeable battery with a significantly higher specific energy (energy storage per unit weight) than the currently available Lithium Ion batteries. OT2 was the first investor in Oxis Energy (then known as Intellikraft) in January 2000. OT4 invested in November 2005. This battery is now planned to be tested in electric vehicles, with electric buses being the main focus, as every kilogramme of weight saved in the battery translates to increased payload/ number of passengers that can ride the bus. The other area of focus is aerospace, where weight reduction is also clearly of interest. Despite having a successful clinical trial in summer 2016, in December 2016 Glide raised capital on terms which were very unfavourable to the early shareholders. The company took on a convertible loan against its assets and when the loan was not extended the investor who was providing the loan pushed the company into administration and agreed a pre-pack to take over the assets of the company. Unfortunately this has resulted in a complete loss of the invested value in Glide.
New Investments in the year
There were three follow on investments during the year of GBP59,000 into
ImmBio, GBP40,000 into ZuvaSyntha, and GBP50,000 into Plasma Antennas as
well as a part loan conversion. All new investments have complied with
both EU State Aid rules and HMRC VCT rules.
Disposals during the year
There were no disposals during the year. However, Glide Pharmaceuticals
and Historic Futures both went into administration.
Valuation Methodology
Quoted and unquoted investments are valued in accordance with current
industry guidelines that are compliant with International Private Equity
and Venture Capital (IPEVC) Valuation Guidelines and current financial
reporting standards.
VCT Compliance
Compliance with the main VCT regulations as at 28 February 2018 and for
the year then ended is summarised as follows:
Type of Investment
By HMRC Valuation Rules Actual Target
Minimum obligation of:
VCT Qualifying Investments 91% 70.0%
Maximum allowed:
Non-Qualifying Investments 9% 30.0%
Total 100.0% 100.0%
At least 10% of each investment in a qualifying company is held in
'eligible shares' - Complied.
No more than 15% of the income from shares and securities is retained -
Complied.
No investment constitutes more than 15% of the Company's portfolio (by
value at time of investment or when the holding is added to) - Complied.
The Company's income in the period has been derived wholly or mainly
(70% plus) from shares or securities - Complied.
No investment made by the VCT has caused the company to receive more
than GBP5m of State Aid investment in the year, nor more than the
lifetime limit of GBP12m - Complied.
Table of Investments held by Company at 28 February 2018
Change
in
Net cost value % equity
Date of of for the % equity held by
initial investment Carrying value at 28/02/18 year held all % Net
Company Description investment GBP'000 GBP'000 GBP'000 OT4 OTVCTs Assets
Mobile
Castleton Technology software for
(Bid Price 68.5p) contractors Oct 2005 192 1,591 279 2.9 2.9 30.1
Photocopier
Select Technology Interfaces Aug 2006 237 881 35 18.4 58.6 16.7
Protein
Arecor stabilization Jul 2007 491 734 - 7.0 12.1 13.9
Diamond
Diamond Hard Surfaces coatings Jan 2005 640 519 (2) 49.9 49.9 9.8
ImmBio Novel vaccines Oct 2005 732 454 5 9.1 15.9 8.6
Separation
Dynamic Extractions technology Aug 2005 377 313 - 30.4 30.4 5.9
Microbial
ZuvaSyntha technology Feb 2012 383 162 40 26.0 26.0 3.1
Bone graft
Orthogem material May 2007 230 135 - 7.2 20.2 2.6
Rechargeable
Oxis Energy batteries Nov 2005 305 135 (48) 0.3 0.5 2.6
Active wound
healing
Insense dressings Apr 2005 476 67 - 2.5 6.8 1.3
Antibiotics
Novacta Development Apr 2005 347 59 (4) 2.3 2.3 1.1
Solid state
Plasma Antennas antennas Mar 2005 700 41 (591) 30.9 48.8 0.8
Protein based
Abzena peptide
(Bid Price 25.0p) drugs Nov 2002 33 24 (11) 0.0 0.1 0.4
Virtual
MirriAd Advertising product
(Bid Price 46.0p) placement May 2015 0 22 (8) 0.0 0.01 0.4
Production of
Metal Nanopowders nanopowders Aug 2006 52 4 (7) 16.7 36.7 0.1
Very hard
Superhard Materials materials Feb 2012 9 1 (1) 18.0 40.0 0.0
Needle free
Glide injections Feb 2005 975 - (85) 5.6 8.8 0.0
Traceability
Historic Futures software Aug 2005 420 - (32) 6.6 6.6 0.0
Totals 6,598 5,141 (430)
Other Net Assets 139 2.6
NET ASSETS 5,280 100
Number of shares in issue: 11,516,946
Net Asset Value per share at 28 February 2018: 45.9p
Dividends paid to date: 37.0p
The table shows the current portfolio holdings. The investments in
Bluewater Bio, Cutting the Wires, Dynamic Discovery, EKB, Ingenious,
Inspiration Matters, Kinomi, MirriAd and Water Innovate have been
written off. The investments in Dexela, Imagineer Systems, Impact
Applications, Incentec, Mecira, OxTox, Pharma Engineering, Telegesis and
Naked Objects have been sold. Some shares in Abzena and Castleton have
also been sold.
Lucius Cary - Director
OT4 Managers Ltd
Investment Manager
2nd May 2018
Directors' Report
The Directors present their report together with Financial Statements
for the year ended 28 February 2018.
The Directors consider that the Annual Report and Financial Statements,
taken as a whole are fair, balanced and understandable and provide the
information necessary for shareholders to assess the Company's
performance, business model and strategy.
This report has been prepared by the Directors in accordance with the
requirements of s415 of the Companies Act 2006. The Company's
independent auditor is required by law to report on whether the
information given in the Directors' Report is consistent with the
Financial Statements.
Principal Activity
The Company commenced business in 2004. The Company invests in start-up
and early stage technology companies in general located within 60 miles
of Oxford. The Company has maintained its approved status as a Venture
Capital Trust by HMRC.
Directors
The Directors of the Company are required to notify their interests
under Disclosure and Transparency Rule 3.12R. The membership of the
Board and their beneficial interests in the ordinary shares of the
company at 28 February 2018 and at 28 February 2017 are set out below:
Name 2018 2017
D Livesley 3,499 3,499
R Goodfellow 20,000 20,000
R Roth 44,310 44,310
A Starling Nil Nil
Under the Company's Articles of Association one third of the Directors
are required to retire by rotation each year. Robin Goodfellow and
David Livesley will be nominated for re-appointment at the forthcoming
AGM. The Board believes that both non-executive Directors continue to
provide a valuable contribution to the Company and remain committed to
their roles. The Board recommends that Shareholders support the
resolutions to re-elect Robin Goodfellow and David Livesley at the
forthcoming AGM.
The Board is cognisant of shareholders' preference for Directors not to
sit on the boards of too many larger companies ("overboarding").
Shareholders will be aware that in July 2015, the Company, along with
the other VCTs that were managed by Oxford Technology Management,
appointed directors such that the four VCTs each had a Common Board. In
addition, Richard Roth has subsequently also become a Director of Hygea
vct plc, a VCT investing in the Med Tech sector which is also
self-managed and has a number of investments in common with the Oxford
Technology VCTs. Whilst great care is taken to safeguard the interests
of the shareholders of each separate company, there is an element of
overlap in the workload of each Director across the four OT funds due to
the way the VCTs are managed. The Directors note that the workload
related to the four OT funds is less than it would be for four totally
separate and larger funds and are satisfied that Richard Roth has the
time to focus on the requirements of each OT fund.
Investment Management Fees
OT4 Managers Ltd, the Company's wholly owned subsidiary, has an
agreement to provide investment management services to the Company for a
fee of 1% of net assets per annum. David Livesley and Richard Roth,
together with Lucius Cary are Directors of OT4 Managers Ltd.
Directors' and Officers' Insurance
The Company has maintained insurance cover on behalf of the Directors,
indemnifying them against certain liabilities which may be incurred by
them in relation to their duties as Directors of the Company.
Ongoing Review
The Board has reviewed and continues to review all aspects of internal
governance to mitigate the risk of breaches of VCT rules or company law.
Whistleblowing
The Board has been informed that the Investment Manager has arrangements
in place in accordance with the UK Corporate Governance Code's
recommendations by which staff of Oxford Technology Management or the
Secretary of the Company may, in confidence, raise concerns within their
respective organisations about possible improprieties in matters of
financial reporting or other matters.
Bribery Act 2010
The Company is committed to carrying out business fairly, honestly and
openly. The Investment Manager has established policies and procedures
to prevent bribery within its organisation. The Company has adopted a
zero tolerance approach to bribery and will not tolerate bribery under
any circumstance in any transaction the Company is involved in. The
Company has instructed the Investment Manager to adopt the same approach
with investee companies.
Relations with Shareholders
The Company values the views of its shareholders and recognises their
interest in the Company. The Company's website provides information on
all of the Company's investments, as well as other information of
relevance to shareholders (www.oxfordtechnology.com/vct4).
Shareholders have the opportunity to meet the Board at the Annual
General Meeting. In addition to the formal business of the AGM the
Board is available to answer any questions a shareholder may have.
The Board is also happy to respond to any written queries made by
shareholders during the course of the year and can be contacted at the
Company's registered office: The Magdalen Centre, Oxford Science Park,
Oxford OX4 4GA.
Going Concern
After making enquiries, the Directors have a reasonable expectation that
the Company has adequate resources to continue in operational existence
for the foreseeable future. For this reason, they have adopted the going
concern basis in preparing the Financial Statements.
Substantial Shareholders
At 28 February 2018, the Company has been notified of one investor whose
interest exceeds three percent of the Company's issued share capital:
State Street Nominees Limited 8.9% (representing the beneficial interest
of Oxfordshire County Council Pension Fund).
Auditors
James Cowper Kreston offer themselves for re-appointment in accordance
with Section 489 of the Companies Act 2006.
On behalf of the Board
David Livesley
Chairman
2nd May 2018
Directors' Remuneration Report
Introduction
This report has been prepared by the Directors in accordance with the
requirements of the Companies Act 2006. The Company's independent
auditor, James Cowper Kreston, is required to give its opinion on
certain information included in this report. This report includes a
statement regarding the Directors' Remuneration Policy. This report sets
out the Company's Directors' Remuneration Policy and the Annual
Remuneration Report which describes how this policy has been applied
during the year.
The Directors' Remuneration Policy was last approved by shareholders at
the AGM on 26 August 2015. It needs to be put to a shareholder vote
every three years, and shareholders will be asked to approve it again at
the Annual General Meeting on 12 July 2018.
Shareholders also need to approve the Directors' Remuneration Report
every year. It was last approved at the AGM on 5 July 2017 on a
unanimous show of hands and 100% of proxies voted in favour, and a
Resolution to approve the Directors' Remuneration Report for the year
ended 28 February 2018 will also be proposed at the Annual General
Meeting on 12 July 2018.
Directors' Terms of Appointment
The Board consists entirely of non-executive Directors who meet at least
four times a year and on other occasions as necessary to deal with
important aspects of the Company's affairs. Directors are appointed with
the expectation that they will serve for at least three years and are
expected to devote the time necessary to perform their duties. All
Directors retire at the first general meeting after election and
thereafter every third year, with at least one Director standing for
election or re-election each year. Re-election will be recommended by
the Board but is dependent upon shareholder vote. Directors who have
been in office for more than nine years will stand for annual
re-election in line with the AIC Code. There are no service contracts in
place, but Directors have a letter of appointment.
Directors' Remuneration Policy
The Board acts as the Remuneration Committee and meets annually to
review Directors' pay to ensure it remains appropriate given the need to
attract and retain candidates of sufficient calibre and ensure they are
able to devote the time necessary to lead the Company in achieving its
strategy.
The Articles of Association of the company state that the aggregate of
the remuneration (by way of fee) of all the Directors shall not exceed
GBP50,000 per annum unless otherwise approved by Ordinary Resolution of
the Company. The following Directors' fees are payable by the Company:
per annum
Director Base Fee GBP3,500
Chairman's Supplement GBP2,000
Audit Committee Chairman GBP3,000
Audit Committee Member GBP1,500
The OT4 Director Fees are amongst the lowest of any VCT (apart from the
other OT VCTs). However the Board has spent and continues to spend more
time on Company activities than was initially envisaged in Summer 2015
(when the fees were last set) partly due to closer involvement with
investment, accounting and administration procedures and partly due to
compliance with additional government regulations. Typically VCT
industry total directors' fees are in excess of GBP50k and individual
fees in excess of GBP15k for equivalent levels of work.
However, given the relatively low funds under management, the Directors
have determined that it is not appropriate to seek an increase from the
previously agreed levels. It is therefore proposed that the fees remain
at the levels that have been paid since 2015.
David Livesley chairs the Company. Richard Roth chairs the Audit
Committee, with Robin Goodfellow as a member of the Committee. As the
VCT is self-managed, the Audit Committee carries out a particularly
important role for the VCT and plays a significant part in the sign off
of quarterly management accounts, and the production of the half year
and annual statutory accounts.
Fees are currently paid annually. The fees are not specifically related
to the Directors' performance, either individually or collectively. No
expenses are paid to the Directors. There are no share option schemes
or pension schemes in place but Directors are entitled to a share of the
carried interest as detailed below.
David Livesley and Richard Roth receive no remuneration in respect of
their directorships of OT4 Managers Ltd, the Company's Investment
Manager.
The performance fee is detailed in note 3. Current Directors are
entitled to benefit from any payment made, subject to a formula driven
by relative lengths of service. The performance fee becomes payable if
a certain cash return threshold to shareholders is exceeded - the excess
is then subject to a 20% carry that is distributed to Oxford Technology
Management, past Directors and current Directors; the remaining 80% is
returned to shareholders. At 28 February 2018 no performance fee was
due.
Should any performance fee be payable at the end of the year to 28
February 2019, Alex Starling, Robin Goodfellow, and Richard Roth would
each receive 0.23% of any amount over the threshold and David Livesley
1.17%. No performance fee will be payable for the year ending 28
February 2019 unless original shareholders have received back at least
117.6p in cash for each 100p (gross) invested.
Relative Spend on Directors' Fees
The Company has no employees, so no consultation with employees or
comparison measurements with employee remuneration are appropriate.
Loss of Office
In the event of anyone ceasing to be a Director, for any reason, no loss
of office payments will be made. There are no contractual arrangements
entitling any Director to any such payment.
Annual Remuneration Report
Directors' Fees Year End 28/02/19 Year End 28/02/18 Year End 28/02/17
(unaudited) (audited) (audited)
David Livesley GBP5,500 GBP5,500 GBP5,500
Richard Roth GBP6,500 GBP6,500 GBP6,500
Robin Goodfellow GBP5,000 GBP5,000 GBP5,000
Alex Starling GBP3,500 GBP3,500 GBP3,500
Total GBP20,500 GBP20,500 GBP20,500
Income Statement
Year Ended Year Ended
28 February 2018 28 February 2017
Note Revenue Capital Total Revenue Capital Total
Ref. GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on disposal of fixed asset investments - - - - 12 12
Unrealised loss on valuation of fixed asset
investments - (579) (579) - (1,667) (1,667)
Investment income 2 - - - 68 - 68
Investment management fees 3 (15) (45) (60) (19) (58) (77)
Other expenses 4 (56) - (56) (54) - (54)
Return on ordinary activities before tax (71) (624) (695) (5) (1,713) (1,718)
Taxation on return on ordinary activities 5 - - - - - -
Return on ordinary activities after tax (71) (624) (695) (5) (1,713) (1,718)
Return on ordinary activities after tax attributable
to
equity shareholders (71) (624) (695) (5) (1,713) (1,718)
Earnings per share - basic and diluted 6 (0.6)p (5.4)p (6.0)p (0.0)p (14.9)p (14.9)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.
The accompanying notes are an integral part of the Financial Statements.
Statement of Changes in Equity
Share Capital Share Premium Unrealised Capital Reserve Profit & Loss Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 March 2016 1,152 813 600 5,128 7,693
Revenue return on ordinary activities after tax - - - (5) (5)
Expenses charged to capital - - - (58) (58)
Current period gains on disposal - - 12 12
Current period losses on fair value of investments - - (1,667) - (1,667)
Prior years' unrealised losses now realised 189 (189) -
Balance as at 28 February 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
The accompanying notes are an integral part of the Financial Statements.
Balance Sheet
Year Ended Year Ended
28 February 2018 28 February 2017
Note
Ref. GBP'000 GBP'000 GBP'000 GBP'000
Fixed Asset Investments At Fair
Value 7 5,141 5,571
Current Assets
Debtors 8 2 2
Cash At Bank 147 436
Creditors: Amounts Falling Due
Within 1 Year 9 (10) (34)
Net Current Assets 139 404
Net Assets 5,280 5,975
Called Up Equity Share Capital 10 1,152 1,152
Share Premium 813 813
Unrealised Capital Reserve 11 (1,457) (878)
Profit and Loss Account Reserve 11 4,772 4,888
Total Equity Shareholders'
Funds 11 5,280 5,975
Net Asset Value Per Share 45.9p 51.9p
The accompanying notes are an integral part of the Financial Statements.
The statements were approved by the Directors and authorised for issue
on 2nd May 2018 and are signed on their behalf by
David Livesley
Chairman
Statement of Cash Flows
Year Ended Year Ended
28 February 2018 28 February 2017
GBP'000 GBP'000
Cash flows from operating activities
Return on ordinary activities before tax (695) (1,718)
Adjustments for:
Gain on disposal of investments - (12)
Loss on valuation of investments 579 1,667
Decrease in debtors - 25
Decrease in creditors (24) (29)
Movement in investment debtors and
creditors - (7)
Outflow from operating activities (140) (74)
Cash flows from investing activities
Purchase of investments (149) (630)
Disposal of investments - 29
Decrease in cash at bank (289) (675)
Opening cash and cash equivalents 436 1,111
Cash and cash equivalents at year end 147 436
The accompanying notes are an integral part of the Financial Statements.
Notes to the Financial Statements
The Financial Statements have been prepared under Financial Reporting
Standard 102 - 'The Financial Reporting Standard applicable in the
United Kingdom and Republic of Ireland' ('FRS 102'). The accounting
policies have not materially changed from last year.
1. Principal Accounting Policies
Basis of Preparation
The Financial Statements have been prepared under the historical cost
convention, except for the measurement at fair value of certain
financial instruments, and in accordance with UK Generally Accepted
Accounting Practice ("GAAP"), including FRS 102 and with the Companies
Act 2006 and the Statement of Recommended Practice (SORP) 'Financial
Statements of Investment Trust Companies and Venture Capital Trusts
(revised 2014)' issued by the AIC.
The principal accounting policies have remained materially unchanged
from those set out in the Company's 2017 Annual Report and Financial
Statements. A summary of the principal accounting policies is set out
below.
FRS 102 sections 11 and 12 have been adopted with regard to the
Company's financial instruments. The Company held all fixed asset
investments at fair value through profit or loss. Accordingly, all
interest income, fee income, expenses and gains and losses on
investments are attributable to assets held at fair value through profit
or loss.
The most important policies affecting the Company's financial position
are those related to investment valuation and require the application of
subjective and complex judgements, often as a result of the need to make
estimates about the effects of matters that are inherently uncertain and
may change in subsequent periods. These are discussed in more detail
below.
Going Concern
After reviewing the Company's forecasts and expectations, 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 its Financial Statements.
Key Judgements and Estimates
The preparation of the Financial Statements requires the Board to make
judgements and estimates regarding the application of policies and
affecting the reported amounts of assets, liabilities, income and
expenses. Estimates and assumptions mainly relate to the fair valuation
of the fixed asset investments particularly unquoted investments.
Estimates are based on historical experience and other assumptions that
are considered reasonable under the circumstances. The estimates and the
assumptions are under continuous review with particular attention paid
to the carrying value of the investments.
Investments are regularly reviewed to ensure that the fair values are
appropriately stated. Unquoted investments are valued in accordance with
current IPEVC Valuation Guidelines, which can be found on their website
at www.privateequityvaluation.com, although this does rely on subjective
estimates such as appropriate sector earnings multiples, forecast
results of investee companies, asset values of investee companies and
liquidity or marketability of the investments held.
Although the Directors believe that the assumptions concerning the
business environment and estimate of future cash flows are appropriate,
changes in estimates and assumptions could result in changes in the
stated values. This could lead to additional changes in fair value in
the future.
Functional and Presentational Currency
The Financial Statements are presented in Sterling (GBP). The functional
currency is also Sterling (GBP).
Cash and Cash Equivalents
Cash and cash equivalents includes cash in hand, deposits held at call
with banks, other short-term highly liquid investments with original
maturities of three months or less and also include bank overdrafts.
Fixed Asset Investments
The Company's principal financial assets are its investments and the
policies in relation to those assets are set out below.
Purchases and sales of investments are recognised in the Financial
Statements at the date of the transaction (trade date).
These investments will be managed and their performance evaluated on a
fair value basis and information about them is provided internally on
that basis to the Board. Accordingly, as permitted by FRS 102, the
investments are measured as being fair value through profit or loss on
the basis that they qualify as a group of assets managed, and whose
performance is evaluated, on a fair value basis in accordance with a
documented investment strategy. The Company's investments are measured
at subsequent reporting dates at fair value.
In the case of investments quoted on a recognised stock exchange, fair
value is established by reference to the closing bid price on the
relevant date or the last traded price, depending upon convention of the
exchange on which the investment is quoted. In the case of AIM quoted
investments this is the closing bid price.
In the case of unquoted investments, fair value is established by using
measures of value such as the price of recent transactions, earnings
multiple, revenue multiple, discounted cash flows and net assets. These
are consistent with the IPEVC Valuation Guidelines.
Gains and losses arising from changes in fair value of investments are
recognised as part of the capital return within the Income Statement and
allocated to the unrealised capital reserve.
In the preparation of the valuations of assets the Directors are
required to make judgements and estimates that are reasonable and
incorporate their knowledge of the performance of the investee
companies.
Fair Value Hierarchy
Paragraph 34.22 of FRS 102 regarding financial instruments that are
measured in the balance sheet at fair value requires disclosure of fair
value measurements dependent on whether the stock is quoted and the
level of the accuracy in the ability to determine its fair value. The
fair value measurement hierarchy is as follows:
For Quoted Investments:
Level 1: quoted prices in active markets for an identical asset. The
fair value of financial instruments traded in active markets is based on
quoted market prices at the balance sheet date. A market is regarded as
active if quoted prices are readily and regularly available, and those
prices represent actual and regularly occurring market transactions on
an arm's length basis. The quoted market price used for financial assets
held is the bid price at the Balance Sheet date.
Level 2: where quoted prices are not available (or where a stock is
normally quoted on a recognised stock exchange that no quoted price is
available), the price of a recent transaction for an identical asset,
providing there has been no significant change in economic circumstances
or a significant lapse in time since the transaction took place. The
Company holds no such investments in the current or prior year.
For investments not quoted in an active market:
Level 3: the fair value of financial instruments that are not traded in
an active market is determined by using valuation techniques. These
valuation techniques maximise the use of observable data (e.g. the price
of recent transactions, earnings multiple, discounted cash flows and/or
net assets) where it is available and rely as little as possible on
entity specific estimates.
There has been one transfer between these classifications in the year as
Mirriad Advertising Limited listed on AIM and is now Mirriad Advertising
Plc (2017: no change). The change in fair value for the current and
previous year is recognised in the income statement.
Income
Investment income includes interest earned on bank balances and from
unquoted loan note securities, and dividends. Fixed returns on debt are
recognised on a time apportionment basis so as to reflect the effective
yield, provided it is probable that payment will be received in due
course. Dividend income from investments is recognised when the
shareholders' rights to receive payment have been established, normally
the ex dividend date.
Expenses
All expenses are accounted for on an accruals basis. Expenses are
charged wholly to revenue with the exception of the investment
management fee which has been charged 75% to capital and 25% to revenue.
Any applicable performance fee will be charged 100% to capital.
Revenue and Capital
The revenue column of the Income Statement includes all income and
revenue expenses of the Company. The capital column includes gains and
losses on disposal and holding gains and losses on investments. Gains
and losses arising from changes in fair value of investments are
recognised as part of the capital return within the Income Statement and
allocated to the appropriate capital reserve on the basis of whether
they are realised or unrealised at the balance sheet date.
Taxation
Current tax is recognised for the amount of income tax payable in
respect of the taxable profit for the current or past reporting periods
using the current tax rate. The tax effect of different items of
income/gain and expenditure/loss is allocated between capital and
revenue return on the "marginal" basis as recommended in the SORP.
Deferred tax is recognised on an undiscounted basis in respect of all
timing differences that have originated but not reversed at the balance
sheet date, except as otherwise indicated.
Deferred tax assets are only recognised to the extent that it is
probable that they will be recovered against the reversal of deferred
tax liabilities or other future taxable profits.
Financial Instruments
The Company's principal financial assets are its investments and the
policies in relation to those assets are set out above. Financial
liabilities and equity instruments are classified according to the
substance of the contractual arrangements entered into.
An equity instrument is any contract that evidences a residual interest
in the assets of the entity after deducting all of its financial
liabilities. Where the contractual terms of share capital do not have
any terms meeting the definition of a financial liability then this is
classed as an equity instrument.
The Company does not have any externally imposed capital requirements.
Reserves
Called up Equity Share Capital - represents the nominal value of shares
that have been issued.
Share Premium Account - includes any premiums received on issue of share
capital. Any transaction costs associated with the issuing of shares are
deducted from the Share Premium Account.
Unrealised Capital Reserve arises when the Company revalues the
investments still held during the period and any gains or losses arising
are credited/charged to the Unrealised Capital Reserve. When an
investment is sold, any balance held on the Unrealised Capital Reserve
is transferred to the Profit and Loss Reserve as a movement in reserves.
The Profit and Loss Reserve represents the aggregate of accumulated
realised profits, less losses and dividends.
Dividends Payable
Dividends payable are recognised as distributions in the Financial
Statements when the Company's liability to make payment has been
established. This liability is established for interim dividends when
they are declared by the Board, and for final dividends when they are
approved by the Shareholders.
2. Investment Income
Year Ended Year Ended
28 February 2018 28 February 2017
GBP'000 GBP'000
Dividends received - 68
Total - 68
3. Investment Management Fees
Expenses are charged wholly to revenue with the exception of the
investment management fee which has been charged 75% to capital in line
with industry practice.
Year Ended Year Ended
28 February 2018 28 February 2017
GBP'000 GBP'000
Investment management fee 60 77
Total 60 77
In the year to 28 February 2018 the manager received a fee of 1% of the
net asset value as at the previous year end (2017: 1%). Oxford
Technology Management is also entitled to certain monitoring fees from
investee companies and the Board reviews the amounts. OTM also received
a further GBP27k in both years, the payment of which had been deferred
from previous years. This was part of the revised agreement, with effect
from 1 March 2015. No further liability is payable as at 28 February
2018.
A performance fee is payable to the Investment Manager once original
shareholders have received a specified threshold in cash for each 100p
(gross) invested. The original threshold of 100p has been increased by
compounding that portion that remains to be paid to shareholders by 6%
per annum with effect from 1 March 2015, resulting in the remaining
required threshold rising to 76.1p at 28 February 2018, corresponding to
a total shareholder return of 113.1p after taking into account the 37p
already paid out (37p + 76.1p = 113.1p).
After this amount has been distributed to shareholders, each extra 100p
distributed goes 80p to the shareholders and 20p to the beneficiaries of
the performance incentive fee, of which Oxford Technology Management
receives 15p. No performance fee has become due or been paid to date.
Any applicable performance fee will be charged 100% to capital.
Expenses are capped at 3%, including the management fee but excluding
Directors' fees and any performance fee.
4. Other Expenses
All expenses are accounted for on an accruals basis. All expenses are
charged through the income statement except as follows:
-- those expenses which are incidental to the acquisition of an
investment are included within the cost of the investment;
-- expenses which are incidental to the disposal of an investment
are deducted from the disposal proceeds of the investment.
Year Ended Year Ended
28 February 2018 28 February 2017
GBP'000 GBP'000
Directors' remuneration 21 21
Auditors' remuneration 6 6
Other expenses 29 27
Total 56 54
5. Tax on Ordinary Activities
Corporation tax payable at 19.1% (2017: 20.0%) is applied to profits
chargeable to corporation tax, if any. The corporation tax charge for
the period was GBPnil (2017: GBPnil)
Year Ended Year Ended
28 February 2018 28 February 2017
GBP'000 GBP'000
Return on ordinary activities before tax (695) (1,718)
Current tax at standard rate of taxation (133) (344)
UK dividends not taxable - (14)
Unrealised losses not taxable 111 333
Realised gains not taxable - (2)
Excess management expenses carried
forward 22 27
Total current tax charge - -
Unrelieved management expenses of GBP2,134,147 (2017: GBP2,023,217)
remain available for offset against future taxable profits.
6. Earnings per Share
The calculation of earnings per share (basic and diluted) for the period
is based on the net loss of GBP695,000 (2017: loss of GBP1,718,000)
attributable to shareholders divided by the weighted average number of
shares 11,516,946 (2017: 11,516,946) in issue during the period.
There are no potentially dilutive capital instruments in issue and,
therefore, no diluted returns per share figures are relevant. The basic
and diluted earnings per share are therefore identical.
7. Investments
AIM quoted investments Unquoted investments Total
Level 1 Level 3 investments
GBP'000 GBP'000 GBP'000
Valuation and
net book
amount:
Book cost as at
28 February
2017 225 6,224 6,449
Cumulative
revaluation 1,122 (2,000) (878)
Valuation at 28
February 2017 1,347 4,224 5,571
Movement in the
year:
Purchases at
cost - 149 149
Quoted in the
year 31 (31) -
Revaluation in
year 260 (839) (579)
Valuation at 28
February 2018 1,638 3,503 5,141
Book cost at 28
February 2018 225 6,373 6,598
Cumulative
revaluation to
28 February
2018 1,413 (2,870) (1,457)
Valuation at 28
February 2018 1,638 3,503 5,141
Subsidiary Company
The Company also holds 100% of the issued share capital of OT4 Managers
Ltd at a cost of GBP1.
Results of the subsidiary undertaking for the year ended 28 February
2018 are as follows:
Country of Nature of Turnover Retained profit/loss Net Assets
Registration Business
OT4 England and Investment
Managers Wales Manager GBP59,754 GBP0 GBP1
Ltd
Consolidated group Financial Statements have not been prepared as the
subsidiary undertaking is not considered to be material for the purpose
of giving a true and fair view. The Financial Statements therefore
present only the results of Oxford Technology 4 VCT plc, which the
Directors also consider is the most useful presentation for
Shareholders.
8. Debtors
28 February 2018 28 February 2017
GBP'000 GBP'000
Prepayments, accrued income & other
debtors 2 2
Total 2 2
9. Creditors - amounts falling due in less than 1 year
28 February 2018 28 February 2017
GBP'000 GBP'000
Other creditors 10 7
Investment management fee accrual
(All deferred fees now fully paid at 28/2/18) - 27
Total 10 34
10. Share Capital
28 February 2018 28 February 2017
GBP'000 GBP'000
Authorised:
15,000,000 ordinary shares of 10p each 1,500 1,500
Total Authorised 1,500 1,500
Allotted, called up and fully paid:
11,516,946 (2017: 11,516,946) ordinary shares of 10p
each 1,152 1,152
11. Reserves
When the Company revalues its investments during the period, any gains
or losses arising are credited/charged to the Income Statement. Changes
in fair value of investments are then transferred to the Unrealised
Capital Reserve. When an investment is sold any balance held on the
Unrealised Capital Reserve is transferred to the Profit and Loss Account
Reserve as a movement in reserves.
Distributable reserves are GBP3,315,000 at 28 February 2018 (2017:
GBP4,010,000).
Reconciliation of Movement in Shareholders' Funds
28 February 2018 28 February 2017
GBP'000 GBP'000
Shareholders' funds at start of year 5,975 7,693
Return on ordinary activities after tax (695) (1,718)
Shareholders' funds at end of year 5,280 5,975
12. Financial Instruments and Risk Management
The Company's financial instruments comprise equity and loan note
investments, cash balances and debtors and creditors. The Company holds
financial assets in accordance with its investment policy of investing
mainly in a portfolio of VCT - qualifying quoted and unquoted securities
whilst holding a proportion of its assets in cash or near cash
investments in order to provide a reserve of liquidity. The risk faced
by these instruments, such as interest rate risk or liquidity risk is
considered to be minimal due to their nature. All of these are carried
in the accounts at fair value.
The Company's strategy for managing investment risk is determined with
regard to the Company's investment objective. The management of market
risk is part of the investment management process and is a central
feature of venture capital investment. The Company's portfolio is
managed with regard to the possible effects of adverse price movements
and with the objective of maximising overall returns to shareholders.
Investments in unquoted companies, by their nature, usually involve a
higher degree of risk than investments in companies quoted on a
recognised stock exchange, though the risk can be mitigated to a certain
extent by diversifying the portfolio across business sectors and asset
classes, though VCT rules limit the extent to which suitable Qualifying
Investments can be bought or sold. The overall disposition of the
Company's assets is regularly monitored by the Board.
13. Capital Commitments
The Company had no commitments at 28 February 2018 or 28 February 2017.
14. Related Party Transactions
OT4 Managers Ltd, a wholly owned subsidiary, provides investment
management services to the Company with effect from 1 July 2015 for a
fee of 1% of net assets per annum. During the year, GBP59,754 was paid
in respect of these fees (2017: GBP76,934). No amounts were outstanding
at the year end.
15. Events after the Balance Sheet Date
During March 2018, 208,857 Castleton shares were sold at 72p per share,
raising approximately GBP150,000.
A commitment of GBP57,000 was made into ImmBio in April 2018.
Company Number: 5038854
Note to the announcement:
The financial information set out in this announcement does not
constitute statutory accounts as defined in the Companies Act 2006 ("the
Act"). The balance sheet as at 28 February 2018, income statement and
cash flow statement for the period then ended have been extracted from
the Company's 2018 statutory financial statements upon which the
auditor's opinion is unqualified and does not include any statement
under the section 495 of the Act.
The Annual Report and Accounts for the year ended 28 February 2018 will
be filed with the Registrar of Companies.
Copies of the documents will be submitted to the National Storage
Mechanism and are available for inspection at:
http://www.mornningstar.co.uk/uk/NSM
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 4 VCT plc via Globenewswire
http://www.oxfordtechnology.com
(END) Dow Jones Newswires
May 03, 2018 02:01 ET (06:01 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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