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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Oxford Technology Venture Capital Trust Plc | LSE:OXT | London | Ordinary Share | GB0006640204 | 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% | 27.50 | 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 Venture Capital Trust Plc
Unaudited Half-Yearly Report
For the period
1 March 2018 to 31 August 2018
Financial Headlines
6 Months Ended Year Ended
31 August 2018 28 February
2018
Net Assets at Period GBP2.77m GBP2.84m
End
Net Asset Value per 51.0p 52.4p
Share
Cumulative Dividend 55.0p 55.0p
per Share
Total NAV Return 106.0p 107.4p
per Share
Share Price at Period 40.0p 40.0p
End (Mid-Market)
Earnings per Share (1.4)p 0.2p
------------
Company Number: 3276063
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 and Dividends
The Company's net asset value (NAV) per share has decreased by 1.4p from
52.4p at 28 February 2018 to 51.0p at 31 August 2018. The fall in NAV
per share 1.4p was mainly as a result of a reduction in the value of the
Company's listed holding in Scancell Holdings Plc (Scancell), which had
a bid price at 31 August 2018 of 11.5p per share (28 February 2018:
14.0p per share). This fall in value of the Company's holding in
Scancell was partially offset by an increase in value of your Company's
unlisted holdings and a small amount of dividend income.
Portfolio Review
The four companies within the portfolio continue to exhibit progress,
albeit without major change in valuation.
Select Technology, a photocopier (or more generally Multi Function
Device, or MFD) software company, remains the largest holding in your
Company's portfolio. The company continues to grow, despite the
continued execution of a transition away from a dependency on one
particular supplier, which has had the effect of increasing business
resilience. Despite being loss-making for a period during this
transition, Select Technology 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 global distribution at a stroke,
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.
Scancell is developing a number of exciting new potential breakthrough
cancer treatments, has a number of active initiatives and continues to
make scientific and regulatory progress. In the last few months, it has
established manufacture of Moditope, extended the Trichor delivery
mechanism deal for SCIB1 and is busy preparing for the clinical trials
which were signed up earlier in the year.
The rest of the portfolio is unchanged in valuation terms over the six
month period to 31 August 2018: Getmapping is trading reasonably well in
a challenging market; Biocote continues to make good progress, with
sales and profits growing steadily, and a small dividend was paid during
the period.
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 and also to
prepare companies for realisation at the appropriate time. It should be
noted that the current portfolio is highly concentrated with Select
representing 57% and Scancell 29% of the VCT's equity -- your Company's
NAV is therefore very sensitive to changes in the valuations of these
two portfolio companies.
Liquidity
At period end the Company had net current assets of GBP46k.
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, details of the Company's
objectives and investment strategy, its Advisers and Registrar and how
to buy and sell shares in the Company have been omitted. 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.
Planning for the Future
Your Directors continue to monitor changes to VCT legislation and their
potential impact on both the VCT and its investee companies. Recent
rule changes to tax efficient investment schemes are not expected to
have any material impact on the current portfolios or on current
investors as the VCT is fully invested. However, our efforts to lobby
HMT for a small change to the recent legislation that increases the
level of qualifying investments that a VCT must hold (from 70% to 80%)
were unsuccessful. Given the nature of OT1's portfolio, additional
investee management will be required in future to ensure dividend income
from the portfolio does not cause an inadvertent breach of VCT rules.
Whilst the impact of Brexit remains unclear, your Directors do not
expect its eventual outcome to have a material impact on portfolio
valuations.
In July 2017 the Board announced that, as it is not intending to
increase the size of the Company's portfolio in terms of the number of
investments, it wishes to have in place appropriate plans to ensure any
further realisations do not result in your VCT becoming sub-economic.
Your Board is continuing to consider options and looks forward to
updating shareholders in due course; however, there can be no certainty
that any of these discussions will lead to a concrete proposal, at this
time or in the future.
Finally, I would like to take this opportunity to thank shareholders,
many whom we were able to welcome to our AGM in July, for their
continued support.
Alex Starling
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 OT1 All OTVCTs assets
------------------ ------------- -------------- ------------ ----------- -------- ----------- -------
Photocopier
Select Technology interfaces 488 1,570 132 30.0 58.5 56.7
Scancell Antibody
(bid price based cancer
11.5p) therapeutics 344 791 (172) 1.7 3.3 28.6
Aerial
Getmapping photography 518 223 - 3.7 3.7 8.1
Bactericidal
powder
Biocote coating 85 139 - 6.6 6.6 5.0
------------------ ------------- -------------- ------------ --- -------- ----------- -------
Total Investments 1,435 2,723 (40) 98.4
Other Net
Assets 46 1.6
--------------------------------- -------------- ------------ ----------- -------- ----------- -------
Net Assets 2,769 100
--------------------------------- -------------- ------------ ----------- -------- ----------- -------
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:
Alex Starling - Chairman
23 October 2018
Income Statement
Six months to 31 Aug 2018 Six months to 31 Aug 2017 Year to 28 Feb 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
---------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
Unrealised (loss)/ gain on valuation of fixed asset
investments - (40) (40) - 55 55 - 86 86
Investment income 7 - 7 7 - 7 7 - 7
Investment management fees (4) (11) (15) (4) (11) (15) (7) (22) (29)
Other expenses (27) - (27) (27) - (27) (55) - (55)
---------------------------------------------------- ---
Return on ordinary activities
before tax (24) (51) (75) (24) 44 20 (55) 64 9
Taxation on ordinary activities - - - - - - - - -
---------------------------------------------------- --------- --------- --------- ---- --------- --------- ---------- --- ----------- ---------- ---------- ---
Return on ordinary activities
after tax (24) (51) (75) (24) 44 20 (55) 64 9
---------------------------------------------------- --- ---------- --- ----------- ---------- ---------- ---
Earnings per share -- basic and diluted (0.5)p (0.9)p (1.4)p (0.4)p 0.8p 0.4p (1.0)p 1.2p 0.2p
---------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- ---------------
-- 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) 2,723 2,732 2,763
Current assets:
Debtors 21 14 2
Creditors: Amounts falling
due within one year (19) (9) (12)
Cash at Bank 44 118 91
--------------------------- ------- ------- ----------
Net current assets 46 123 81
Net assets 2,769 2,855 2,844
--------------------------- --------- ------- --------- ------- --------- ----------
Called up equity share
capital 543 543 543
Share premium 176 176 176
Unrealised capital reserve 1,288 1,297 1,328
Profit and Loss account
reserve 762 839 797
Total equity shareholders'
funds 2,769 2,855 2,844
Net asset value per 51.0p 52.6p 52.4p
share
--------------------------- --------- ------- --------- ------- --------- ----------
Statement of Changes in Equity
Unrealised Profit
Share Share Capital & Loss
Capital Premium Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ -------- -------- ------------ ---------- ----------
As at 1 March 2017 543 176 1,242 928 2,889
Revenue return on ordinary
activities after tax - - - (24) (24)
Expenses charged to
capital - - - (11) (11)
Current period gains
on fair value of investments - - 55 - 55
Dividends paid - - - (54) (54)
------------------------------
Balance as at 31 August
2017 543 176 1,297 839 2,855
------------------------------
As at 1 March 2017 543 176 1,242 928 2,889
Revenue return on ordinary
activities after tax - - - (55) (55)
Expenses charged to
capital - - - (22) (22)
Current period gains
on fair value of investments - - 86 - 86
Dividends paid - - - (54) (54)
------------------------------
Balance as at 28 February
2018 543 176 1,328 797 2,844
------------------------------
As at 1 March 2018 543 176 1,328 797 2,844
Revenue return on ordinary
activities after tax - - - (24) (24)
Expenses charged to
capital - - - (11) (11)
Current period losses
on fair value of investments - - (40) - (40)
Dividends paid - - - -
------------------------------ ----------
Balance as at 31 August
2018 543 176 1,288 762 2,769
------------------------------
Statement of Cash Flows
Six months Year to
Six months to 31 Aug to 31 Aug 28 Feb
2018 2017 2018
GBP'000 GBP'000 GBP'000
---------------------------------------------- ---------------------- ----------- ---------
Cash flows from operating activities
Return on ordinary activities before tax (75) 20 9
Adjustments for:
Increase in debtors (19) (12) -
Increase in creditors 7 2 5
Loss/(gain) on valuation of fixed asset
investments 40 (55) (86)
---------------------------------------------- ----------- -----
(Outflow)/inflow from operating
activities (47) (45) (72)
---------------------------------------------- ---------- -----
Cash flows from investing activities
Purchase of fixed asset investments - - -
Disposal of investments - - -
---------------------------------------------- ----------- ------ ---
Total cash flows from investing activities - - -
Cash flows from financing activities
Dividends paid - (54) (54)
---------------------------------------------- ----------- -----
Total cash flows from financing activities - (54) (54)
Decrease in cash and cash equivalents (47) (99) (126)
Opening cash and cash equivalents 91 217 217
Closing cash and cash equivalents 44 118 91
---------------------------------------------- --------- ----------- --- ------ ---- ---
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 (5,431,655 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
OT1 Managers Ltd, a wholly owned subsidiary, provides investment
management services to the Company for a fee of 1% of net assets per
annum.
7. 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/vct1.
Board Directors: Alex Starling, Robin Goodfellow, Richard Roth and David
Livesley
Investment Manager: OT1 Managers Ltd with services contracted to Oxford
Technology Management Ltd
Website: www.oxfordtechnology.com/vct1
(END) Dow Jones Newswires
October 24, 2018 02:00 ET (06:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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