Share Name Share Symbol Market Type Share ISIN Share Description
Oxford Technology Venture Capital Trust Plc LSE:OXT London Ordinary Share GB0006640204 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 27.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
18.00 37.00 27.50 27.50 27.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial -0.04 -0.70 1
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 27.50 GBX

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Date Time Title Posts
24/7/202010:26Oxford Technology VCT with Charts & News49
19/8/200514:35Oxford Technology3

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Oxford Technology Ventur... Daily Update: Oxford Technology Venture Capital Trust Plc is listed in the General Financial sector of the London Stock Exchange with ticker OXT. The last closing price for Oxford Technology Ventur... was 27.50p.
Oxford Technology Venture Capital Trust Plc has a 4 week average price of 27.50p and a 12 week average price of 27.50p.
The 1 year high share price is 29p while the 1 year low share price is currently 27p.
There are currently 5,431,655 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Oxford Technology Venture Capital Trust Plc is £1,493,705.13.
djt59: Anyone go to the OXT, OXH etc AGM(s) 2017-07-06? Did any companies present? Were there any company updates? I'm interested in OXH (VCT 2) as well as OXT (VCT 1) I normally go but missed it this year, but at science park, not stadium, I see! Cheers
timbo003: Here's the remuneration policy referred to in the letter to OT3 shareholders, a couple of things to note. * See how the managers fee dwarfs that of the director's remuneration, exactly what is the manager doing to earn that sort of fee (£400K across the 4 VCTs with total assets of about £20M), now the fund is in run off? * See also what a total rip off the manager's performance fee is. All the manager has to do is return the original capital (£1/share) and then he pockets 15% of everything above that. That is not a performance fee, that is a fee for performing somewhat worse than cash in the bank.
timbo003: Link to today's today's announcements from Oxford Tech VCT and Oxford Tech 3 VCT, which together hold >5% of Scancell. Three new directors, including a Foolish one (good luck Tolmers!) The manager is stepping down from the Board on OT1 and OT3 (Did he jump before he was pushed? He was up for re-election on both OT1 and OT3 this year). No doubt there will be more news to follow shortly. Result! Give your self a pat on the back ShareSoc.
timbo003: Date change for the Oxford Tech AGM (applies to all 4 VCTs) Which makes quite a lot of sense. The possible only downside is that they might not be able to line up all the speakers for the new date (Avid readers of the OXTAG updates, will have been aware that Scancell were down to give a presentation on the original date) Oxford Technology VCT Plc today announces that the Annual General Meeting has been rescheduled. It had been previously announced that it would be held on Wednesday 9(th) July. It will now be held at 12 noon on Wednesday 27(th) August. On 7(th) March VCT approval was withdrawn from OT1 and OT3. On 26(th) March Oxford Technology appealed against this decision. On 6(th) June HMRC set aside this decision. HMRC will now consider afresh whether it will be appropriate to withdraw VCT status from OT1 and OT3, and to assist their consideration of this matter they have invited Joseph Hage Aaronson LLP to make additional representations relating to the issue. We hope that the position will be clearer by the 27(th) August and this is the reason for the postponement.
127tolmers: ryandj, on a factual note OXT have circulated those shareholders with a registered email address with a copy of the HMRC letter with confirms they were informed by OXT on 23 October. The manager has tried to negotiate with HMRC on just such a rectification basis but was refused.
ryandj2222: It does seem quite ridiculous that the board did not know of the rules, and worse still that when told about them by Tolmers as mentioned in his letter they ignored it or did not take any action. Why can't they sell down some of the scancell holding now? My holding is very small, at just £1000 on the second hand market, but I am still interested in any share holder action that may take place.
127tolmers: Like Timbo I have also written to Kathryn Robertson at HMRC Dear Kathryn, I am a serial investor in both new and second hand VCTs as I have an interest in investing in and supporting small growing UK companies. I am writing to you today as a shareholder in both Oxford Technology VCT 1 (OXT) and Oxford Technology VCT 3 (OTT). As you will be aware, both recently had their VCT status revoked as a result of a technical breach of VCT rules. I purchased shares in OXT and OTT some time ago as I like to support UK based, fast growing technology companies, in which the Oxford Technology VCTs specialise. I bought my shares in the second hand market, so I have no personal exposure to loss of VCT relief or triggering of deferred CGT liability. Of course there will be future tax implications for me personally from the fund losing its VCT status. I understand that the VCT rule breach came about as the result of OXT and OTT taking up their allocation in the July 2013 share placing in Scancell plc. Subsequently, Scancell represented over 15% of the value of the fund, so the increase in investment was not permitted under prevailing VCT rules. I am quite sure that this breach was unintentional, as I was present during discussions at a Scancell investor meeting (1 October 2013), when a fellow shareholder alerted the Lucius Cary (the OXT and OTT Director and Manager) of a possible breach of the VCT rules after he had mentioned that OXT and OTT had participated in the July placing. He appeared genuinely surprised and shocked by this news. He even suggested that this shareholder ought to be on his board! The rule regarding the 15% maximum holding was presumably designed to ensure a wide spread of initial investments. OXT and OTT accordingly have invested in 20 or so companies and, as might be expected, some were more successful than others. However an unintended consequence of this rule is that it hinders, rather than helps investment in small growing SMEs. The rules governing VCTs are complex and have evolved over a number of years, but I suspect the rule concerning the 15% maximum was not originally intended to discourage continued investment support from VCTs, such as OXT and OTT, into promising, fast growing companies such as Scancell after some of their other earlier investments had failed. This is particularly relevant in the current funding environment, where pre revenue, R&D based SMEs, such as Scancell, find it extremely difficult to attract investment through more conventional routes. I do understand the necessity for rule compliance and that an inadvertent breach of the rules cannot be ignored, but I would hope that a first time, inadvertent technical breach could be more appropriately remedied. For example is it not possible to find a simple solution which would bring the VCT back into compliance by requiring the VCTs to sell the shares incorrectly acquired in the placing. Leaving aside the rules and complexity of VCT compliance, it does seem somewhat inappropriate to target punishment at individual, blameless OXT and OTT shareholders, who may have much to lose. Many of them, like me, will have been motivated to invest in OXT and OTT because they wished to support UK based, technology start-up companies and many would probably not have invested, if it were not for the VCT tax breaks to compensate for the high risk nature of the investment. As shareholders we rely on the Board and Manager's statements in their annual report; Internal control The directors are responsible for the company's system of internal control. The Board has adopted an internal operating and strategy document for the company. This includes procedures for the selection and approval of investments, the functions of the Investment Manager and exit and dividend strategies. Day to day operations are delegated under agreements with the Investment Manager who has established clearly defined policies and standards. These include procedures for the monitoring and safeguarding of the company's investments and regular reconciliation of investment holdings. This system of internal control, which includes procedures such as physical controls, segregation of duties, authorisation limits and comprehensive financial reporting to the Board, is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. The Board has considered the need for an internal audit function but has decided that the size of the company does not justify it at present. However, it will keep the decision under annual review. The Board has reviewed, with its Investment Manager, the operation and effectiveness of the company's system of internal control for the financial period and the period up to the date of approval of the financial statements. And later: Deferred Tax Deferred tax is not provided on capital gains and losses arising on the revaluation or disposal of investments because the company meets (and intends to continue for the forseeable future to meet) the conditions for approval as a Venture Capital Trust. The HMRC has approved the company as a Venture Capital Trust for the purpose of Section 247 of the Income and Corporation Taxes Act 2007. The approval was given in the financial period ended 28 February 1998 and the company has subsequently directed its affairs so as to enable it to continue to be so approved. If punitive action does need to be taken, would it not be more appropriate to impose a fine on the Board and Managers and to restore VCT status to both OXT and OTT. The publicity that this HMRC action has generated in the VCT world will undoubtedly strengthen the internal control processes in all VCTs and I am sure that the Oxford Boards will never let this happen again. I understand that there is now a one month window for the VCTs to lodge their appeals and I would be grateful if you could ensure this correspondence is taken into consideration during the appeal processes and forward it on to all those concerned with it in HMRC. I look forward to your reply. Kind regards,
nigelsom: Shareholder action time? Incompetent (and, indeed, one could argue negligent) directors: now they are suggesting that OXT might be closed down. Surely shareholders should have their say as to how that happens: I'd rather have the Scancell shares than see them offloaded at a discount for cash. The board should be sacked forthwith: they may not have noticed, but running a VCT means knowing and obeying the VCT rules is paramount. Abject failure, then, on that score. If the board had any common decency they would resign immediately without any compensation and hand back any bonuses/share options....and, indeed, salaries received. And as for the 'miscellaneous' title of the RNS, SHAME ON YOU!! So, who is up for a shareholder action group? Could we sue them for loss of tax reliefs?
ryandj2222: The RNS headline seemed a bit sneaky "Miscellaneous" like they were hiding something I can't see the appeal working out for them really. Luckily only a small holding. Market makers have knocked the sell price right down to 5p this morning, but no sales so far.
127tolmers: SCANCELL COULD BE THE NEXT BIG BENEFICIARY OF THE SPATE OF LICENSING DEALS ....... Matthew Goodman in this week's Sunday Times suggests Scancell could be the next big beneficiary of the spate of licensing deals currently being struck in the super hot area of Cancer Immunotherapy: "There are likely to be further deals struck as the pharma giants strive to boost their exposure to this rapidly expanding market. Scancell, an AIM-listed company that is developing melanoma vaccines, is set to begin a search for a bigger partner to help fund late-stage trials of its treatments after publishing encouraging data last month. "We are looking at 2014 as the year we consummate a relationship or a deal to take this forward," said Richard Goodfellow, Scancell's joint chief executive. Most drug companies are also looking into how different immunotherapies could work in tandem with existing cancer treatments." Is this the trigger for the OXT price reversal?
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