Oxford Tech 3 VCT Strategy/Company/Operations Update
28 Julio 2021 - 6:00AM
UK Regulatory
TIDMOTT
The Board of Oxford Technology 3 VCT Plc (OT3) is pleased to
provide an update ahead of discussions at the forthcoming
shareholders events. The first takes place at 2pm today in Oxford
and the second one, a webinar, will be at 10.30am on Thursday 12
August (details below). No additional price sensitive information
will be shared during these forums.
The Chairman's Statement in the Annual Report noted that: "We
continue to believe your VCT is an appropriate structure to hold
your Company's investments, but as we have often stated, it would
be preferable to have a larger asset base to share the operating
costs. Shareholders will be aware that for a number of years, we
have sought to find a partner interested in using the existing VCT
structure to launch its own share offering, and hence enabling us
to expand our asset base, and further efforts have continued in the
last few months in this regard.
We have had detailed conversations with many other prospective
parties who are potentially interested in entering the VCT
industry, but to date, we have not been able to find common ground.
This is because either the costs of such a launch present too high
a risk for other parties to make such a move, or the Directors do
not consider the terms on which they wish to take over the
management of the VCT would be in existing shareholders' best
interests. However we continue to keep this under review."
The Board can now report that we are in active discussions with
a party who could provide the opportunity we have been seeking.
This party, whose identity is currently confidential, would be a
good partner to work with and would look to raise funds in a new
share class. This is consistent with the Board's stated aim to seek
to increase the Company's net assets, to enable the running costs
to be shared more widely and to create fund longevity for those
shareholders with deferred capital gains.
As separately announced by Oxford Technology 2 VCT Plc (OT2)
today:
"In addition, consideration is also being given to the merits of
one of more of the other OT VCTs merging with OT2 (using a scheme
of arrangement that will preserve existing shareholders tax
benefits). Any such merged funds would be into separate share
classes of OT2 to ensure shareholders suffer no dilution of their
individual portfolio holdings.
Any fund raise (and merger if applicable) is subject to the OT2
Board agreeing acceptable terms with one of the two parties, as
well as OT2 shareholder agreement at a separate EGM. Furthermore,
in the case of any merger, it is also subject to approval by the
Boards of any OT fund to be merged, as well as approval of that
VCT's shareholders."
The Board of OT3 is also actively involved in these possible
merger discussions, which would provide OT3 with another
opportunity to join a VCT that was actively fund raising.
We will update shareholders if and when any of these discussions
reach a conclusion, and in any event, shareholder approval would
then be required before any transaction could proceed.
As stated previously, there is no certainty that any of the
above options will conclude. However, we are keen to explore these
concepts with shareholders so that we can try to ensure that any
route selected by the Board(s) is likely to be met with shareholder
approval were it to be sought. In any event we will be seeking
shareholder approval at the AGM for the continuation of the
VCT.
Both shareholder informal forums will include a presentation
from OTM followed by a shareholder Q&A to include future
strategy. There will be selected investee video presentations.
Details for how to register for the webinar is on the website:
https://www.globenewswire.com/Tracker?data=RttjHlzAKNqu5nM7UEUlvSLkNHrct3N0a1uRgpMPuIDMwY9_kIgNSAWypxdKV1-oLML8kCSjtDRnnUonhQv0ZkuSBWC81wMEDfbrG3yUbyKubK5VTsNTY8roPTFYmeB8
www.oxfordtechnologyvct.com.
No dates have been determined yet for any general meetings
required to actually give effect to any of the above potential
proposals. For more information, please contact Robin Goodfellow,
the Chairman, by emailing
https://www.globenewswire.com/Tracker?data=tZ28KkDtmuzWwg-MxphSVwN4gB5I5qPxRyENJNBBadm03U-YHbOiqiyOnNVH5G_0l2yRm3KwLOJk4bCbgZnSdn0W6mQHDJF2edPQvjvP9ku54o8cdzeE9ZSkYOjjEzj7
vcts@oxfordtechnology.com
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. Upon the publication of this announcement via
a Regulatory Information Service, this information is now
considered to be in the public domain.
(END) Dow Jones Newswires
July 28, 2021 07:00 ET (11:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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