1st Quarter Results
27 June 2023
Oxford Technology 2 VCT Plc (the "Company")
Legal Entity Identifier: 2138002COY2EXJDHWB30
1st Quarter Results
Oxford Technology 2 VCT Plc presents its quarterly update for
the 3 month period ending 31 May 2023. The Directors have reviewed
the valuation of its entire portfolio as at that date. The
unaudited net asset value (NAV) for each Class of ordinary share
(and other associated data) as at 31 May 2023 is shown in the table
below:
| |
Unaudited NAV p/share 31/05/23 |
Audited NAV p/share 28/02/23 |
Change
in NAV% |
Cumulative Dividends p/share to 31/05/23 |
Total
Return p/share |
Shares
in Issue |
| Share Class |
|
|
|
|
|
|
OT1 |
43.6 |
45.3 |
-3.8% |
55.0 |
98.6 |
5,431,655 |
|
OT2 |
25.0 |
25.1 |
-0.3% |
22.5 |
47.5 |
5,331,889 |
|
OT3 |
32.2 |
33.7 |
-4.6% |
42.0 |
74.2 |
6,254,596 |
|
OT4 |
30.8 |
29.7 |
3.6% |
48.0 |
78.8 |
10,826,748 |
The primary drivers of these changes are
movements in the share prices of the Company’s two significant AIM
holdings, and 3 months of running costs. The share price of
Scancell Holdings Plc has declined from 17.5p at 28 February to
14.5p at 31 May 2023, whereas the share price of Arecor
Therapeutics Plc has increased from 240p to 250p. The valuation STL
Management Limited (“Select Technology”) has been increased in line
with recent sales performance. The valuation of all the other
investments in the unquoted portfolios remain unchanged from those
at 28 February 2023..
During the period under review, no shares were
bought or sold in any the portfolio companies in any of the four
Share Classes.
As previously reported, following the merger
with the three other Oxford Technology VCTs last year, the Company
now owns 58.6% of Select Technology, and has a year to reduce the
level of control to 50% or less. The Directors are pleased to
confirm that the necessary changes have now been made to Select
Technology’s articles, after the period end but well within the
required 12 month period. The Company’s share of the nominal value,
voting rights, rights to dividends and rights on a return of
capital of have been reduced to 50% to ensure ongoing compliance
with VCT Rules.
The Directors are not aware of any other events
or transactions which have taken place between 31 May 2023 and the
publication of this statement which have had a material effect on
the financial position of the Company.
At 31 May 2023, the Company’s issued share
capital by Share Class is shown in the table above. The Company
holds no shares in treasury and the total voting rights in the
Company are 27,844,888. This figure of 27,844,888 may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries: Lucius Cary Oxford Technology
Management 01865 784466
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.
Oxford Technology 2 Vent... (LSE:OXH)
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