1st Quarter Results
14 Junio 2024 - 1:00AM
UK Regulatory
1st Quarter Results
14 June 2024
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 2024. The Directors have reviewed
the valuation of its entire portfolio as at that date. The
unaudited net asset value (NAV) per share for each Class (and other
associated data) as at 31 May 2024 is shown in the table below:
The primary driver of these changes (net of
running costs) was an increase in the share price of Arecor
Therapeutics Plc (“Arecor”) following the release of excellent
headline results from their Phase 1 clinical trial of AT278 (its
highly concentrated fast acting insulin) in overweight and obese
people with Type 2 diabetes. At 31 May 2024, Arecor’s share price
was 155p.
However, subsequent to the period end, Arecor
has noted that it will need to raise funds in the next 3 months,
earlier than market expectations, and as a result, its share price
has reduced and is currently 125p. Post period end, Scancell
Holdings Plc (“Scancell”) has also announced that it has signed an
agreement with a major international biotechnology company to
evaluate an antibody from its Glymab® Portfolio: Scancell has
granted that company seven months exclusivity for evaluation, which
includes an $1M exclusivity payment. Despite this, Scancell’s share
price has dropped slightly from 9.7p at 31 May 2024 to 9.5p.
Taking these reductions into account, the latest
NAV per share for each Share Class are 38.1p, 19.2p, 20.9p and
24.0p respectively. Shareholders are reminded that the Chairman’s
statement in the Company’s 2024 Annual Financial Statements (“2024
Annual Report”) included details of how each Share Class’s net
asset value per share changes with movements in the share prices of
the Company’s primary AIM investments.
No dividends were paid during the period under
review and no shares were bought or sold in any the portfolio
companies in any of the four Share Classes.
As further noted in the 2024 Annual Report, the
Company will need to realise a small portion of its quoted
portfolio over the next few months to cover operating costs. The
Company currently holds 11.3m Scancell shares and 1.6m Arecor
shares.
The Directors are not aware of any other events
or transactions which have taken place between 31 May 2024 and the
publication of this statement which have had a material effect on
the financial position of the Company.
At 31 May 2024, 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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De Nov 2024 a Dic 2024
Oxford Technology 2 Vent... (LSE:OXH)
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