OXH Oxford Technology 2 Venture Capital Trust Plc

16 December 2024

 Oxford Technology 2 VCT Plc (the "Company")

Legal Entity Identifier: 2138002COY2EXJDHWB30    

3rd Quarter Results 

Oxford Technology 2 VCT Plc presents its quarterly update for the 3 month period ending 30 November 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 30 November 2024 is shown in the table below:

The primary drivers of these changes are movements in valuations of the two principal AIM quoted investments – Scancell Holdings Plc (“Scancell) and Arecor Therapeutics Plc (“Arecor”) and three months of running costs. The share price of both have decreased – Scancell from 17p at 31 August 2024 to 13p at 30 November 2024 and Arecor fell from 83p to 75p over the same period. Both companies continue to announce exciting and significant clinical news, but both the sector and the AIM market are unloved. Their share prices do not seem to take account of these developments – indeed it remains extremely disappointing that their valuations do not yet reflect the clear potential of these businesses.   In December 2024, Scancell announced that it had raised a further £11.3m gross, but at 10.5p per share (a 19% discount to the share price used in our 30 November valuation) to enable it to produce more trial data, and additional working capital: this is despite a day earlier announcing a further commercial partnership with Genmab, with an associated milestone receipt. The fund raising was oversubscribed and had significant participation from both existing and new healthcare specialist investors, as well as retail shareholders.

During the period, we have been advised that Novacta Holdings PLC, the company that holds the rights to a portion of the royalties from the commercialisation of SPR206 which was licensed to Spero Therapeutics, is to be put into administration. The Board and Investment Manager have tried to work with other shareholders to find an alternative solution but have been unsuccessful to date. As a result, we have made a full provision against this investment. The valuation of Biocote Limited has slightly increased, reflecting an increase in sales during the period. The other unquoted investments have been kept at their 31 August 2024 valuations.

No dividends were paid during the period under review. No shares were bought or sold in any the portfolio companies in any of the four Share Classes.

The Directors are not aware of any other events or transactions which have taken place between 30 November 2024 and the publication of this statement which have had a material effect on the financial position of the Company.

The Board has completed its discussions with a major shareholder who voted against the resolutions regarding remuneration policy and the Remuneration Report included in the 2024 Financial Statements issued on 16 April 2024. Unusually, the Company has an institutional shareholder, and they were concerned the Board had not set out sufficiently clearly its strategy for the portfolios and board tenure. The Directors sought to address these with more details provided in the half year report issued on 20 September 2024: the Board was pleased to receive confirmation from the dissenting shareholder that we had addressed their concerns and had provided a rationale for the approach being taken.

At 30 November 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.

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