Oxford Technology 2 VCT plc : Disposal of Investment <Origin Href="QuoteRef">OXF2.L</Origin>

Oxford Technology 2 Venture Capital TrustAnnouncement

24/11/2015 07:00

Oxford Technology 2 VCT plc ("the Company") 
 Realisation of Investment 
 

 
 
 The Company is pleased to announce the sale on 20 November 2015 of its
investment in Telegesis (UK) Ltd ("Telegesis"), a world leading supplier of
Zigbee technology. Telegesis has been acquired by Silicon Laboratories UK Ltd.

 
 The Company will receive cash proceeds of £355k for its shares. The carrying
value which was incorporated within the net asset value of the Company at 31
August 2015 was £299k. Consequently the effect of this transaction had it
been incorporated into the accounts at 31 August 2015 would have increased the
net asset value per share by 0.8p to 30.9p. 
 The net cost of the company's investment was just under £8k, so the current
realisation represents a return of 45x on the company's investment. 
 
 Telegesis was founded in 2003 when OT2 and OT3 became the first investors.
 Later, in 2005, OT4 invested to support the company as it grew. 
 
 Telegesis specialises in Zigbee technology.  Zigbee is a wireless
communications protocol like Bluetooth. Bluetooth is for sending large volumes
of data over short distances, Zigbee is for sending small amounts of data over
large distances. Lots of companies do Zigbee, but it is believed that
Telegesis is the only company which specialises only in Zigbee.    In the
year to 31 March 2015, sales were £5.5m, and sales growth has continued in
the current year. 
 
 
 OT2's 3rd quarter ends on 30 November and the board will be considering
dividend policy during the review of those results. 
 

 OT2 would like to congratulate Nicholas Gomersall and Ollie Smith for having
successfully founded and developed the business. 
 
   
 
   
 
 Lucius Cary 
 
 Oxford Technology Management 
 
 01865 784466 
 
   
 
 Nicholas Gomersall 
 
 Telegesis (UK) Ltd 
 
 01494 510199 
 

 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients. 
 The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein. 
 Source: Oxford Technology 2 VCT plc via Globenewswire 
 HUG#1968848