1st Quarter Results
14/06/2024 09:33
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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:
Unaudited NAV p per share 31/5/24 Audited NAV p per share 29/2/24 Change in NAV % Cumulative Dividends p per share to 31/5/24 Total Nav Return p per share Shares in issue
Share Class
OT1 38.5 39.7 -2.9% 55.0 93.5 5,431,655
OT2 20.8 20.4 2.0% 22.5 43.3 5,331,889
OT3 23.3 22.4 4.0% 42.0 65.3 6,254,596
OT4 26.3 25.3 4.3% 48.0 74.3 10,826,748
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