3rd Quarter Results
19/12/2023 10:43
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19 December 2023
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 2023. 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 2023 is
shown in the table below:
Unaudited Unaudited Change in NAV% Cumulative Dividends Total Return Shares in Issue
NAV p per share 30/11/23 NAV p per share 31/08/23 p per share to 30/11/23 p per share
Share Class
OT1 40.0 37.9 5.3% 55.0 95.0 5,431,655
OT2 20.7 20.5 1.3% 22.5 43.2 5,331,889
OT3 24.3 23.6 3.0% 42.0 66.3 6,254,596
OT4 25.2 25.4 -0.7% 48.0 73.2 10,826,748
The primary drivers of these changes are movements in valuations of Scancell
Holdings Plc (“Scancell”), STL Management Limited (“Select
Technology”) and Diamond Hard Services Ltd (“DHS”) and three months of
running costs. The share price of Scancell has increased from 9.5p at 31
August to 10.75p at 30 November 2023. Scancell has announced a successful
placing raising £10.7m and increasing its institutional shareholder base; a
further £1.2m was raised through a concurrent retail offer, both at 11p per
share. The share price of Arecor Therapeutics Plc (“Arecor”) has remained
at 185p. Both companies have announced exciting and significant clinical and
commercial news in the period. However, it is disappointing that their share
prices do not yet reflect the clear potential of these businesses. The
valuation of Select Technology has been slightly increased in line with recent
sales performance. Conversely, sales at DHS have seen a slight reduction in
period, leading to a lower company valuation. The valuation of all the other
investments in the unquoted portfolios remain unchanged from those at 31
August 2023.
No dividends were paid during the period. under review. As foreshadowed in the
half year report issued on 19 September 2023, our investment in Dynamic
Extractions Ltd was sold at its 31 August 2023 valuation. No other shares were
bought or sold in any the portfolio companies in any of the four Share
Classes.
The Board has completed its remaining discussions with potential new managers
and it is not now expected that the Company will raise any further funds from
investors. Over the course of the next 18 months, based on the expected income
and cost base, the Directors believe it will be necessary to realise
investments to generate disposal proceeds of approximately £200k for working
capital purposes. Whilst it is possible this can be raised from one of the
unquoted stocks, it is more likely that some small disposals of Scancell
and/or Arecor will be necessary. For shareholder information, 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 30 November 2023 and the publication of this statement
which have had a material effect on the financial position of the Company.
At 30 November 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