3rd Quarter Results
16/12/2024 16:30
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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:
Unaudited NAV p per share 30/11/24 Unaudited NAV p per share 31/8/24 Change in NAV % Cumulative Dividends p per share to 31/8/24 Total NAV Return p per share Shares in Issue
Share Class
OT1 42.5 46.8 -9% 55.0 97.5 5,431,655
OT2 17.3 18.9 -9% 22.5 39.8 5,331,889
OT3 19.5 22.9 -15% 42.0 61.5 6,254,596
OT4 19.9 21.2 -6% 48.0 67.9 10,826,748
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