1st Quarter Results
27/06/2023 07:00
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27 June 2023
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 2023. The Directors have reviewed the valuation of its
entire portfolio as at that date. The unaudited net asset value (NAV) for each
Class of ordinary share (and other associated data) as at 31 May 2023 is shown
in the table below:
Unaudited NAV p/share 31/05/23 Audited NAV p/share 28/02/23 Change in NAV % Cumulative Dividends p/share to 31/05/23 Total Return p/share Shares in Issue
Share Class
OT1 43.6 45.3 -3.8% 55.0 98.6 5,431,655
OT2 25.0 25.1 -0.3% 22.5 47.5 5,331,889
OT3 32.2 33.7 -4.6% 42.0 74.2 6,254,596
OT4 30.8 29.7 3.6% 48.0 78.8 10,826,748
The primary drivers of these changes are movements in the share prices of the
Company’s two significant AIM holdings, and 3 months of running costs. The
share price of Scancell Holdings Plc has declined from 17.5p at 28 February to
14.5p at 31 May 2023, whereas the share price of Arecor Therapeutics Plc has
increased from 240p to 250p. The valuation STL Management Limited (“Select
Technology”) has been increased in line with recent sales performance. The
valuation of all the other investments in the unquoted portfolios remain
unchanged from those at 28 February 2023..
During the period under review, no shares were bought or sold in any the
portfolio companies in any of the four Share Classes.
As previously reported, following the merger with the three other Oxford
Technology VCTs last year, the Company now owns 58.6% of Select Technology,
and has a year to reduce the level of control to 50% or less. The Directors
are pleased to confirm that the necessary changes have now been made to Select
Technology’s articles, after the period end but well within the required 12
month period. The Company’s share of the nominal value, voting rights,
rights to dividends and rights on a return of capital of have been reduced to
50% to ensure ongoing compliance with VCT Rules.
The Directors are not aware of any other events or transactions which have
taken place between 31 May 2023 and the publication of this statement which
have had a material effect on the financial position of the Company.
At 31 May 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