REG-Oxford Technology 2 VCT plc : Result of Tender Offer <Origin Href="QuoteRef">OXF2.L</Origin>

Oxford Technology 2 Venture Capital TrustAnnouncement

04/09/2017 13:45

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Oxford Technology 2 VCT plc (the "Company") today announces the results of
the Tender Offer which was set out in the circular published by the Company
on 26 July 2017 (the "Circular"), and which closed on 31 August 2017. As
set out in the Circular, the Tender Offer Price was 31.5 pence per Ordinary
Share with Shareholders having a Basic Entitlement of 30%.

 

1,461,034 Ordinary Shares were validly tendered under the Tender Offer. This
was less than total of 2,037,877 that the Company was authorised to buy back.
This means that all the Ordinary Shares tendered by Shareholders, including
any excess number requested above their Basic Entitlement, will therefore be
re-purchased. The total value of all Ordinary Shares being purchased
is £460,225.71.

  

It is anticipated that the proceeds payable to the Company's Qualifying
Shareholders for the certificated Ordinary Shares purchased under the Tender
Offer will be despatched in the form of a cheque (together with a balancing
certificate where applicable) and that CREST account holders will have their
CREST accounts credited by 14 September 2017.

 

The Company intends to cancel such Ordinary Shares, reducing its total issued
share capital from 6,792,923 to 5,331,889 Ordinary Shares.

 

The above figures 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, Oxford Technology 2 VCT plc
under the FCA's Disclosure and Transparency Rules. In particular, Shareholders
who remain invested should be aware that the Tender Offer may have the effect
of increasing their percentage of the total share capital in the Company
remaining in issue to a level where such a disclosure is required.

Those directors of the VCT and Oxford Technology Management who are
shareholders in the Company exercised their right to tender their Basic
Entitlement (or just under) under the Tender Offer, such that the shares they
disposed of, and resultant holdings are now as follows:

                          No. shares before      
  No. Shares tendered          No. Shares after
Richard Roth              62,902     
                        18,869                        44,033
Robin Goodfellow    
19,700                               5,700  
                      14,000
Lucius Cary              
33,597                              10,079    
                    23,518

While the Board intends to declare further dividends as soon as possible, it
does not want to limit its flexibility to participate in possible short term
investee company actions. The Board plans to make an announcement on further
dividends at a later date, but as stated in the Tender Offer
Circular: "Shareholders should also note that a dividend will be paid to all
Shareholders still on the register after the completion of the Tender Offer.
At the current time, the Directors would expect to declare a dividend of at
least 7p per remaining Share, which will be paid before the end of November
2017. The precise quantum of this dividend will depend in part on any
follow-on investments made in the next few months. Any Shares purchased under
the Tender Offer will not be eligible for this dividend."

Enquiries

Lucius Cary on 01865 784466
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the content, accuracy and originality of the information contained therein.
Source: Oxford Technology 2 VCT plc via Globenewswire