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OTT - Oxford Technology 3 Venture Capital Trust News Story

35p 0.0  0.0%

Last Trade - 30/11/20

Sector
Financials
Size
Micro Cap
Market Cap £2.37m
Enterprise Value £2.30m
Revenue £-3.15m
Position in Universe 1771st / 1819

Net Asset Value(s)

Net Asset Value(s)

Following yesterday’s release of the audited results of the Company for the year ended 29 February 2020, the Board wishes to draw the attention of shareholders to the following section of the ‘Covid-19 Response’ section of the Chairman’s Statement, reproduced verbatim from the Annual Accounts document and yesterday’s RNS:

The Board and the Investment Adviser have sought to assess the current impact on valuations. Using latest bid prices for quoted investees and the Directors’ normal determinants of fair value for unquoted investees we estimate that the NAV per share has reduced to 56.6p (a drop of 19%) as at mid-May (unaudited). The reduction is driven by Ixaris, as airline recovery time looks increasingly delayed.

First Quarter Results Announcement

Given the statement above, we do not currently intend to issue a NAV as at 31 May 2020. We will update the market further with our half year results to the end of August 2020. We do not currently consider that publishing this quarterly result will add any further value to shareholders, and not doing so will save some costs.

The Board considers that the NAV per share of 56.6p remains a materially accurate unaudited valuation as of 20 May 2020, a drop of 19% from the audited valuation of 69.6p per share as at 29 February 2020.  The unaudited valuation of 56.6p per share was calculated using the closing bid price of Scancell Holding plc on 14 May 2020 of 6.8p per Scancell share.

Further information:

Lucius Cary or Andrea Mica 01865 784466

Recent news on Oxford Technology 3 Venture Capital Trust

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