Oxford Tech 3 VCT Oxford Technology 3 Vct Plc : 3rd Quarter Results
December 19 2017 - 1:00AM
UK Regulatory
TIDMOTT
Oxford Technology 3 VCT PLC
Update for the quarter ending 30 November 2017
Oxford Technology 3 VCT PLC presents its quarterly update for the period
commencing 1 September 2017.
The Directors have recently reviewed the valuation of its entire
portfolio and the unaudited net asset value per ordinary share was 86.3p
as at 30 November 2017. This is an increase of 4.7p from the previously
published NAV per share for the period ending 31 August 2017. The total
return to shareholders including previous dividends of 36.0p per share
is now 122.3p per share.
The change in NAV is primarily due to an increase in the valuation of
Ixaris and Arecor offset by a decrease in the Scancell share price and a
reduction in the Plasma Antennas valuation as it seeks new significant
third party financing or support. Post period end Scancell made an
encouraging announcement relating to a Clinical Development Partnership
with Cancer Research UK to fund and conduct a Phase1/2 clinical trial of
SCIB2 focussing on non-small cell lung cancer.
No investments or disposals were made in the quarter. However, the
Ixaris loan of GBP108k was repaid together with accrued interest as
outlined in the half year results.
The portfolio continues to be very concentrated with over 75% of
investments concentrated in just Ixaris and Scancell. Liquidity remains
satisfactory to support investees.
The Board of Oxford Technology 3 VCT PLC welcomes the recent budget
changes with respect to VCTs and the government's response to the
Patient Capital Review. We welcome the extension of the six month VCT
rule to twelve months as providing a greater level of future
re-investment flexibility. We also appreciate the rationale for the
increase of the level of qualifying investments to 80% (up from 70%)
from April 2019. However, as a very small VCT, we believe this may give
us some administrative problems - an unintended consequence of the
proposed revised legislation. With most of our investments being
unquoted and with no short term method of realisation, we require a cash
reserve for administrative expenses. Corporate liquidity tests will
therefore become much tighter once the new regime is in force. We will
take up this issue with HMRC while the Finance Bill passes through its
reviews. We hope that a simple amendment is possible.
The total number of ordinary shares in issue is 6,785,233.
The Directors are not aware of any other events or transactions that
have taken place between 30 November 2017 and the publication of this
statement that have had a material effect on the financial position of
the Company.
19 December 2017
Enquiries:
Lucius Cary, Oxford Technology Management
01865 784466
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Oxford Technology 3 VCT plc via Globenewswire
http://www.oxfordtechnology.com
(END) Dow Jones Newswires
December 19, 2017 02:00 ET (07:00 GMT)
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