Oxford Tech 2 VCT Oxford Technology 2 Vct Plc : 3rd Quarter Results
January 07 2016 - 11:30AM
UK Regulatory
TIDMOXH
Company Registration Number: 3928569
Oxford Technology 2 Venture Capital Trust PLC
Interim Accounts
For the period 1 March 2015 to 30 November 2015
These interim statements have been prepared to comply with s836 and s838
of The Companies Act 2006.
Financial Headlines
Nine month Period Ended Year Ended
30 November 2015 28 February 2015
Net Assets at Period End GBP2.08m GBP1.89m
Net Asset Value per Share 30.6p 27.8p
Cumulative Dividend 10.5p 10.5p
Total NAV Return 41.1p 38.3p
Share Price (mid market) 20.0p 11.0p
Earnings per Share 2.8p 1.4p
Statement on behalf of the Board
These interim accounts have been prepared following the disposal of
Telegesis and provide details of the results for the 9 month period to
30 November 2015. They have been prepared with the purpose of
publishing a set of accounts which state the latest updated
distributable reserves. Once these accounts have been received at
Companies House, the Directors intend to declare an interim dividend for
the year to 29 February 2016.
On behalf of the Board
Richard Roth - Chairman
Unaudited Financial Information
Nine months to Six months to Year to
30 Nov 15 31 Aug 15 28 Feb 15
Income Statement for the Period GBP'000 GBP'000 GBP'000
Gain/(loss) on disposal of assets held
at fair value 142 - -
Unrealised gain/(loss) on fair value of
investments 101 187 157
Expenses (54) (32) (58)
Profit/(loss) on ordinary activities _____ _____ _____
before tax 189 155 99
Tax on profit/(loss) on ordinary
activities - - -
_____ _____ _____
Return on ordinary activities after tax 189 155 99
_____ _____ _____
Earnings per Share 2.8p 2.3p 1.4p
_____ _____ _____
Statement of Changes in Equity for the Period Nine months to Six months to Year to
30 Nov 15 31 Aug 15 28 Feb 15
GBP'000 GBP'000 GBP'000
Shareholders' funds at the start of period
1,890 1,890 1,791
Return on ordinary activities after tax 189 155 99
_____ _____ _____
Shareholders' funds at the end of period
2,079 2,045 1,890
_____ _____ _____
30 Nov 15 31 Aug 15 28 Feb 15
Summarised Balance Sheet GBP'000 GBP'000 GBP'000
Investments held at fair value 1,608 1,907 1,720
Net current assets 494 165 205
Creditors: amounts falling due
> 1 year (22) (27) (35)
_____ _____ _____
Net assets 2,079 2,045 1,890
_____ _____ _____
30 Nov 15 31 Aug 15 28 Feb 15
Capital and Reserves GBP'000 GBP'000 GBP'000
Called up share capital 679 679 679
Share premium 376 376 376
Profit and loss account 1,424 0 32
Revaluation reserve (400) 990 803
_____ _____ _____
Shareholders' funds 2,079 2,045 1,890
_____ _____ _____
Net asset value per share 30.6p 30.1p 27.8p
_____ _____ _____
Richard Roth
Chairman
6(th) January 2016
Cash Flow Statement for the Period Nine months to Six months to Year to
30 Nov 15 31 Aug 15 28 Feb 15
GBP'000 GBP'000 GBP'000
Net cash inflow/(outflow) from operating
activities (76) (53) (53)
Capital expenditure and
financial investment - - (86)
Purchase of investments 355 - -
Disposal of investments _____ _____ _____
Net cash inflow/(outflow) from capital expenditure
and financial investment 355 - (86)
Increase/(decrease) in cash 279 (53) (139)
_____ _____ _____
Notes to the Unaudited Financial Information
1. The unaudited financial information for the nine months to 30
November 2015 has been prepared in accordance with Financial Reporting
Standard 104 "Interim Financial Reporting" and in accordance with the
accounting policies and principles that will be adopted in the next
financial statements which are to be prepared under Financial Reporting
Standard 102 for the first time. No restatement of prior periods has
been necessary. The unaudited financial information for the nine months
to 30 November 2015 does not constitute statutory accounts within the
meaning of Section 415 of the Companies Act 2006. The comparative
figures for the year ended 28 February 2015 have been extracted from the
audited financial statements for that year, which have been delivered to
the Registrar of Companies. The independent auditor's report on those
financial statements was unqualified.
2. The calculation of earnings per share for the period is based on the
return attributable to shareholders divided by the weighted average
number of shares in issue during the period.
3. Listed investments are stated at market value based upon bid prices
at the accounting period end. The unrealised depreciation or
appreciation on the valuation of investments are dealt with in the
revaluation reserve.
4. The operating profit is stated after charging:
Interim Period Ended Year Ended
30 November 2015 28 February 2015
GBP'000 GBP'000
Directors' remuneration 8 3
Auditors' remuneration 5 6
Total 13 9
5. No liability to UK corporation tax arose during the period.
6. Investments
Unquoted investments
(Level 3)
GBP'000 Total investments GBP'000
Valuation and net book
amount:
Book cost as at 1 March 2015 2,014 2,014
Cumulative revaluation (294) (294)
Valuation at 1 March 2015 1,720 1,720
Movement in the year:
Purchases at cost - -
Cost of disposal (7) (7)
Revaluation on disposal (207) (207)
Revaluation in year 101 101
Valuation at 30 November 2015 1,607 1,607
Book cost at 30 November 2015 2,007 2,007
Revaluation to 30 November
2015 (400) (400)
Valuation at 30 November 2015 1,607 1,607
7. Share Capital
30 November 2015 28 February 2015
GBP'000 GBP'000
Authorised:
10,000,000 ordinary shares of 10p each 1,000 1,000
Total Authorised 1,000 1,000
Allotted, called up and fully paid:
6,792,923 (28 Feb 2015: 6,792,923) ordinary shares
of 10p each 679 679
8. Reserves
Profit and Loss
Share Premium Account Capital Reserve Unrealised Account Reserve
January 07, 2016 12:30 ET (17:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
GBP'000 GBP'000 GBP'000
At 1 March 2015 376 803 32
Profit/(loss) for
period 0 101 88
Movement on
Revaluation Reserve 0 (207) 207
Reserve Transfer 0 (1,097) 1,097
As at 30 November
2015 376 (400) 1,424
The distributable reserves at 30 November 2015 are GBP1,024,000
9. Copies of the Interim Statement have been lodged at Companies House
and published on the website. Further copies can be obtained from the
Company's Registered Office at:
The Magdalen Centre, Oxford Science Park, Oxford OX4 4GA
Board Directors : Richard Roth, Robin Goodfellow, David Livesley and
Alex Starling
Company Secretary: James Gordon - Gordons Partnership LLP
Investment Manager : OT2 Managers Ltd with services contracted to
Oxford Technology Management Ltd
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX 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 2 VCT plc via Globenewswire
HUG#1977496
http://www.oxfordtechnology.com
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January 07, 2016 12:30 ET (17:30 GMT)
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