Oxford Tech 2 VCT Strategy/Company/Operations Update
July 28 2021 - 5:08AM
UK Regulatory
TIDMOXH
Previous Chairman's statements in Annual and Interim reports
have regularly referred to a desire by the Board to seek to
increase the asset base of the Company. The most recent report
issued at the end of last month, stated: "We have always made clear
that there is no certainty that either strategic route (a merger or
increasing the asset base with a new manager) can be successful but
the Directors will continue seeking such opportunities where
possible.
We can report, however, that we are in active negotiations which
could provide the opportunity we have been seeking. We will update
shareholders if and when any of these discussions reach a
conclusion, and in any event, shareholder approval would then be
required before any transaction could proceed."
The Board of OT2 is pleased to provide a further update to
enable more open discussions at the two forthcoming shareholders
events. The first takes place at 2pm today in Oxford and the second
one, a webinar, will be at 10.30am on Thursday 12 August (details
below). No additional price sensitive information will be shared
during these forums.
Discussions continue with two parties whose identities are
currently confidential, either of whom would be a good partner to
work with. Both would look to raise funds in a new share class,
consistent with the Board's stated aim to seek to raise the
Company's net assets, to enable the running costs to be shared more
widely and create fund longevity for those shareholders with
deferred capital gains.
In addition, consideration is also being given to the merits of
one of more of the other OT VCTs merging with OT2 at the same time
(using a scheme of arrangement that will preserve existing
shareholders tax benefits). Any such merged funds would be into
separate share classes of OT2 to ensure shareholders suffer no
dilution of their individual portfolio holdings.
Any fund raise (and merger if applicable) is subject to the OT2
Board agreeing acceptable terms with one of the two parties, as
well as OT2 shareholder agreement at a separate EGM. Furthermore,
in the case of any merger, it is also subject to approval by the
Boards of any OT fund to be merged, as well as approval of that
VCT's shareholders.
As stated previously, there is no certainty that any of the
above options will conclude. However, we are keen to explore these
concepts with shareholders so that we can try to ensure that any
route selected by the Board(s) is likely to be met with shareholder
approval were it to be sought. In any event we will be seeking
shareholder approval at the AGM for the continuation of the
VCT.
Both shareholder informal forums will include a presentation
from OTM followed by a shareholder Q&A to include future
strategy. There will be selected investee video presentations.
Details for how to register for the webinar is on the website:
https://www.globenewswire.com/Tracker?data=oQrgu98pE8gIk1TKX5KG3_nZHsl80ZPOLlw64bp17SGsOJA4JNBxCrtNbvKPog2Gr4xgRLtzMUD8ek0ZJHZNJxOzWE8bHsObi583XXtKRiY9j9W2JYcF7qeLNvRuf0OS
www.oxfordtechnologyvct.com.
No dates have been determined yet for any general meetings
required to actually give effect to any of the above potential
proposals.
For more information, please contact Richard Roth, the Chairman,
by emailing
https://www.globenewswire.com/Tracker?data=J1fGTohjs4SueC9ZI_fKp0YGp43anyjcO1ThIEE4CfU_a3-QgAx0E1HmimPraFSYd3gJn9RYUnV2MtCloGDwDj6ToQFmYsGEMY19CjT6ST56phe6tUbSv4_atEpx_0wV
vcts@oxfordtechnology.com.
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
(END) Dow Jones Newswires
July 28, 2021 06:08 ET (10:08 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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