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Oxford Technology 3 VCT PLC  -  OTT   

Oxford Technology 3 VCT plc : 3rd Quarter Results

Released 17:30 07-Jan-2016

Oxford Technology 3 VCT plc : 3rd Quarter Results

Company Registration Number: 4351474

Oxford Technology 3 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
30 November 2015
Year Ended
28 February 2015
Net Assets at Period End £7.03m £6.48m
Net Asset Value per Share 103.5p 95.6p
Cumulative Dividend 10.0p 10.0p
Total NAV Return 113.5p 105.6p
Share Price (mid market) 67.5p 72.5p
Earnings per Share 7.9p (2.7)p

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 will have the flexibility to declare further dividends.

On behalf of the Board
Robin Goodfellow - Chairman

Unaudited Financial Information

 

Income Statement for the Period
 

Nine months to
30 Nov 15
£'000
 

Six months to
31 Aug 15
£'000
 

Year to
28 Feb 15
£'000
Gain/(loss) on disposal of assets held at fair value                                              

1,333
 

3

 
 

2
Unrealised gain on fair value of investments  

(794)

 
 

659

 
 

94

 
Other income 3 3 -
Expenses (1) 10 (281)
 

Profit/(loss) on ordinary activities
before tax
_____

 

541
_____

 

675
_____

 

(185)
Tax on profit/(loss) on ordinary activities  

-
 

-
 

-
  _____ _____ _____
Return on ordinary activities after tax 541 675 (185)
  _____ _____ _____
Earnings per Share 7.9p 9.9p (2.7)p
  _____ _____ _____

                                                                                       

 

Statement of Changes in Equity for the Period
 

Nine months to
30 Nov 15
£'000
 

Six months to
31 Aug 15
£'000
 

Year to
28 Feb 15
£'000
Shareholders' funds at the start of period                                                         

6,485
 

6,485
 

6,670
Return on ordinary activities after tax 541
_____
675
_____
(185)
_____
Shareholders' funds at the end of period  

7,026
 

7,160
 

6,485
  _____ _____ _____

 

 

Summarised Balance Sheet
 

 

30 Nov 15
£'000
 

 

31 Aug 15
£'000
 

 

28 Feb 15
£'000
Investments held at fair value             3,722 7,077

 
6,525

 
Net current assets 3,363 178 149
Creditors: amounts falling due
> 1 year
 

(59)
 

(95)
 

(189)
 

 

Net assets
_____

 

7,026
_____

 

7,160
_____

 

6,485
  _____ _____ _____

     

 

 

Capital and Reserves
 

 

30 Nov 15
£'000
 

 

31 Aug 15
£'000
 

 

28 Feb 15
£'000
Called up share capital                          679 679 679
Share premium 719 719 719
Profit and loss account 4,095 850 773
Revaluation reserve 1,533 4,912 4,314
 

 

Shareholders' funds
_____

 

7,026
_____

 

7,160
_____

 

6,485
  _____ _____ _____
Net asset value per share 103.5p 105.5p 95.6p
  _____ _____ _____

Robin Goodfellow
Chairman
6th January 2016

                                                                                       

 

Cash Flow Statement for the Period
 

Nine months to
30 Nov 15
£'000
 

Six months to
31 Aug 15
£'000
 

Year to
28 Feb 15
£'000
Net cash (outflow) from operating activities                                                    

(139)
 

(194)
 

(76)
Capital expenditure and
financial investment
     Purchase of investments
     Disposal of investments
 

 

(100)
3,442
 

 

-
110

 
 

 

-
12
Net cash inflow from capital expenditure and financial investment _____
3,342
_____
_____
110
­­_____
_____
12
_____
 

Increase/(decrease) in cash
 

3,203
 

(84)
 

(64)
  _____ _____ _____

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
30 November 2015
£'000
Year Ended
28 February 2015
£'000
Directors' remuneration 15 13
Auditors' remuneration 5 6
Total 20 19

5.  No liability to UK corporation tax arose during the period.

6.   Investments

  AIM quoted investments
Level 1
£'000
Unquoted investments
Level 3
£'000
Total investments £'000
Valuation and net book amount:      
Book cost as at 1 March 2015 440 1,876 2,286
Cumulative revaluation 1,178 3,061 4,239
Valuation at 1 March 2015 1,618 4,907 6,525
Movement in the year:      
Purchases at cost - 100 100
Cost of disposal (46) (151) (197)
Revaluation on disposal (61) (1,851) (1,912)
Revaluation in year (812) 18 (794)
Valuation at 30 November 2015 699 3,023 3,722
Book cost at 30 November 2015 394 1,795 2,189
Revaluation to 30 November 2015 305 1,228 1,533
Valuation at 30 November 2015 699 3,023 3,722

7.  Share Capital

  30 November 2015
£'000
28 February 2015
£'000
Authorised:    
15,000,000 ordinary shares of 10p each 1,500 1,500
Total Authorised 1,500 1,500
     
Allotted, called up and fully paid:    
6,785,233 (28 Feb 2015: 6,785,233) ordinary shares of 10p each 679 679

8.  Reserves
               

  Share Premium Account
£'000
Capital Reserve Unrealised
£'000
Profit and Loss 
Account Reserve
£'000
At 1 March 2015 719 4,314 773
Profit/(loss) for period 0 (794) 1,335
Movement on
Revaluation Reserve
 

0
 

(1,912)
 

1,912
Reserve Transfer 0 (75) 75
As at 30 November 2015 719 1,533 4,095

The distributable reserves at 30 November 2015 are £4,095,000

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 :  Robin Goodfellow, David Livesley, Richard Roth and Alex Starling

Company Secretary: James Gordon - Gordons Partnership LLP
       
Investment Manager :  OT3 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 3 VCT plc via Globenewswire

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