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OXFORD TECHNOLOGY 4 VCT PLC ("OT4" or the "Company")
Change of Investment Manager and Appointment of New Directors
The Chairman's statement issued on 30 June 2015, included within the full year results for the year to 28 February 2015 (the "Accounts Announcement"), made reference to the intention for the Company to become self-managed and to appoint new directors to its Board.
OT4 announces that it has appointed OT4 Managers Ltd, a wholly owned subsidiary of OT4, as its Investment Manager. The Company is also pleased to announce that its subsidiary has subcontracted its services to Oxford Technology Management Ltd (the Company's previous Investment Manager) on substantially the same terms as outlined in the Accounts Announcement.
The Company also confirms the appointment of three new non-executive Directors. Mr Robin Goodfellow, Mr Richard Roth and Mr Alex Starling will join the Board of OT4 with immediate effect. Shareholders will be asked to confirm their appointments at the forthcoming AGM on 26 August 2015.
These appointments take place at the same time as similar appointments being made by Oxford Technology VCT plc ("OT1"), Oxford Technology 2 VCT plc ("OT2") and Oxford Technology 3 VCT plc ("OT3"). OT1, OT2 OT3 and OT4 will now have a common Board of 4 Directors (Alex Starling, Richard Roth, Robin Goodfellow and David Livesley).
David Livesley will continue to chair the Company. The Audit Committee will comprise Richard Roth (chair) and Robin Goodfellow.
Mr Robin Goodfellow will remain the Chairman of OT3. Robin had 30 years of experience in senior Accounting Manager and Internal Audit Manager roles with ExxonMobil International, Esso Europe, Esso Petroleum and Esso Norway. He has particular expertise in advising on and implementing cost effective controls across total company business activities and their accounting systems. Robin has an MA in Engineering from Cambridge University and an MBA from the London Business School. More recently he has been an active investor and shareholder in VCTs, EISs and other small companies. He was a regular commentator on VCT industry performance and current VCT company issues. He is a personal shareholder in Abzena plc.
Mr Richard Roth is currently a Director of OT1 and is becoming Chairman of OT2. He is a Chartered Management Accountant. Having worked for two blue chip companies, he joined Easyjet, where he was one of the key executives that transformed the business from private company to a household name. He has subsequently worked as CFO for an airline and, most recently, as director of performance management and turnaround for Monarch Group. Richard has also had a number of consulting assignments, in particular helping companies determine their strategy and implementing business improvements. He has been deeply involved in growing and/or turning businesses around. Richard is a well informed VCT investor, having followed the industry closely since inception and has extensive understanding of the sector having observed good and bad practices over the last 15 years. He has invested in a number of small (mainly unquoted) companies and has also advised several potential start up businesses - mainly travel related. He is a personal shareholder in Glide Pharmaceutical Technologies Limited.
Mr Alex Starling will remain Chairman of OT1. He runs his own corporate advisory firm, ACS Technical Limited. He has helped a number of technology companies raise venture capital and, conversely, shareholders realise their investments in such technology companies. Alex has an interest (as founder and shareholder) in several young growing companies Alex is a chartered engineer and a member of the Institute of Mechanical Engineers, has a PhD in Engineering from Cambridge University and holds the ICAEW Diploma in Corporate Finance.
Mr. Roth owns 44,310 shares in the Company. None of the other new Directors owns shares in the Company.
Lucius Cary will continue as a Director of the Company until the AGM when he does not plan to stand for re-election.
The new Directors are or have been directors of the following publicly quoted companies within the last five years.
Current Former directorships
Robin Goodfellow OT1, OT2 and OT3 None
Richard Roth OT1, OT2 and OT3 None
Alex Starling OT1, OT2 and OT3 None
No other information is required to be disclosed under Listing Rule 9.6.3.
Lucius Cary on 01865 784466
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