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Disposal of Investment
Oxford Technology 2 VCT plc (LON:OXH) is pleased to announce that the sale of OCR envisaged in the 2017 Annual Report has now completed. Oliver Crispin Robotics Limited (and its subsidiary OCRobotics Ltd.) "OCR", a company in which Oxford Technology 2 VCT plc originally invested when the company was a start-up in 2001, has been sold to GE Aircraft Engine Services Ltd.
OCR has developed a range of snake arm robots, robots in which the head of the snake may be moved along a path and the rest of the snake then follows the path taken by the head.
Oxford Technology 2 VCT plc invested £125,000 initially, and then made additional investments over the years taking the total investment to £310,860 by the date of the most recent annual accounts to 28 February 2017, when it was valued at £1,535,000.
Oxford Technology 2 VCT plc has received an initial payment of £1,356k, with a further £327,500 being held in escrow for 24 months against normal business warranties and an estimated £ 98k of excess cash to be released in 90 days. In line with OT2's normal practice, 50% of both the amount in escrow and the estimated excess cash are being recognised in the net asset value.
Oxford Technology 2 VCT plc will recognise an immediate realised value of £1,569k, compared to the holding value of £ 1,535k as at 28/02/2017 equating to 0.5 p/share gain, and it represents a 5 fold uplift vs cost.
As indicated in the Annual Report, the Directors of Oxford Technology 2 VCT plc will propose how much, how and when the capital is returned, following the vote at the AGM regarding the proposed tender offer.
For further information please contact Lucius Cary on 01865 784466
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