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Oxford Technology 2 VCT PLC
Update for the quarter ending 31 May 2017
Oxford Technology 2 VCT PLC presents its quarterly update for the period commencing 1 March 2017.
The Directors have recently reviewed the valuation of its entire portfolio as at 31 May 2017.
The unaudited net asset value per ordinary share as at 31 May 2017 was 37.2p. There is no change from the previously published NAV for the period ending 28 February 2017.
As announced in our RNS on 8 June 2017 the investment in OC Robotics has now been sold, yielding an immediate payment of £1,356k to Oxford Technology 2 VCT PLC with a further payment expected (subject to warranties).
In June 2017, a post quarter end follow on investment was made in ImmBio (£8k).
The total number of ordinary shares in issue is 6,792,923.
The Board is aware of that, due to the age of the VCT and recent realisations, the VCT is becoming sub economic due to unavoidable overheads on a small asset base and also has limited ability to increase the asset base on its own. The Board has considered a number of options regarding how this can be dealt with (and is currently in discussions regarding these options). Once a proposal which the Board considers is in the best interests of existing shareholders is sufficiently advanced, a further announcement will be made and shareholders will be invited to approve any new arrangements. However, there can be no certainty that any of these discussions will lead to a concrete proposal, at this time or in the future.
The Directors are not aware of any other events or transactions which have taken place between 31 May 2017 and the publication of this statement which have had a material effect on the financial position of the Company.
05 July 2017
Lucius Cary, Oxford Technology Management
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