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Oxford Technology 2 VCT PLC  -  OXH   

Oxford Technology 2 VCT plc : Result of Tender Offer

Released 13:44 04-Sep-2017

Oxford Technology 2 VCT plc : Result of Tender Offer

Oxford Technology 2 VCT plc (the "Company") today announces the results of the Tender Offer which was set out in the circular published by the Company on 26 July 2017 (the "Circular"), and which closed on 31 August 2017. As set out in the Circular, the Tender Offer Price was 31.5 pence per Ordinary Share with Shareholders having a Basic Entitlement of 30%.

 

1,461,034 Ordinary Shares were validly tendered under the Tender Offer. This was less than total of 2,037,877 that the Company was authorised to buy back. This means that all the Ordinary Shares tendered by Shareholders, including any excess number requested above their Basic Entitlement, will therefore be re-purchased. The total value of all Ordinary Shares being purchased is £460,225.71.

  

It is anticipated that the proceeds payable to the Company's Qualifying Shareholders for the certificated Ordinary Shares purchased under the Tender Offer will be despatched in the form of a cheque (together with a balancing certificate where applicable) and that CREST account holders will have their CREST accounts credited by 14 September 2017.

 

The Company intends to cancel such Ordinary Shares, reducing its total issued share capital from 6,792,923 to 5,331,889 Ordinary Shares.

 

The above figures may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Oxford Technology 2 VCT plc under the FCA's Disclosure and Transparency Rules. In particular, Shareholders who remain invested should be aware that the Tender Offer may have the effect of increasing their percentage of the total share capital in the Company remaining in issue to a level where such a disclosure is required.

Those directors of the VCT and Oxford Technology Management who are shareholders in the Company exercised their right to tender their Basic Entitlement (or just under) under the Tender Offer, such that the shares they disposed of, and resultant holdings are now as follows:

                          No. shares before         No. Shares tendered          No. Shares after
Richard Roth              62,902                              18,869                        44,033
Robin Goodfellow     19,700                               5,700                         14,000
Lucius Cary               33,597                              10,079                         23,518

While the Board intends to declare further dividends as soon as possible, it does not want to limit its flexibility to participate in possible short term investee company actions. The Board plans to make an announcement on further dividends at a later date, but as stated in the Tender Offer Circular: "Shareholders should also note that a dividend will be paid to all Shareholders still on the register after the completion of the Tender Offer. At the current time, the Directors would expect to declare a dividend of at least 7p per remaining Share, which will be paid before the end of November 2017. The precise quantum of this dividend will depend in part on any follow-on investments made in the next few months. Any Shares purchased under the Tender Offer will not be eligible for this dividend."

Enquiries

Lucius Cary on 01865 784466




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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 2 VCT plc via Globenewswire


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Oxford Technology 2 VCT plc : Result of Tender Offer - RNS