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OXFORD TECHNOLOGY VCT PLC ("OT1" 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.
OT1 announces that it has appointed OT1 Managers Ltd, a wholly owned subsidiary of OT1, 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 two new non-executive Directors. Mr Robin Goodfellow and Mr David Livesley will join the Board of OT1 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 2 VCT plc ("OT2"), Oxford Technology 3 VCT plc ("OT3") and Oxford Technology 4 VCT plc ("OT4"). OT1, OT2, OT3 and OT4 will now have a common Board of 4 Directors (Alex Starling, Richard Roth, Robin Goodfellow and David Livesley).
Alex Starling 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 Scancell.
Mr David Livesley will remain the Chairman of OT4. He worked in the life science and pharmaceutical industries before joining Cambridge Consultants Ltd in 1987, where he was involved in product and process development across a range of industrial sectors. Between 1999 and 2012 he worked for the YFM Group, a Venture Capital Fund Manager where he specialised in investments in early stage technology companies. He currently works as an independent Non-Executive director for a number of early stage technology businesses.
Mr. Goodfellow owns 22,000 shares in the Company. Mr. Livesley owns no shares in the Company.
The new Directors are or have been directors of the following publicly quoted companies within the last five years.
Current Former directorships
Robin Goodfellow OT2, OT3 and OT4 None
David Livesley OT2, OT3 and OT4 None
No other information is required to be disclosed under Listing Rule 9.6.3.
Lucius Cary on 01865 784466
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