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Oxford Technology VCT PLC
Update for the quarter ending 31 May 2017
Oxford Technology 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 valuation of Select has been temporarily reduced pending visibility of the outcome of Select's new business strategy.
The unaudited net asset value per ordinary share as at 31 May 2017 was 46.2p. This is a fall of 7.0p from the previously published NAV for the period ending 28 February 2017. The fall in NAV was primarily due to the fall in Scancell's bid price from 14.0p to 10.25p after the placing in May 2017. The bid price has subsequently partially recovered.
The total number of ordinary shares in issue is 5,431,655.
The Board noted in the recent Annual Financial Statement that, though the portfolio remains concentrated, the VCT structure is suited to holding your Company's assets. The overall portfolio is well positioned for both growth and cash generation. As it is not planned to increase the size of the portfolio in terms of number of investments, however, the Board wishes to have in place appropriate plans to ensure any further realisations do not result in your VCT becoming sub-economic. 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. 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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