Thanks Scotia, the report also provided details of the forthcoming share buyback, see below: https://www.oxfordtechnologyvct.com/adm ... s_2021.pdf
The Directors have announced a 6p per share interim capital dividend to be paid on 15 October 2021 thereby returning a substantial portion of the Ixaris proceeds to shareholders. They are also pleased to have announced a small share buyback at a discount of 10% to the half year NAV adjusted for the dividend, the movement in the Arecor share price and any further major changes. This will allow shareholders to have an opportunity of an economic exit. Shareholders who wish to participate should take their own financial advice and, if interested, register with Chris Lloyd at Panmure Gordon firstname.lastname@example.org.
It is anticipated that the buyback will occur in early November. In the event of a potential take up in excess of 10%, the Directors will agree an equitable scale back mechanism with Panmure Gordon.
I will opt out from participating in the the share buyback as I do not wish to reduce my exposure of the two largest portfolio holdings (Scancell and Arecor)
On the subject of Arecor, it is worth noting that they have come out with a number of positive announcements since the IPO back in June which have helped propel the share price higher, this prompted OT3 to issue an RNS on their portfolio on September 24thhttps://www.investegate.co.uk/oxford-te ... 4534H8786/
The latest Arecor announcement (last Monday) is probably the most intriguing:https://www.investegate.co.uk/arecor-th ... 18076478O/
This concerned a ruling in favour of Arecor against GSK at the European patent office after GSK had (twice) tried to get one of Arecor’s patents revoked. The patent in question concerned stabilisation of Polysaccharide vaccines. GSK have a large business in vaccines and a number of these vaccines are polysaccharide vaccines so there are good reasons for why they would not want this sort of technology ending up in the wrong hands, it will be intriguing to see if GSK will now take any further steps which would most likely involve a licencing deal, but there must also be an outside chance that they could make an offer for the company.
Arecor’s share price responded positively to the news and now stands at 410p (mid price) and with each 100p change in Arecor's share price corresponding to a 4.4p change in NAV of OT3, Arecor now contributes approximately 18p/share towards the OT3 NAV.