The Lemon Fool

127tolmers wrote:OTVCTs Shareholder Webinar on Thurs 12 Aug @ 10.30am

https://www.oxfordtechnologyvct.com/index.html

Previous Q&As

https://www.oxfordtechnologyvct.com/adm ... /Q&A21.pdf

As far as I could see - not a whisper of reducing the bid-offer spread in Oxford Technology 3, but much more concern about sheltering long-deferred CGT.

scotia wrote:

127tolmers wrote:OTVCTs Shareholder Webinar on Thurs 12 Aug @ 10.30am

https://www.oxfordtechnologyvct.com/index.html

Previous Q&As

https://www.oxfordtechnologyvct.com/adm ... /Q&A21.pdf

As far as I could see - not a whisper of reducing the bid-offer spread in Oxford Technology 3, but much more concern about sheltering long-deferred CGT.

And as I should have added - the AGM resolutions allow a vote on a winding up (or not) of the VCT, but do not allow a vote on a tender offer.
Yet a tender offer, at a sensible discount to NAV (not more than 10%) should allow an exit for long suffering (non deferrer) shareholders, while still allowing a remaining shelter for the CGT deferrers.

Result of AGM

Wed 25 Aug 2021 11:14
The Board of Oxford Technology 3 VCT PLC gives notice that all resolutions proposed at the AGM on Wednesday 25th August 2021 were passed on a poll. Details of proxy votes are included in the presentation used at the AGM which is available on the Oxford Technology website at https://www.oxfordtechnologyvct.com/ .

Further Enquiries

Lucius Cary on 01865 784466

Various news sites are reporting that on 23rd September Oxford Technology 3 VCT (OTT) announced that following the successful sale of IXaris, a dividend of 6p per share will be paid on 15th October. I cannot find any mention of this on the Oxford Technology VCT site, nor can I find any RNS. However the Hargreaves Lansdown site states that OTT has declared a dividend of 6p, with an ex-div date of 30/9/21, and a payment date of 15/10/21.
The news reports also state that OTT are planning a (limited) share buy back at 10% to NAV .

RNS 23/9/21
Following the recent cash sale of Ixaris Group Holdings plc, the Board of Oxford Technology 3 VCT plc (the "Company") has resolved to pay an interim capital dividend for the year ending 28 February 2022 of 6.0 pence per Ordinary share on 15 October 2021. The record date for the interim dividend is 1 October 2021, the ex-dividend date is 30 September 2021.
The Board further announces that the Company intends to conduct a small share buyback in November 2021. The Company intends to buy back some of its shares at a 10% discount to the most recently published NAV before the buyback date. Further details will be made available in the half year accounts.
For further details please contact Lucius Cary 01865 - 784466

SpinDoctor wrote:RNS 23/9/21

Thanks for the RNS - but where did you find it? Still no sign of it on the Oxford Technology VCT, London South East, and Hargreaves Lansdown sites. .

scotia wrote:

SpinDoctor wrote:RNS 23/9/21

Thanks for the RNS - but where did you find it? Still no sign of it on the Oxford Technology VCT, London South East, and Hargreaves Lansdown sites. .

A link has now appeared on the Oxford Technology Site.

Half Yearly report (to 31st August) from Oxford Technology 3

https://www.oxfordtechnologyvct.com/admin/jscripts/tiny_mce/plugins/filemanager/files/news/OT3_Interims_2021.pdf

At 31st August, 65% of NAV was invested in two AIM Listed Companies - Arecor and Scancell. The other 6 unquoted investments amounted to 8% of NAV, while Other Assets (sale of IXaris) amounted to 27%. A Dividend of 6p per share will be paid tomorrow, which amounts to 12.8% of the August 31 NAV.

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 chris.lloyd@panmure.com. 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 24th
https://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.

.
I see that the OT3 have been delivering on their commitment on share buybacks over the last few days
https://www.investegate.co.uk/oxford-te ... 0000H2000/
https://www.investegate.co.uk/oxford-te ... 0000H1275/
https://www.investegate.co.uk/oxford-te ... 3000H9949/

They have now bought back 530,637 shares in total which represents 7.82% of the original 6,785,233 OT3 shares and this was conducted at a 10% discount to latest NAV. The cost of the buyback was £237,356

On top of this we have also had a recent 6p dividend costing £407,114 for a total of £644,470 (dividends plus buybacks) paid out of the Ixaris proceeds of £679k at completion, so 94,9% of the Ixaris proceeeds have now been returned to shareholders
https://www.investegate.co.uk/oxford-te ... 0000H8508/
https://www.investegate.co.uk/oxford-te ... 2134H4967/

There are also further contingent amounts of up to £132k are still due over the next 2-3 years.

OT3 are certainly setting an good example for others regarding good corporate governance, consulting with shareholders, returning cash to shareholders and delivering on commitments made at recent shareholder meetings, if only other BODs at other VCTs (for example Edge) would do the same (sigh!)
https://www.investegate.co.uk/oxford-te ... 1439H7725/
.

The four Oxford Tech VCTs reported updated NAV figures (up to Feb 23rd) on Thursday, although the RNS announcements did not appear on Investegate for some unkown reason

Net Asset Value - 13:30:00 24 Feb 2022 - OXF News article | London Stock Exchange
Net Asset Value - 13:30:00 24 Feb 2022 - OXH News article | London Stock Exchange
Net Asset Value(s) - 13:30:00 24 Feb 2022 - OXT News article | London Stock Exchange
Net Asset Value - 13:30:00 24 Feb 2022 - OTT News article | London Stock Exchange

NAVs for all four of the VCTs has declined since the last update (Nov 30th) this can largely be attributed to the decline in value of the quoted investments (Arecor and Scancell).

timbo003 wrote:The four Oxford Tech VCTs reported updated NAV figures (up to Feb 23rd) on Thursday, although the RNS announcements did not appear on Investegate for some unkown reason

Net Asset Value - 13:30:00 24 Feb 2022 - OXF News article | London Stock Exchange
Net Asset Value - 13:30:00 24 Feb 2022 - OXH News article | London Stock Exchange
Net Asset Value(s) - 13:30:00 24 Feb 2022 - OXT News article | London Stock Exchange
Net Asset Value - 13:30:00 24 Feb 2022 - OTT News article | London Stock Exchange

NAVs for all four of the VCTs has declined since the last update (Nov 30th) this can largely be attributed to the decline in value of the quoted investments (Arecor and Scancell).

All RNS on the NAV changes are available on the Hargreaves Lansdown Site. These list the NAV at 24th February 2022, and are updates of the previous NAVs issued at 30/11/2021
Oxford 1 (OXT) Fall of 16%
Oxford 2 (OXH) Fall of 10%
Oxford 3 (OTT) Fall of 16%
Oxford 4 (OXF) Fall of 6%
For Oxfords 1, 2, 3 the major contributor to the falls are the share prices of Arecor and Scancell
For Oxford 4 the major contributor to the fall is the share price of Arecor.