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There is a detailed report on Oxford Technology VCT's recent AGM which can be found in our members area here: https://www.sharesoc.org/agm-reports/oxford-technology-vct-agms-2020/
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There is a detailed report on Oxford Technology VCT's recent AGM which can be found in our members area here: hTTps://sharesoc.ning.com/xn/detail/6389471:Comment:53466
To access the report, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here: hTTps://www.sharesoc.org/membership/
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There is a recent AGM report on Oxford Technology VCT available here: hTTps://www.sharesoc.org/members-area/
To access the report, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here: hTTps://www.sharesoc.org/membership/
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Scancell has a vaccine for skin cancer in clinical trials. Early indications on animals are that when Scancell's vaccine is used in combination with checkpoint inhibitors, the success rate for the treatment rises from around 50% to around 85%. If this is borne out by future trials, then Scancell's value may increase significantly. Getmapping is making steady progress: sales and profits are on an upward trend. Select has been growing and is now profitable and cash generating. BioCote had accumulated a substantial cash reserve and recently returned some capital to its shareholders.
Retaining Venture Capitalist Status (VCT)..... Very Positive Rns on the potential of future investments..!
Moving... The market likes the Rns...
Could really move on such a small market cap and soooo few shares on offer... At least things now have been resolved...!!!
Rns...
Thanks for filling the SCLP BB in, good luck to you all.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12041989 I expect scancell reduction within the VCT is required
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12011693 net asset value per ordinary share as at 30 June 2014 was 65p. VCT status held by the Company remains. The Directors are awaiting the outcome of HMRC's review following representations from Joseph Hage Aaronson LLP.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11979944 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11977183 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11890857
Doze, sadly that sensible compromise maybe too late after withdrawal of VCT status. Indeed I believe our human Chief Executive Lucius suggested it to HMT/HMRC in January!
Chasf As a basis for appeal against HMRC withdrawal of VCT status, as a small investor I think it is right to question the application of the 15% rule in any form to OT1 and OT3 in 2014 (i.e. given the trusts age since launch). I do not believe Parliament intended in 1995 for VCT status to be withdrawn after the rights issue support of such a successful small business as Scancell. I have just posted a slightly amended version of the following paragraph on the ft.com website. I believe Lucius Cary reached broadly similar but not exactly the same views many months ago. We shall doubtless see when the details of the appeal are made public or there is a judicial review. As an investor, since launch, in OT3, I believe HMRC has acted without due propriety. The apparently clear concentration avoidance rationale for the 15% rule in the early years of a VCT life is less clear for a limited life (small business) VCT near the end of its life. The inevitable failures mean that after (say) ten years there is inevitable concentration in the portfolio that remains and increased concentration may be the best use for investors cash.. I do not believe Parliaments (1995) intention was that VCT status should be withdrawn if there was 15%concentration (however defined) after (say) 10 years: primarily VCTs are about encouraging investment in small business.
Status may be reinstated if OXT reduce Scancell to 15% of vct. Tax break is to encourage investment in aim and non quoted business so obviously a limit is placed with the intention that successful investments will result in return to investors or a bigger spread of companies to benefit from vct money, sitting on the gain is not following the rules. Octopus had to sell zoopla and reconfigure vcts or they might have fallen foul but they took action.
As I understand it (and it's still quite obscure to me), the trouble arose because the calculation of the right percentage to re-invest involved a discounted rate for the shares, but as is not uncommon for AIM shares, the market price suddenly leapt by a huge amount (because Scancell was successful in its trials), and that meant that the previously correct percentage was wrong. OXT had been in that situation before, and in that case had taken advice from HMRC before the transaction; this time I currently assume they used the same technique they'd been told to use before, but something had changed and it was now "wrong". As you suggest, it seems a little bizarre that you run into trouble by being successful. If they'd simply lost the lot, the original investors would still have their tax breaks. Also, it seems savage to revoke the status, so that all the investments previously made were invalidated, allowing a big tax grab going back 5 years. (Welcome to Brown's HMRC.) This could now happen to any VCT at any time. Certainly, at the moment they are all saying, we're so clever this couldn't happen to us, but how can they be sure? More importantly, how can any VCT investor now be sure? You'd have to make allowances for a possible retroactive grab back, for years, even after you'd managed to sell on the shares! I wouldn't say that OT1 was dominated by Scancell in financial terms until its success (and that took some time). There is a set of small companies still ticking over, and at least some have reasonable prospects, but what now happens to them?
HMRC revoking of VCT status for OT1 and OT3 feels improper to me. As an OT3 investor who attended the July 3, 2013 Oxford Technology AGM, I am struck by how dominated OXT(OT1) assets were/are by Scancell. . However near the end of a VCT life after an inevitable number of failed investments the largest remaining investment may well be over 15% of the remaining portfolio value. Perhaps OT1(OXT) and OT3 (OTT) should be treated differently? I have not researched Hansard, which I trust has been scrutinised carefully by numerous HMRC lawyers, but on the last years of the John Major government my foggy feeling was that the intention was to encourage investment in small companies as OT has done for 15 years.
mmm tempting
Davedavedave went -have a look at the SCLP board. Why aren't you there anyway?
to today's investor presentation?
Hi guys , riddler nice to see you on fum , great call . I/ and not , hope your both well guys so why hasn't this share dropped with sclp! And by the way I'll Love to join your extra clud . What's the stakes .
Yeah, I thought that too, but ended up relenting and bought a few! Not a trading fund, but can be held in ISA and if we get the 320p on SCLP I'll live with the daft spread to disinvest! Movement looks good on the portfolio tho! LOL
do u like that ?
i think MM are following my maths opps
Hmm spread Movement??? Higher Bid lost the 28 offer! Hmmm Still haven't done my maths, will try over the w/e! GLA