LONDON (Alliance News) - The Oxford Technology-managed venture capital trusts reported interim results on Wednesday, with all but one see a drop in net asset value.
Oxford Technology Venture Capital Trust PLC reported a net asset value per share of 51.0 pence as at August 31, down from 52.4p as at the end of February, with a total net asset value return per share of 106.0p.
The net asset value reduction was due to a reduction in the value of the trust's listed holdings in cancer immunotherapy firm Scancell Holdings PLC, whose bid price dropped to 11.8 pence per share from 14.0p during the period following a placing.
Oxford Technology 2 VCT reported NAV per share at 30.4p as at August 31, down from 31.7p at the end of February, due to increased operating costs and a net reduction in the valuations of the trust's portfolio.
The trust's total NAV return per share came up to 51.4p, lower than 52.7p.
Oxford Technology 3 VCT reported net asset value per share at August 31 stood at 85.5p, down from 86.2p on February 28, with a total NAV return per share of 121.5 pence versus 122.2p.
Again, the fall in net asset value was due to a fall in the share price of Scancell Holdings.
Oxford Technology 4 VCT however, reported a rise in net asset value to 48.6p at the end of August from 45.9p at the end of February, with a total return on NAV of 88.6p.
The net asset value rise came from the increased share price in software and services provider Castleton Technology PLC during the period.
All four of the venture capital trusts said they continue to monitor changes to UK legislation and its potential to hit both it and its investee companies going forward. All the trusts said they do not expect the changes to have a material impact on their current portfolios.
Shares in Oxford Technology were untraded at 40.00 pence on Wednesday. Oxford Technology 2 was untraded at 42.50p, Oxford Technology 3 was also untraded at 52.50p and Oxford Technology 4 shares also stayed at 29.50p.