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Annual Financial Report & Dividend Announcement

7 Jun 2010 13:14

RNS Number : 1785N
Oxford Technology 3 VCT PLC
07 June 2010
 



Preliminary Announcement for

 Oxford Technology 3 Venture Capital Trust plc for the year ended

28 February 2010

Chairman's Statement

Investment Portfolio

The company currently has a portfolio of 23 investee companies, some of which have experienced problems of various sorts during the last year and some of which have made good progress. Ultimate success, meaning a good financial return to OT3 shareholders, is likely to come from one or two investees which become stars, and which deliver very large returns rather than for all companies doing well. This is the nature of investing in early-stage and start-up technology companies. Several investee companies continue to have the potential to deliver excellent returns.

 

On 1 March 2010, and so too late to be included in the accounts to 28 February, OT3 received £196k from the sale of its shareholding in Membrane Extraction Technology, a spin-out from Imperial College. OT3 invested £75k in MET in 2002. In March 2010 MET was sold to a German chemical company, Evonik.

 

OT3 owns a 6% shareholding in Glide Pharma, which is developing a needle-free injector. In late 2009 and early 2010 Glide sought to raise £2m of additional share capital, and was once again oversubscribed eventually raising slightly over £2.6m. This puts the company in a stronger financial position.

 

OT3 owns 8.8% of Ixaris whose product, Entropay, enables people to pay securely over the internet. A virtual VISA card is generated for each transaction. It has been growing strongly. OT3 originally invested in the company as a start-up in 2002, pre-product and pre-sales. Sales were £3.5m in 2008 and increased to £4.8m in 2009.

 

OT3 owns 27.6% of Telegesis, which specialises in designing and supplying Zigbee modules. Zigbee is a communications protocol, and enables small amounts of data to be transmitted over long distances at very low power consumption. Each Zigbee module can communicate with 64,000 other modules and the modules automatically configure themselves into a self-healing network so that communication over the network is very reliable. Telegesis is now growing strongly as Zigbee networks are becoming more widely used. Because it does only Zigbee, it has been able to provide good quality service to its growing base of customers.

 

In late March, also since the date of these accounts, Scancell closed a £2.5m funding round, in which OT3 invested £75,000. The investment included a number of new investors as well as existing shareholders of the company, and will enable Scancell to complete Phase 1/2a clinical trials of its first product, a DNA cancer vaccine against melanoma.

 

Several other companies in the portfolio are also making good progress and the Board is pleased with the overall development of the portfolio.

 

Following the sales of OT3 shareholdings in Bioanalab and MET, and after a final payment from the sale of Commerce Decisions, as announced today, the Board resolved to pay a dividend of 10p to shareholders of record on 18 June 2010. The dividend will be paid on or around 16 July 2010.

 

 

Investment Policy & Fundraising

 

The Company has built a balanced portfolio of investments with the following characteristics:

• unlisted, UK based, science, technology and engineering businesses

• investments typically in the range of £100,000 to £500,000

• generally located within approximately 60 miles of Oxford

 

After the year end, the Company raised equity by the issue and allotment of ordinary shares of 10 pence each. 273,049 Shares were allotted at 90p on 1 April 2010. An aggregate of 10,777 of these Shares were allotted to Directors. A further 90,684 Shares were allotted at the same price on 26 April 2010. None of these Shares were allotted to Directors.

 

The issue of these Shares is a post balance sheet event and is not reflected in the Net Asset Value figures. These funds will enable the Company to offer modest support to its investee companies in their additional fundraising rounds.

 

 

Results for the year

 

Interest on bank deposits and investee loans produced gross income of £3,000 (2009: £9,000) in the year. The loss for the year was £123,000 (2009: loss of £375,000) and earnings per share for the year showed a loss of 2.0p (2009: loss of 6.5p).

 

 

AGM

 

Shareholders should note that the AGM for Oxford Technology 3 VCT will be held on Thursday 15th July 2010, at the Magdalen Centre, Oxford Science Park, starting at 12.00 noon and will include presentations by some of the companies in which the Oxford Technology VCTs have invested.

 

John Jackson

Chairman

7 June 2010

 

 

 

 

 

 

Profit and Loss Account for the year ended 28 February 2010

 Year ended

28/02/10

Year ended

28/02/09

£000

£000

Gain on disposal of investments held at fair value

166

120

Unrealised (loss) on fair value of investments

(135)

(361)

Other income

3

9

Investment management fees

(122)

(94)

Other expenses

(35)

(49)

________

_______

(Loss) on ordinary activities before tax

(123)

(375)

Taxation on profit/(loss) on ordinary activities

-

-

======

======

(Loss) on ordinary activities after tax

(123)

(375)

======

======

Earnings per share (basic and diluted)

(2.0)p

(6.5)p

======

======

 

 

Historic cost profits and losses note

 

 Year ended

28/02/10

Year ended

28/02/09

£000

£000

(Loss) for the year:

(123)

(375)

Unrealised loss on fair value of investments

135

361

Realisation of prior year's net gains

(166)

(120)

Historical cost loss before tax

(154)

(134)

Historical cost loss after tax

(154)

(134)

 

 

 

 

Balance sheet at 28 February 2010

28 February 2010 Audited

28 February 2009 Audited

£000

£000

£000

£000

Fixed assets

Investments at fair value

4,317

5,163

Current assets

Debtors

7

2

Cash at bank

1,118

361

_____

_____

1,125

363

 

 

Creditors: amounts falling due within one year

(7)

(214)

_____

_____

Net current assets

1,118

149

_____

_____

Net assets

5,435

5,312

=====

=====

Capital and reserves

Called up share capital

607

581

Share premium account

220

71

Other reserves

-

-

Capital reserve - realised

-

76

Capital reserve - unrealised

-

365

Profit and loss account

4,086

(728)

Revaluation reserve

522

-

Shareholders' funds

5,435

5,312

=====

=====

Net asset value per share

90p

92p

=====

=====

 

Cash flow statement for the year ended 28 February 2010

2010 Audited

2009 Audited

£000

£000

Net cash (outflow) from operating activities

(367)

(54)

Capital expenditure and financial investment

Purchase of investments

(276)

(244)

Disposal of investments

1,154

219

______

______

Net cash (outflow)/inflow from capital expenditure and

financial investment

878

(25)

 

Net cashflow before financing

511

(79)

Financing

Issue of Shares

261

412

Expenses paid in connection with share issue

(15)

(12)

Net cash inflow from financing

246

400

______

______

Increase in cash

757

321

======

======

 

Notes:

1. Basis of preparation

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investments. The financial statements have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'Financial statements of investment trust companies' issued in 2009.

2. Earnings per Ordinary Share

The calculation of earnings per share for the period is based on the profit attributable to shareholders divided by the weighted average number of shares in issue during the period.

 

3. Valuation of Investments

 

Quoted investments are stated at the bid price. Unquoted investments are stated at fair value, where fair value is estimated after following the guidelines laid down by the International Private Equity and Venture Capital Guidelines. The Directors' policy is to initially state investments at cost and then to review the valuation every three months. The Directors' may then apply an appropriate methodology which, as far as possible, draws on external, objective market data such as where fair value is indicated by:

 

• a material arms length transaction by a third party in the shares of the company, with discounting for more junior asset classes, and reviewed for impairment; or

 

• a suitable revenue or earnings multiple where the company is well established and generating maintainable profits. The multiple will be based on comparable listed companies but may be discounted to reflect a lack of marketability; or

 

• the net assets of the business.

 

Where such objective data is not available the Directors' may choose to maintain the value of the company as previously stated or to discount this where indicated by underperformance against plan.

 

During the year ended 28 February 2006 the directors revoked the Investment Company status to enable distributions of capital profits to shareholders. Consequently the accounts have been prepared to include a statutory profit and loss account and a note of historical profits and losses in accordance with schedule 4 of the Companies Act 2006 and Financial Reporting Standard 3 (FRS 3).

 

The directors consider that this basis of valuation of unquoted investments is consistent with the International Private Equity and Venture Capital Guidelines.

 

4. General

The financial information set out in this preliminary announcement does not constitute statutory accounts as defined in section 434(3) of the Companies Act 2006. The balance sheet at 28 February 2010 and the profit and loss account, cash flow statement and associated notes for the year then ended have been extracted from the company's 2010 statutory financial statements.

Those financial statements have been delivered to the Registrar of Companies, contain an auditors' opinion that is unqualified and do not include any statement under section 498(2) or (3) of the Companies Act 2006.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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