18 Nov 2009 10:02
Oxford Technology 3 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2009 to 31 August 2009
Statement on behalf of the Board
It is good to be able to report that despite the generally poor economic conditions and lower company valuations, OT3 has made satisfactory progress with several companies in the portfolio developing well and continuing to have the potential to deliver good returns to shareholders. Net Asset Value per share at 31 August was 96p which compares to 106p at 31 August 2008 and 92p at 28 February 2009. In the six months since the annual accounts to 28 February 2009, OT3 achieved successful exits from BioAnaLab and the final payment from the sale of Commerce Decisions. Following our EGM in April 2009 we have now obtained court approval to revoke the status of OT3 as an Investment Company in order for the Company to pay dividends from realised capital profits. This means that the board will now be able to declare a dividend, and the company to pay the dividend despite the company having accumulated trading losses.
On behalf of the Board
John Jackson - Chairman
Unaudited Financial Information
| Summarised Statement of Total Return for the Period | Six months to 31 Aug 09 £'000 | Six months to 31 Aug 08 £'000 | Year to 28 Feb 09 £'000 |
| Gain/(loss) on investments | 229 | 482 | (241) |
| Income | 1 | 4 | 9 |
| Expenses | (78) | (82) | (143) |
| Net return before taxation | 152 | 404 | (375) |
| Tax on ordinary activities | - | - | - |
| Return attributable to equity shareholders | 152 | 404 | (375) |
| Dividends in respect of equity shares | - | - | - |
| Transfers to reserves | 152 | 404 | (375) |
| Revenue loss per share | (1.30)p | (1.36)p | (2.32)p |
| Capital return per share | 3.87p | 8.39p | (4.17)p |
| Total return per ordinary share | 2.57p | 7.03p | (6.49)p |
| Summarised Balance Sheet | Six months to 31 Aug 09 £'000 | Six months to 31 Aug 08 £'000 | Year to 28 Feb 09 £'000 |
| Investments held at fair value | 4,428 | 5,950 | 5,163 |
| Other net current assets | 1,282 | 141 | 149 |
| Net assets | 5,710 | 6,091 | 5,312 |
| Capital and Reserves | Six months to 31 Aug 09 £'000 | Six months to 31 Aug 08 £'000 | Year to 28 Feb 09 £'000 |
| Called up share capital | 607 | 581 | 581 |
| Share premium: Shares issued | 5,253 | 5,268 | 5,030 |
| Expenses on shares issued | (14) | (250) | (12) |
| 5,846 | 5,599 | 5,599 | |
| Capital reserve - realised | (92) | (44) | 76 |
| Capital reserve - unrealised | 762 | 1,208 | 365 |
| Revenue reserve | (806) | (672) | (728) |
| Shareholders' funds | 5,710 | 6,091 | 5,312 |
| Net asset value per share | 96p | 106p | 92p |
| Cash Flow Statement for the Period | Six months to 31 Aug 09 £'000 | Six months to 31 Aug 08 £'000 | Year to 28 Feb 09 £'000 |
| Net cash inflow/(outflow) from operating activities | (125) | (18) | (54) |
| Capital expenditure and financial investment Purchase of investments | (191) | (89) | (244) |
| Disposal of investments | 1,009 | - | 219 |
| Net cash outflow from capital expenditure and financial investment | 818 | (89) | (25) |
| Financing Issue of Shares | 266 | 412 | 412 |
| Expenses paid in connection with shares issued | (14) | (8) | (12) |
| Net cash inflow from financing | 252 | 404 | 400 |
| Increase/(decrease) in cash | 945 | 297 | 321 |
Notes to the Unaudited Financial Information on pages 2 and 3
1 The financial information for each of the interim periods ended 31 August 2009 and 31 August 2008 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 1985. It has been prepared using accounting policies consistent with those set out in the company's statutory accounts for the year ended 28 February 2009. The financial information for the year ended 28 February 2009 has been extracted from the company's statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies.
2 The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.
3 Listed investments are stated at market value based upon middle market prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.
4 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.