OXF.L Regulatory News (OXF)

8 May 2006 12:47

Oxford Technology 4 VCT PLC08 May 2006 Preliminary Announcement for Oxford Technology 4 Venture Capital Trust plc for the year ended 28 February 2006 Chairman's Statement Fund Raising A new prospectus for Oxford Technology 4 VCT was launched in February 2006 withthe intention of topping up the £7m raised in 2004/05, and taking advantage ofwhat was expected to be the last year for 40% income tax relief. The offer closed on 5th April 2006 and, as anticipated, this coincided with theChancellor reducing VCT tax relief from 40% to 30%, increasing the holdingperiod for VCT shares from 3 years to 5 years, and reducing the size of companyin which a VCT can invest from £15m gross assets to £7m gross assets. By the close of the offer, OT4 VCT had raised an additional £3.2m taking thefund to a total of £10.2m. Investment Portfolio Oxford Technology 4 VCT has now made 21 investments, 8 of which are follow-oninvestments in companies already in earlier Oxford Technology funds. For all ofthese investments, it is too early to really gauge progress (or lack ofprogress), but in particular the Board is pleased with Caretek Medical and OxisEnergy. Both companies have managed to generate significant interest frompotential partners, underlining the value of their technology. Fuller information on each of the investee companies is given in the latestnewsletter. Results for the year Interest on bank deposits and investee loans together with dividend incomeproduced gross revenue of £194,000 (2005: £33,000) in the year. Net revenue after taxation and management expenses was a loss of £3,000 (2005:loss of £165,000) and revenue return for the year was a loss of 0.04p (2005:loss of 16.3p) per share. Capital return was a loss of 1.27p per share. AGM Shareholders should note that the AGM for Oxford Technology 4 VCT will be heldon Monday 19th June 2006, at the Magdalen Centre, Oxford Science Park, startingat 12.00 noon and will include presentations by some of the companies in whichthe Oxford Technology VCTs have invested. A formal Notice of AGM has beenincluded at the back of these Accounts together with a Form of Proxy for thosenot attending. John Jackson Chairman 5 May 2006 Statement of total return (incorporating the revenue account)* for the period ended 28 February 2006 2006 2005 Revenue Capital Total £000 Revenue Capital Total £000 £000 £000 £000 £000Losses on investments - (85) (85) - - -Income 194 - 194 33 - 33Investment advisory fee (135) - (135) (20) - (20)Other expenses (62) - (62) (178) - (178) _____ _____ _____Net loss on ordinary activities (3) (85) (88) (165) - (165)before taxationTax on net return/(loss) on ordinary - - - - - -activities _____ _____ _____Loss attributable to equity (3) (85) (88) (165) - (165)shareholders and transfers fromreserves ====== ====== ======Loss per ordinary share (0.04)p (1.27)p (1.31)p (16.3)p - (16.3)p ====== ====== ====== * The revenue column of this statement is the profit and loss account of thecompany. All revenue and capital items in the above statement derive from continuingoperations. There were no recognised gains or losses for the year other thanthose shown above. Balance sheet at 28 February 2006 28 February 2006 28 February 2005 £000 £000 £000 £000Fixed assetsInvestments 3,549 473Current assetsDebtors 132 180Cash at bank 3,011 2,360 _____ _____ 3,143 2,540Creditors: amounts falling due (5) (130)within one year _____ _____Net current assets 3,138 2,410 _____ _____Net assets 6,687 2,883 ===== =====Capital and reservesCalled up share capital 713 315Share premium account 6,227 2,773Other reserves:Capital reserve - realised - -Capital reserve - unrealised (85) -Revenue reserve (168) (165) _____ _____Shareholders' funds 6,687 2,883 ===== =====Net asset value per share 93.8p 91.5p ===== ===== Cash flow statement for the year ended 28 February 2006 2006 2005 £000 £000Net cash outflow from operating (80) (215)activitiesCapital expenditure and financialinvestment Purchase of investments (3,161) (473) ______ ______Net cash outflow from capital (3,161) (473)expenditure and financial investment ______ ______Net cash outflow before financing (3,241) (688) FinancingIssue of shares 3,892 3,083Expenses paid in connection with share - (35)issue _____ _____Net cash inflow from financing 3,892 3,048 _____ _____Increase in cash 651 2,360 _____ _____ Notes: 1. Basis of preparation The preliminary announcement has been prepared in accordance with applicableaccounting standards and with the Statement of Recommended Practice 'Financialstatements of investment trust companies' issued in January 2003. The principalaccounting policies have remained unchanged from those set out in the company's2005 financial statements. 2. Return per Ordinary Share The calculation of revenue return per share is based on the loss of £3,000 forthe financial period divided by the weighted average number of ordinary sharesof 6,712,203 in issue during the period. 3. General The financial information set out in this preliminary announcement does notconstitute statutory accounts as defined in section 240 of the Companies Act1985. The balance sheet at 28 February 2006 and the statement of total return,cash flow statement and associated notes for the year then ended have beenextracted from the company's 2006 statutory financial statements on which theauditors' opinion is unqualified and does not include any statement undersection 237 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange