22 Jul 2021 08:20
Notice of AGM and Shareholder PresentationsCopies of the Annual Report and Accounts of the Company in respect of the financial period ended 28 February 2021 and the Notice of Annual General Meeting and Shareholder presentation meetings to be held on 25 August 2021, 28 July and 12 August have been posted to shareholders. Copies of the Annual Report and Proxy Forms are available on the www.oxfordtechnologyvcts.com website and the text of the accompanying letter sent out is copied below. Please sign up for the meetings at https://forms.gle/oTHUsj7dquSwpCug7
Dear Shareholder,
I am pleased to announce that the Annual Accounts for the year ended 28 February 2021 are now available for download at www.oxfordtechnologyvct.com/vct4.html.
The Net Asset Value (NAV) per share has decreased by 9.7p from 36.1p as at 29 February 2020 to 26.4p as at 28 February 2021. The decrease is largely due to the payment of a 5.0p dividend on 31 July 2020 following the sale of Castleton Technology Plc to MRI Software, but also includes a reduction in the valuation of ImmBio and Select Technology, in the case of the latter to reflect lower sales and profitability following a change in strategic direction.
At the end of the first quarter to 31 May 2021 the unaudited NAV per share was 30.8p. This incorporates the IPO share price of Arecor which floated on AIM on 3 June. The Directors have also reviewed the carrying values of the unquoted investments and these remain largely unchanged from their values at 28 February 2021.
After hosting last year’s AGM via electronic means, we had hoped to return to full normality for this year’s event, while also recognising the convenience of enabling virtual participation.
Having not had the chance to meet shareholders for over two years, we are therefore planning the following shareholder interactions to maximise the opportunity for shareholder involvement during the holiday period:
Wednesday 28 July 2021 at 2pm: An informal shareholder meeting held in person in Oxford, providing an opportunity for a face-to-face meeting with shareholders. The agenda will include a presentation from OTM followed by a shareholder Q&A to include future strategy. There will be investee video presentations by Arecor, Scancell and Select Technology. If you intend to attend this session, please notify us in advance by email to vcts@oxfordtechnology.com in case there are changes to arrangements that need to be communicated at short notice.Thursday 12 August 2021 at 10.30am: webinar – a repeat of the above shareholder event, but held online, and using chat/email facility for shareholder Q&A. Details for how to register for this event will be on the website: www.oxfordtechnologyvct.com. We will also put any of the investee company video presentations on the website.Wednesday 25 August 2021 at 10.30am: Virtual AGM. This will be a meeting to consider the formal business of the AGM. All voting will be by poll (i.e. not using a show of hands), so please ensure that you return your proxy forms as soon as possible (and in any event by 10.30am on 23 August 2021) and / or register your votes with your broker if your shares are held with nominees. It is strongly encouraged that you appoint the Chairman of the AGM as your proxy to enable the orderly conduct of voting at the AGM. Please refer to the Notice of AGM for further details regarding lodging a proxy form. Please send in any questions you have, and we will seek to answer them at the meeting and also put up a Q&A section on the website.We hope shareholders will appreciate the flexibility being offered.
May we also take this opportunity to remind shareholders that it is legal requirement to declare if you are resident for tax purposes outside of the UK according to the Common Reporting Standards. If this does apply to you please contact us or the Registrars directly for the relevant links to self certification.
Yours sincerely,
David LivesleyChairman