OXF.L Regulatory News (OXF)

6 May 2005 16:36

Oxford Technology 4 VCT PLC06 May 2005 Preliminary Announcement for Oxford Technology 4 Venture Capital Trust plc for the period from 9 February 2004 to 28 February 2005 Chairman's Statement Fund Raising By 31st August 2004, Oxford Technology 4 VCT (OT4VCT) had raised £1.3m and hadbegun to negotiate its first investments. By 28th February 2005, OT4VCT hadreceived subscriptions for £3.5m (although not all of these had been allotted asshares at the year end). At the time of publishing of these accounts, OT4VCT hasraised a total of £6.9m, and remains open for further subscriptions for the 2005/06 tax year until 27th May 2005. Investment Portfolio As at the 28th February 2005, OT4VCT had completed its first five investmentsand had agreed to make a further two investments. It is too early in the life ofthe fund to say anything meaningful about the progress of these investments butso far, so good, would be a fair summary. Results for the period Interest on bank deposits and other interest produced gross revenue of £33,000in the year. Net revenue after taxation and management expenses was a loss of£165,000 and revenue return for the period was a loss of 16.3p per share.Shareholders should note that these results give a 'snapshot' of the financialposition mid-fund raising, and the fact that they show an apparent large lossper share is an anomaly. The cost of fund raising (which, when the offer closes,will be capped at 4% of gross funds raised) is for the most part, incurred upfront, ahead of the funds being raised. However, the majority of the funds areactually raised (and shares allotted) towards the end of the tax year on 5thApril, i.e. after the 28th February 2005 financial year end. This means that,for these accounts, nearly the full cost of fund raising is being attributed tothe relatively low number of shares allotted during the period. AGM Shareholders should note that the AGM for Oxford Technology 4 VCT will be heldon Friday 10 June 2005, at the Magdalen Centre, Oxford Science Park, starting at12.00 pm and will include presentations by some of the companies in which theearlier 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. Fuller information on each of the investee companies is given in the April 2005newsletter. John Jackson Chairman 6 May 2005 Statement of total return (incorporating the revenue account)* for the period 9 February 2004 to 28 February 2005 Revenue £000 Capital Total £000 £000 Income 33 - 33Investment advisory fee (20) - (20)Other expenses (178) - (178) _____ _____ _____Net return/(loss) on ordinary (165) - (165)activities before taxationTax on net return/(loss) on ordinary - - -activities _____ _____ _____Loss attributable to equity (165) - (165)shareholders and transfers fromreserves ====== ====== ======Return/(loss) per ordinary share (16.3p) - (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 2005 £000 £000Fixed assetsInvestments 473Current assetsDebtors 180Cash at bank 2,360 _____ 2,540 Creditors: amounts falling due (130)within one year _____Net current assets 2,410 _____Net assets 2,883 =====Capital and reservesCalled up share capital 315Share premium account 2,733Other reserves:Capital reserve - realised -Capital reserve - unrealised -Revenue reserve (165) _____Shareholders' funds 2,883 =====Net asset value per share 91.5p ===== Cash flow statement for the year ended 28 February 2005 £000Net cash outflow from operating (215)activitiesCapital expenditure and financialinvestment Purchase of investments (473) ______Net cash outflow from capital (473)expenditure and financialinvestment ______Net cash outflow before financing (688) FinancingIssue of shares 3,083Expenses paid in connection with share (35)issue _____Net cash inflow from financing 3,048 _____Increase in cash 2,360 _____ Notes: 1. Basis of preparation The preliminary announcement has been prepared in accordance with applicableaccounting standards up to and including FRS 19 and with the Statement ofRecommended Practice 'Financial statements of investment trust companies' issuedin January 2003. The principal accounting policies have remained unchanged fromthose set out in the company's 2003 financial statements. 2. Return per Ordinary Share The calculation of revenue return per share is based on the loss of £165,000 forthe financial period divided by the weighted average number of ordinary sharesof 1,011,483 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 2005 and the statement of total return,cash flow statement and associated notes for the year then ended have beenextracted from the company's 2005 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