Oxford Technology 2 VCT Regulatory News (OXH)

20 Oct 2005 16:16

Oxford Technology 2 VCT PLC20 October 2005 Oxford Technology 2 Venture Capital Trust plc Interim Statement For the period 1 March 2005 to 31 August 2005 Statement on behalf of the Board Net Assets per share share at 31 August 2005 were £0.79 compared to £0.77 on 28Feb 2005 and £0.79 on 31 August 2004. Hardide floated on AIM in April 2005, and OT2 sold its shares at float,realising just over £700,000. The shares cost £250,000 in 2000. OT2 will pay adividend of 5p per share. It is the nature of the business of investing in very early stage very high riskstart-up technology businesses that overall success is likely to come from theperformance of a few stars. It is good to report that many of the investmentsin the OT2 portfolio are developing well and retain the potential to be stars. On behalf of the Board John JacksonChairman Unaudited financial information Summarised Statement of Total Six Six YearReturn for the period months to months to 31 Aug 04 to 28 Feb 05 31 Aug 05 £000 £000 £000 Gain / (loss) on investments 184 105 72Income 17 26 47Expenses (77) (83) (166) _____ _____ _____Net return before taxation 124 48 (47)Tax on ordinary activities - - - _____ _____ _____Return attributable to equity shareholders 124 48 (47)Dividends in respect of equity shares - - - _____ _____ _____Transfers to / (from) reserves 124 48 (47) ===== ===== =====Revenue loss per share (1.00)p (0.95)p (1.98)pCapital return / (loss) per share 3.07p 1.75p 1.20pTotal return / (loss) per ordinary share 2.07p 0.80p (0.78)p ===== ===== ===== Summarised Balance Sheet 31 Aug 05 31 Aug 04 28 Feb 05 £000 £000 £000Unquoted investments 3,993 4,467 4,434Other net current assets 770 267 205 _____ _____ _____Net assets 4,763 4,734 4,639 ===== ===== =====Capital and ReservesCalled up share capital 600 600 600Share premium: Share issues 5,400 5,400 5,400 Expenses on share issues (179) (179) (179) _____ _____ _____ 5,821 5,821 5,821Capital reserve unrealised (403) (116) (149) realised (155) (593) (593)Revenue reserve (500) (378) (440) _____ _____ _____ 4,763 4,734 4,639 ===== ===== =====Net asset value per share 79p 79p 77p ===== ===== ===== Cash flow statement for the period Six Six Year months months to 28 Feb 05 to 31 Aug 05 to 31 Aug 04 £000 £000 £000Net cash outflow from operating activities (69) (88) (149)Capital expenditure and financial investment - - - Disposal of investments 688 40 40 _____ _____ _____Net cash outflow from capital expenditure and 688 40 40financial investment _____ _____ _____Increase/(decrease) in cash 619 (48) (109) ===== ===== ===== Notes to the Unaudited Financial Information 1 The financial information for each of the interim periods ended 31 August 2005and 31 August 2004 is unaudited and does not constitute statutory accountswithin the meaning of the Companies Act 1985. It has been prepared usingaccounting policies consistent with those set out in the companys statutoryaccounts for the year ended 28 February 2005. The financial information for theyear ended 28 February 2005 has been extracted from the companys statutoryaccounts for that period which contained an unqualified audit report and whichhave been filed with the Registrar of Companies. 2 The calculation of earnings per share for the period is based on the returnattributable to shareholders divided by the weighted average number of shares inissue during the period. 3 Listed investments are stated at market value based upon middle market pricesat the accounting period end. The unrealised depreciation or appreciation onthe valuation of investments and the gains and losses arising on the disposal ofinvestments are dealt with in the capital reserve. 4 Copies of the Interim Statement are being sent to shareholders and furthercopies can be obtained from the Companys Registered Office. This information is provided by RNS The company news service from the London Stock Exchange