OXT.L Regulatory News (OXT)

20 Oct 2005 16:13

Oxford Technology Vent Cap Tst PLC20 October 2005 Oxford Technology 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 at 31 August 2005 were £0.87, £0.94 on 28 Feb 2005 and£1.26 on 31 August 2004. The major reason for the fall in net asset value hasbeen the fall in value of the holding in Avidex, which has been written down tojust £4,305, compared to £300,000 (cost) at 28 Feb 2005, and £1.3m a year ago.The reason for this dramatic fall is that when the large Venture Capitalistsinvested in 2002, they did so by means of special shares with price protection,and then later with high interest loans. The consequence is very largedilution for OT1 and all early shareholders. The good news is that we duly received the final earn-out payment from the saleof Valid, and will now ring-fence and not charge fees on £1.5m, enough to pay adividend of 30p per share, which we will pay as soon as it is prudent andlegally possible to do so. There is also a further small payment (a retention)due in February 2006. The complication is that OT1 was required to sign thenormal warranties on sale in order to receive the earn-out payments. Some ofthese expire in 2006 and some in 2010. On behalf of the Board John Jackson Chairman Unaudited financial informationSummarised Statement of Total Return for the period Six Six Year months to 31 Aug 05 months to 31 Aug 04 to 28 Feb 05 £000 £000 £000Gain / (loss) on investments 94 342 (1,158)Income 29 22 60Expenses (68) (82) (156) _____ _____ _____Net return before taxation 55 282 (1,254)Tax on ordinary activities - - - _____ _____ _____Return attributable to equity shareholders 55 282 (1,254)Dividends in respect of equity shares - - - _____ _____ _____Transfers to / (from) reserves 55 282 (1,254) ===== ===== =====Revenue loss per share (0.80)p (1.25)p (1.98)pCapital return / (loss) per share 1.94p 7.06p (23.86)pTotal return / (loss) per ordinary share 1.14p 5.81p (25.84)p ===== ===== ===== Summarised Balance Sheet 31 Aug 05 31 Aug 04 28 Feb 05 £000 £000 £000Unquoted investments 2,323 4,431 2,927Other net current assets 1,921 1,294 1,262 _____ _____ _____Net assets 4,244 5,725 4,189 ===== ===== =====Capital and ReservesCalled up share capital 485 485 485Share premium: Share issues 4,368 4,368 4,368 Expenses on share issues (261) (261) (261) _____ _____ _____ 4,592 4,592 4,592Capital reserve unrealised (958) 1,200 (304) realised 1,275 523 527Revenue reserve (665) (590) (626) _____ _____ _____ 4,244 5,725 4,189 ===== ===== =====Net asset value per share 87p 118p 86p ===== ===== ===== 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 (157) (153) (271)Capital expenditure and financial investment (51) (126) (127) Disposal of investments 696 1,497 1,502 _____ _____ _____Net cash inflow from capital expenditure and financial 645 1,371 1,375investment _____ _____ _____Increase in cash 488 1,218 1,104 ===== ===== ===== Notes to the Unaudited Financial Information 1 The financial information for each of the interim periods ended 31 August 2005 and 31 August 2004 is unaudited anddoes not constitute statutory accounts within the meaning of the Companies Act 1985. It has been prepared usingaccounting policies consistent with those set out in the companys statutory accounts for the year ended 28 February2005. The financial information for the year ended 28 February 2005 has been extracted from the companys statutoryaccounts for that period which contained an unqualified audit report and which have been filed with the Registrar ofCompanies.2 The calculation of earnings per share for the period is based on the return attributable to shareholders divided bythe 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. Theunrealised depreciation or appreciation on the valuation of investments and the gains and losses arising on thedisposal of investments are dealt with in the capital reserve.4 Along with other investors, OTVCT signed the warranties which were associated with the sale of Valid InformationSystems Ltd. No claims under the warranties have been made and none are expected; no provision has therefore been madein the accounts. However, in theory claims could be made under the warranties, and the Board therefore considers itprudent to retain the sale proceeds against any possible future claims. The Board intends to declare a dividend inrespect of the realised gain on the sale of Valid as soon as it considers it prudent to do so.5 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the CompanysRegistered Office. This information is provided by RNS The company news service from the London Stock Exchange