OXT.L Regulatory News (OXT)

16 Oct 2006 14:31

Oxford Technology Vent Cap Tst PLC16 October 2006 Oxford Technology Venture Capital Trust plc Interim Statement For the period 1 March 2006 to 31 August 2006 Statement on behalf of the Board A dividend of 10p per share was paid in March this year. A further dividend of15p per share was announced on 31 August and is to be paid on 6 October 2006.This will bring the total dividends paid to date by OT1 to 27.7p per share. OT1retains sufficient cash from the proceeds of the sale of its holding in ValidInformation systems to pay a further dividend of 5p per share, and this will bepaid when it is prudent to do so. The issue, as previously explained is thatOT1 signed the normal warranties on sale, and, in theory might have to repaypart or all of the proceeds of sale. Net Assets per share at 31 August 2006, including dividends paid to date were80p, compared to 85p on 28 February and 90p on 31 August 2005. However, as explained in the newsletter, several companies in the OT1 portfoliohave suffered in various ways, and while there remains the chance of asignificant return from one or two of the investees, the outlook for theportfolio as a whole is not good. On behalf of the Board John Jackson Chairman Unaudited financial information Profit and Loss Account for the Six months Six months Year toPeriod to 31 Aug to 31 Aug 28 Feb 06 £000 05 £000 06 £000 Turnover 30 29 836Expenses (50) (68) (119) _____ _____ _____Operating Profit (20) (39) 717Profit/(loss) on revaluation ofinvestments (200) 42 (532)Profit/(loss) on ordinaryactivities before tax (220) 3 185Tax on profit/(loss) on ordinary - - -activities _____ _____ _____ Profit/(loss) for financial periodafter tax (220) 3 185 _____ _____ _____ Dividends 485 - -Retained profit/(loss) (705) 3 185 _____ _____ _____ Earnings Per Share (4.54)p 0.06p 3.81p ===== ===== ===== Summarised Balance Sheet 31 Aug 06 31 Aug 05 28 Feb 06 £000 £000 £000Investments at fair value throughprofit or loss 1,974 2,323 2,094Other net current assets 1,295 1,921 1,880 _____ _____ _____Net assets 3,269 4,244 3,974 ===== ===== ===== Capital and ReservesCalled up share capital 485 485 485Share premium: Share issues - 4,368 - Expenses on share issues - (261) - _____ _____ _____ 485 4,592 485Capital reserve unrealised - (958) - realised - 1,275 -Profit and loss account 2,701 (665) 3,206Revaluation Reserve 83 - 283 _____ _____ _____ Shareholders' funds 3,269 4,244 3,974 ===== ===== =====Net asset value per share 67p 87p 82p ===== ===== ===== Cash flow Statement for the period Six months to 31 Aug Six months to 31 Year to 28 Feb 06 Aug 05 06 £000 £000 £000Net cash(outflow)/inflow from 5 (157) 723operating activitiesDividends paid (485) - -Capital expenditure and financialinvestmentPurchase of investments (81) (51) (99) Disposal of investments - 696 - ____ _____ _____ Net cash inflow from capitalexpenditure and financialinvestment (561) 645 (99) _____ _____ _____(Decrease)/Increase in cash (561) 488 624 ===== ===== ===== Notes to the Unaudited Financial Information 1 The financial information for each of the interim periods ended 31 August 2006 and 31 August 2005 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 February2006. The financial information for the year ended 28 February 2006 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