OXT.L Regulatory News (OXT)

26 Sep 2007 10:03

Oxford Technology Vent Cap Tst PLC26 September 2007 Oxford Technology Venture Capital Trust plc Interim Statement For the period 1 March 2007 to 31 August 2007 Statement on behalf of the Board Net assets per share on 31 August 2007 were 46p, compared to 47p on 28 February2007. Including dividends of 27p per share paid to date, total return as at 31August was 73p. OTVCT retains cash, on which no fees are being charged, to paya further dividend of 5p per share. As explained in previous reports, this isretained against the possibility of claims under a warranty on sale of theholding in Valid Information Systems. These warranties expire in 2010, but theprobability of any claim under these warranties is remote. The Board willdeclare further dividends when it considers it prudent to do so. Details of all investees are given in the newsletter, which is available onwww.oxfordtechnology.com. As explained in previous newsletters, the outlook forthe portfolio, which was not looking good 12 months ago, has improved somewhatof late, since there now exists the possibility that Select Technology, in whichOTVCT owns a significant shareholding (36%), may become valuable. Select isworking closely with Ricoh who will now be marketing SelectOs new softwareproduct directly to its own dealers worldwide. It is difficult to estimate thesales volume in advance, but it could be substantial, and because this issoftware, the margin is high. On behalf of the Board John Jackson Chairman Unaudited financial information Profit and Loss Account for the Period Six months Six months Year to to 31 Aug 07 to 31 Aug 06 28 Feb 07 £000 £000 £000 Turnover 15 30 47Expenses (36) (50) (102) _____ _____ _____Operating Profit (21) (20) (55)Realised loss on disposal ofinvestments (-) (-) (224)Loss on ordinary activities beforetax (21) (20) (279)Tax on loss on ordinary activities - - - _____ _____ _____ Loss for financial period aftertax (21) (20) (279) _____ _____ _____ Dividends - 485 -Retained loss (21) (505) (279) _____ _____ _____ Earnings Per Share (0.43)p (0.41)p (5.75)p ===== ===== ===== Statement of Total Recognised Six months Six months Year toGains and Losses for the Period to 31 Aug 07 to 31 Aug 06 28 Feb 07 £000 £000 £000 Loss for the financial period (21) (20) (279) Unrealised loss on investmentsheld at fair value (45) (200) (183) Total loss recognised in the (66) (220) (462)period Summarised Balance Sheet 31 Aug 07 31 Aug 06 28 Feb 07 £000 £000 £000 Investments held at fair value 1,703 1,974 1,740 Other net current assets 530 1,295 559 _____ _____ _____Net assets 2,233 3,269 2,299 ===== ===== ===== Capital and ReservesCalled up share capital 485 485 485Profit and loss account 1,693 2,701 1,714Revaluation reserve 55 83 100 _____ _____ _____ ShareholdersO funds 2,233 3,269 2,299 ===== ===== =====Net asset value per share 46p 67p 47p ===== ===== ===== Cash flow Statement for the period Six months to 31 Aug Six months to 31 Aug Year to 28 Feb 07 07 06 £000 £000 £000 Net cash(outflow)/inflow fromoperating activities (26) 5 (53) Dividends paid - (485) (1,213) Capital expenditure and financialinvestment Purchase of investments (20) (81) (131) Disposal of investments 12 - 78 ____ _____ _____ Net cash outflow from capitalexpenditure and financialinvestment (8) (81) (53) _____ _____ _____Decrease in cash (34) (561) (1,319) ===== ===== ===== Notes to the Unaudited Financial Information 1 The financial information for each of the interim periods ended 31 August 2007and 31 August 2006 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 2007. The financial information for theyear ended 28 February 2007 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