Oxford Tech 3 VCT Notice Of Agm And Shareholder Presentations
23 Juli 2021 - 7:14AM
UK Regulatory
TIDMOTT
Notice of AGM and Shareholder Presentations
Copies have been posted to shareholders of the Annual Report and
Accounts of the Company in respect of the financial period ended 28
February 2021 and the Notice of Annual General Meeting to be held
on 25 August 2021 and the Shareholder presentation meetings to be
held on 28 July and 12 August. Please sign up for the meetings at
https://forms.gle/oTHUsj7dquSwpCug7
Copies of the Annual Report and Proxy Forms are available on the
www.oxfordtechnologyvcts.com website and the text of the
accompanying shareholders letter sent out is repeated below.
Dear Shareholder,
I am pleased to announce that the Annual Accounts for the year
ended 28 February 2021 are now available for download from
www.oxfordtechnologyvct.com/vct3.html.
The Net Asset Value (NAV) per share has decreased by 27.4p from
69.6p at 29 February 2020 to 42.2p at 28 February 2021. This is a
disappointing result. The portfolio value of Ixaris Group Holdings
declined by GBP2.3m with the collapse of its market and the loss
was only partially offset by a gain of GBP0.7m in Scancell.
However, Ixaris has now been sold. On 14 May 2021 a sale and
purchase agreement was signed allowing OT3 to exit at a profit for
cash close to the value we were carrying at year end. Completion of
the sale ix expected to be 31 July 2021.
The unaudited NAV per share rose to 44.4p as at 31 May 2021.
This incorporates the IPO share price of Arecor which floated on
AIM on 3 June partially offset by a fall in the Scancell share
price. The Directors have also reviewed the carrying costs of the
unquoted investments and these remain largely unchanged from their
values at 28 February 2021.
Shareholders should note that as a result of the sale of Ixaris
and the flotation of Arecor that your Company has become
transformed into a very concentrated life sciences AIM VCT with
substantial cash resources.
This opens up new possibilities for a return of profits and a
reduction in the discount at which OT3 shares trade to NAV. Clearly
it is expected that substantial Ixaris proceeds will be returned to
shareholders as dividends, but the Board is conscious of its
additional responsibilities. There has previously been little
liquidity for trading OT3 shares, the spread too high and the
discount too large. The Board has a governance requirement to
deliver on this, where practicable.
In previous years, it has proved impossible to follow the
practices of larger VCTs to provide share buyback facilities due to
the lack of cash resources. As mentioned in the Annual Report, the
buyback strategy is now under review. A presentation will be made
during the upcoming meetings detailed below and placed on the
website. We will welcome shareholder views and input as we finalise
our review.
After hosting last year's AGM via electronic means, we had hoped
to return to full normality for this year's event, while also
recognising the convenience of enabling virtual
participation.Having not had the chance to meet shareholders for
over two years, we are therefore planning the following shareholder
interactions to maximise the opportunity for shareholder
involvement during the holiday period:
-- Wednesday 28 July 2021 at 2pm: An informal shareholder meeting held in
person in Oxford, providing an opportunity for a face-to-face meeting
with shareholders.
The agenda will include a presentation from OTM followed by a
shareholder Q&A to include future strategy. There will be
investee video presentations by Arecor, Scancell and Select
Technology. If you intend to attend this session, please notify us
in advance by email to
https://www.globenewswire.com/Tracker?data=xGNbcxAU2X6Hs1_VM0xuUaTkIoiqZ7l3jQLlRRe1NhGJ0vhZJyl7eUNCXpiBFCHSD1CMeJdCFvGF9ZzsxsSzbi-VDpRscIdLtFLEpLqKBX3LYXe8FfgjRUhaj5AKxBsl
vcts@oxfordtechnology.com in case there are changes to arrangements
that need to be communicated at short notice.
-- Thursday 12 August 2021 at 10.30am: webinar -- a repeat of the above
shareholder event, but held online, and using chat/email facility for
shareholder Q&A. Details for how to register for this event will be on
the website: www.oxfordtechnologyvct.com. We will also put any of the
investee company video presentations on the website.
-- Wednesday 25 August 2021 at 10.30am: Virtual AGM. This will be a meeting
to consider the formal business of the AGM. All voting will be by poll
(i.e. not using a show of hands), so please ensure that you return your
proxy forms as soon as possible (and in any event by 10.30am on 23 August
2021) and / or register your votes with your broker if your shares are
held with nominees. It is strongly encouraged that you appoint the
Chairman of the AGM as your proxy to enable the orderly conduct of voting
at the AGM. Please refer to the Notice of AGM for further details
regarding lodging a proxy form. Please send in any questions you have,
and we will seek to answer them at the meeting and also put up a Q&A
section on the website.
We hope shareholders will appreciate the flexibility being
offered.
May we also take this opportunity to remind shareholders that it
is legal requirement to declare if you are resident for tax
purposes outside of the UK according to the Common Reporting
Standards. If this does apply to you please contact us or the
Registrars directly for the relevant links to
self-certification.
Yours sincerely,
Robin Goodfellow
Chairman
(END) Dow Jones Newswires
July 23, 2021 01:14 ET (05:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Oxford Technology 3 Vent... (LSE:OTT)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Oxford Technology 3 Vent... (LSE:OTT)
Historical Stock Chart
Von Jun 2023 bis Jun 2024