Oxford Technology 4 VCT PLC
Update for the quarter ending 30 November 2017
Oxford Technology 4 VCT PLC presents its quarterly update for the period commencing 1 September 2017.
The Directors have recently reviewed the valuation of its entire portfolio and the unaudited net asset value per ordinary share was 52.7p as at 30 November 2017. This is a fall of 2.0p from the previously published NAV per share for the period ending 31 August 2017. The total return to shareholders including previous dividends of 37.0p per share is now 89.7p per share.
The change in NAV is primarily due to a reduction in the Plasma Antennas valuation as it seeks new significant third party financing or support.
The Board of Oxford Technology 4 VCT PLC welcomes the recent budget changes with respect to VCTs and the government`s response to the Patient Capital Review. We welcome the extension of the six month VCT rule to twelve months as providing a greater level of future re-investment flexibility. We also appreciate the rationale for the increase of the level of qualifying investments to 80% (up from 70%) from April 2019. However, as a very small VCT, we believe this may give us some administrative problems - an unintended consequence of the proposed revised legislation. With most of our investments being unquoted and with no short term method of realisation, we require a cash reserve for administrative expenses. Corporate liquidity tests will therefore become much tighter once the new regime is in force. We will take up this issue with HMRC while the Finance Bill passes through its reviews. We hope that a simple amendment is possible.
The total number of ordinary shares in issue is 11,516,946.
The Directors are not aware of any other events or transactions that have taken place between 30 November 2017 and the publication of this statement that have had a material effect on the financial position of the Company.
19 December 2017
Enquiries:
Lucius Cary, Oxford Technology Management
01865 784466
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Source: Oxford Technology 4 VCT plc via GlobeNewswire
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