LONDON – Oxford Technology 2 VCT Plc has announced its third-quarter results for the period ending November 30, 2024, revealing a decrease in the net asset value (NAV) per share across its four share classes. The unaudited NAV per share for the OT1 class fell by 9% to 42.5, OT2 class also saw a 9% decrease to 17.3, the OT3 class experienced a 15% drop to 19.5, and the OT4 class decreased by 6% to 19.9.
The company attributes these declines primarily to the reduced valuations of its two principal AIM quoted investments, Scancell Holdings Plc and Arecor Therapeutics (LON:) Plc. Despite both companies announcing significant clinical news, their share prices decreased, with Scancell’s share price falling from 17p to 13p and Arecor’s from 83p to 75p during the quarter. The company expressed disappointment that the market valuations do not yet reflect the potential of these businesses.
In addition to market movements, the company’s results were impacted by three months of running costs and the administration of Novacta Holdings PLC, which resulted in a full provision against this investment. However, there was a slight increase in the valuation of Biocote Limited due to increased sales.
No dividends were paid during the period, and no shares were bought or sold in any of the portfolio companies across the four share classes. The company reported that no other significant events occurred between November 30, 2024, and the date of the press release that materially affected the financial position of the company.
Oxford Technology 2 VCT Plc also completed discussions with a major shareholder who previously voted against resolutions regarding remuneration policy. The company has provided additional details on its strategy and board tenure, which have addressed the shareholder’s concerns.
The total voting rights in the company stand at 27,844,888, a figure that shareholders may use as the denominator for notifications under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules. This update is based on a press release statement from Oxford Technology 2 VCT Plc.
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