Copies 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 and Shareholder presentation meetings to be held on 25 August 2021, 28 July and 12 August have been posted to shareholders. Copies of the Annual Report and Proxy Forms are available on the www.oxfordtechnologyvcts.com website and the text of the accompanying letter sent out is copied below. Please sign up for the meetings at https://forms.gle/oTHUsj7dquSwpCug7
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/vct1.html.
The Company’s net asset value per share has increased by 5.0p from 44.7p as at 29 February 2020 to 49.7p as at 28 February 2021. The increase is primarily due to an increase in the value of Scancell, albeit offset by a reduction in the value of the Company’s stake in Select Technology. Quarter one then saw the Scancell share price fall and the Company’s unaudited net asset value was 45.6p at 31 May 2021.
Shareholders in your Company’s sister VCTs will be aware of Arecor Therapeutics Plc, founded in 2007. Arecor was listed on AIM on 3 June 2021, and your Company made a £90,000 VCT-qualifying subscription for new Arecor shares, funded by a small divestment of Scancell shares. More information will be provided in the half year update to 31 August 2021. The Directors are of the view that Arecor has a promising future, and that having two AIM-listed holdings in your Company’s portfolio will provide resilience as we ensure compliance with the VCT qualifying tests.
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:
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,
Alex Starling
Chairman