Third Quarter Financial Overview
Oxford Technology 2 VCT Plc recently released its quarterly update, reflecting performance for the period that concluded on 30 November. The company has thoroughly assessed its portfolio valuations, providing a snapshot of its net asset value (NAV) per share.
Net Asset Value Details
As of the end of November, the unaudited NAV figures for each class are as follows:
NAV Figures Across Share Classes
Class OT1's NAV stood at 37.8 pence per share, showing a minor decrease from 37.9 pence recorded at the end of August. Class OT2, however, saw a positive increment, moving from 16.6 to 16.8 pence. Class OT3 showed slight growth from 16.4 to 16.5 pence while OT4 had an encouraging rise from 19.8 to 20.5 pence per share.
Cumulative Dividends and Changes in NAV
For the corresponding period, cumulative dividends per share were solid, with OT1 at 55.0 pence, OT2 at 22.5 pence, OT3 at 42.0 pence, and OT4 at 48.0 pence. Overall, the total NAV return per share varied by class, with positive changes highlighted especially for OT2 and OT4.
Factors Influencing NAV Changes
The fluctuation in NAV can primarily be attributed to the performance of key investments in two AIM-listed companies: Scancell Holdings Plc and Arecor Therapeutics Plc. These entities have continued to generate valuable clinical news throughout the quarter despite a challenging market environment.
Arecor's Recent Activities
Arecor announced notable achievements during this quarter. Not only did it receive positive FDA feedback on its Phase 2 clinical study for AT278, but it also secured a co-development agreement with a prominent US insulin pump manufacturer. Furthermore, Arecor profited by selling some royalty access for a substantial amount, enhancing its intellectual property coverage.
Scancell's Progress and Developments
Scancell shared promising developments regarding its SCOPE trial aimed at treating non-resectable melanoma. Plans to transition to a Phase 2b/3 trial showcase the potential for growth in the future. Additionally, Scancell is contemplating separating its GlyMab® platform into a new entity, Glymab Therapeutics Ltd, which could lead to unique financing opportunities.
Company's Share Performance
Despite all the positive developments, Arecor's share price garnered only a small increase, moving from 62p at August end to 70p at November end, leaving its market valuation under £28 million. Scancell’s stock price witnessed a slight drop from 9.8p to 9.3p, emphasizing the market's current sentiment.
Investment Overview
The company’s unquoted investments maintained their valuations from August, and operations for both Select Technology and Diamond Hard Surfaces Limited remained steady. It's worth noting that no dividends were distributed during this quarter.
Future Outlook
As of the latest figures, the total voting rights within Oxford Technology 2 VCT Plc stand at 27,844,888 shares. This important statistic assists shareholders in gauging their interest notifications in alignment with regulatory guidelines.
For further inquiries, Lucius Cary from Oxford Technology Management can be reached at 01865 784466.
Frequently Asked Questions
What is the purpose of the quarterly update?
The update provides shareholders with a financial snapshot and insights into the portfolio's performance.
How did Arecor perform in the quarter?
Arecor made significant progress, including FDA feedback and securing agreements that enhance its financial position.
What are the key takeaways from Scancell's updates?
Scancell is progressing towards Phase 2b/3 trials and considering spinning off its GlyMab platform, indicating future growth potential.
Was there any dividend declared during this period?
No dividends were paid during the review period, indicating a focus on reinvestment.
Who can I contact for further information?
You can contact Lucius Cary at Oxford Technology Management for more detailed inquiries.
