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LONDON (Alliance News) - Oxford Technology Management reported Wednesday a reduction in net asset value across all four of its London-listed venture capital funds in the first half of their financial years.
Oxford Technology VCT PLC reported its NAV per share reduced to 59.7 pence from 61.2p in the six months to August 31, as the fund's net assets dropped to GBP3.2 million at the end of the period, down from GBP3.3 million at February 29.
The fund reported a total NAV return per share of 113.7p in the six month period. The share price of the fund slipped to 38.0p at August 31 from 40.5p at February 29.
Shares in Oxford Technology VCT were untraded at 42.87p Wednesday.
Chairman Alex Starling noted over 85% of Oxford Technology VCT's net asset value is bound up in holdings in private company Select Technology Ltd and AIM-listed biotechnology company Scancell Holdings PLC. Starling said recent changes to qualification conditions for being a venture capital trust will not be an issue for the fund as it is not looking to invest in any new companies.
Oxford Technology 2 VCT PLC reported its NAV per share dipped to 28.0p from 28.2p over the six months to August 31, with net assets broadly flat at GBP1.9 million.
Total NAV return per share in the fund was 41.0p. The share price of Oxford Technology 2 rose to 22.0p at August 31 from 20.0p at February 29.
Shares in Oxford Technology VCT 2 were untraded at 18.43p Wednesday.
Oxford Technology VCT 3 PLC's NAV per share fell to 87.3p from 101.6p over the six months to August 31, as net assets declined to GBP5.9 million from GBP6.9 million.
The fund produced a total NAV return per share for the period of 119.3p. The share price of Oxford Technology 3 fell to 57.5p at August 31 from 62.5p at February 29.
Shares in Oxford Technology VCT 3 were untraded at 50.00p Wednesday.
Oxford Technology VCT 4 PLC reported its NAV per share declined slightly to 66.5p from 66.8p over the six months to August 31, with net assets broadly flat at GBP7.7 million. The fund's total NAV return per share for the period was 103.5p. The share price of Oxford Technology 4 fell to 47.0p at August 31 from 52.0p at February 29.
Shares in Oxford Technology VCT 4 were untraded at 45.0p Wednesday.
Oxford Technology VCT 4 Chairman David Livesley noted minor rises in the value of some of the fund's portfolio companies had been more than offset by a fall in the share price of Castleton Technology PLC over the period.
By Adam Clark; adamclark@alliancenews.com
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