LONDON (Alliance News) - Oxford Technology Venture Capital Trust PLC Tuesday said there are four companies in the portfolio which have the potential to yield a good return to shareholders.
In a statement, the VCT listed those companies as Scancell, which is the largest of the holdings, Getmapping, Select and BioCote.
The VCT reported that net assets per share at the end of August were 68 pence, down from 70p at the end of the same month last year but up from 65p at the end of February 2014.
Separately, Oxford Technology 2 Venture Capital Trust PLC said the best hope for a return to shareholders in its portfolio is OCRobotics, which designs and manufactures snake arm robots.
OC Robotics is involved in some major grant-funded projects to develop snake arms for several applications, including for decommissioning nuclear reactors, for inspecting inside the wings of US military aircraft, and for inspecting pressure vessels in the oil and gas industry while the vessels are in service, the VCT said.
Its net assets per share at the end of August were 27p, up from 26p at the end of the same month last year. Net assets per share were 26p at the end of February 2014.
Meanwhile, Oxford Technology 3 Venture Capital Trust PLC, which owns 4.4 million shares in Scancell, said net assets per share at the end of August were 98p, down from 100p at the end of August 2013 and equal to at the end of February 2014.
"Scancell has a vaccine for skin cancer in clinical trials. Early indications on animals are that when Scancell's vaccine is used in combination with checkpoint inhibitors, the success rate for the treatment rises from around 50% to around 85%. If this is borne out by future trials, then Scancell's value may increase significantly," Oxford Technology 3 Venture Capital Trust said.
"Glide remains on track for a proof of concept clinical trial in 2015. Although Ixaris sales are increasing they are currently below budget which has led us to take a more conservative view on valuation. Abzena, formerly Polytherics, floated on AIM in July at an increase over our previous valuation. Telegesis is profitable and cash generating and its sales are rising steadily," Oxford Technology 3 Venture Capital Trust said.
Oxford Technology 4 Venture Capital Trust PLC said net assets per share at the end of August were 73p, up from 67p at the end of August 2013 and the 69p at the end of February 2014.
Four investments represent over 46% of the company's value: Glide, Telegesis, Mirriad and Impact Applications.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Oxford Technology 2 VCT (OXH)