Oxford Technology 2 VCT PLC - venture capital trust investing in quoted and unquoted technology companies - Net asset value of OT1 shares falls by 16% to 37.9 pence on August 31 from 45.3p on February 28. Similarly, NAV of OT2 shares falls to 20.5p from 25.1p, of OT3 shares to 23.6p from 33.7p, and of OT4 shares to 25.4p from 29.7p. No dividends are paid during the half year, nor are any shares bought back.

Oxford Technology says poor market conditions have caused its holdings in AIM listings Arecor Therapeutics PLC and Scancell Holdings PLC to lose value ‘despite them both continuing to report very encouraging technical, clinical and commercial progress’.

Following the merger of all the OT VCTs, the company has ‘critical mass’ but still is looking for a partner to expand its asset base.

‘Regrettably we believe time is running out for us to be able to offer any such partner the use of our distributable reserves (the main attraction to enable them to pay early dividends to the new shareholders) without detriment to our existing shareholders,’ says Chair Richard Roth. ‘Whilst we will continue to engage with the two remaining leads, the board is also actively considering alternative plans to manage the rump portfolio, once our primary assets have been realised.’

Says VCT will aim to keep costs low until holdings can be exited and proceeds distributed to shareholders.

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