As discussed at the AGM on 5 July 2017, Oxford Technology 2 VCT Plc is pleased to announce further details about the cash it intends to return to eligible shareholders by way of the "Tender Offer". Up to 30% in aggregate of the Company's issued share capital will be available for tender at a price of 31.5p per share, a discount of just over 15% to the net asset value of 31 May 2017. Shareholder approval for this Tender Offer was given at the latest AGM.
The Board is aware that liquidity in the shares has been limited which on occasions has led to a wide disparity between the share price and net asset value. The buy back helps to address this issue and allows shareholders that should so wish, to dispose of shares at a price which more fully reflects the net asset value. Shares not tendered in the buy back will be available for excess applications by shareholders wishing to sell more than 30% of their holding.
Full details of the Tender Offer are contained in a circular that will be sent to all registered shareholders on 26 July 2017
Timetable of Events
| Record date | 25 July 2017 |
| Latest time and date for receipt of the Tender Offer | 1pm on the 31 August 2017 |
| Registrars Books Closing Date for the Tender Offer | 6pm on the Thursday 31 August 2017 |
| Announcement of the take-up level under the Tender Offer | Monday 4 September 2017 |
| Settlement date for the Tender Offer Cheques despatched and assured payments made through Crest. | By Thursday 14 September2017 |
The dates and times given are based on the Company's current expectations and may be subject to change. Any changes to the expected timetable will be announced via a Regulatory Information Service.
If you have any queries regarding the procedure for accepting the Tender Offer, please contact Lucius Cary lucius@oxfordtechnology.com
Shareholders that do not participate in the Tender Offer will own a greater portion of the remaining assets. Assuming at least some shareholders opt to participate in the tender offer, then immediately following the tender, and before the payment of any further dividends, the net asset per remaining share will increase (assuming no change in investment performance) as a result of the discount attributed to the shares bought back in. Shareholders should also note that a dividend will be paid to all shareholders still on the register after the completion of the Tender Offer. At the current time, the Directors would expect to declare a dividend of at least 7p per remaining share, which will be paid before the end of November 2017. The precise quantum of this dividend will depend in part on any follow-on investments made in the next few months. Any shares purchased under the Tender Offer will not be eligible for this dividend.