Oxford Technology 2 VCT plc : Disposal of Inves...

Oxford Technology 2 VCT plc ("the Company")
Realisation of Investment

The Company is pleased to announce the sale on 20 November 2015 of its investment in Telegesis (UK) Ltd ("Telegesis"), a world leading supplier of Zigbee technology. Telegesis has been acquired by Silicon Laboratories UK Ltd.

The Company will receive cash proceeds of £355k for its shares. The carrying value which was incorporated within the net asset value of the Company at 31 August 2015 was £299k. Consequently the effect of this transaction had it been incorporated into the accounts at 31 August 2015 would have increased the net asset value per share by 0.8p to 30.9p.
The net cost of the company's investment was just under £8k, so the current realisation represents a return of 45x on the company's investment.

Telegesis was founded in 2003 when OT2 and OT3 became the first investors.  Later, in 2005, OT4 invested to support the company as it grew.

Telegesis specialises in Zigbee technology.  Zigbee is a wireless communications protocol like Bluetooth. Bluetooth is for sending large volumes of data over short distances, Zigbee is for sending small amounts of data over large distances. Lots of companies do Zigbee, but it is believed that Telegesis is the only company which specialises only in Zigbee.    In the year to 31 March 2015, sales were £5.5m, and sales growth has continued in the current year.

OT2's 3rd quarter ends on 30 November and the board will be considering dividend policy during the review of those results.

OT2 would like to congratulate Nicholas Gomersall and Ollie Smith for having successfully founded and developed the business.

Lucius Cary

Oxford Technology Management

01865 784466

Nicholas Gomersall

Telegesis (UK) Ltd

01494 510199

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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Oxford Technology 2 VCT plc via Globenewswire

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