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Oxford Tech 3 VCT (OTT)


Friday 16 December, 2016

Oxford Tech 3 VCT

Oxford Technology 3 VCT plc : Disposal

Oxford Technology 3 VCT plc : Disposal

Oxford Technology 3 Venture Capital Trust, OT3VCT PLC (LON:OTT), a venture capital trust backing innovative technology businesses with high growth potential is pleased to announce the sale of Allinea Software Limited ("Allinea") to ARM Limited ("ARM"), the world's leading semiconductor IP company, for a total cash consideration of up to £18.1million.

Allinea, based in Warwick, is a leading provider of software tools for developing and optimising high performance computing applications. 

Allinea's platform is able to address high performance computing software development, debugging and performance optimisation through the use of its core products. Allinea has offices in the United States, Europe and Japan, and its software is used in circa 70% of the world's largest supercomputers. It has built relationships with many notable, blue-chip customers and partners.

OT3 VCT will recognise an immediate realised gain of £158k, compared with the holding value of £146k as at 31 August 2016. OT3VCT's purchased the shares for £15k, so the initial proceeds of £286k represents a 18 fold uplift. A further amount of £36k is held in escrow and delayed release, 50% of this is being recognised as a gain in the accounts.

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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 3 VCT plc via Globenewswire

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