3rd Quarter Results

19 December 2023

                                    Oxford Technology 2 VCT Plc (the "Company")

Legal Entity Identifier: 2138002COY2EXJDHWB30    

 3rd Quarter Results 

Oxford Technology 2 VCT Plc presents its quarterly update for the 3 month period ending 30 November 2023. The Directors have reviewed the valuation of its entire portfolio as at that date. The unaudited net asset value (NAV) per share for each Class (and other associated data) as at 30 November 2023 is shown in the table below:

	Unaudited	Unaudited	Change in NAV%	Cumulative Dividends	Total Return	Shares in Issue
	NAV p per share 30/11/23	NAV p per share 31/08/23		p per share to 30/11/23	p per share
Share Class
OT1	40.0	37.9	5.3%	55.0	95.0	5,431,655
OT2	20.7	20.5	1.3%	22.5	43.2	5,331,889
OT3	24.3	23.6	3.0%	42.0	66.3	6,254,596
OT4	25.2	25.4	-0.7%	48.0	73.2	10,826,748

The primary drivers of these changes are movements in valuations of Scancell Holdings Plc (“Scancell”), STL Management Limited (“Select Technology”) and Diamond Hard Services Ltd (“DHS”) and three months of running costs. The share price of Scancell has increased from 9.5p at 31 August to 10.75p at 30 November 2023. Scancell has announced a successful placing raising £10.7m and increasing its institutional shareholder base; a further £1.2m was raised through a concurrent retail offer, both at 11p per share. The share price of Arecor Therapeutics Plc (“Arecor”) has remained at 185p. Both companies have announced exciting and significant clinical and commercial news in the period. However, it is disappointing that their share prices do not yet reflect the clear potential of these businesses. The valuation of Select Technology has been slightly increased in line with recent sales performance. Conversely, sales at DHS have seen a slight reduction in period, leading to a lower company valuation. The valuation of all the other investments in the unquoted portfolios remain unchanged from those at 31 August 2023.