Hill Dickinson advises Oxford Technology on VCT merger and new £20m offer for subscription

Venture capital trust Oxford Technology 2 Venture Capital Trust plc (OT2) has merged with three other VCTs and launched a new offer for subscription on the Main Market of the London Stock Exchange as a single enlarged VCT.

The board of OT2 was advised by commercial law firm Hill Dickinson’s Manchester Corporate team, led by partner Jon Gillow and legal director Sean Lightfoot.

Oxford Technology has specialised since 1983 in investing in start-up and early-stage technology companies based in and around Oxford, including science, technology and engineering businesses. 

The merger to create a one single enlarged VCT sees OT2 amalgamated with Oxford Technology Venture Capital Trust plc (OT1), Oxford Technology 3 Venture Capital Trust plc (OT3) and Oxford Technology 4 Venture Capital Trust plc (OT4) and the launch of a new class of ‘Leisure Shares’ to raise up to £20 million for investment in the UK leisure sector. Investment manager Edition Capital has been appointed to manage the fundraise.

Richard Roth, Chairman of OT2 said: “The new offer and merger are transformational for our existing shareholder base by reducing unit costs while the current technology portfolio continues to reach maturity. We believe existing shareholders and new investors will find the Edition offer an attractive proposition.”

Jon Gillow added: “We were delighted to advise Richard and the team at Oxford Technology on the merger and bringing this exciting new offer to the market. The UK leisure sector is bouncing back strongly after the last two years and investment into the many smaller businesses that are part of the sector’s regeneration is key to supporting both the investor market and the UK leisure economy. We are excited to see the direction in which Oxford Technology is heading.”