The trust’s stake in the company is its largest holding. As of the end of last August this accounted for 10.6 per cent of Oxford Technology 2’s NAV of £4.7 million, or 79p per share.
Now Hardide, whose technology was originally developed in Russia, has raised £1.75 million ahead of admission to AIM in April, giving it a new valuation of £12.75 million. Hardide chief executive Jim Murray-Smith said ‘the company is producing a monthly turnover of £100,000.’ At the present rate of growth the group should break even this year.
As a result, Oxford Technology’s stake is now worth £1.19 million, boosting the trust’s NAV by 15.6 per cent to £5.09 million, or 89.6p a share. The money raised will allow Hardide to extend its marketing reach to providers of pumps and valves to the oil and gas exploration and extraction industry. The group plans to open an office in Houston, Texas.
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