Hardide float helps Oxford Technology

The net asset value (NAV) of Oxford Technology 2 VCT should surge when tungsten carbide coating specialist Hardide floats on AIM next month.

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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Leslie Copeland

Leslie Copeland

Leslie was made Editor for Growth Company Investor magazine in 2000, then headed up the launch of Business XL magazine, and then became Editorial Director in 2007 for the online and print publication portfolio...

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