REG - Amati AIM VCT PLC - Update on Strategic Review

Amati AIM VCTAnnouncement

03/09/2024 07:00

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RNS Number : 6142C  Amati AIM VCT PLC  03 September 2024

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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATON FOR THE PURPOSES OF ARTICLE 7 OF
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BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

For immediate release

3 September 2024

Amati AIM VCT plc

 

Update on Strategic Review

In March, the Board of Amati AIM VCT plc (the "Company") announced that it had
been considering the Company's strategic options in the light of ongoing
challenges in the AIM market and the resultant performance issues faced by the
Company. In May, the Board declared a special dividend of 10p per share and
confirmed that it was continuing to consider the Company's strategy from a
number of points of view, noting the importance of giving such matters due
time and consideration, particularly during an election year.

The Board has continued to discuss its strategic options with its investment
manager. Since the announcement of the strategic review, the Company has also
received a number of credible indications of interest, including proposals for
a change of manager and proposals to combine its investment portfolio with an
existing VCT (which, were it to proceed, would be expected to occur by way of
a scheme of reconstruction pursuant to section 110 of the Insolvency Act
1986).

The Board will explore all the options available to the Company over coming
weeks, including continuing  with the current investment manager with a
broadened strategy. In considering the proposals that may be put forward by
other parties, the Board will take into account a number of criteria,
including without limitation the importance of scale and costs for the
Company's shareholders, the medium to long term investment performance
prospects of any revised investment policy or strategy and the performance,
track record and resources of any potential  investment manager.

The Board will also take into account the wider market outlook, noting in
particular the uncertainty created by the recent change of UK government and
the impact that the Budget at the end of October may have on the UK economy,
and on the AIM market in particular. The Board is however pleased to note that
the recent agreement to extend the Sunset Clause has provided much more
certainty to the ongoing VCT scheme.

The Board does not expect to announce anything further with regard to the
strategic review until after the Budget. The review may or may not result in
any material changes to the current arrangements in place for the management
of the VCT.

 

Contact us

The Board is always keen to hear from shareholders. You can contact the Chair
at: AmatiAIMVCTChair@amatiglobal.com.

You can also find regularly updated information on the Company, including a
factsheet and performance data on the Company's website: www.amatiglobal.com
(http://www.amatiglobal.com) .

 

Enquiries:

 

Fiona Wollocombe, Chair

Amati AIM VCT plc

Email: AmatiAIMVCTChair@amatiglobal.com

 

Douglas Armstrong

Dickson Minto Advisers LLP

Financial Adviser to the Company

Telephone: 020 7649 6823

 

Important Information

This announcement is released by the Company and the information contained
within this announcement is deemed by the Company to constitute inside
information for the purposes of Article 7 of the UK version of the EU Market
Abuse Regulation (Regulation (EU) No.596/2014) which forms part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information Service, such
information is now considered to be in the public domain.

Legal Entity Identifier (LEI): 213800HAEDBBK9RWCD25

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