Half-year Report
30/09/2022 07:00
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RNS Number : 2424B Amati AIM VCT PLC 30 September 2022
Amati AIM VCT plc (the "Company")
Legal Entity Identifier: 213800HAEDBBK9RWCD25
Half-yearly Report for the six months ended 31 July 2022
Highlights
Investment Objectives
The investment objective of Amati AIM VCT plc (the "Company") is to generate
tax free capital gains and income on investors' funds, through investment
primarily in AIM-traded companies. The Company will manage its portfolio to
comply with the requirements of the rules and regulations applicable to
Venture Capital Trusts. The Company's policy is to hold a diversified
portfolio across a broad range of
sectors to mitigate risk.
Dividend Policy
The Board aims to pay an annual dividend equal to around 5% of the Company's
Net Asset Value at its immediately preceding financial year end, subject to
distributable reserves and cash resources and with the authority to increase
or decrease this level at the Directors' discretion.
Key Data
6 months ended 6 months ended Year
31/07/22 31/07/21 ended
(unaudited) (unaudited) 31/01/22
(audited)
Net Asset Value ("NAV") £222.5m £256.0m £247.1m
Shares in issue 151,939,444 118,842,225 136,720,797
NAV per share 146.5p 215.4p 180.7p
Share price 136.5p 195.5p 166.5p
Market capitalisation £207.4m £232.3m £227.6m
Share price discount to NAV 6.8% 9.2% 7.9%
NAV Total Return (assuming re-invested dividends) -16.4% 7.9% -7.5%
Numis Alternative Markets Total Return Index -16.4% 8.2% -3.5%
Ongoing charges* 2.0% 2.0% 1.9%
Dividends in respect of the period 3.5p 4.5p 9.0p
* Ongoing charges calculated in accordance with the Association of Investment
Companies' ("AIC's") guidance.
Table of Investor Returns to 31 July 2022
Numis Alternative Markets Total
NAV Total Return with dividends re-invested Return
Index
Date
NAV following re-launch of the VCT under management of Amati Global Investors 9 November 2011* 157.3% 38.1%
("Amati")
NAV following appointment of Amati as Manager of the VCT, which was known as 170.0% 41.9%
ViCTory VCT at the time
25 March 2010
*Date of the share capital reconstruction when the NAV was re-based to
approximately 100p per share.
A table of historic returns is included below.
Chairman's Statement
Overview
The six months to 31 July have been a difficult period for smaller company
valuations. Inflation was already rising sharply as a result of continued
quantitative easing measures being introduced in 2020. Those problems have
been further compounded by the unconscionable invasion by Russia of Ukraine on
24 February which currently has no acceptable end on the horizon. A new period
of rising rates has begun, with inflation already into double digits in
Western economies. This has resulted in a derating for the valuations of
growth companies and hence for companies held in the Amati AIM VCT portfolio.
As is evident from the Manager's Review, despite many companies delivering
positive news during the period, they still suffered significant share price
falls. It is an ongoing frustration during such periods of market correction
that VCTs are unable to buy more shares in their existing holdings. However,
the positive progress being made by these companies is hugely important, as it
creates the potential for value uplift in the future.
Other Corporate Developments
The Board announced on 14 February that it intended to trigger the
over-allotment facility seeking to raise up to £25m, under the Prospectus
Offer which had opened on 30 July 2021. Accordingly, the Offer re-opened on 16
February to strong demand, and closed within a week, having raised the full
amount.
At the time the decision was made to raise the further funds, it appeared that
the availability of qualifying investment opportunities on AIM was likely to
remain strong in 2022. However, the sharp falls in the valuation of growth
companies and the heightened level of uncertainty resulting from Russia's
ongoing war on Ukraine put many AIM fundraising plans on hold. A total of
£9.4m was invested in new qualifying holdings during the period, of which
only £0.35m was into an existing holding as a follow-on investment. The
expectation that the rate of new investment may continue to be slower than
last year, combined with the substantial proceeds from the disposal of one
mature holding as a result of a takeover, and a second mature holding
considered to be at premium valuation, mean that the Board believes that it is
unlikely to need to raise further funds in the current tax year.
The Board was pleased that circumstances were such that, in June, the Company
was able to return to a more familiar form of AGM and Investor Afternoon. The
day was well attended, at a location new to the Company and its shareholders,
at the Barber-Surgeons' Hall and a recording of the event remains available to
view on the Manager's website at:
https://www.amatiglobal.com/media/article/amati-aim-vct-agm-investor-afternoon-1
(https://www.amatiglobal.com/media/article/amati-aim-vct-agm-investor-afternoon-1)
I was delighted to take over as Chair of the VCT following the retirement of
Peter Lawrence after the AGM. The Board would like to thank him for his
leadership and considerable contribution to the Board throughout his many
years of dedicated service. In the Company's last Annual Report, it was
announced that Susannah Nicklin would retire from the Board later this year
and Susannah subsequently retired on 19 September.
VCT Legislation
The current VCT legislation contains a "Sunset Clause" which effectively
brings income tax relief to an end for new subscriptions after 5 April 2025.
This was agreed to secure ongoing EU approval to the VCT regime at the time of
the UK's departure from the European Union. The Chancellor has announced his
intention to continue the scheme and we await further clarity on the details.
Investment Performance and Dividend
The NAV at 31 July was 147p and the NAV total return for the period was
-16.4%, which was in line with the fall in the benchmark. Full details are
given in the Manager's Review. The Board aims to pay annual dividends of
around 5% of the Company's Net Asset Value at its immediately preceding year
end, subject to the Company's available distributable reserves and cash
resources, and with the authority to increase or decrease this level at the
Directors' discretion. In line with this, the Board is declaring an interim
dividend of 3.5p per share, to be paid on 25 November 2022 to shareholders on
the register on 21 October 2022. The ex-dividend date will be 20 October 2022.
The last day for DRIS elections will be 9 November 2022.
The Board has made the decision that after the payment of the dividend in
November 2022 the Company will move to paying all cash dividends by bank
transfer rather than by cheque. Details are provided in Shareholder
Information below.
Outlook
Inflation, rising interest rates, the cost of living crisis and further
serious geopolitical issues on the horizon, as well as the ongoing war against
Ukraine, make for a potentially volatile market in unsettling times. Added to
that the recently delivered Mini Budget by the UK Chancellor has further
unsettled markets.
The VCT portfolio consists of a wide range of companies across a number of
sectors. Some have high barriers to entry, and with strong intellectual
property and good cash resources enabling them to take on larger markets which
will hopefully allow for better performance in the longer term. We remain
optimistic that these well-resourced companies will be better able to
withstand any temporary squeezes created by the economic crisis.
As is the nature of VCT investing, and despite the current difficult market
conditions, the intention is to hold on to companies in the portfolio for the
longer term. This policy should continue to be beneficial over the longer term
for investors and the uncertain market conditions may allow the Manager to
deploy timely funds to make investments at lower valuations where they see
opportunity.
There is turmoil in every direction, and it is going to be a long, challenging
and difficult year for the VCT. However, we remain optimistic about the longer
term with the portfolio in good hands and are confident that our strong and
diverse portfolio will see us through the inevitable bumps in the road.
Fiona Wollocombe
Chairman
29 September 2022
For any matters relating to your shareholding in the Company, dividend
payments, or the Dividend Re-investment Scheme, please contact The City
Partnership on 01484 240 910, or by email at registrars@city.uk.com. For any
other matters please contact Amati Global Investors ("Amati") on 0131 503 9115
or by email at info@amatiglobal.com Amati maintains an informative website for
the Company - www.amatiglobal.com - on which monthly investment updates,
performance information, and past company reports can be found.
Fund Manager's Review
Market Review
During the past six months market concerns have moved firmly from COVID
restrictions onto the impact of war, surging global inflation and the
possibility of recession. The defining event of 2022, so far, has been the
Russian invasion of Ukraine and the subsequent humanitarian devastation and
economic upheaval this has caused.
As a result of these appalling developments, we now live in a world where
geo-political divisions have become a chasm and the inflationary impacts on
the global population profound. The immediate impact has been an increased
insecurity of supply in key global commodities such as oil, gas and
agricultural products. This has led to almost unparalleled price increases,
particularly in gas, where Europe's dependence on Russia has been exposed to
brutal effect. At this point there appears no obvious end in sight to the war
in Ukraine and therefore investors have had to quickly attune to a world which
may be very different in the future.
These alarming geo-political and economic factors have led to meaningful
declines in asset values, with both equities and bonds falling simultaneously
in most key markets. The trends which began in late 2021 have continued with
high growth, highly valued sectors (such as healthcare and technology) seeing
material deratings whilst deeper value and more defensive sectors including
energy, mining and utilities have enjoyed a return to form. This has come at a
time when equity valuations had looked stretched compared to history,
especially in the US.
Political instability in key regions has been further tested by war in
Ukraine, ongoing division and unrest resulting in the resignation of PM
Johnson in the UK and wavering support for President Biden. The build-up of
Chinese military presence in Taiwan also suggests that the world is fast
becoming a more dangerous place.
In terms of economic impact, we are now in an era of rising interest rates,
with inflation across the US, the EU and UK recently reaching the highest
levels in decades. There is considerable debate about how persistent this will
be, but we are now seeing some cooling off in oil, food and shipping prices
from elevated levels. Markets are increasingly of the view that inflation may
be with us for some time and the next area of vulnerability will be corporate
earnings. We are now entering a phase of downgrades, led initially by
companies highly exposed to consumer spending. Recession appears highly likely
across most of the major economies as we progress towards 2023. For UK
companies we await to see what interventions are brought in by new PM Truss.
It has been another disappointing period for AIM investors with the Numis
Alternative Markets Index falling by 16.4%. This was well below both the Numis
Smaller Companies (plus AIM excluding Investment Companies) Index , which fell
by 12.0% , and the Numis Large Cap Index, which managed a small gain of 0.8%.
The increases we have seen in bond yields and interest rate expectations have
led to a more difficult backdrop for the valuation of early-stage companies in
general. However, UK asset prices remain modest by international standards,
and we are now seeing meaningful takeover activity in UK quoted companies
which should provide some support overall for company valuations.
Performance
Over the first half of the year, the Amati AIM VCT fell by 16.4%, in line with
the benchmark fall of 16.4%.
The performance of AIM reflects ongoing headwinds to the valuations of
early-stage growth companies, as interest rates climb, investor risk appetite
weakens, and stock market liquidity tightens. The VCT portfolio is inevitably
exposed to each of these influences. This was reflected in the performance of
several holdings which saw major declines over the period even as they
announced positive news. For example, the biggest negative contributor was
Polarean Imaging, the medical-imaging technology company, which fell 33%
despite receiving two system orders from North American hospitals and also
completing the resubmission of its New Drug Application to the FDA. Polarean
is due to receive an answer from the FDA to its resubmission by the end of
September. Similarly, Water Intelligence, which provides water leak detection
and remediation services, fell 29% despite announcing two earnings accretive
reacquisitions of US franchisees, a plumbing business acquisition, ongoing
share buybacks and a solid trading update. Saietta, the electric drivetrain
engineering technology group, fell 33% but held above its IPO price. The
company announced it had taken on an existing electric motor manufacturing
facility in Sunderland from ZF, a large manufacturer of electric drive trains
and technology for vehicle, with capacity to produce 100,000 units a year,
significantly ahead of its IPO target. The facility will be under an assigned
lease and Saietta is also re-employing 39 staff who were made redundant by ZF.
Post the period end, the company raised £23m in an oversubscribed placing, in
part to fund a joint development agreement with Consolidated Metco Inc
(Conmet), a US commercial vehicle component manufacturer. Conmet has around
90% market share in the US market for commercial vehicle wheel hubs. The
agreement covers the development of two products, with Saietta motors fitting
inside these wheel hubs. Learning Technologies, a market leader in digital
learning and talent management, announced a near doubling of full year
revenues to December 2021, driven by solid organic growth and a number of
acquisitions. This trading environment has continued into 2022 with good
visibility coming from Software-as-a-Service long-term contracts, reflecting
the importance of staff training and development in the current economic
environment. However, the shares fell 20%. Digital identity verification
specialist, GB Group, announced strong results with record revenues ahead of
market expectations, but the shares fell 23%. TB Amati UK Listed Smaller
Companies Fund ("SMCO") participated in a placing of secondary stock to
increase its portfolio weighting in the company. Glantus, the purchase
accounting software specialist, announced strong maiden results following its
IPO last year, and also two earnings enhancing acquisitions. The shares fell
59%. Angle, a world leader in liquid biopsies, announced FDA approval of its
Parsortix system for use in metastatic breast cancer patients and also a well
supported fund raising. The shares fell 38%. The VCT's holding in SMCO was
also impacted by the underperformance of AIM together with the wider universe
of medium and smaller companies, in the first half of 2022. The fund's unit
price fell 10%, however SMCO did outperform its benchmark which declined 12%
over the period.
Stocks which underperformed on poorer news included Diurnal, the specialist
pharmaceutical company treating patients with chronic hormonal diseases, which
announced that the Scottish Medicines Consortium had not recommended one of
its key products for automatic reimbursement within NHS Scotland. The company
is working on resubmitting ongoing clinical trial data to overturn this
decision. Tristel, the infection prevention products specialist, reported
slower trading which continued a period of downgrades since early 2021.
Concerns about competing products and a premium valuation for the company,
resulted in a decision to sell the holding. Nevertheless, Tristel has been a
successful investment for the VCT, with this sale being at more than 5x the
purchase price in 2010. Cash of £5.6m was received.
Taking into account the deterioration in market conditions, the Board took the
decision at the half year to lower the valuations of the recent investments in
private companies eleXsys, Flylogix, and Chorus Intelligence (see below), with
partial write downs of the equity and loan note components. This reflects the
likelihood of delayed AIM flotations and a more difficult backdrop for future
funding. However, the loan notes give a range of protections and these should
work to generate returns in a wide range of scenarios.
The most significant positive contributor was one of the portfolio's largest
holdings, compliance software specialist Ideagen, which was the subject of a
recommended cash offer by Hg private equity. The offer price represented a
more than 50% premium to the prior closing price, returning a 16x multiple of
average investment cost dating from 2012. Cash of £16.7m was received. Whilst
the takeout premium was attractive, especially in these difficult markets, it
is always sad to lose a good quality growth company from the portfolio. Other
relative outperformers included Frontier Developments, the video games
developer, which announced record annual revenues up 26% on last year; Equals
Group, the foreign exchange payments specialist, reported strong trading as it
transitions its business from a legacy consumer focus into business markets;
One Media, the digital media content provider, which announced positive
trading and the acquisition of music and video catalogues amidst a strong
industry backdrop; and Keywords Studios, the video gaming outsourced services
provider, which continues its long record of organic and acquisitive growth.
Other holdings benefiting from positive updates were Netcall, the customer
engagement software provider, which announced a three year, $19m, financial
services contract which meant it is trading ahead of expectations; and Block
Energy, the Georgian oil and gas producer, which had struggled with the
collapse in energy prices in 2020 and some poor well results, but is now
benefiting from a much stronger pricing environment, opening up greater
potential to exploit the asset base it has established.
Portfolio Activity
Over the course of the period under review, we participated in three IPOs and
made one pre-IPO investment. We also completed a small follow-on investment,
by way of a convertible loan note in Byotrol, the antimicrobial health product
provider, to fund future growth.
In February we invested in the first of the three IPOs, Clean Power Hydrogen
Group ("CPH2"), the developer of a membrane-free hydrogen electrolyser, which
raised funds at IPO to fund its commercial launch. The founder of the company
was previously Chief Technical Officer of ITM Power, and the CPH2 design
avoids the thin membrane degradation in PEM (proton-electrolyte membrane)
conventional electrolysers, which limits useful life. Key advantages of the
CPH2 system include 20 year warranties (more than three times that for PEM),
40% less water usage, high electrical efficiency, and the avoidance of
expensive process catalysts. These benefits already make CPH2's system cost
competitive at low volumes. The early stage business risks within CPH2 sit
alongside a significant addressable market. In the same month we invested at
IPO in Strip Tinning ("ST"), a market leader in the provision of high
performance electronic connector products and design services to the
automotive industry. It manufactures flexible printed circuit, flat foil,
cable and busbar connectors, which are used in car heating and lighting
applications. This business dates back to the 1950s and ST has very long term
relationships with vehicle manufacturers and prime contractors, which
positions it well for expansion into growth markets. The company floated to
raise funding for two opportunities. Firstly, the growing demand for more
sophisticated connectors driven by greater functionality being embedded into
automotive glazing. This will involve invisible heating, rain and autonomous
driving sensors, cameras, opacity controls, heads-up displays and virtual
reality. Secondly, ST is at the forefront of next generation lightweight
battery connectors to replace heavy wiring harnesses for both EVs and fuel
drivetrains. With both glazing and EV battery connectors, ST is exposed to the
major future drivers of automotive development. Currently, however,
manufacturers are still experiencing supply chain disruption and this has
disappointingly impacted ST's existing trading, with the shares falling below
the IPO price.
The third IPO investment was in May when we invested in EnSilica, a company
which specialises in Application Specific Integrated Circuits (ASICs), which
are custom designed as compared to standardised off-the-shelf chips.
EnSilica's markets range across automotive, industrial, satellite and
healthcare, which offer faster growth than more saturated areas such as
computing, mobiles and consumer electronics. Structural drivers include
autonomous sensors, satellite connectivity, industrial Internet-of-Things and
Artificial Intelligence, wearable healthcare and 5G telecoms. Over 20 years
EnSilica has evolved from pure design consultancy services into Design and
Outsourced Supply (D&S), so that it now captures extra margin. D&S is
growing strongly, and EnSilica floated to scale up its capacity. Global
investment in semiconductor fabrication is based on new wafer technology which
requires ASIC redesign, and the experience of standardised chip shortages is
encouraging an industrshift to customised ASICs which have more robust supply
chains.
The one pre-IPO investment in the period under review was in Chorus
Intelligence. This company has developed software which enables customers to
collect data and interpret it for intelligence purposes and court evidence.
The platform can connect to any source, analyse the data, and then store and
share it in an encrypted workspace. It has been successfully used to prosecute
cases brought by the British Transport Police involving criminals running
county lines for drugs. Chorus's first recurring revenues are with North
Wales, an early adopting police force, but they are involved with
demonstrations and trials to the rest of the UK market and are making a first
tender proposal to Virginia Beach in the US. The UK has almost 50 forces, but
this is dwarfed by the US where there are nearly 18,000 departments, agencies
and sheriff counties. The majority of the VCT's investment is by way of loan
notes which convert at a 25% discount to the eventual IPO price.
As detailed above, the VCT sold its holding in Tristel and disposed of its
holding in Ideagen as a result of takeover during the period. Also exited,
were positions in Ilika, the solid state battery developer, where an
investment return of 4x average in-cost was achieved, and Synairgen, the
respiratory drug developer, which generated a return of 1.5x. A very small
holding in LoopUp, the conference call software platform provider, was sold at
an overall loss as it had become a low conviction investment following a
change to its business model due to competitive pressure.
Outlook
The price of natural gas in Europe (including the UK, as its gas market is
interlinked) has become a disproportionately large factor in the economic
outlook for the region. The extraordinary price spike has shown up a high
level of complacency around security of energy supplies. This was made worse
by advocates of disinvestment from the oil and gas sector last year and the
relentless political pressure that was brought to bear to shut down Western
production. Without first doing the work and making the investments to lower
demand, reducing supply has not only caused an economic crisis, it has brought
about a resurgence of coal usage which is entirely counter-productive for the
goal of reducing carbon emissions. The Russian Government has exploited and
probably encouraged the vulnerability created by this drive to reduce domestic
supply. Starving Europe of gas supply has now become a weapon of war. A rise
in US Liquid Natural Gas (LNG) exports and a surprise drop in Chinese LNG
imports so far in 2022 has allowed breathing space for European countries to
refill their gas storage to around 80% ahead of winter, albeit at expensive
prices. A mild winter has rarely been more hoped for.
If we can look beyond the weaponisation of gas supplies, other inflationary
factors look like they should ease in the near term, as quantitative
tightening and higher interest rates take the heat out of the excessive money
supply growth created during the pandemic, and the global supply chain
bottlenecks begin to ease. However, the new UK Chancellor's mini-budget,
delivered on 23rd September, has left UK markets reeling, potentially
requiring the Bank of England to lift interest rates much higher than
previously expected, sending gilt markets into a tailspin, and causing the
currency to fall to new lows. The Chancellor now urgently needs to produce a
credible plan to reduce the budget deficit over the coming years. This has
been promised for November. It may feel like a long wait.
With valuations for growth companies and earlier stage businesses having taken
a big set-back over the last 9 months, much bad news is already priced in,
although clearly further shocks cannot be ruled out after the events of the
last few days. The industrial trends which were in place prepandemic, driven
by the requirements of transitioning energy demand away from fossil fuels,
remain compelling, and could accelerate in response to the gas price spike.
Many of the VCT's recent investments have been related to this theme. The more
mature companies in the portfolio have so far proven themselves esilient and
capable of continued growth through difficult times. The healthcare sector has
suffered over the last year from regulators, particularly in the US, who have
not been able to cope with the volume of work required through the pandemic,
and have delayed decisions wherever possible, causing pain and expense to
those investing in new products and treatments. This bottleneck too has been
easing and should continue to do so over the coming months, hopefully bringing
forth some long-awaited approvals for portfolio companies' products.
With a large cash balance, the VCT is well placed to continue to make new
qualifying investments where we can find opportunities of the right quality,
in what should be a more realistic environment for valuations. It is likely,
however, that the difficult market conditions will mean that the number of
qualifying fundraisings that take place on AIM will be a good deal fewer than
last year.
Dr Paul Jourdan, David Stevenson, Anna Macdonald and Scott McKenzie
Amati Global Investors
29 September 2022
Investment Portfolio
as at 31 July 2022
Fair Value Movement in Period
Aggregate Cost * £'000 Market Cap Dividend Yield(NTM)
£'000 Fair Value £m % Fund
£'000 Sector %
TB Amati UK Smaller Companies Fund 9,689 13,811 (1,675) - Financials 1.7 6.2
Keywords Studios plc(1) 5,174 12,777 (30) 1,934.5 Information Technology 0.1 5.7
Polarean Imaging plc(1) 5,218 9,795 (4,772) 83.1 Health Care - 4.4
Frontier Developments plc(1) 4,698 9,663 1,035 611.1 Communication Services - 4.3
Learning Technologies Group plc(1) 4,551 9,177 (2,353) 1,047.8 Information Technology 1.0 4.1
Saietta Group plc(1,3) 5,100 7,510 (3,755) 119.2 Consumer Discretionary - 3.4
AB Dynamics plc(1) 2,579 5,838 (786) 294.1 Industrials 0.4 2.6
GB Group plc(2,3) 3,203 5,702 (1,702) 1,276.4 Information Technology 0.9 2.6
Water Intelligence plc(2) 1,218 4,888 (2,036) 104.2 Industrials - 2.2
MaxCyte Inc(1) 1,984 4,362 (191) 442.1 Health Care - 2.0
Top Ten 43,414 83,523 37.5
Craneware plc(2,3) 3,899 3,974 (215) 657.5 Health Care 1.9 1.8
Anpario plc(2) 1,829 3,525 (261) 128.8 Health Care 1.9 1.6
Aptamer Group plc(1) 3,677 2,891 (1,194) 63.5 Health Care - 1.3
Clean Power Hydrogen plc(1) 2,500 2,778 278 132.7 Industrials - 1.2
Sosandar plc(1) 1,872 2,621 (624) 46.5 Consumer Discretionary - 1.2
Velocys plc(1) 2,248 2,591 (848) 67.0 Energy - 1.2
Flylogix Limited Ordinary shares & 10% Convertible loan notes(1) 3,000 2,580 (420) - Information Technology - 1.2
Chorus Intelligence Limited Ordinary Shares & 10% Convertible Loan 3,000 2,579 (420) - Information Technology - 1.2
Notes(1)
Quixant plc(2) 4,196 2,544 (139) 97.0 Consumer Discretionary 1.8 1.1
Arecor Therapeutics plc(1) 1,900 2,522 (420) 83.5 Health Care - 1.1
Top Twenty 71,535 112,128 50.4
Ensilica plc(1) 2,500 2,350 (150) 35.4 Information Technology - 1.1
Solid State plc(2) 520 2,234 41 94.5 Industrials 1.8 1.0
Angle plc(1) 1,615 2,229 (1,389) 179.7 Health Care - 1.0
Northcoders Group plc(1) 1,791 2,189 (833) 15.3 Consumer Discretionary 1.0 1.0
Intelligent Ultrasound plc(1) 1,625 1,984 (476) 33.8 Health Care - 0.9
Brooks Macdonald Group plc(2) 1,154 1,960 (329) 352.5 Financials 3.5 0.9
Belvoir Group plc(1) 783 1,871 (159) 87.6 Real Estate 3.9 0.8
Diaceutics plc(1) 1,557 1,844 (328) 76.0 Health Care - 0.8
Elexsys Energy Ordinary shares & 8% Convertible loan notes(1) 2,000 1,720 (280) - Information Technology - 0.8
Amryt Pharma plc ADR(1,3) 1,573 1,691 (410) 847.4 Health Care - 0.7
Amryt Pharma plc Contingent Value Rights ("CVRs")(3) - 116 (595) - Health Care - 0.1
Eneraqua plc(1) 1,955 1,764 (56) 83.1 Industrials 0.5 0.8
Getech Group plc(1) 1,700 1,700 (572) 14.8 Energy - 0.8
Fusion Antibodies plc(1) 2,344 1,522 (632) 16.9 Health Care - 0.7
Ixico plc(1) 1,367 1,513 (840) 14.9 Health Care - 0.7
Equals Group plc(1) 1,137 1,443 312 174.6 Information Technology - 0.6
Accesso Technology Group plc(1,3) 221 1,350 (310) 252.1 Information Technology - 0.6
One Media iP Group plc(1) 1,240 1,284 133 16.1 Financials - 0.6
SRT Marine Systems plc(1) 1,174 1,155 (578) 54.2 Information Technology - 0.5
Byotrol plc Ordinary shares & 9% convertiable loan Notes(1) 1,209 1,150 (125) 14.5 Materials - 0.5
Glantus Holdings plc(1) 3,000 1,029 (1,471) 13.2 Information Technology - 0.5
Creo Medical Group plc(1,3) 1,613 942 (581) 132.3 Health Care - 0.4
Hardide plc(1) 2,361 904 (588) 11.2 Materials - 0.4
Verici Dx Limited(1) 800 900 (900) 38.3 Health Care - 0.4
Science in Sport plc(2) 1,956 900 (1,080) 41.7 Consumer Staples - 0.4
Diurnal Group plc(1) 3,922 835 (4,187) 16.1 Health Care - 0.4
Property Franchise Group plc (The)(2) 352 773 (153) 83.9 Real Estate 4.9 0.3
Block Energy plc(1) 3,000 665 77 8.6 Energy - 0.3
Zenova Group plc(2) 750 631 39 14.9 Materials - 0.3
Rosslyn Data Technologies plc(1) 1,922 600 (600) 5.8 Information Technology - 0.3
Strip Tinning Holdings plc(1) 1,054 570 (484) 15.1 Industrials - 0.3
Kinovo plc(2) 1,681 539 (323) 15.5 Industrials - 0.2
Netcall plc(2) 110 514 86 126.0 Information Technology - 0.2
Falanx Group Limited(1) 1,369 399 (275) 3.2 Industrials - 0.2
Brighton Pier Group plc (The) (1) 489 314 (23) 30.9 Consumer Discretionary - 0.1
Eden Research plc(1) 563 314 (334) 12.8 Materials - 0.1
In The Style Group plc(1) 1,447 260 (389) 18.9 Consumer Discretionary - 0.1
Rua Life Sciences plc(1) 955 247 (228) 6.9 Health Care - 0.1
Velocity Composites plc(1) 803 207 (23) 6.6 Industrials - 0.1
MyCelx Technologies Corporation(1) 645 182 (113) 10.3 Industrials - 0.1
Synectics plc(2) 342 150 27 19.6 Information Technology 2.3 0.1
Trellus Health plc(1) 700 140 (507) 12.9 Health Care - 0.1
FireAngel Safety Technology Group plc(1) 690 77 (14) 22.3 Consumer Discretionary - -
Allergy Therapeutics plc(1) 29 48 (19) 115.9 Health Care - -
Bonhill Group plc(1) 670 42 (42) 6.0 Communication Services - -
Merit Group plc(1) 596 26 (4) 8.9 Communication Services - -
Investments held at nil value 691 - - - - -
Total investments 131,510 157,405 70.7
Net current assets 65,110 29.3
Net assets 222,515 100.0
1 Qualifying holdings.
2 Part qualifying holdings.
3 These investments are also held by other funds managed by Amati.
* This column shows the book cost of the investments acquired from Amati VCT
plc, as they were priced on 4 May 2018, in addition to the costs of
investments made by the Company.
(NTM) Next twelve months consensus estimate (Source: Refinitiv).
The Manager rebates the management fee of 0.75% on the TB Amati UK Smaller
Companies Fund and this is included in the yield.
All holdings are in ordinary shares unless otherwise stated.
Investments held at nil value: Celoxica Holdings plc(1), Leisurejobs.com
Limited(1) (previously The Sportweb.com Limited), Rated People Limited(1),
Sorbic International plc, TCOM Limited(1), VITEC Global Limited(1).
As at the period end the percentage of the Company's portfolio held in
qualifying holdings for the purposes of Section 274 of the Income and
Corporation Taxes Act is 99.68%.
PRINCIPAL AND EMERGING RISKS
The Company's assets consist of equity (66%), fixed interest investments
including convertible loan notes (4%) and cash (30%). Its principal risks
include investment risk, venture capital approval risk, regulatory risk,
internal control risk, financial risk, economic risk and operational risk.
These risks and the ways in which they are managed are described in Principal
and Emerging Risks and notes 15 to 18 to the Financial Statements in the
Company's Report and Financial Statements for the year ended 31 January 2022.
The war between Russia and Ukraine has resulted in a continued period of
increased economic uncertainty. Despite these developments the Company's
principal and emerging risks have not changed materially since the date of
that report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
· the condensed set of financial statements which has been prepared in
accordance with FRS 104 "Interim Financial Reporting" gives a true and fair
view of the assets, liabilities, financial position and profit or loss of the
Company;
· the Chairman's Statement and Fund Manager's Review (constituting the
interim management report) include a true and fair review of the information
required by DTR4.2.7R of the Disclosure Guidance and Transparency Rules, being
an indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements;
· the Statement of Principal and Emerging Risks above is a fair review
of the information required by DTR4.2.7R, being a description of the principal
risks and uncertainties for the remaining six months of the year; and
· the financial statements include a fair review of the information
required by DTR4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the Company during that period, and any changes in
the related party transactions described in the last annual report that could
do so.
For and on behalf of the Board
Fiona Wollocombe
Chairman
29 September 2022
INCOME STATEMENT (unaudited)
for the six months ended 31 July 2022
Six months ended Six months ended Year ended
31 July 2022 31 July 2021 31 January 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Loss)/gain on investments - (40,980) (40,980) - 21,358 21,358 - (18,123) (18,123)
Income 6 489 - 489 366 - 366 701 - 701
Investment management fees (497) (1,490) (1,987) (556) (1,668) (2,224) (1,115) (3,345) (4,460)
Other expenses (309) - (309) (238) - (238) (514) - (514)
(Loss)/profit on ordinary activities before taxation (317) (42,470) (42,787) (428) 19,690 19,262
(928) (21,468) (22,396)
Taxation on ordinary activities - - - - - - - - -
(Loss)/profit and total comprehensive income attributable to shareholders (317) (42,470) (42,787) (428) 19,690 19,262
(928) (21,468) (22,396)
Basic and diluted (loss)/earnings per ordinary share
4 (0.21p) (28.63p) (28.84p) (0.36)p 16.68p 16.32p (0.73)p (16.93)p (17.66)p
The total column of this Income Statement represents the profit and loss
account of the Company. The supplementary revenue and capital columns have
been prepared in accordance with The Association of Investment Companies'
Statement of Recommended Practice. There is no other comprehensive income
other than the results for the period discussed above. Accordingly a Statement
of Total Comprehensive Income is not required.
All the items above derive from continuing operations of the Company.
The accompanying notes are an integral part of the statement.
STATEMENT OF CHANGES IN EQUITY (unaudited)
For the six months ended 31 July 2022
Non-distributable reserves Distributable reserves
Capital redemption reserve Capital reserve (non-distributable)
Share Share premium £'000 Merger reserve £'000 £'000 Special reserve Capital reserve (distributable) Revenue reserve Total
capital £'000 £'000 £'000 £'000 reserves
£'000 £'000
Opening balance as at 1 February 2022
6,836 109,545 425 819 80,666 57,160 (6,104) (2,273) 247,074
Profit/(loss) and total comprehensive income for the period - - - - (54,543) - 12,073 (317) (42,787)
Contributions by and distributions to shareholders:
Share issues and buy backs* 759 25,280 - 36 - (1,044) - - 25,031
Dividends paid - - - - - (6,803) - - (6,803)
Total contributions by and distributions to shareholders 759 25,280 - 36 - (7,847) - - (18,228)
Closing balance as at 31 July 2022 7,595 134,825 425 855 26,123 49,313 5,969 (2,590) 222,515
For the six months ended 31 July 2021
Opening balance as at 1 February 2021
5,780 61,635 425 731 107,450 75,023 (11,420) (1,345) 238,279
Profit/(loss) and total comprehensive income for the period
- - - - 15,493 - 4,197 (428) 19,262
Contributions by and distributions to shareholders:
Share issues and buy backs*
162 8,033 - 39 - (1,549) - - 6,685
Dividends paid - - - - - (8,278) - - (8,278)
Total contributions by and distributions to shareholders
162 8,033 - 39 - (9,827) - - (1,593)
Closing balance as at 31 July 2021
5,942 69,668 425 770 122,943 65,196 (7,223) (1,773) 255,948
The accompanying notes are an integral part of the statement.
*During the period to 31 July 2022, £26,191,000 was raised through share
issues (31 July 2021: £8,319,000; 31 January 2022: £49,360,000).
Non-distributable reserves Distributable reserves
Capital redemption reserve Capital reserve (non-distributable)
Share Share premium £'000 Merger reserve £'000 £'000 Special reserve Capital reserve (distributable) Revenue reserve Total
capital £'000 £'000 £'000 £'000 reserves
£'000 £'000
For the year ended 31 January 2022
Opening balance as at 1 February 2021
5,780 61,635 425 731 107,450 75,023 (11,420) (1,345) 238,279
(Loss)/profit and total comprehensive income for the period
- - - - (26,784) - 5,316 (928) (22,396)
Contributions by and distributions to shareholders:
Share issues and buybacks* 1,056 47,910 - 88 - (3,431) - - 45,623
Dividends paid - - - - - (14,432) - - (14,432)
Total contributions by and distributions to shareholders
1,056 47,910 - 88 - (17,863) - - 31,191
Closing balance as at 31 January 2022
6,836 109,545 425 819 80,666 57,160 (6,104) (2,273) 247,074
The accompanying notes are an integral part of the
statement.
*During the period to 31 July 2022, £26,191,000 was raised through share
issues (31 July 2021: £8,319,000; 31 January 2022: £49,360,000).
CONDENSED BALANCE SHEET (unaudited)
as at 31 July 2022
31 July 31 July 31 January
2022 2021 2022
Note £'000 £'000 £'000
Fixed assets
Investments held at fair value 8 157,405 248,717 214,737
Current assets
Debtors 160 146 1,972
Cash at bank 66,058 8,415 31,833
Total current assets 66,218 8,561 33,805
Current liabilities
Creditors: amounts falling due within one year (1,108) (1,330) (1,468)
Net current assets 65,110 7,231 32,337
Total assets less current liabilities 222,515 255,948 247,074
Capital and reserves
Called up share capital 7,595 5,942 6,836
Share premium account 134,825 69,668 109,545
Reserves 80,095 180,338 130,693
Equity shareholders' funds 222,515 255,948 247,074
Net asset value per share 5 146.5p 215.4p 180.7p
The accompanying notes are an integral part of the balance sheet.
STATEMENT OF CASH FLOWS (unaudited)
for the six months ended 31 July 2022
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2022 2021 2022
£'000 £'000 £'000
Cash flows from operating activities
Investment income received 275 300 626
Investment management fees (2,088) (2,152) (4,427)
Other operating costs (292) (233) (485)
Net cash outflow from operating activities (2,105) (2,085) (4,286)
Cash flows from investing activities
Purchases of investments (9,438) (19,671) (32,872)
Disposals of investments 27,774 7,701 13,596
Net cash inflow/(outflow) from investing activities 18,336 (11,970) (19,276)
Net cash inflow/(outflow) before financing 16,231 (14,055) (23,562)
Cash flows from financing activities
Net proceeds of share issues and buybacks 23,536 4,297 42,248
Equity dividends paid (5,542) (6,794) (11,820)
Net cash inflow/(outflow) from financing activities 17,994 (2,497) 30,428
Increase/(decrease) in cash 34,225 (16,552) 6,866
Reconciliation of net cash flow to movement in net cash
Increase/(decrease) in cash during the period 34,225 (16,552) 6,866
Net cash at start of period 31,833 24,967 24,967
Net cash at end of period 66,058 8,415 31,833
Reconciliation of profit on ordinary activities before taxation to net cash
outflow from operating activities
(Loss)/profit on ordinary activities before taxation (42,787) 19,262 (22,396)
Net loss/(gain) on investments 40,980 (21,358) 18,123
Less dividends reinvested (98) (40) (71)
(Decrease)/increase in creditors, excluding corporation tax payable (92) 73 64
Increase in debtors (108) (22) (6)
Net cash outflow from operating activities (2,105) (2,085) (4,286)
The accompanying notes are an integral part of the statement.
NOTES TO THE FINANCIAL STATEMENTS (unaudited)
for the six months ended 31 July 2022
1. Basis of Accounting
The Half-yearly financial Report covers the six months ended 31 July 2022.
The condensed financial statements for this six month period have been
prepared in accordance with FRS 104 ("Interim financial reporting") and on
the basis of the same accounting policies as set out in the Company's Annual
Report and Financial Statements for the year ended 31 January 2022.
The comparative figures for the financial year ended 31 January 2022 have
been extracted from the latest published audited Annual Report and Financial
Statements. Those accounts have been reported on by the Company's auditor and
lodged with the Registrar of Companies. The report of the auditor was (i)
unqualified, (ii) did not include a reference to any matters to which the
auditors drew attention by way of emphasis without qualifying their report,
and (iii) did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The financial information set out in this report has not been audited and
does not comprise full financial statements within the meaning of Section 434
of the Companies Act 2006. No statutory accounts in respect of any period
after 31 January 2022 have been reported on by the Company's auditors.
2. Going concern
The financial statements have been prepared on a going concern basis and on
the basis that approval as an investment trust company will continue to be
met.
The Directors have made an assessment of the Company's ability to continue as
a going concern and are satisfied that the Company has the resources to
continue in business for the foreseeable future, being a period of at least 12
months from the date these financial statements were approved.
In making the assessment, the Directors of the Company have considered the
likely impacts of international and economic uncertainties on the Company,
operations and the investment portfolio. These include, but are not limited
to, the impact of COVID-19, the war in Ukraine, political instability in the
UK, supply shortages and inflationary pressures.
The Directors noted the Company's cash balance exceeds any short term
liabilities, it holds a portfolio of listed investments and is able to meet
the obligations of the Company as they fall due. The surplus cash enables the
Company to meet any funding requirements and finance future additional
investments. The Company is a closed end fund, where assets are not required
to be liquidated to meet day to day redemptions.
The Directors have completed stress tests assessing the impact of changes in
market value and income with associated cash flows. In making this
assessment, they have considered plausible downside scenarios. These tests
were driven by the possible effects of continuation of the COVID-19 pandemic
but, as an arithmetic exercise, apply equally to any other set of
circumstances in which asset value and income are significantly impaired. The
conclusion was that in a plausible downside scenario the Company could
continue to meet its liabilities. Whilst the economic future is uncertain, and
the Directors believe that it is possible the Company could experience further
reductions in income and/or market value, the opinion of the Directors is that
this should not be to a level which would threaten the Company's ability to
continue as a going concern.
The Directors are not aware of any material uncertainties that may cast
significant doubt upon the Company's ability to continue as a going concern,
having taken into account the liquidity of the Company's investment portfolio
and the Company's financial position in respect of its cash flows and
investment commitments (of which there are none of significance). Therefore,
the financial statements have been prepared on the going concern basis.
3. Segmental reporting
The directors are of the opinion that the Company is engaged in a single
segment of business, being investment business.
4. Earnings per share
Earnings per share is based on the loss attributable to shareholders for the
six months ended 31 July 2022 of £42,787,000 (six months ended 31 July 2021
gain of £19,262,000, year ended 31 January 2022 loss of £22,396,000) and the
weighted average number of shares in issue during the period of 148,351,595
(31 July 2021: 118,054,860, 31 January 2022: 126,840,235). There is no
difference between basic and diluted earnings per share.
5. Net Asset Value
The net asset value per share at 31 July 2022 is based on net assets of
£222,515,000 (31 July 2021: £255,948,000, 31 January 2022: £247,074,000)
and the number of shares in issue on 31 July 2022 of 151,939,444 (31 July
2021: 118,842,225, 31 January 2022: 136,720,797). There is no difference
between basic and diluted net asset value per share.
6. Income
Six months ended Six months ended Year ended
31 July 2022 31 July 2021 31 January 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Income:
Dividends from UK companies 478 366 701
Interest from deposits 11 - -
489 366 701
7. Dividends paid
Six months Six months Year
ended ended ended
31 July 2022 31 July 2021 31 January 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Final dividend for the year ended 31 January 2022 of 4.5p per share paid on 22 6,803 - -
July 2022
Interim dividend for the year ended 31 January 2022 of 4.5p per share paid on - - 6,154
26 November 2021
Final dividend for the year ended 31 January 2021 of 7.00p per share paid on - 8,278 8,278
23 July 2021
6,803 8,278 14,432
8. Investments
Level 1 Traded on AIM Level 3 Unquoted investments Total
£'000 £'000 £'000
Opening cost as at 1 February 2022 128,607 6,955 135,562
Opening investment holding gains 80,646 20 80,666
Opening unrealised loss recognised in realised reserve (228) (1,263) (1,491)
Opening fair value as at 1 February 2022 209,025 5,712 214,737
Analysis of transactions during the period:
Purchases at cost 6,153 3,350 9,503
Sales proceeds received (25,855) - (25,855)
Realised loss on sales (1,157) (526) (1,683)
Unrealised loss on investments (38,107) (1,190) (39,297)
Closing fair value as at 31 July 2022 150,059 7,346 157,405
Closing cost at 31 July 2022 122,468 9,042 131,510
Closing investment holding gains/(losses) as at 31 July 2022 27,819 (1,696) 26,123
Closing unrealised loss recognised in realised reserve (228) - (228)
Closing fair value as at 31 July 2022 150,059 7,346 157,405
Equity shares 150,059 401 150,460
Preference shares - - -
CVRs - 116 116
Right to subscribe - - -
Convertible loan notes - 6,829 6,829
Closing fair value as at 31 July 2022 150,059 7,346 157,405
There have been no level 2 investments during the period.
The Company measures fair values using the following fair value hierarchy into
which the fair value measurements are categorised. A fair value measurement is
categorised in its entirety on the basis of the lowest level input that is
significant to the fair value measurement of the relevant asset as follows:
Level 1 - the unadjusted quoted price in an active market for identical assets
or liabilities that the entity can access at the measurement date.
The Company's level 1 investments are AIM traded companies and fully listed
companies.
Level 2 - inputs other than quoted prices included within Level 1 that are
observable (i.e. developed using market data) for the asset or liability,
either directly or indirectly.
When the Company holds level 2 assets they are valued using models with
significant observable market parameters.
Level 3 - inputs are unobservable (i.e. for which market data is unavailable)
for the asset or liability.
Level 3 fair values are measured using a valuation technique that is based on
data from an unobservable market. Discussions are held with management,
statutory accounts, management accounts and cashflow forecasts are obtained,
and fair value is based on multiples of sales and earnings.
The valuation techniques used by the Company are explained in the Annual
Report and Financial Statements for the year ended 31 January 2022.
9. Related parties
The Company retains Amati Global Investors as its Manager. The number of
ordinary shares in the Company (all of which are held beneficially) by
certain members of the management team are:
31 July 2022 shares held
Paul Jourdan 770,656*
David Stevenson 26,753
Anna Macdonald 15,543
*includes 24,179 shares held by a Person Closely Associated to Paul Jourdan
Save as disclosed above there is no conflict of interest between the Company,
the duties of the directors, the duties of the directors of the Manager and
their private interests and other duties.
10. Post balance sheet events
On 13 September 2022, the High Court of Justice confirmed the cancellation of
the sum standing to the credit of the Company's share premium account at 8
September 2022 of £134,824,337.53.
Shareholder Information
Share price
The Company's shares are listed on the London Stock Exchange. The bid price of
the Company's shares can be found on Amati Global Investors' website:
https://www.amatiglobal.com/fund/amati-aim- vct/fund-overview
Net Asset Value per Share
The Company normally announces its net asset value on a weekly basis. Net
asset value per share information can be found on Amati Global Investors'
website: https://www.amatiglobal.com/fund/amati-aim-vct/fund-overview
(https://www.amatiglobal.com/fund/amati-aim-vct/fund-overview)
Financial calendar
31 January 2023 Year end
April 2023 Announcement of final results for the year ended 31 January 2023
June 2023 Annual General Meeting
Dividends
After the payment of the dividend in November 2022 the Company will move to
paying all cash dividends by bank transfer rather than by cheque.
Shareholders will have the following options available for future dividends:
· Complete a bank mandate form and receive dividends via direct credit
to a UK domiciled bank account
· Re-invest the dividends for additional shares in the Company through
the Dividend Re-investment Scheme (DRIS)
For those shareholders who currently receive their dividend by cheque a bank
mandate form will be sent with the dividend payment in November 2022. The
mandate form will also be available on the Company's website. Once completed
the form should be sent to the Company's Registrars, City Partnership (UK)
Limited at the address shown below. If Shareholders have any questions
regarding the completion of the form they are advised to contact the City
Partnership on 01484 240910 or by email: registrars@city.uk.com Shareholders
may also register their bank account details and register for the Dividend
Re-investment Scheme themselves in the Amati Investor Hub at
https://amati-aim-vct.cityhub.uk.com/
Dividend Re-Investment Scheme
Shareholders who wish to have future dividends re-invested in the Company's
shares should contact the City Partnership (UK) Limited on 01484 240910 or by
email: registrars@city.uk.com
Shareholders may also register for the Dividend Re-investment Scheme
themselves in the Amati Investor Hub at https://amati-aim-vct.cityhub.uk.com/
Table of Historic Returns from launch to 31 July 2022 attributable to shares
issued by VCTs which have made up Amati AIM VCT
Numis Alternative Markets Total Return Index
NAV Total Return with dividends re-invested NAV Total Return with dividends not re-invested
Launch date Merger date
Singer & Friedlander AIM 3 VCT ('C' shares) 49.4% 25.1% 15.9%
4 April 2005 8 December 2005
Amati VCT plc 24 March 2005 4 May 2018 139.2% 78.3% 11.7%
Invesco Perpetual AIM VCT 32.2% -6.2% 41.9%
30 July 2004 8 November 2011
Singer & Friedlander AIM 3 VCT* 36.2% 13.4% -16.8%
29 January 2001 n/a
Singer & Friedlander AIM 2 VCT 4.4% -13.3% -57.5%
29 February 2000 22 February 2006
Singer & Friedlander AIM VCT -28.8% -19.7% 29.2%
28 September 1998 22 February 2006
*Singer & Friedlander AIM 3 VCT changed its name to ViCTory VCT on 22
February 2006, to Amati VCT 2 on 8 November 2011 and to Amati AIM VCT on 4 May
2018.
Corporate Information
Directors Registrar
Fiona Wollocombe (Chairman) The City Partnership (UK) Limited
Julia Henderson The Mending Rooms
Susannah Nicklin Park Valley Mills
Brian Scouler Meltham Road
Huddersfield
all of: HD4 7BH
27/28 Eastcastle Street
London
W1W 8DH
Secretary Auditor
LDC Nominee Secretary Limited BDO LLP
8th Floor, 100 Bishopsgate 55 Baker Street
London London
EC2N 4AG W1U 7EU
Fund Manager Solicitors
Amati Global Investors Limited Dickson Minto W.S.
8 Coates Crescent 16 Charlotte Square
Edinburgh Edinburgh
EH3 7AL EH2 4DF
VCT Status Adviser Bankers
Philip Hare & Associates LLP The Bank of New York Mellon SA/NV
Hamilton House London Branch
1 Temple Avenue One Canada Square
London London
EC4Y 0HA E14 5AL
For enquiries relating to share certificates, share holdings, dividends or the
Dividend Re-investment Scheme, please contact:
The City Partnership (UK) Limited
on +44 (0) 1484 240910
or email: registrars@city.uk.com (mailto:registrars@city.uk.com)
For enquiries relating to subscriptions and for general enquiries, please
contact:
Amati Global Investors
on +44 (0) 131 503 9115
or email: info@amatiglobal.com (mailto:info@amatiglobal.com)
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of, this announcement.
For further information, please contact the investor line at Amati Global
Investors on 0131 503 9115 or by email at info@amatiglobal.com
(mailto:info@amatiglobal.com)
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