Half-year Report
06/10/2023 07:00
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RNS Number : 8926O Amati AIM VCT PLC 06 October 2023
Amati AIM VCT plc (the "Company")
Legal Entity Identifier: 213800HAEDBBK9RWCD25
Half-yearly Report for the six months ended 31 July 2023
Highlights
Investment Objective
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 osectors to mitigate risk.
Dividend Policy
The Board aims to pay annual dividends of 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
31/07/23 31/07/22 ended
(unaudited) (unaudited) 31/01/23
(audited)
Net Asset Value ("NAV") £166.4m £222.5m £201.3m
Shares in issue 151,201,269 151,939,444 151,548,993
NAV per share 110.0p 146.5p 132.8p
Share price 102.5p 136.5p 123.5p
Market capitalisation £155.0m £207.4m £187.2m
Share price discount to NAV 6.8% 6.8% 7.0%
NAV Total Return (assuming re-invested dividends) -14.6% -16.4% -22.2%
Numis Alternative Markets Total Return Index* -11.3% -16.4% -20.7%
Ongoing charges** 2.0% 2.0% 1.9%
Dividends paid and declared in respect of the year 2.5p 3.5p 7.0p
* Numis Alternative Markets Index is included as a comparator benchmark for
performance as this index includes all companies listed on qualifying UK
alternative markets
** Ongoing charges calculated in accordance with the Association of Investment
Companies' ("AIC's") guidance
Table of investor returns to 31 July 2023
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* 104.5% 16.2%
("Amati")
NAV following appointment of Amati as Manager of the VCT, which was known as 114.5% 19.5%
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
In the first half of 2023, markets continued to be hostile for early-stage
businesses on AIM, especially for those requiring to raise further capital. In
addition, the sharp rise in interest rates and inflationary environment have
created more difficult trading conditions for some of the larger, more mature
companies. Consequently, this has impacted negatively on performance, with
several of the larger holdings in the portfolio being de-rated.
The number of companies raising money on AIM was much reduced, as often
happens during periods of market stress. However, £8.8m was invested in new
qualifying investments during the period. This was across a mixture of IPO and
secondary fund raises on AIM, including three small follow-on investments into
companies already held, and one investment in a pre-IPO company. Details of
these investments are provided in the Fund Manager's Review. Cash levels have
remained high as the Manager made some sales from the qualifying portfolio,
amounting to £8.3m. Cash is being actively managed with exposure to both
money market funds and interest-bearing bank deposits, in order to maximise
income whilst new investments are being sought.
Investment Performance and Dividend
The NAV total return for the period was -14.6%, which compares to a return of
-11.3% for the Numis Alternative Markets Index. Full details are provided in
the Fund 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 2.5p per share, to be paid
on 24 November 2023 to shareholders on the register on 20 October 2023. The
ex-dividend date will be 19 October 2023.
Corporate Developments
In June, the Company held its AGM and the Manager's Investor Afternoon for a
second year at Barber-Surgeons' Hall. The day was well attended and a
recording of the event remains available to view on the Manager's website at:
https://www.amatiglobal.com/storage/1203/Amati-AIM-VCT-Annual-Report.pdf
(https://www.amatiglobal.com/storage/1203/Amati-AIM-VCT-Annual-Report.pdf) .
With cash levels remaining high and the rate of new investments still running
at relatively low levels, the Board is not planning to raise funds in the
current financial year, although the Dividend Re-investment Scheme (DRIS)
remains open to shareholders who wish to make use of it. The last day for the
Dividend Re-investment Scheme elections will be 8 November 2023.
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 in 2015 by the UK government to secure ongoing EU approval of
the VCT and EIS schemes, which have been a crucial source of funding for new
and innovative businesses in the UK. It has always been the case that the
extension of the scheme was bound up with the resolution of issues around the
Northern Ireland Protocol and potentially achieving a further ratification of
the schemes from the EU, so that they can also continue to operate in Northern
Ireland after 2025.
The Chancellor of the Exchequer had previously set out an intention to
continue the scheme and the subsequent publication of the Windsor Framework on
27 February 2023 left the removal of the Sunset Clause solely within the
control of HM Treasury. Since then, there have been no updates from the
Government, but on 24 July 2023, the Treasury Committee published its Report
on Venture Capital calling for the Government to take urgent action to detail
and implement an extension. The Report contained other recommendations around
continued support for the VCT and EIS sectors to encourage greater social
inclusion within the Venture Capital sector.
Outlook
Whilst the high rate of inflation in the UK now seems to be easing, the rapid
rise in interest rates during 2023 has tightened liquidity conditions
everywhere. This now requires a period of adjustment, as market prices respond
to what has been a very abrupt end to the era of cheap money amidst the advent
of war, potential shortages of natural resources and a rising wave of
sanctions on international trade. None of this lessens the need for innovative
new businesses to underpin the future growth of the economy and maintain
competitiveness. However, it makes it harder for such businesses to find
funding and tends to slow down sales cycles, making it more expensive for them
to scale up. This makes the role of VCTs more important than ever, being pools
of capital which are able to continue to invest in tougher times and support
businesses over the longer term. The need for clarity on the future of VCT
schemes is becoming ever more critical. Tougher markets also tend to be good
for the long run returns from new investments, so it is to be hoped that the
ability to continue investing will stand the Company in good stead in the
years to come. It is encouraging that new opportunities for qualifying
investments are appearing on AIM, albeit in smaller numbers than previously.
Fiona Wollocombe
Chairman
5 October 2023
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 (mailto: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
Russia's ongoing invasion of Ukraine and the daily horrors it brings continues
to weigh on investor sentiment, with additional concerns about the ongoing
potential for China to become more bellicose and for Russia to continue to
provoke political mayhem in its spheres of influence abroad. In stock markets,
headlines have been dominated by the global fight against inflation with the
US Federal Reserve, the European Central Bank and the Bank of England all
simultaneously continuing to increase interest rates rapidly from historically
low levels. This 'normalisation' of policy created a number of disruptions
along the way. There was a notable bump in the road in the US banking system
with the collapse of SVB Bank in March, closely followed by First Republic
Bank and Signature Bank. Of even greater importance was the subsequent
unravelling of Credit Suisse. However, the contagion effects of these failures
have been limited, with UBS riding to the rescue of Credit Suisse and the US
banks being bailed out by larger, better capitalised institutions.
In this tightening environment government bond yields have continued to rise
globally, most notably in the US and the UK, where interest rate rises have
been most pronounced. The outlook for global growth has deteriorated somewhat
but most major economies are bumping along the bottom and recession has
largely been avoided so far. The most notable change has been a marked
deterioration in Chinese growth prospects and this has led to falls in
commodities such as copper and iron ore. Other key commodities such as gold
and oil have been broadly flat in the period.
In recent months there has been some evidence that inflation is now being
brought under control, with the June G20 inflation rate having fallen to 4.6%.
The economic picture in the UK remains more troubled and we continue to lag
behind other leading economies in the battle against inflation. However, the
trend is finally heading in the right direction, with key indicators such as
the Price Producer Index, food, construction materials and money supply all
beginning to head firmly downwards. Indeed, many commentators now believe that
Prime Minister Sunak will achieve his wish of sub-5% inflation before the end
of 2023. Investor anxiety over rising interest rates has also begun to reduce
somewhat, with rate expectations now beginning to roll over. Gilt yields have
risen back to levels that we saw during the mini Budget crisis of last
September. While rising yields have supported a steady recovery in sterling
against both the Euro and the US Dollar, this time around fiscal credibility
has been maintained albeit government finance is under pressure.
Global markets have recovered their poise in 2023, focused on strong rallies
in the handful of the world's largest tech companies listed in the US. By
contrast, the UK equity market remained in the doldrums with the FT All Share
index returning a paltry 0.6% over the period. AIM continues to lag
significantly, falling by 11% over the six months, reflecting ongoing
risk-aversion and tougher trading conditions slowing down the growth of the
more mature companies. Liquidity at the lower end of the UK market remains
somewhat problematic and market sentiment towards UK equities is fragile.
There were continued outflows from open-ended UK equity funds, continuing the
weak trend of recent years, and there are considerable challenges in
re-establishing the UK market as an attractive place for companies to list and
raise capital. However, we do detect a greater commitment from the Chancellor,
the FCA and others to address these increasingly urgent problems.
Performance Review
Over the first half of the year the NAV Total Return fell by 14.6%,
underperforming its benchmark which declined by 11.3%.
An environment of limited risk appetite amongst investors continued to affect
stock market liquidity, and this disproportionately impacted share prices for
even the largest capitalisation companies within the portfolio. This was the
case for our biggest holding, video gaming services provider Keywords Studios
("Keywords"), which fell by 38% in the period despite reporting 10% organic
growth and stable margins in its first half trading update at the end of the
period, expecting this to continue in its second half. This followed
concerns that Generative Artificial Intelligence ("GenAI"), a technology for
machine-created data content such as text, images, sounds and animation, could
be a significant disruptor to the company's creative, testing and
localisation businesses. The shares have been sold short by some hedge funds.
It is too early to tell exactly how GenAI will impact the video games
industry, given the complex legal issues around IP ownership, but it is likely
that Keywords will be well placed to adopt the best practices and unlikely
that GenAI will lead to such efficiency gains that the market for the kinds
of outsourced services that Keywords provides diminishes. Another holding
impacted by GenAI fears was digital learning and talent management specialist
Learning Technologies, where machine-created education is seen by some as a
competitive threat. A greater influence on the share price, however, has been
a slowdown in project-based and transactional work amongst the company's
financial services and technology clients. On the other hand, longer term
contracts and Software-as-a-Service ("SaaS") revenues have proven more robust
in softer economic conditions. The shares fell by 47%. Whilst GenAI will
undoubtedly have an eventual impact across the whole economy, the precise
business winners and losers from this technology will likely emerge gradually,
as was the case with the dot.com revolution more than twenty years ago.
Polarean Imaging, the medical imaging specialist, which finally received FDA
approval for its drug device combination product, XENOVIEW, last December, is
pursuing a strategy of strategic partnerships with pharmaceutical companies,
magnetic resonance imaging specialists, and Contract Research Organisations,
in order to fund commercial applications for its technology. This will require
additional equity funding, and this acted as an overhang on the company's
shares which fell by 50% in the period.
Other negative contributors included recently floated EnSilica and
Northcoders. Ensilica specialises in the design and supply of Application
Specific Integrated Circuits ("ASICs") to a range of automotive, satellite
and industrial automation customers. After a successful listing in May of last
year, the shares initially outperformed on the back of a series of contract
awards. This new business run rate exceeded original expectations, which
prompted a follow-on, non-qualifying placing in March to raise working
capital. The placing discount has since acted as a cap on the share price,
which fell by 36% across the period. Northcoders provides training courses for
IT novices and junior software engineers, in a UK market where there is an
acute shortage of coders and developers. Recent interim results show revenues
up over 50%, driven by a number of contracts with large corporate clients,
plus further funding secured from the Department for Education. This provides
good forward visibility to the business. The share price peaked late last year
but has subsequently retrenched, falling 37% in the period driven by limited
liquidity and some small selling.
Other weak performances included Velocys, the sustainable fuels technology
company, which fell by 65% as its shares suffered headwinds from ongoing
discussions to raise additional funding for its US manufacturing facility.
Whilst over £6m was raised in June, a larger amount of £12m from a strategic
investor is still to be finalised; Eneraqua Technologies, a supplier of
specialist energy and water efficiency solutions, fell by 62% having missed
its forecast revenues for financial year 2023 but still reported a more than
50% increase year on year. The miss was caused by local authority and housing
association clients re-prioritising their capital budgets due to expensive
fire cladding commitments. This meant some larger utility replacement
projects were pushed into 2024, but they were not cancelled; and Aptamer, a
developer of custom binders for the life sciences industry, which sought
additional funding as customers delayed research projects and ambitious
forecasts for revenues moved out of reach. This funding was completed late in
the period, but poor investor appetite for loss-making companies saw the
shares fall by 96%. In February, having realised that unquoted company
Flylogix was unlikely to resolve its operational issues with flying drones
out over the North Sea for methane emissions testing, we agreed with the
company and BP Ventures, the other principal investor in the business, that
the company be put into administration in order to protect the cash
remaining on the balance sheet. We expect this to return 20-25% of our
investment and wrote the equity and loan down accordingly.
The greatest positive contributor over the period was autonomous vehicle
specialist, Aurrigo International ("Aurrigo"). A successful flotation last
September was followed up with positive operational news. An initial agreement
with Singapore's Changi Airport to develop baggage handling technology has
progressed to a formal partnership to trial and test prototype Auto-Dolly and
Auto-Dolly Tug vehicles, together with Auto-Sim airport simulation software.
This multi-year partnership will allow Aurrigo to showcase its technology to
other airports and provides a solid platform for future growth. The rapid
recovery of global aviation to almost pre-pandemic activity levels, is driving
demand for efficiencies, decarbonisation, and solutions to staff shortages,
all issues which Aurrigo's products address. The company's original business
in automotive engineering design continues to generate solid revenues. The
shares gained 56%.
Following a disappointing period of trading, video games developer and
publisher Frontier Developments rebounded with its shares rising 21% in the
period. A full year update in June, whilst in line with previous downgraded
guidance, incorporated better performance from the existing games portfolio.
However, a strategic decision was taken to cease all third-party title
publishing after poor results, and an exceptional charge for this caused an
overall loss. Frontier is now returning to its core business of in-house games
development and has two significant releases scheduled; a Formula 1 Manager
game and a real-time strategy game based on the Warhammer Age of Sigmar IP.
SRT Marine Systems ("SRT"), the provider of maritime surveillance, monitoring
and management systems, made several contract announcements during the period
and achieved an oversubscribed non-qualifying capital raise to fund working
capital. With applications in law enforcement, search & rescue, fisheries
management and environmental monitoring, SRT has a growing order book. The
shares rose by 20%.
Other positive contributors included Glantus, the accounts payable analytics
software provider, which announced improved trading and then a private equity
bid approach, and its shares rose by 111%; Equals, the FX payment services
specialist, which continues to trade strongly as it shifts its focus from
consumer to business customers, generating stronger growth and higher margins
and which saw its shares rise by 16%; Kinovo, the provider of property
services to the social housing sector, saw its shares rise by 30% having
announced several contract wins involving energy efficiency, fire safety,
electrical wiring and related building works; and Creo Medical, the surgical
endoscopy device specialist, whose technology is seeing increasing adoption
helped by an oversubscribed, non-qualifying fund raise in February, in which
the TB Amati UK Listed Smaller Companies Fund participated. Its shares rose by
64%.
Portfolio Activity
Over the course of the period under review, the Company made four new
investments and three follow-on investments. The new investments comprised one
Initial Public Offering ("IPO"), one pre-IPO investment and two investments
into companies already quoted on AIM.
The Company participated in the flotation of Fadel Partners, a developer of
cloud-based software for brand compliance and royalties' management. Fadel's
customers are licensors and licensees across a range of markets covering
media, entertainment, publishing, consumer brands and technology. The products
incorporate sophisticated image and video recognition powered by AI search
tools. The business is long established, and has been recently profitable,
but is now entering a new growth phase which will involve losses as it moves
to build substantial global revenues. An unquoted investment was made in 2
Degrees, alongside Maven Capital Partners. The company provides large
corporates and their suppliers with an online SaaS platform to measure, manage
and reduce carbon within supply chains, thereby helping to achieve the Green
House Gas Protocol Scope 3 emissions standard. The platform includes a
planning tool and AI-driven recommendations for best practices to reduce
carbon. Current markets are in food retail and automotive, with significant
scope to grow beyond this.
Investments through secondary placings in existing AIM companies involved
Itaconix and Cordel. The former is a US developer of a plant-based polymer
used to decarbonise everyday consumer products. The company has been on AIM
since 2012, but only achieved commercial breakthrough in 2020 with a
bio-polymer ingredient for dishwasher detergent. Close to 150 consumer
products now use Itaconix ingredients, involving major retailers such as
Amazon, Walmart, Aldi and Tesco. With opportunities to grow into personal
hygiene and beauty products, the company is forecast to breakeven in its
current financial year. Cordel floated on AIM in 2018, and a year later
acquired its current business activity which is an AI analytical software
platform to automate inspection and management of rail infrastructure. Using
highly accurate Light Detection and Ranging sensors mounted onto train rolling
stock, the technology replaces human surveying of vegetation infringements,
infrastructure clearances, crossings, drainage and ballast, in order to meet
regulatory requirements and prevent accidents. Commercial success to date
includes contracts with Network Rail, Angel Trains and Amtrak. The company is
forecast to breakeven in the current financial year.
A total of £7.9m was invested in these new investments in the period. Three
follow-on investments, totalling £0.9m, were made in antibody developer
Fusion Antibodies, fire safety product specialist Zenova, and sustainable
biopesticides formulator Eden Research. In each case, these were part of
institutional placings to provide working capital. The position in Amryt
Pharmaceuticals was sold following the recommended offer in January by Chiesi
Farmaceutici S.p.A. to acquire the company. Angle, the liquid biopsy
developer, was also sold on concerns that its technology could be superseded
by alternative circulating tumour DNA diagnostics. The share price has fallen
materially since then. After strong performance from the shares, the
opportunity was taken to reduce our large holding in AB Dynamics, the designer
and supplier of testing and simulation technology to the automotive industry.
This crystallised £1.6m in gains. Allergy Therapeutics, Bonhill, Falanx and
Itsarm (formerly In the Style) were all exited as they had become sub-scale
positions.
Outlook
Post the period end, AIM has continued to exhibit weakness, as markets remain
wary about the near-term trajectory of key economic indicators. Whilst
investors continue to fear the impact of an overtightening of interest rates
by central banks, the current picture in the UK is one of moderating
inflationary pressures, broadly robust employment levels, and better than
anticipated GDP growth. There have also been some signs of a return of bid
activity, but the dead hand of sustained redemptions from UK equity funds
continues to negatively impact stock market liquidity and momentum.
With almost all yardsticks pointing to the relative undervaluation of smaller
companies within the UK market, and the UK's cheapness in a global context,
alongside concerns about falling IPO activity, there are growing demands for
policy measures to improve the attractiveness of a UK listing. This has
resulted in the Chancellor's recent call for defined contribution pension
funds to allocate at least 5% to unlisted equities (the definition of which
includes AIM quoted stocks) by 2030. More detail on this will be contained
within the Chancellor's Autumn Statement, but there is the potential for this
reform to create a structural flow of investor funds into smaller UK public
equities. Should this measure become more targeted and emphasise the UK
government's priorities towards growth sectors such as technology, life
sciences and renewables, then it might prove beneficial to the Company's
investment universe.
In early August, the Company made two further material investments involving
the IPO of an engineering oil sensor developer, Tan Delta, and a follow-on
placing in existing holding, Velocity Composites, to fund working capital for
its growing pipeline of contracts to supply advanced aircraft material. This
is an encouraging start to the second half of the year and continues to
utilise the available cash balance within the portfolio. Whilst weak stock
market conditions are a headwind to investment performance, they also provide
attractively valued opportunities for the Company to continue backing
innovative growth companies.
Dr Paul Jourdan, David Stevenson and Scott McKenzie
Amati Global Investors
5 October 2023
Investment Portfolio
as at 31 July 2023
Original Amati VCT bookcost at 4 May 2018(#)
£'000
Fair Value Movement in year***
Aggregate Cost** £'000 Market Cap % of net assets
Cost* £'000 Valuation £m Dividend Yield(NTM)
£'000 £'000 Sector
TB Amati UK Smaller Companies Fund 3,331 6,581 9,912 11,715 (941) - Financials 2.7% 7.0
Keywords Studios plc 1,3 323 4,851 5,174 8,955 (5,479) 1,392.8 Information Technology 0.2% 5.4
AB Dynamics plc 151 1,721 1,872 5,902 51 415.1 Industrials 0.4% 3.6
1
Aurrigo International plc - 2,019 2,019 5,258 1,968 52.1 Industrials - 3.2
1
Learning Technologies Group plc 780 3,771 4,551 5,175 (4,499) 593.0 Information Technology 2.2% 3.1
1,3
Polarean Imaging plc - 4,899 4,899 4,716 (4,808) 42.8 Health Care - 2.8
1
Frontier Developments plc 341 4,357 4,698 3,659 642 231.7 Communication Services - 2.2
1
Water Intelligence plc 180 1,038 1,218 3,585 (1,059) 76.4 Industrials - 2.2
2
MaxCyte Inc. 449 1,536 1,985 3,510 (1,203) 360.7 Health Care - 2.1
1
Ensilica plc - 2,450 2,450 3,038 (1,715) 48.4 Information Technology - 1.8
1
Top Ten 33,223 38,778 55,513 (17,043) 33.4
Fadel Partners, Inc - 3,000 3,000 3,000 - 29.1 Information Technology - 1.8
1
Sosandar plc - 1,872 1,872 2,958 (225) 58.8 Consumer Discretionary - 1.8
1
Craneware plc 298 3,601 3,899 2,922 (129) 480.2 Health Care 2.3% 1.8
2,3
Chorus Intelligence Limited Ordinary Shares - 301 301 151 - - Information Technology - 0.1
1,4
Chorus Intelligence Limited 10% Convertible Loan Notes - 2,699 2,699 2,699 - - Information Technology - 1.6
1,4
GB Group plc 236 2,967 3,203 2,828 (1,149) 3,067.0 Information Technology 1.9% 1.7
2
Solid State plc 260 260 520 2,688 (21) 147.4 Industrials 1.6% 1.6
2
Nexteq plc 419 3,777 4,196 2,353 (488) 89.8 Consumer Discretionary 2.7% 1.4
2
Saietta Group plc - 5,100 5,100 2,307 (268) 44.3 Consumer Discretionary - 1.4
1,3
SRT Marine Systems plc 709 465 1,174 2,117 346 105.7 Information Technology - 1.3
1
Northcoders Group plc - 2,111 2,111 2,093 (1,212) 15.2 Consumer Discretionary - 1.2
1
Top Twenty 59,376 66,853 81,629 (20,189) 49.1
Diaceutics plc - 1,557 1,557 2,049 (102) 84.5 Health Care - 1.2
1
2 Degrees Limited A1 - 1,867 1,867 1,867 - - Information Technology - 1.1
1
2 Degrees Limited A2 133 133 133 - - Information Technology - 0.1
1
Intelligent Ultrasound plc - 2,194 2,194 1,982 (176) 29.4 Health Care - 1.2
1
Brooks Macdonald Group plc - 1,154 1,154 1,902 (72) 346.0 Financials 4.1% 1.1
2,3
Accesso Technology Group plc - 221 221 1,665 (144) 311.8 Information Technology - 1.0
1,3
Arecor Therapeutics plc - 1,910 1,910 1,604 (253) 58.2 Health Care - 1.0
1
Itaconix plc - 2,000 2,000 1,529 (471) 26.3 Industrials - 0.9
1
Belvoir Group plc 404 379 783 1,512 64 70.8 Real Estate 5.2% 0.9
1
Equals Group plc - 1,137 1,137 1,472 208 183.9 Financials - 0.9
1
Clean Power Hydrogen plc - 2,500 2,500 1,306 (28) 63.0 Industrials - 0.8
1
Eden Research plc - 1,056 1,056 1,005 63 22.9 Materials - 0.6
1
Ixico plc - 1,367 1,367 927 (195) 9.2 Health Care - 0.5
1
Kinovo plc - 1,681 1,681 927 215 26.7 Industrials - 0.5
2
Velocys plc - 2,248 2,248 869 (1,614) 26.6 Energy - 0.5
1
Cordel Group plc - 915 915 839 (76) 11.0 Information Technology - 0.5
1
Byotrol plc Ordinary shares 511 348 859 450 (50) 8.2 Materials - 0.3
1,4
Byotrol plc 9% Convertible loan notes - 350 350 350 (3) - Materials - 0.2
1,4
One Media iP Group plc - 1,240 1,240 797 (266) 10.0 Communication Services - 0.5
1
Eneraqua plc - 1,955 1,955 776 (1,270) 36.5 Industrials 1.4% 0.5
1
Property Franchise Group plc (The) 155 197 352 767 59 83.9 Real Estate 5.4% 0.5
2
Getech Group plc - 1,700 1,700 757 (325) 6.6 Energy - 0.5
1
Flylogix Limited Ordinary shares - 300 300 - - - Information Technology - -
1,4
Flylogix Limited 10% Convertible loan notes - 2,700 2,700 625 - - Information Technology - 0.4
1,4
Block Energy plc - 3,000 3,000 614 51 8.3 Energy - 0.4
1
Glantus Holdings plc - 3,000 3,000 559 294 9.7 Information Technology - 0.3
1
Netcall plc - 110 110 551 (31) 144.3 Information Technology 0.9% 0.3
2
Hardide plc 695 1,666 2,361 497 (90) 6.5 Materials - 0.3
1
Velocity Composites plc 496 307 803 483 (161) 15.5 Industrials - 0.3
1
Elexsys Energy Ordinary shares - 200 200 - - - Information Technology - -
1,4
Elexsys Energy 8% Convertible loan notes - 1,800 1,800 450 (450) - Information Technology - 0.3
1,4
Science in Sport plc 804 1,135 1,939 431 45 25.0 Consumer Staples - 0.3
2
Creo Medical Group plc - 1,613 1,613 413 161 115.6 Health Care - 0.2
1,3
Verici Dx Limited - 800 800 400 (40) 17.0 Health Care - 0.2
1
Zenova Group plc - 900 900 346 (218) 4.8 Materials - 0.2
1
Strip Tinning Holdings plc - 1,054 1,054 285 (57) 7.7 Industrials - 0.2
1
Fusion Antibodies plc 565 1,829 2,394 209 (895) 3.7 Health Care - 0.1
1
Brighton Pier Group plc (The) 314 175 489 171 (99) 16.8 Consumer Discretionary - 0.1
1
MyCelx Technologies Corporation 440 205 645 170 48 9.7 Industrials - 0.1
1
Rosslyn Data Technologies plc 614 1,308 1,922 159 (88) 1.5 Information Technology - 0.1
1
Rua Life Sciences plc - 930 930 155 (298) 4.4 Health Care - 0.1
1
Synectics plc - 342 342 143 (27) 18.7 Information Technology 3.7% 0.1
2
Anpario plc 19 109 128 94 (694) 49.3 Health Care 5.4% 0.1
2
Trellus Health plc - 700 700 88 (52) 8.1 Health Care - 0.1
1
Aptamer Group plc - 3,672 3,676 47 (1,146) 1.0 Health Care - -
1
Merit Group plc - 596 596 30 9 10.1 Communication Services - -
1
FireAngel Safety Technology Group plc - 690 690 19 (36) 9.1 Consumer Discretionary - -
1
Investments held at nil value 691 - - - -
Total investments 129,815 114,053 (28,399) 68.6
116,626
Money market funds
Royal London Short Term Money Market Fund 18,325 18,370 45
18,325
Goldman Sachs Sterling Liquid Reserves Fund 9,868 9,868
9,868
Northern Trust Global The Sterling Fund 9,868 9,868
9,868
Total money market funds 38,061 38,106 22.9
38,061
Other net current assets 14,224 8.5
Net assets 166,383 100.0
( ) (1) Qualifying holdings.
( ) (2) Part qualifying holdings.
( ) (3) These investments are also held by other funds managed by Amati.
( ) (4) The investments of Ordinary Shares and Convertible loan notes: Flylogix
Limited ("Flylogix") consists of 392 Ordinary Shares in Flylogix at fair value
of nil and 10% Convertible Loan Notes at fair value of £625,000. Flylogix was
placed into administration on 2 March 2023. The fair value of the investment
held is the amount reasonably expected to be receivable from the
administrator. Elexsys Energy plc ("Elexsys") consists of 202,737 Ordinary
Shares in Elexsys at fair value of nil and 8% Convertible Loan Notes at fair
value of £450,000. Interest at 8% on the convertible loan notes in Elexsys is
being accrued and the interest receivable of £120,000 to the Balance Sheet
date has been accrued. If Elexsys is admitted to AIM with a minimum equity
raise of £5m, the Convertible Loan Notes are convertible into Ordinary Shares
after listing. Chorus Intelligence Limited ("Chorus") consists of 232 Ordinary
Shares in Chorus at fair value of £150,000 and 10% Convertible Loan Notes at
fair value of £2,699,000. Interest at 10% on the convertible loan notes in
Chorusis being accrued and the interest receivable of £372,000 to the Balance
Sheet date is accrued. Byotrol plc ("Byotrol") consists of 25,000,001 Ordinary
Shares in Byotrol at fair value of £450,000 and 9% Convertible Loan Notes at
fair value of £350,000. Interest at 9% on the convertible loan notes in
Byotrol is being paid with £16,000 received in the period and £3,000 accrued
at the Balance Sheet date.
# This column shows the original book cost of the investments acquired from
Amati VCT plc on 4 May 2018.
*This column shows the bookcost to the Company as a result of market trades
and events.
**This column shows the aggregate book cost to the Company either as a result
of trades and events or asset acquisition.
***This column shows the movement in fair value, the unrealised gains/(losses)
on investments during the year, see notes 1 and 8 below for further details.
NTM Next twelve months consensus estimate (Source: Refinitiv, Fidessa and
Amati Global Investors)
The Manager rebates the management fee of 0.75% on 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 Limited¹,
Sorbic International plc, TCOM Limited¹, VITEC Global Limited¹.
As at 31 July 2023 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 88.33%.
Principal and Emerging Risks
The Company's assets consist of equity (66%), fixed interest investments
including convertible loan notes (2%), money market funds (23%) and cash (9%).
Its principal risks include investment risk, venture capital approval risk,
compliance risk, internal control risk, financial risk, economic risk,
operational risk and concentration 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 2023. The war between Russia and
Ukraine continues to cause economic uncertainty. Ongoing high levels of
inflation and increased interest rates aimed at reducing inflation cause
stress to investee companies and affect the ability of companies to raise
finance in the market. The Company's principal and emerging risks have not
changed materially since the date of that report.
Going Concern
The condensed financial statements have been prepared on a going concern basis
(Note 2 below).
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 (Note 10 below).
For and on behalf of the Board
Fiona Wollocombe
Chairman
5 October 2023
Income Statement (unaudited)
for the six months ended 31 July 2023
Six months ended Six months ended Year ended
31 July 2023 31 July 2022 31 January 2023
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Loss on investments - (28,903) (28,903) - (40,980) (40,980) - (55,748) (55,748)
Investment income 6 1,486 - 1,486 489 - 489 1,810 - 1,810
Investment management fee (376) (1,127) (1,503) (497) (1,490) (1,987) (930) (2,788) (3,718)
Other expenses (283) - (283) (309) - (309) (588) - (588)
Profit/(loss) on ordinary activities before taxation 827 (30,030) (29,203) (317) (42,470) (42,787) 292 (58,536) (58,244)
Taxation on ordinary activities - - - - - - - - -
Profit/(loss) and total comprehensive income attributable to shareholders 827 (30,030) (29,203) (317) (42,470) (42,787) 292 (58,536) (58,244)
Basic and diluted earnings /(loss) per ordinary share 0.55p (19.89)p (19.34)p (0.21)p (28.63)p (28.84)p 0.19p (38.99)p (38.80)p
4
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)
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 six months ended 31 July 2023
Opening balance as at 1 February 2023 7,578 940 425 908 12,918 177,385 3,108 (1,981) 201,281
(Loss)/profit and total comprehensive income for the period - - - - (28,407) - (1,623) 827 (29,203)
Total comprehensive income for the period 7,578 940 425 908 (15,489) 177,385 1,485 (1,154) 172,078
Contributions by and distributions to shareholders:
Repurchase of shares (62) - - 62 - (1,401) - - (1,401)
Shares issued 44 937 - - - - - - 981
Dividends paid - - - - - (5,275) - - (5,275)
(18) 937 - 62 - (6,676) - - (5,695)
Closing balance as at 31 July 2023 7,560 1,877 425 970 (15,489) 170,709 1,485 (1,154) 166,383
For the six months ended 31 July 2022
Opening balance as at 1 February 2022 6,836 109,545 425 819 80,666 57,160 (6,104) (2,273) 247,074
(Loss)/profit and total comprehensive income for the period - - - - (54,543) - 12,073 (317) (42,787)
Total comprehensive income for the period 6,836 109,545 425 819 26,123 57,160 5,969 (2,590) 204,287
Contributions by and distributions to shareholders:
Repurchase of shares (36) - - 36 - (1,044) - - (1,044)
Shares issued 795 25,396 - - - - - - 26,191
Costs of share issues - (116) - - - - - - (116)
Dividends paid - - - - - (6,803) - - (6,803)
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
The accompanying notes are an integral part of the statement.
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 2023
Opening balance as at 1 February 2022 6,836 109,545 425 819 80,666 57,160 (6,104) (2,273) 247,074
(Loss)/profit and total comprehensive income for the year - - - - (67,748) - 9,212 292 (58,244)
Total comprehensive income for the year 6,836 109,545 425 819 12,918 57,160 3,108 (1,981) 188,830
Contributions by and distributions to shareholders:
Repurchase of shares (89) - - 89 - (2,451) - - (2,451)
Shares issued 831 26,351 - - - - - - 27,182
Costs of share issues - (132) - - - - - - (132)
Dividends paid - - - - - (12,110) - - (12,110)
Cancellation of share premium - (134,824) - - - 134,824 - - -
Expenses in relation to cancellation of share premium accounts - - - - - (38) - - (38)
742 (108,605) - 89 - 120,225 - - 12,451
Closing balance as at 31 January 2023 7,578 940 425 908 12,918 177,385 3,108 (1,981) 201,281
The accompanying notes are an integral part of the
statement.
Condensed Balance Sheet (unaudited)
as at 31 July 2023
31 July 31 July 31 January
2023 2022 2023
Note £'000 £'000 £'000
Fixed assets
Investments held at fair value 8 114,053 157,405 142,354
Current assets
Debtors 732 160 329
Cash and cash equivalents 53,109 66,058 59,595
Total current assets 53,841 66,218 59,924
Current liabilities
Creditors: amounts falling due within one year (1,511) (1,108) (997)
(1,511) (1,108) (997)
Net current assets 52,330 65,110 58,927
Total assets less current liabilities 166,383 222,515 201,281
Capital and reserves
Called-up share capital* 9 7,560 7,595 7,578
Share premium account* 1,877 134,825 940
Reserves 156,946 80,095 192,763
Equity shareholders' funds 166,383 222,515 201,281
Net asset value per share 5 110.0p 146.5p 132.8p
* These reserves are not distributable.
The accompanying notes are an integral part of the balance sheet.
Statement of Cash Flows (unaudited)
for the six months ended 31 July 2023
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2023 2022 2023
£'000 £'000 £'000
Cash flows from operating activities
Investment income received 1,031 275 1,299
Investment management fees paid (1,655) (2,088) (3,910)
Other operating costs (295) (292) (572)
Net cash outflow from operating activities (919) (2,105) (3,183)
Cash flows from investing activities
Purchases of investments (8,116) (9,438) (12,422)
Sale of investments 8,244 27,774 31,166
Net cash inflow from investing activities 128 18,336 18,744
Net cash (outflow)/inflow before financing (791) 16,231 15,561
Cash flows from financing activities
Proceeds of share issues* - 24,931 24,931
Issue costs - (101) (132)
Share buy-backs (1,401) (1,294) (2,701)
Equity dividend paid (4,294) (5,542) (9,859)
Expenses in relation to cancellation of share premium account - - (38)
Net cash (outflow)/inflow from financing activities (5,695) 17,994 12,201
(Decrease)/increase in cash (6,486) 34,225 27,762
Opening cash & cash equivalents 59,595 31,833 31,833
Closing cash & cash equivalents 53,109 66,058 59,595
(*Adjusted to exclude non-cash dividends re-invested under the Dividend
Re-investment Scheme)
The accompanying notes are an integral part of the statement.
Notes to the Financial Statements (unaudited)
for the six months ended 31 July 2023
1. Basis of Accounting
The Half-yearly financial Report covers the six months ended 31 July 2023.
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 2023.
The comparative figures for the financial year ended 31 January 2023 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 2023 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 war in Ukraine, political and economic instability in the UK 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 have been
'stressed' for inflation, as well as a severe but plausible and sudden
downturn in market conditions 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
Six months Six months ended 31 July 2022 Year ended 31 January 2023
ended 31 July 2023
Net profit/ Weighted Average shares Basic and diluted Earnings per share pence Net profit/ Weighted Average shares Basic and diluted Earnings per share pence Net profit/ Weighted Average shares Basic and diluted Earnings per share pence
(loss) (loss) £'000 (loss) £'000
£'000
Revenue 827 0.55p (317) (0.21p) 292 0.19p
Capital (30,030) (19.89)p (42,470) (28.63p) (58,536) (38.99p)
Total (29,203) 150,971,319 (19.34)p (42,787) 148,351,595 (28.84p) (58,244) 150,110,568 (38.80p)
5. Net Asset Value ("NAV") per share
31 July 2023 31 July 2022 31 January 2023
Net assets Ordinary NAV Net assets Ordinary NAV Net assets Ordinary NAV
£'000 shares per share pence £'000 shares per share £'000 shares per share pence
pence
Ordinary shares 166,383 151,201,869 110.0p 222,515 151,939,444 146.5p 201,281 151,548,993 132.8p
6. Income
Six months ended Six months ended Year ended
31 July 2023 31 July 2022 31 January 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Dividends from UK companies 425 478 843
Dividends from money market funds 430 - -
UK loan stock interest 221 - 447
Interest from deposits 410 11 519
Other income - - 1
1,486 489 1,810
7. Dividends
Six months Six months Year
ended ended ended
31 July 2023 31 July 2022 31 January 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Final dividend for the year ended 31 January 2023 of 3.50p per share paid on 5,275 - -
21 July 2023
Interim dividend for the year ended 31 January 2023 of 3.50p per share paid on - - 5,307
25 November 2022
Final dividend for the year ended 31 January 2022 of 4.50p per share paid on - 6,803 6,803
23 July 2021
5,275 6,803 12,110
8. Investments
Level 1 Traded on AIM Level 3 Unquoted investments Total
£'000 £'000 £'000
Opening cost as at 1 February 2023 120,593 9,071 129,664
Opening investment holding gains 17,246 (4,328) 12,918
Opening unrealised loss recognised in realised reserve (228) - (228)
Opening fair value as at 1 February 2023 137,611 4,743 142,354
Analysis of transactions during the period:
Purchases at cost 6,214 2,677 8,891
Disposals - proceeds received (8,263) (5) (8,268)
- realised loss on disposals (1,038) (10) (1,048)
- unrealised losses during the period (27,370) (506) (27,876)
Closing fair value as at 31 July 2023 107,154 6,899 114,053
Closing cost at 31 July 2023 118,097 11,718 129,815
Closing investment holding losses as at 31 July 2023 (10,715) (4,819) (15,534)
Closing unrealised loss recognised in realised reserve at 31 July 2023 (228) - (228)
Closing fair value as at 31 July 2023 107,154 6,899 114,053
Equity shares 107,154 2,775 109,929
Convertible loan notes - 4,124 4,124
Closing fair value as at 31 July 2023 107,154 6,899 114,053
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 2023.
9. Called Up Share Capital
Ordinary shares (5p shares) 2023 2023
Number £'000*
Allotted, issued and fully paid at 1 February 151,548,993 7,578
Issued during the period 882,833 44
Repurchase of own shares for cancellation (1,230,557) (62)
At 31 July 151,201,269 7,560
(* Nominal value)
During the period to 31 July 2023, 882,833 Ordinary Shares (31 July 2022:
15,912,822; 31 January 2023: 16,617,329) were issued for a net consideration
of £981,000 (31 July 2022: £26,075,000; 31 January 2023: £27,050,000).
During the period to 31 July 2023, 1,230,557 Ordinary Shares (31 July 2022:
694,175; 31 January 2023: 1,789,133) were bought back and cancelled for an
aggregate consideration of £1,401,000 (31 July 2022: £1,044,000; 31 January
2023: £2,451,000).
10. 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 2023 shares held
Paul Jourdan* 615,606
David Stevenson 26,753
(* includes 25,562 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.
11. Post balance sheet events
642,867 of the Company's shares have been bought back between 31 July 2023 and
the date of this report.
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
(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 2024 Year end
April 2024 Announcement of final results for the year ended 31 January 2024
June 2024 Annual General Meeting
Dividends
As disclosed in the Annual Report, the Company has now moved to paying all
cash dividends by bank transfer rather than by cheque. Shareholders 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)
Shareholders who wish to complete a bank mandate form are advised to contact
The City Partnershipon 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 reinvested in the Company's
shares should contact The City Partnership (UK) Ltd on 01484 240 910 or email
registrars@city.uk.com. (mailto:amativct@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/
(https://amati-aim-vct.cityhub.uk.com/)
Table of Historic Returns from launch to 31 July 2023 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) 18.7% 10.2% -2.5%
4 April 2005 8 December 2005
Amati VCT plc 24 March 2005 4 May 2018 90.1% 59.7% -6.0%
Invesco Perpetual AIM VCT 5.1% -14.3% 19.5%
30 July 2004 8 November 2011
Singer & Friedlander AIM 3 VCT* 8.2% 0.4% -30.0%
29 January 2001 n/a
Singer & Friedlander AIM 2 VCT -17.1% -22.9% -64.3%
29 February 2000 22 February 2006
Singer & Friedlander AIM VCT -43.4% -25.2% 8.8%
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
Brian Scouler Park Valley Mills
Meltham Road
Huddersfield
all of: HD4 7BH
8th Floor
100 Bishopsgate
London
EC2N 4AG
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
6 Snow Hill London Branch
London 160 Queen Victoria Street
EC1A 2AY London
EC4V 4LA
For enquiries relating to share certificates, shareholdings, 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
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