Half-year Report
27/09/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240927:nRSa8809Fa&default-theme=true
RNS Number : 8809F Amati AIM VCT PLC 27 September 2024
Amati AIM VCT plc (the "Company")
Legal Entity Identifier: 213800HAEDBBK9RWCD25
Half-yearly Report for the six months ended 31 July 2024
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 of sectors 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
31/07/24 31/07/23 ended
(unaudited) (unaudited) 31/01/24
(audited)
Net Asset Value ("NAV") £130.5m £166.4m £143.1m
Shares in issue 148,317,888 151,201,269 151,069,824
NAV per share† 88.0p 110.0p 94.7p
Share price 82.5p 102.5p 88.5p
Market capitalisation £122.4m £155.0m £133.7m
Share price discount to NAV 6.3% 6.8% 6.6%
NAV Total Return for the year (assuming re-invested dividends)
3.7% -14.6% -22.6%
Deutsche Numis Alternative Markets Total Return Index*
5.3% -11.3% -12.1%
Ongoing charges** 2.1% 2.0% 2.0%
Dividends paid and declared in respect of the period 12.5p 2.5p 5.0p
* Deutsche 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 2024
Deutsche Numis Alternative Markets Total
NAV Total Return with dividends re-invested Return
Index
From Date
NAV following re-launch of the VCT under management of Amati Global Investors 9 November 2011^ 92.3% 21.3%
("Amati")
NAV following appointment of Amati as Manager of the VCT, which was known as 101.8% 24.7%
ViCTory VCT at the time
25 March 2010
^ Date of the share capital reconstruction when the NAV was rebased to
approximately 100p per share.
A table of historic returns is included below.
Chairman's Statement
Overview
Whilst the tone of the UK stock market improved towards the end of the
six-month period, any material differences have been slower to feed through to
the smaller AIM companies. One of the largest holdings in the portfolio,
Keywords Studios, was bid for by EQT, a private equity firm, on behalf of its
funds. A little under half of the holding was sold for £4.1m during the
period, after the possible bid was announced, as there was a good deal of
uncertainty about whether a firm bid would materialise. The remainder of the
holding will be bought out at the agreed price of 2,450p per share, for a
further £5.7m, assuming the transaction completes later this year. This
holding was originally acquired at IPO in July 2013 at a share price of 123p,
with the company becoming the fourth largest on AIM over the 11 years since
its flotation. Keywords Studios is very much a "roll-up" story, as it pursued
a policy of acquiring small businesses around the world to become the largest
provider of outsourced services to the video games industry globally. One of
the unfortunate consequences of the VCT rule changes in 2016-17 was that VCTs
could no longer support this type of acquisition vehicle, and AIM has seen
very few companies of this type appear since then. In this reporting period,
the Manager also made disposals from other holdings, the largest of which
involved some profit taking in AB Dynamics, amounting to £0.9m, which enjoyed
a strong run in the period.
Set against this, five new qualifying investments were made in companies
already quoted on AIM, where the Manager believed there was an opportunity to
support promising businesses at attractive valuations. However, these were
mostly small scale and often over-subscribed placings, where the companies
sought to minimise dilution by keeping share issues to a minimum. As a result,
these were relatively small investments, which together with two modest
follow-on investments in existing holdings, amounted to £4.1m. Share buybacks
during the period amounted to £2.3m. Accordingly, there has been little
underlying movement in cash levels during the period after adjusting for the
£15m special dividend paid in June, with total expenses of £1.4m being more
than offset by gross income of £1.7m.
Investment Performance and Dividend
The NAV Total Return was 3.7%, which compares to a rise in the Deutsche Numis
Alternative Markets Total Return Index of 5.3%. It remained a period where
companies requiring further funding from
a reluctant market saw sharp falls in share prices. While this gave rise to
some interesting investment opportunities, it also negatively impacted a few
of the holdings in the portfolio, most notably Arecor, Aurrigo and Polarean
which successfully completed fundraisings, but at significantly discounted
prices. This dampened some significant gains elsewhere in the portfolio. Full
details are provided in the Fund Manager's Review, which follows.
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 declared an interim dividend of 2.5p per share on 18 September
2024, to be paid on 25 October 2024 to shareholders on the register on 27
September 2024.
On 9 May, the Company announced that with the combination of the Company's
cash levels remaining high, ongoing realisations in the portfolio and quality
AIM investment opportunities remaining scarce, the Board had considered how
best to utilise the Company's current cash levels. Following discussion with
the Manager and the Company's advisers, the Board decided to make a
distribution to shareholders by way of a Special Dividend of 10p per share
representing a yield of 10.9% on the NAV of 92.16p per share as at 30 April
2024. The Board also announced that no Dividend Re-Investment Scheme (DRIS)
would be available with the Special Dividend which was paid on 10 June. For
the ongoing reasons described in the announcement on 9 May there will be no
DRIS available with the interim dividend to be paid on 25 October 2024.
The Board would like to remind shareholders that the company has moved to
paying all cash dividends by bank transfer, rather than by cheque and details
are provided in Shareholder Information in note 12 below. Please check that
you have received your dividends and contact the registrar if you have not.
Unpaid dividends are kept by the registrar for a period of 12 years after the
payment date and we make every effort to ensure that dividends are received
correctly by shareholders.
Strategic Review
In the RNS and my letter to shareholders on 3 September 2024, I noted that the
Board does not expect to announce anything further with regard to the
strategic review until after the Budget. This remains the case.
Outlook
Despite the incoming new government's pledge to make growth a top priority (as
discussed in more detail below in the Fund Manager's review), continuing
concerns over the forthcoming "broad shoulders" Budget due on 30 October are
having a notable effect on consumer confidence. We can only hope that those
concerns will be allayed with a genuine plan which will breathe some life back
into investment in smaller UK businesses. It would be a positive step to see
the role of VCTs being seen as more important than ever with their pools of
capital which are able to continue to invest in tougher times and support
businesses over the longer term, especially after the recent agreement to
extend the Sunset Clause for another ten years.
Fiona Wollocombe
Chairman
27 September 2024
The Board is always keen to hear from shareholders. You can contact the
Chairman at: AmatiAIMVCTChair@amatiglobal.com
(mailto:AmaiAIMVCTChair@amatiglobal.com) . For any matters relating to your
shareholding in the Company, dividend payment, or the Dividend Re-investment
Scheme, please contact The City Partnership on 01484 240 910, or by email at
registrars@city.uk.com (mailto: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
(http://www.amatiglobal.com) - on which monthly investment updates,
performance information, and past company reports can be found.
Fund Manager's Review
Market Review
It was a positive period for stock markets, with UK larger and mid cap
companies participating more fully in this upturn than smaller AIM companies.
It is not unusual in the aftermath of a period of significant market falls,
for confidence to take longer to return to the small cap end of the market and
this applies particularly to AIM, where most of the earlier stage quoted
companies reside.
We entered 2024 hoping to see meaningful interest rate cuts across the G7
economies but these have been slow to materialise and government bond yields
have edged upwards, with UK 10 year gilts moving from 3.8% to 4.0% over the
six month period. It was only in June that the European Central Bank started
to ease interest rates, followed by the Bank of England at the beginning of
August. The US Federal Reserve has yet to commit to rate cuts despite recent
evidence of a slowing economy. There is a general sense of nervousness
concerning the outlook for global growth, with trends in China and Europe
fading somewhat and this has been reflected in the strong performance of gold,
up 19% during the period.
The UK election concluded in early July with a decisive and expected win for
Labour and since then both gilt yields and sterling have remained fairly
stable. The key UK business and consumer surveys have recently shown
consistent signs of improvement and there is a general feeling of relative
economic stability now emerging in the UK. This improving sentiment has been
supported by better economic data, with GDP reports surprising on the upside.
Inflation has hopefully entered a period of stability too and we finally saw
an initial rate cut of 0.25% on 1 August. Whilst we would not expect rates to
fall rapidly from here, it is nonetheless an important turning point for
sectors such as housing and property which have suffered major headwinds in
recent years.
All of this adds up to more international interest in UK equities, with
indicators such as the Bank of America's July Fund Manager Survey now showing
a marked improvement in global manager sentiment towards the UK. The
significant selling we have seen of retail UK equity funds also appears to be
diminishing, with the July data showing only minimal outflows. There are
considerable challenges in re-establishing the UK market as an attractive
place for companies to list and raise capital but we do detect a strong
commitment from the Chancellor, the FCA and others to address these
increasingly urgent issues. With valuations having risen from depressed
levels, the outlook is less cloudy than it has been for some time and we see
the ongoing bid activity and share buybacks remaining positive themes for the
UK market.
Performance Review
Over the first half of the year the VCT's NAV Total Return was 3.7%, which
compares to a rise in the Deutsche Numis Alternative Markets Total Return
Index of 5.3%.
Two of the biggest contributors, Keywords Studios and Intelligent Ultrasound
both rose on the back of takeover interest. The most impactful was Keywords
Studios (discussed in the Chairman's Statement above). It is one of the
largest and most successful investments in the portfolio and rose sharply
following an indicative and then firm offer by private equity company EQT. The
final offer represents a 67% premium to the share price prior to the
announcement. Intelligent Ultrasound, an ultrasound AI software and simulation
company, rose 37% in the period after announcing it had entered into a
conditional sale of its Clinical AI division for £40.5m to long-term
commercial partner GE Healthcare. Intelligent Ultrasound had designed AI
powered automated image capture technology which GE Healthcare then
incorporated into its suite of pre-natal ultrasound machines. The deal is
expected to complete in October of this year and management are currently
assessing how much cash to return to shareholders and also how best to realise
value from the ongoing simulation software business, which has annual revenues
of around £10m.
During the period, two holdings in the portfolio, Belvoir Group, a property
franchise and financial services company, and its peer, The Property Franchise
Group, merged in a nil premium, all share transaction. This was a natural step
for both businesses, and has been a long time in the making. As well as
creating a combined group with significant sales and cost synergy potential,
and an ability to drive national market share, it has also resulted in a
combined market capitalisation of approaching £300m, which brings the company
to the attention of a much wider investor audience. The shares responded well
to the merger, rising 30%.
Other significant gains came from stocks bouncing back after previous larger
falls. Northcoders, a leading technology training provider, reported much
improved trading in its first half results after a period of weaker trading,
rising 72% in the process. Revenues advanced 26% year on year, while revenue
visibility increased to 100% from 70%, as demand for its Training Bootcamps
outstripped supply. In addition, its Business Solutions division, which
deploys technology project teams to UK clients and which had previously been
negatively impacted by corporate spending hesitancy, relaunched as COUNTER.
Initial results are encouraging for scaling up beyond the three pilot projects
currently running. GB Group, a global provider of identity and location
verification software, reported stronger trading over the period. Having
experienced weaker end markets and the fall-out from over-priced M&A, this
stronger growth coupled with cost cutting and a strategic review improved
profitability and its shares rose 24% in response.
Diaceutics, which specialises in the commercialisation of precision medicines
for pharma and biotech companies, published strong results for 2023 in May and
a strong outlook for growth in the coming year, leading to a 25% rally in the
shares across the period. Frontier Developments conducted a strategic review
of operations following a string of game release disappointments and a misstep
into specialist Indy publishing. A cost cutting programme and pivot back to
its legacy of creative management simulation games should take the company
back to profitability and has led to an upwards re-rating of the shares. The
non-qualifying holding in the WS Amati UK Listed Smaller Companies Fund rose
11%, making it the second top contributor to performance, by virtue of its
significant weighting in the portfolio.
On the negative side, Sosandar, which has become a fast growing fashion brand
in the UK, saw its shares continue to fall as investors remain unconvinced
about the company's strategic shift towards opening retail outlets - a
strategy which we have supported. The first two Sosandar stores are scheduled
to open in the Autumn, and the effectiveness of the strategy will hopefully
begin to prove itself thereafter. Learning Technologies, one of the larger,
more mature holdings in the portfolio, had a disappointing first half.
Software as a service sales (75% of revenue) were resilient, but transactional
revenues disappointed. Having sold VectorVMS, a subsidiary, for $50m in July,
the company's net debt fell to £6m, which along with an EBIT forecast of
£88-93m forecast for 2024, should leave it in a strong position for better
share price performance in the second half of this year. Nexteq saw perhaps
the most unexpected negative trading update in the portfolio. Having rallied
strongly in the middle of the period the shares fell to a highly depressed
level. This was in part because the CEO and CFO both announced that they were
leaving the company as part of the update. The founder of the business, Nick
Jarmany, who is a non-executive director, has since announced that he will
become Interim Chair, which gives us confidence that any management succession
issues should be smoothly resolved.
Elsewhere, companies which required to raise further funding during the period
paid a high price for doing so. Biopharmaceutical reformulator and service
provider Arecor fell 45%. At the beginning of the period the company announced
a shortfall to fund the company beyond 2024. As the period progressed the need
became urgent with working capital required for its commercial product and
Research and Development (R&D). A fundraise of £6.3m was completed in
July, which was non-qualifying as the company had reached its lifetime limit
of qualifying funding. The funds will allow the company to continue marketing
and ordering inventory to fill the demand for its commercial product Ogluo for
the treatment of diabetic hypoglycaemia. While still at an early stage, growth
of this product is an important driver in achieving self-funding status. The
funding also provides working capital for R&D which is used to attract
clients to the service side of its business. Polarean Imaging, an MRI lung
imaging specialist whose shares fell 75% over the period, completed a
fundraise of $12.6m, but at a deep discount driving shares lower. The company
now has runway into 2026 and is beginning to demonstrate solid, if early,
commercial traction. Aurrigo, the autonomous airport vehicle developer, which
raised further funding in late 2023 at a discount, continued to suffer from
the after-effects of this, with the shares drifting down 17% in the period as
investors await the results of ongoing commercial trials. Saietta, which had
developed a highly efficient electric motor and set up large scale
manufacturing facilities in India, failed to raise new funds after
overstretching itself with ambitious global operations and projects. Although
a strategic review was conducted, its Board could not find a buyer or
additional investment and the company went into administration and delisted,
which was a sad and unexpected end to what had seemed such a promising
prospect.
Portfolio Activity
Over the course of the period under review, the Company made five new
investments and two small follow-on investments. The new investments were all
in companies already quoted on AIM, and these were generally in businesses
which have made solid commercial progress over a number of years, but which
for a variety of reasons found themselves requiring to fundraise in a
difficult market. We saw this as providing opportunities to make investments
at attractive prices into companies with significant potential.
A total of £3.6m was invested in five new holdings in the period, which are
as follows:
Cambridge Cognition, which develops and deploys digital solutions to assess
brain health in clinical trials conducted by global biotechnology and
pharmaceutical clients. Since 2020 management has doubled sales and shown that
the business is capable of profitable growth. Cambridge Cognition is targeting
a new phase of growth that will add to its commercial scale as it hires highly
experienced operational and commercial managers to help capitalise on its
relationships with large pharmaceutical companies and its industry leading
technologies.
LifeSafe Holdings, a fire safety technology business with an innovative
extinguishing liquid designed to extinguish ten types of fires. Since listing
in 2022 the company has spent time building a consumer brand and delivered
commercial traction. The move to Business-to-Business wholesaling for
industrial fluids via large and reputable industrial partners provides an
additional and more material growth opportunity for the company.
PCI-Pal, a provider of secure credit card payment solutions for use over the
phone in call centres. The company's growth has been impressive but
ill-founded litigation from a competitor diverted management attention and
financial resources away from the day-to-day business. We participated in a
secondary placing to help bolster the balance sheet to act as a deterrent
against further litigation and as an accelerant to growth plans.
Windar Photonics, which develops innovative Light Detection and Ranging
(LIDAR) optimisation systems for use on wind turbines. The company's LIDAR
sensors remotely measure wind speed and direction in lightweight modules which
are easy to install. These are used to adjust the angle at which the wind
turbine faces into the wind, creating proven gains of 3-4% in annual energy
production. This places them ahead of competitor products which the company
claims are not only harder and more expensive to install but also less well
evidenced. With the growing importance of wind power in achieving net zero
ambitions, its leading product suite Windar, the company has experienced
significant growth in its order book and sales.
Xeros Technology, whose innovative technologies reduce the environmental
impact of washing textiles. Xeros' key innovation involves the addition of its
nylon beads to a washing cycle. This reduces water and therefore power
consumption by around 50%, with the added benefit of making clothes look newer
for longer. Xeros has made many missteps since floating in 2014, however more
recently large washing machine Original Equipment Manufacturers, in both
commercial and retail channels, have started to partner with the company, and
we anticipate that these will start to show commercial traction over the
coming year.
In addition, two follow-on investments were made in Polarean Imaging (£0.4m),
in which we had reduced our position over the previous year, and Fusion
Antibodies (£0.06m). As discussed above Polarean Imaging raised $12.6m in a
fundraise after a difficult period. In the year to date, Polarean has already
achieved its guidance for instrument orders, while a new CEO has impressed
with his vision for the company and his work ethic in driving awareness of the
technology, with the company starting to demonstrate the beginnings of
commercial traction. Fusion Antibodies is a provider of antibody design and
development services to the biopharma industry. The additional working capital
was required following a deep cost saving programme and successful efforts to
diversify the business development pipeline.
As mentioned in the Chairman's Statement above we sold just under half of the
holding in Keywords Studios following the announcement of a possible offer
from EQT and we took some further profits in AB Dynamics, the global provider
of automative test solutions, into share price strength.
Cash Management
We continued to invest cash in three different money market funds and in
overnight and 7 day interest bearing bank deposits, generating an income of
£1.04m during the period, having achieved annualised interest rates of around
5.2%. The cash balance at the end of July was £29.8m.
Outlook
The incoming Labour Government has made it clear that its top priority is to
see higher growth achieved in the UK economy during its term in government.
Achieving this will not be easy. Securing higher rates of private investment
in UK businesses will need to be part of the plan, and the VCT and EIS schemes
themselves have had an integral part to play in this for small companies since
1995, as has AIM. However, AIM is in need of some policy reform and
deregulation, if it is to regain the vitality that it saw in 2010 and attract
the best small UK companies to go public. It is too early to say how
government policy will shape up in practice with regard to AIM and UK public
markets in general. Nevertheless, with a period of falling interest rates and
a greater sense of policy stability ahead, there is an opportunity to make a
real difference.
In the meantime, there is scope for further improvements in market sentiment
as trading conditions continue to normalise following the ups and downs of the
pandemic and the hard work which many of our earlier stage portfolio companies
have put in over the last few years starts to bear fruit.
Dr Paul Jourdan, David Stevenson and Scott McKenzie
Amati Global Investors
27 September 2024
Investment Portfolio
as at 31 July 2024
Original Amati VCT bookcost at 4 May 2018(#)
£'000
Fair Value Movement in period***
Aggregate Cost** £'000 Market Cap % of net assets
Cost* £'000 Valuation £m Industry Dividend Yield(NTM)
£'000 £'000 Sector
WS Amati UK Listed Smaller Companies Fund 3,331 6,862 10,193 12,824 1,173 - Financials 2.89% 9.8
Keywords Studios plc 1,3 259 2,116 2,375 5,570 1,698 1,914.4 Information Technology 0.10% 4.3
AB Dynamics plc 151 1,301 1,452 4,982 556 452.2 Industrials 0.30% 3.8
1
780 3,771 4,551 4,968 (628) 570.2 Information Technology 1.80% 3.8
Learning Technologies Group plc 1,3
Craneware plc 298 3,601 3,899 4,898 279 805.3 Information Technology 1.20% 3.8
2,3
Property Franchise Group plc 1 559 576 1,135 4,122 1,064 274.2 Real Estate 3.50% 3.2
GB Group plc 2 236 2.967 3,203 3,924 748 879.6 Information Technology 1.20% 3.0
MaxCyte Inc. 1 449 1,535 1,984 3,510 (401) 366.9 Health Care - 2.7
Aurrigo International plc 1 - 2,280 2,280 3,313 (663) 34.4 Industrials - 2.5
Water Intelligence plc 180 1,038 1,218 3,259 244 69.6 Industrials - 2.5
2
Top Ten 32,290 51,370 4,070 39.4
Solid State plc 259 261 520 2,854 227 155.5 Industrials 1.50% 2.2
2
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 - 2.1
1,4
Northcoders Group plc - 2,111 2,111 2,754 1,157 20.0 Information Technology - 2.1
1
Diaceutics plc 1 - 1,557 1,557 2,643 533 109.3 Health Care - 2.0
Fadel Partners, Inc - 3,000 3,000 2,604 (333) 25.3 Information Technology - 2.0
1
Velocity Composites plc 496 2,107 2,603 2,373 452 22.5 Industrials - 1.9
1
Intelligent Ultrasound plc - 2,194 2,194 2,258 606 33.5 Health Care - 1.7
1
EnSilica plc - 2,450 2,450 2,205 196 43.5 Information Technology - 1.7
1
2 Degrees Limited A1 - 1,867 1,867 1,867 - - Information Technology - 1.4
1
2 Degrees Limited A2 - 133 133 133 - - Information Technology - 0.1
1
Brooks Macdonald Group plc - 1,154 1,154 1,757 (68) 321.2 Financials 3.90% 1.3
2,3
Top Twenty 52,879 75,668 6,840 58.0
Equals Group plc - 1,137 1,137 1,696 (59) 214.9 Financials 1.30% 1.3
1
Accesso Technology Group plc - 221 221 1,521 307 287.2 Information Technology - 1.2
1,3
Nexteq plc 2 419 3,777 4,196 1,481 (558) 56.3 Information Technology 3.00% 1.1
Kinovo plc - 1,681 1,681 1,444 43 42.2 Industrials - 1.1
2
Itaconix plc - 2,000 2,000 1,333 392 22.9 Industrials - 1.0
1
SRT Marine Systems plc 709 465 1,174 1,155 (269) 66.8 Information Technology - 0.9
1
Verici DX plc - 1,800 1,800 1,133 (277) 18.2 Health Care - 0.9
1
- 1,872 1,872 1,061 (749) 21.1 Consumer Discretionary - 0.8
Sosandar plc 1
- 750 750 1,007 257 38.2 Information Technology - 0.8
Windar Photonics plc 1
Frontier Developments plc 1 197 2,509 2,706 944 426 103.8 Consumer Discretionary - 0.7
Tan Delta Systems plc - 1,875 1,875 829 (469) 8.4 Industrials - 0.6
1
Xeros Technology Group plc - 1,000 1,000 800 (200) 6.3 Industrials - 0.6
1
Polarean Imaging plc 1 - 1,322 1,322 778 67 21.1 Health Care - 0.6
LifeSafe Holdings plc 1 - 800 800 760 (40) 4.6 Industrials - 0.6
PCI-Pal plc - 650 650 755 105 47.1 Financials - 0.6
1
Strip Tinning Holdings plc Ordinary shares - 1,054 1,054 228 - 7.3 Industrials - 0.2
1
Strip Tinning Holdings plc 10% Unsecured Convertible Loan Notes 1.4 - 500 500 488 (12) - Industrials - 0.4
Eden Research plc - 1,057 1,057 703 (218) 22.4 Industrials - 0.5
1
Cordel Group plc 1 - 915 915 687 46 9.0 Information Technology - 0.5
Arecor Therapeutics plc 1 - 1,650 1,650 656 (547) 27.6 Health Care - 0.5
Science in Sport plc 804 1,136 1,940 655 223 51.1 Consumer Staples - 0.5
1
One Media iP Group plc 1 - 1,240 1,240 620 (88) 7.8 Communication Services 1.30% 0.5
Netcall plc - 110 110 569 (6) 153.4 Information Technology 0.9% 0.5
2
Block Energy plc - 3,000 3,000 511 - 7.3 Energy - 0.4
1
Clean Power Hydrogen plc 1 - 2,500 2,500 500 28 24.3 Industrials - 0.4
Cambridge Cognition Holdings plc 1 - 420 420 441 21 17.6 Health Care - 0.3
Creo Medical Group plc 1, - 1,613 1,613 387 (148) 108.4 Health Care - 0.3
Byotrol plc Ordinary shares 511 348 859 37 (100) 0.2 Industrials - -
1,4
Byotrol plc 9% Convertible loan notes - 350 350 333 (17) - Industrials - 0.3
1,4
Hardide plc 695 1,666 2,361 317 (113) 5.5 Industrials - 0.2
1
Ixico plc - 1,290 1,290 311 (150) 3.3 Health Care - 0.2
1
Eneraqua Technologies plc - 1,955 1,955 282 - 13.3 Industrials - 0.2
1
Synectics plc - 342 342 239 27 31.1 Information Technology 2.50% 0.2
2
MyCelx Technologies Corporation 440 205 645 226 20 12.9 Industrials - 0.2
1
Getech Group plc - 1,700 1,700 162 (417) 1.4 Information Technology - 0.1
1
Fusion Antibodies plc 565 1,884 2,449 146 (59) 3.0 Health Care - 0.1
1
Brighton Pier Group plc (The) 314 175 489 140 (68) 13.8 Consumer Discretionary - 0.1
1
Zenova Group plc - 900 900 100 (108) 1.8 Industrials - 0.1
1
Rua Life Sciences plc - 931 931 80 (8) 6.4 Health Care - 0.1
1
Rosslyn Data Technologies plc 614 1,308 1,922 64 (56) 1.6 Information Technology - 0.1
1
Merit Group plc - 596 596 50 2 16.8 Communication Services - -
1
Trellus Health plc - 700 700 25 (54) 2.3 Health Care - -
1
Aptamer Group plc - 3,672 3,676 7 (24) 1.1 Health Care - -
1
Investments held at nil value 9,998 - (701) - -
Total non-money market investments 123,221, 101,329 3,339 77.7
Money market funds
Goldman Sachs Sterling Liquid Reserves Fund 7,017 7,017 - 5.4
Northern Trust Global The Sterling Fund 7,017 7,017 - 5.4
Royal London Short Term Money Market Fund 6,684 6,717 1 5.1
Total money market funds 20,718 20,751 1 15.9
143,939 122,080 3,340 93.6
Total investments
Other net current assets 8,372 6.4
Net assets 130,452 100.0
( ) (1) Qualifying holdings.
( ) (2) Part qualifying holdings.
( ) (3) These investments are also held by other funds managed by Amati.
(4) Chorus Intelligence Limited ("Chorus") consists of 232 Ordinary Shares in
Chorus at fair value of £151,000 and 10% Convertible Loan Notes at
£2,699,000.
Byotrol plc ("Byotrol") consists of 25,000,001 Ordinary Shares in Byotrol at
fair value of £37,500 and 9% Convertible Loan Notes at £333,000. Interest is
being received quarterly on the Byotrol CLNs.
The fair value of the Strip Tinning 10% Convertible Loan Notes is £488,000.
Interest is payable upon redemption of the CLNs.
# 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 from Amati VCT plc on 4 May 2018.
*** This column shows the movement in fair value, the unrealised
gains/(losses) on investments during the period, 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 WS Amati UK Listed 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), Elexsys Energy plc,
Flylogix Limited, Leisurejobs.com Limited(1) (previously The Sportweb.com
Limited), Rated People Limited¹, TCOM Limited¹, VITEC Global Limited¹.
As at the year 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 96.53%.
Principal and Emerging Risks
The Company's assets consist of equity (75%), fixed interest investments
including convertible loan notes (3%), money market funds (16%) and cash (6%).
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 16 to
19 to the Financial Statements in the Company's Report and Financial
Statements for the year ended 31 January 2024. Despite a more recent positive
period for stock markets, uncertainty continues to persist globally with wars
in Ukraine and the Middle East, and ongoing threats by China in relation to
Taiwan. Inflation has eased but interest rates remain high across G7
economies. Which way the US election goes could have significant impacts on
the global economy and nation security. 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
27 September 2024
Income Statement (unaudited)
for the six months ended 31 July 2024
Six months ended Six months ended Year end
31 July 2024 31 July 2023 31 January 2024
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gain/(loss) on investments - 4,395 4,395 - (28,903) (28,903) - (44,781) (44,781)
Investment income 6 1,717 - 1,717 1,486 - 1,486 3,196 - 3,196
(Loss)/gain on current asset investments - (10) (10) - - - - 55 55
Foreign exchange losses - - - - - - - (32) (32)
Investment management fee (282) (846) (1,128) (376) (1,127) (1,503) (676) (2,029) (2,705)
Other expenses (308) (9) (317) (283) - (283) (537) (13) (550)
Profit/(loss) on ordinary activities before taxation 1,127 3,530 4,657 827 (30,030) (29,203) 1,983 (46,800) (44,817)
Taxation on ordinary activities - - - - - - - - -
Profit/(loss) and total comprehensive income attributable to shareholders 1,127 3,530 4,657 827 (30,030) (29,203) 1,983 (46,800) (44,817)
Basic and diluted earnings/(loss) per ordinary share 0.75p 2.36p 3.11p 0.55p (19.89)p (19.34)p 1.31p (31.02)p (29.71)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)
for the six months ended 31 July 2024
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 2024
Opening balance as at 1 February 2024 7,553 3,137 425 1,050 (24,643) 161,685 (6,131) 2 143,078
Profit and total comprehensive income for the period - - - - 3,081 - 449 1,127 4,657
Contributions by and distributions to shareholders:
Repurchase of shares (137) - - 137 - (2,365) - - (2,365)
Dividends paid - - - - - (14,918) - - (14,918)
Closing balance as at 31 July 2024 7,416 3,317 425 1,187 (21,562) 144,402 (5,682) 1,129 130,452
The accompanying notes are an integral part of the statement.
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)
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)
Closing balance as at 31 July 2023 7,560 1,877 425 970 (15,489) 170,709 1,485 (1,154) 166,383
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 2024
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 year - - - - (37,561) - (9,239) 1,983 (44,817)
Repurchase of shares (142) - - 142 - (2,896) - - (2,896)
Shares issued 117 2,251 - - - - - - 2,368
Costs of share issues - (54) - - - - - - (54)
Dividends paid - - - - - (12,804) - - (12,804)
Closing balance as at 31 January 2024 7,553 3,137 425 1,050 (24,643) 161,685 (6,131) 2 143,078
The accompanying notes are an integral part of the statement.
Condensed Balance Sheet (unaudited)
as at 31 July 2024
31 July 31 July 31 January
2024 2023 2024
Notes £'000 £'000 £'000
Fixed assets
Investments held at fair value 8 101,329 114,053 98,220
Current assets
Debtors 328 732 261
Money market funds 20,751 38,106 30,547
Cash and cash equivalents 9,002 15,003 15,003
Total current assets 30,081 53,841 45,811
Current liabilities
Creditors: amounts falling due within one year (958) (1,511) (953)
Total current liabilities (958) (1,511) (953)
Net current assets 29,123 52,330 44,858
Total assets less current liabilities 130,452 166,383 143,078
Capital and reserves
Called-up share capital* 9 7,416 7,560 7,553
Share premium account* 3,137 1,877 3,137
Reserves 119,899 156,946 132,388
Equity shareholders' funds 130,452 166,383 143,078
Net asset value per share 5 88.0p 110.0p 94.7p
* These reserves are not distributable.
The accompanying notes are an integral part of the balance sheet.
Statement of Cash Flows (unaudited)
as at 31 July 2024
Period Period Year
ended ended ended
31 July 31 July 31 January
2024 2023 2024
£'000 £'000 £'000
Cash flows from operating activities
Investment income received 1,168 670 2,204
Investment management fees paid (1,186) (1,655) (2,957)
Transaction costs (9) (8) (13)
Other operating costs (318) (295) (559)
Net cash outflow from operating activities (345) (1,288) (1,325)
Cash flows from investing activities
Purchase of investments (5,075) (8,116) (13,276)
Sale of investments 6,536 8,244 12,887
Purchase of current assets (11,180) (60,016) (69,952)
Disposal of current assets 21,276 22,279 40,229
Net cash inflow/(outflow) from investing activities 11,557 (37,609) (30,112)
Net cash inflow/(outflow) before financing activities 11,212 (38,897) (31,437)
Cash flows from financing activities
Issue costs (19) - (35)
Share buy-backs (2,276) (1,401) (2,684)
Equity dividends paid (14,918) (4,294) (10,436)
Net cash outflow from financing activities (17,213) (5,695) (13,155)
Decrease in cash (6,001) (44,592) (44,592)
Opening cash & cash equivalents 15,003 59,595 59,595
Closing cash & cash equivalents 9,002 15,003 15,003
( )
The accompanying notes are an integral part of the statement.
Notes to the Financial Statements (unaudited)
for the six months ended 31 July 2024
1. Basis of Accounting
The Half-yearly financial Report covers the six months ended 31 July 2024. 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 2024.
The comparative figures for the financial year ended 31 January 2024 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 2024 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, wars in Ukraine
and the Middle East, extremely high borrowing and high interest rates in the
UK, and uncertainty as to the outcome of the US election and related
implications on the US and global economy and worldwide security.
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 2023 Year ended 31 January 2024
ended 31 July 2024
Net profit/loss Weighted Average shares Basic and diluted Earnings per share pence Net profit/loss Weighted Average shares Basic and diluted Earnings per share pence Net profit/loss Weighted Average shares Basic and diluted Earnings per share pence
£'000 £'000 £'000
Revenue: 1,127 - 0.75p 827 - 0.55p 1,983 - 1.31p
Capital: 3,530 - 2.36p (30,030) - (19.89)p (46,800) - (31.02)p
Total 4,657 149,538,400 3.11p (29,203) 150,971,319 (19.34)p (44,817) 150,837,712 (29.71)p
5. Net Asset Value ("NAV") per share
31 July 2024 31 July 2023 31 January 2024
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: 130,452 148,317,888 88.0p 166,383 151,201,869 110.0p 143,078 151,069,824 94.7p
6. Income
Six months ended Six months ended Year to
31 July 2024 31 July 2023 31 January 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Dividends from UK companies 853 425 835
Dividends from money market funds 373 430 1,372
UK loan stock interest 221 221 253
Interest from deposits 270 410 736
1,717 1,486 3,196
7. Dividends
Six months Six months Year
ended ended to
31 July 2024 31 July 2023 31 January 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Special dividend for the year ended 14,918 - -
31 January 2025 of 10p per ordinary share
paid on 10 June 2024
Second interim dividend for the year ended - - 3,768
31 January 2024 of 2.50p per ordinary share paid on 12 January 2024
Interim dividend for the year ended - - 3,761
31 January 2024 of 2.50p per ordinary share
paid on 24 November 2023
Final dividend for the year ended - 5,275 5,275
31 January 2023 of 3.50p per ordinary share
paid on 21 July 2023
14,918 5,275 12,804
8. Investments
Level 1 Traded on AIM Level 3 Unquoted investments Total
£'000 £'000 £'000
Opening cost as at 1 February 2024 111,689 11,542 123,231
Opening investment holding losses (19,551) (5,232) (24,783)
Opening unrealised losses recognised in realised reserve (228) - (228)
Opening fair value as at 1 February 2024 91,910 6,310 98,220
Analysis of transactions during the period:
Purchases at cost 5,180 - 5,180
Transfer to Level 3 (5,959) 5,959 -
Disposals - proceeds received (5,978) (11) (5,989)
- realised losses on disposals (1,110) (236) (1,346)
- unrealised gains/(losses) during the period 11,578 (6,314) 5,264
Closing fair value as at 31 July 2024 95,621 5,708 101,329
Closing cost at 31 July 2024 106,513 16,708 123,221
Closing investment holding losses as at 31 July 2024 (10,664) (11,000) (21,664)
Closing unrealised losses recognised (228) - (228)
in realised reserve at 31 July 2024
Closing fair value as at 31 July 2024 95,621 5,708 101,329
Equity shares 95,621 2,188 97,809
Convertible loan notes - 3,520 3,520
Closing fair value as at 31 July 2024 95,621 5,708 101,329
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 2024.
9. Called Up Share Capital
Ordinary shares (5p shares) 2024 2024
Number £'000*
Allotted, issued and fully paid at 1 February 151,069,824 7,553
Repurchase of own shares for cancellation (2,751,936) (137)
At 31 July 2024 148,317,888 7,416
(* Nominal value)
During the period to 31 July 2024, no Ordinary Shares (31 July 2023: 882,833;
31 January 2024: 2,351,086) were issued for a net consideration of £nil (31
July 2023: £981,000; 31 January 2024: £2,369,000).
During the period to 31 July 2024, 2,751,936 Ordinary Shares (31 July 2023:
1,230,557; 31 January 2024: 2,830,255) were bought back and cancelled for an
aggregate consideration of £2,353,000 (31 July 2023: £1,401,000; 31 January
2024: £2,882,000).
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 2024 shares held
Paul Jourdan* 632,805
David Stevenson 26,753
* includes 26,931 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
536,724 of the Company's shares have been bought back between 31 July 2024 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/amatiaimvct/fund-overview
(https://www.amatiglobal.com/fund/amatiaimvct/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/amatiaimvct/fund-overview
(https://www.amatiglobal.com/fund/amatiaimvct/fund-overview)
Financial Calendar
31 January 2025 Year end
April 2025 Announcement of final results for the year ended 31 January 2025
June 2025 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
Partnership on 01484 240910 or by email: registrars@city.uk.com
(mailto: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-aimvct.cityhub.uk.com (https://amati-aimvct.cityhub.uk.com) .
Dividend Re-Investment Scheme
Shareholders who wish to complete a bank mandate form are advised to contact
The City
Partnership on 01484 240910 or by email: registrars@city.uk.com
(mailto: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-aimvct.cityhub.uk.com (https://amati-aimvct.cityhub.uk.com) .
Table of Historic Returns from launch to 31 July 2024 attributable to shares
issued
by the original VCTs which have made up Amati AIM VCT
Deutsche
NAV Total Return with dividends re-invested NAV Total Return with dividends not re-invested NUMIS
Alternative
Markets
Launch date Merger date Total Return
Index
Singer & Friedlander
AIM 3 VCT ('C' shares)
4 April 2005 8 December 2005 11.7% 6.6% 1.8%
Amati VCT plc 24 March 2005 4 May 2018 78.8% 55.3% -1.9%
Invesco Perpetual AIM VCT
30 July 2004 8 November 2011 -1.2% -16.3% 24.7%
Singer & Friedlander AIM 3 VCT*
29 January 2001 n/a 1.8% -2.8% -26.9%
Singer & Friedlander AIM 2 VCT
29 February 2000 22 February 2006 -22.0% -25.3% -62.7%
Singer & Friedlander AIM VCT
28 September 1998 22 February 2006 -46.8% -26.53% 13.5%
* Singer & Friedlander AIM 3 VCT changed its name to ViCTory VCT on 22
February 2006, to Amati VCT 2 on 9 November 2011 and to Amati AIM VCT plc on 4
May 2018.
Corporate Information
Directors
Fiona Wollocombe
Julia Henderson
Brian Scouler
all of:
8th Floor
100 Bishopsgate
London
United Kingdom
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 Custodian
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
Registrar
The City Partnership (UK) Limited
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
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
Investors on 0131 503 9115 or by email at info@amatiglobal.com
(mailto:info@amatiglobal.com)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SEIFMMELSESU