TIDMAMAT
RNS Number : 6666C
Amati AIM VCT PLC
02 October 2018
Amati AIM VCT plc
HALF-YEARLY REPORT
For the six months ended 31 July 2018
Amati AIM VCT plc announces that its 2018 Half-Yearly Report has
been published. The full report will be made available on the
National Storage Mechanism website:
http://www.morningstar.co.uk/uk/NSM and can be accessed via the
Company's website at http://amatiglobal.com/amat_literature.php. It
will be circulated to shareholders shortly.
Page numbers and cross-references in this announcement below
refer to page numbers and cross-references in the PDF of the
Half-yearly Report.
OVERVIEW
Corporate Objective
The investment objectives of Amati AIM VCT plc (the "Company")
are to generate tax free capital gains and regular dividend income
for its shareholders, primarily through qualifying investments in
AIM-traded companies and through non-qualifying investments as
allowed by the VCT legislation. The Company will manage its
portfolio to comply with the requirements of the rules and
regulations applicable to VCTs from time to time. The Company's
policy is to hold a diversified portfolio across a broad range of
sectors to mitigate risk.
Key Data
6 months Year 6 months
ended ended
31/07/18 ended 31/07/17
(unaudited) 31/01/18 (unaudited)
(audited)
Net Asset Value ("NAV") GBP141.5m* GBP61.6m GBP50.4m
Shares in issue 80,513,669* 36,057,095 34,585,493
NAV per share 175.7p 170.7p 145.8p
Share price 165.5p 157.5p 134.8p
Market capitalisation GBP133.3m GBP56.8m GBP46.6m
Share price discount to NAV 5.8% 7.7% 7.5%
NAV Total Return (assuming re-invested
dividends) 5.9% 45.2% 21.5%
Numis Alternative Markets Total Return
Index 2.3% 23.2% 13.5%
Ongoing charges** 2.0% 2.3% 2.4%
Dividends in respect of the period 3.50p 8.50p 3.25p
---------------------------------------- ------------- ----------- -------------
*On 4 May 2018 the Company merged with Amati VCT plc and the
assets and liabilities of Amati VCT were acquired. Further details
are set out in note 12 of this report.
** Ongoing charges calculated in accordance with the Association
of Investment Companies' ("AIC's") guidance.
Table of Investor Returns to 31 July 2018
Numis Alternative
NAV Total Markets Total
Return with Return
dividends Index
Date re-invested
--------------------------------------- ----------------- -------------- ------------------
Re-launch of the VCT under management 9 November
of Amati Global Investors 2011* 151.9% 55.7%
--------------------------------------- ----------------- -------------- ------------------
Appointment of Amati Global Investors
as Manager of the VCT, which was
known as ViCTory VCT at the time 25 March 2010 164.3% 60.0%
--------------------------------------- ----------------- -------------- ------------------
*Date of the share capital reconstruction when the NAV was
re-based to approximately 100p per share.
A table of historic returns is included on page 32.
CHAIRMAN'S STATEMENT
Overview
The NAV Total Return for the Company for the six month period
under review was 5.9%, which compares to a rise of 2.3% for the
Numis Alternative Markets Total Return Index. A total of GBP10.5 m
was invested in qualifying holdings during this first half of the
year (GBP1.0m of which was invested by Amati VCT prior to the
merger), with investments being made in five companies new to the
portfolio. This is a higher rate of investment than we have seen
over the last few years. Full details are given in the Fund
Manager's Review.
In May, the Company merged with Amati VCT and changed its name
from Amati VCT 2 to Amati AIM VCT. The increased scale as a result
of the merger is expected to lower the expense ratio which has been
reducing over the last few years as the Company has grown.
A joint Prospectus for share offers was launched by the two
Amati VCTs in October 2017, seeking to raise up to GBP20m and also
catering for the shares issued to Amati VCT holders as part of the
merger. The Prospectus also allowed for an over-allotment option
for a further GBP10m fund raising following the merger. With the
GBP20m target having been reached prior to the merger, the Board
took the decision in June to make use of the over-allotment option
when it became clear that the Company's rate of new investment in
the first half was higher than anticipated. All of the GBP10m of
the over-allotment facility has now been raised, allowing the
Company more scope to take advantage of new qualifying investment
opportunities as they arise.
Other Corporate Developments
As part of the merger, the directors of the two VCTs formed a
new Board and, as the newly appointed Chairman, I would like to
thank the two retiring directors for many years of outstanding
service to the Amati VCTs. Julian Avery chaired the board of
Invesco Perpetual AIM VCT from its inception in 2004 and became
Chairman of Amati VCT 2 in 2011 when it was formed on the merger of
ViCTory VCT with Invesco Perpetual AIM VCT. Charles Pinney was a
director of Amati VCT since its inception in 2005. Both gave
extraordinary care and diligence to their roles and I would like to
express gratitude on behalf of both the Board and Manager.
There have also been changes in the fund management team at
Amati Global Investors, with Douglas Lawson having left in August
to manage a data analytics company in which he was a founder
investor and Anna Wilson having joined in February. I believe I
speak for all shareholders in expressing thanks to Douglas for his
many years of dedication and service to Amati, where he contributed
greatly to building the strength of the current portfolio, and also
in welcoming Anna to the management team. Anna joins with many
years of experience in managing funds focused on AIM.
Investment Performance and Dividend
The dividend policy of the Company continues to be to pay
between five and six percent of year-end net asset value, subject
to the availability of liquidity and sufficient distributable
reserves. In line with this the Board is declaring an interim
dividend for the year to 31 January 2019 of 3.50p per share, to be
paid on 23 November 2018 to shareholders on the register on 19
October 2018.
Evolution of the VCT Legislation
From April 2019 onwards, the required minimum level of
qualifying investments held by the Company rises from 70% of tested
assets to 80%. In addition there is a new requirement that 30% of
funds raised must be invested in qualifying holdings by the end of
the financial year after the year in which the funds are raised. At
the end of the period under review the Company was 86.05% invested
in qualifying holdings under the first of these tests and the
Company has been running above the 80% level for many years. The
second test has also already been met in respect of the GBP20m
raised under the Prospectus offers. The Board continues to monitor
the Company's progress under these all important tests with
vigilance.
HMRC's ambition to bring down the waiting time for the issue of
pre-clearance letters from three months to three weeks for
prospective fund raisings has thus far not resulted in the
bottle-neck easing, which is often frustrating and can result in
some difficult dilemmas over investments which have to complete
before a response is received. HMRC have encouraged managers to
rely on their independent advisors in these situations and
therefore the Manager has taken this course on certain
occasions.
The higher annual investment limit for "Knowledge Intensive
Companies" which was proposed in the April budget has now been
ratified by the EU and passed into the regulations by Parliament.
This means certain companies can now raise GBP10m from tax
incentivised sources in a 12 month period, increased from GBP5m.
Part of the Company's recent investment in Creo Medical was
dependent on this new rule being ratified and this has now been
able to proceed, allowing us to gain a more substantial holding
than we could have done under the previous rules. This new rule
will be supportive of the strong level of new investment made by
the Company during the first half being continued.
Outlook
As the deadline approaches for agreeing terms with the European
Union for the exit of the United Kingdom, uncertainty remains a
concern for the investing community. The effects of the more recent
weakening of sterling may be advantageous for some exporting
companies in our portfolio, which is now spread among some 66
companies, with further diversification through the 8.9% of the
investment portfolio held in the TB Amati UK Smaller Companies Fund
which is itself invested in 68 companies. I remain optimistic that
our VCT will find a positive path through the turmoil that may lie
ahead.
Peter Lawrence
Chairman
2 October 2018
For any matters relating to your shareholding in the Company,
dividend payments, or the Dividend Re-investment Scheme, please
contact Share Registrars on 01252 821390, or by email at
enquiries@shareregistrars.uk.com. For any other matters please
contact Amati Global Investors ("Amati") on 0131 503 9115 or by
email at info@amatiglobal.com. Amati maintains an informative
website for the Company - www.amatiglobal.com - on which monthly
investment updates, performance information, and past company
reports can be found.
FUND MANAGER'S REVIEW
Market Review
The six months under review proved to be a test period for the
two major questions troubling markets after such a prolonged bull
run: what might prompt a correction and what would be the response
in the aftermath? At the start of 2018, the consensus view was for
sustained, synchronised global growth across the US, Europe and
Asia. Whilst it was recognised that the US was likely to continue
with its leadership in the normalisation of interest rates, it was
thought that the Federal Reserve would not require a more radical
cooling of the economy. This comfortable assumption was called into
question in January with a surprise spike in US earnings inflation,
which translated into rapidly rising bond yields. A US market
sell-off then sparked global volatility. Weakness continued into
late March, causing a 10% correction to the UK market from its
January peak, as wider concerns gripped investors such as
geo-political risks in the Middle East and Asia, and President
Trump's escalating rhetoric. Meanwhile, Trump's tax reliefs were
inflating the US economy by way of rate cuts boosting near term
earnings and also by allowing corporates to use repatriated
overseas cash to fund share buybacks, thereby underpinning the
stock market. This in turn generated a robust results season for US
corporates, and a series of strong data points for US economic
growth. Despite growing concerns about a slowing European economy,
risks in emerging economies and an escalating global trade war,
investor appetite returned and the UK stock market recovered all of
its losses by mid-May, even if this strong momentum cooled somewhat
by the end of the period. Over the period, smaller companies lagged
behind the performance of larger stocks, as the weakness in
sterling provided a sentiment boost towards international earnings,
led by pharmaceutical, oil & gas and industrial stocks.
Performance
The VCT's NAV Total Return for the six month period was 5.9%.
This compares to the benchmark Numis Alternative Markets Total
Return Index, which gained 2.3% over the same period.
The most significant contributor to performance in the six month
period was AB Dynamics ("ABD"), the specialist automotive
engineering group, its shares gaining 53%. ABD has been riding on
the coat-tails of the car industry's drive to develop driver
assistance technologies as part of the journey towards
mass-produced fully autonomous vehicles. The vehicle safety
organisations in Europe and the US are rapidly adapting regulations
to keep pace with the autonomous movement, which is translating
into increased development and testing requirements and therefore
demand for ABD's Advanced Driver Assistance Systems (ADAS) and
Guided Soft Targets (GST). Accesso Technology Group ("Accesso"),
the leading supplier of technology solutions to the theme park and
visitor attraction industries, was the second greatest contributor
to performance, with a price gain of 20% over the six months. A
number of milestones were achieved by Accesso, including the
signing of its first partnership in the healthcare industry to
supply a hospital group in Detroit with its digital experience and
personalisation platform. Accesso's technology will be used to
build unique patient profiles which can be integrated with
electronic medical records. Keywords Studios ("Keywords"), the
technical services provider to the video games industry, delivered
another strong performance, gaining 23% over the period. Keywords
continued its acquisition strategy, completing six further
acquisitions, including its first in the provision of Hollywood
production services for the video games industry. This acquired
business, Blindlight, focuses on procuring specialist talent for
services including voiceover production for video games. Water
Intelligence, the provider of leak detection and remediation
services, advanced 125% over the six months, following a sequence
of positive updates and the acquisitions of its Kentucky and South
Florida franchises. Other strong performers over the period
include: Learning Technologies Group, the provider of e-learning
technologies and services, which completed the acquisition of
PeopleFluent, a provider of cloud-based integrated recruitment,
talent management and compensation management solutions; GB Group,
the identity management software and data specialist, which
announced strong organic growth and an upgrade to its earnings
estimates; LoopUp Group, the Software-as-a-Service (SaaS) provider
for remote meetings, which acquired Meetingzone, another UK
conferencing services provider. The investment in TB Amati UK
Smaller Companies Fund also delivered a strong return, rising 12%
during the period against a rise in its benchmark of 2.0%.
The greatest detractor from performance was Faron
Pharmaceuticals ("Faron"), a clinical stage biopharmaceutical
company that is developing novel treatments for medical conditions
with significant unmet needs. Faron fell 87% over the period,
reminding investors of the downside when drug discovery companies
fail to live up to expectations. Traumakine, Faron's lead drug
candidate, was claimed to prevent vascular leakage and organ
failures. Unfortunately, the results of the Phase III clinical
study failed to indicate that the treatment offered significant
benefits over existing drugs. We did not view the company's other
products as sufficiently mature in their development cycle to merit
holding Faron and exited the position. Despite the losses suffered
on Faron over the six months under review, the share price had
increased by over 250% since the stock was first added to the
portfolio, allowing us to take some early profits, which reduced
the impact of the disappointing news on the portfolio. Frontier
Developments ("Frontier"), the developer of video games, including
the first based on the Jurassic Park film series, saw its shares
fall back by 16% over the period. This followed the extraordinary
gains witnessed over the previous six months which were led by the
announcement of Jurassic World as Frontier's third game franchise.
Brooks Macdonald Group ("Brooks"), the national wealth management
group, fell 15% over the period. This was a reaction to news that
short-term profits at Brooks will be tempered by an increase in
provisions to deal with legacy matters at its Spearpoint business,
which was acquired in 2012. While Brooks accepts no legal liability
for these matters it is making redress in the interests of treating
customers fairly.
We believe the merger of Amati VCT and Amati VCT 2 in May
represents a positive development for shareholders; the portfolio
gained slightly in diversification and the expense ratio has fallen
with the greater scale of the VCT. Given how similar the VCTs were
before the merger in all other respects the transition to a single
Amati AIM VCT has been seamless.
Portfolio Activity
The Company made six significant new qualifying investments
during the period.
The first new investment during the period was in a placing for
Diurnal Group ("Diurnal"), a developer of hormone therapeutics to
treat adrenal insufficiency, where adrenal glands produce
insufficient amounts of cortisol (a steroid hormone), causing low
blood pressure and fatigue. Diurnal has two mature products in its
pipeline that are both reformulated versions of hydro-cortisone -
the first (Alkindi) was approved in Europe in early 2018 and the
second (Chronocort) will have a Phase III European trial read out
later this year. Alkindi is a sugar-coated, low dose formulation
for children, whilst Chronocort is a time-lapsed release version of
the drug, which matches the dosing to the patient's sleep pattern.
The second investment in which the VCT participated was IXICO, the
developer of a digital imaging platform called Trial Tracker, which
helps to identify changes in brain scans that may be invisible to
the human eye. IXICO raised GBP5.5 million in an oversubscribed
placing in order to extend its product range into other therapeutic
areas such as Multiple Sclerosis. Block Energy ("Block"), a
UK-based oil exploration and production company operating in the
Republic of Georgia, was a rare opportunity to invest in a
VCT-qualifying resources company. Block has acquired three
producing blocks, each with a substantial resource base but mixed
reservoir quality. The investment thesis rests on Block's ability
to apply new drilling technology to improve production at these
sites. The opportunity to invest in Block came at an attractive
valuation and, whilst execution of the opportunity will have its
challenges, the upside could be significant. The Company invested
in the Initial Public Offering ("IPO") of i-nexus Global
("i-nexus"), a SaaS provider to large enterprises to manage
business improvement and change. i-nexus' software supports Hoshin,
a strategy development methodology introduced in Japan in the
1960s. Hoshin is a planning, implementation and review methodology
which is seeing increasing adoption amongst large corporates to
ensure that strategic goals are being communicated to all employees
and actioned at all levels of an organisation. A position was also
added in ANGLE, a leading liquid biopsy company, as part of a GBP12
million placing. ANGLE is commercialising a platform technology
that can capture rare cells (such as cancer cells) circulating in
the blood when they are relatively limited in number and collect
these cells for analysis. ANGLE's cell separation technology is
known as the Parsortix system and collects cells through a liquid
biopsy. The final material
VCT qualifying investment was made in Creo Medical Group, a
medical device company focused on surgical endoscopy. Its lead
product, the Speedboat RS2, enables non-invasive bowel surgery,
replacing high risk major surgery with a simple outpatient
procedure. The device has been approved in both Europe and the US
and has already been used in operations with exceptional
results.
The Company's holding in IDOX, the provider of document
management software to Local Authorities and the engineering
sector, was sold during the period. We concluded that IDOX's
problems on which we reported in the Company's 2018 annual report,
were myriad and complex and that the Company's capital would be
better deployed elsewhere. Crawshaw Group, the chain of butchers,
was also sold due to an ongoing difficult trading environment and
the departure of the CEO and CFO. A small, residual position in
Tasty, owner of the London-focused Italian restaurant chain
Wildwood, was also sold.
Outlook
"Challenging" may have become an over-popular, almost devalued,
term in recent times, not only in company outlook statements but
also within fund manager commentaries. However, its use is
particularly pertinent at this point. A strong global economy,
fuelled by ten years of stimulation, now faces the twin dangers of
monetary policy reversal and an increasingly hostile trading and
geo-political environment. The UK, as an open economy, has
benefited from recent global growth but now faces its own
individual risks as the Brexit deadline approaches. The last six
months suggest there may still be an appetite amongst investors to
"buy the dips," but it may also prove to have been an artificial,
unrepeatable environment created by the impact of Trump's cuts to
corporation tax. Investors feel that more challenging times are
inevitably coming, but few want to speculate as to when.
As we stated in our last review, the portfolio can never be
immune to wider market forces. Our aim is to keep the portfolio
dominated by a range of long term holdings in innovative and high
quality companies serving specific niches in attractive growth
markets, which is both the core objective of Amati AIM VCT and, we
believe, the best defence against increasingly disconcerting
geo-political uncertainties.
Dr Paul Jourdan, David Stevenson and Anna Wilson
Amati Global Investors
2 October 2018
INVESTMENT PORTFOLIO
as at 31 July 2018
Market Dividend
Cap Yield(NTM)
Cost Valuation GBPm % Fund
GBP'000 GBP'000 Sector Status %
TB Amati UK Smaller
Companies Fund 9,274 12,601 - Financials OEIC 1.3 8.9
---------- ----------- -------- ------------------- --------- ------------ ------
Keywords Studios
plc(1,3) 5,785 10,376 1,160.6 Industrials AIM 0.1 7.3
---------- ----------- -------- ------------------- --------- ------------ ------
AB Dynamics plc(2,3) 3,753 8,038 240.3 Industrials AIM 0.3 5.7
---------- ----------- -------- ------------------- --------- ------------ ------
Learning Technologies
Group plc(1,3) 5,078 7,815 675.7 Industrials AIM 0.4 5.5
---------- ----------- -------- ------------------- --------- ------------ ------
Quixant plc(2,3) 4,196 7,494 285.3 Technology AIM 0.8 5.3
---------- ----------- -------- ------------------- --------- ------------ ------
Frontier Developments Consumer
plc(1) 4,698 7,044 437.8 goods AIM - 5.0
---------- ----------- -------- ------------------- --------- ------------ ------
Ideagen plc(2) 3,303 6,282 267.7 Technology AIM 0.2 4.4
---------- ----------- -------- ------------------- --------- ------------ ------
GB Group plc(2,3) 3,203 6,085 825.1 Technology AIM 0.5 4.3
---------- ----------- -------- ------------------- --------- ------------ ------
Accesso Technology
Group plc(1,3) 221 5,882 719.9 Technology AIM - 4.2
---------- ----------- -------- ------------------- --------- ------------ ------
Tristel plc(2) 3,290 5,348 126.7 Health care AIM 1.5 3.8
---------- ----------- -------- ------------------- --------- ------------ ------
Top Ten 42,801 76,965 54.4
---------- ----------- -------- ------------------- --------- ------------ ------
Craneware plc(2) 3,899 4,554 565.2 Technology AIM 1.1 3.2
---------- ----------- -------- ------------------- --------- ------------ ------
LoopUp Group plc(1,3) 2,577 4,320 246.3 Technology AIM - 3.1
---------- ----------- -------- ------------------- --------- ------------ ------
Water Intelligence
plc(2) 1,218 3,340 62.5 Industrials AIM - 2.4
---------- ----------- -------- ------------------- --------- ------------ ------
Hardide plc(1) 2,361 3,256 30.5 Basic materials AIM - 2.3
---------- ----------- -------- ------------------- --------- ------------ ------
Premier Technical
Services Group
plc(2,3) 2,141 3,115 204.3 Industrials AIM 0.8 2.2
---------- ----------- -------- ------------------- --------- ------------ ------
Anpario plc(2) 1,829 2,872 101.9 Health care AIM 1.7 2.0
---------- ----------- -------- ------------------- --------- ------------ ------
Bilby plc(2) 1,681 2,715 50.8 Industrials AIM 2.2 1.9
---------- ----------- -------- ------------------- --------- ------------ ------
i-nexus Global
plc(1) 2,500 2,532 23.7 Technology AIM - 1.8
---------- ----------- -------- ------------------- --------- ------------ ------
Science in Sport Consumer
plc(2) 1,956 2,129 48.1 goods AIM - 1.5
---------- ----------- -------- ------------------- --------- ------------ ------
FairFX Group plc(1) 1,137 2,082 217.5 Financials AIM - 1.5
---------- ----------- -------- ------------------- --------- ------------ ------
Top Twenty 64,100 107,880 76.3
---------- ----------- -------- ------------------- --------- ------------ ------
Angle plc(1) 1,615 1,712 66.5 Health care AIM - 1.2
---------- ----------- -------- ------------------- --------- ------------ ------
Brooks Macdonald
Group plc(2) 1,154 1,672 257.6 Financials AIM 2.7 1.2
---------- ----------- -------- ------------------- --------- ------------ ------
Creo Medical Group
plc(1) 1,612 1,613 120.0 Health care AIM - 1.1
---------- ----------- -------- ------------------- --------- ------------ ------
Ixico plc(1) 1,409 1,610 15.0 Health care AIM - 1.1
---------- ----------- -------- ------------------- --------- ------------ ------
Fusion Antibodies
plc(1) 1,444 1,583 26.1 Health care AIM - 1.1
---------- ----------- -------- ------------------- --------- ------------ ------
Amryt Pharma plc(1,3) 1,563 1,530 49.5 Health care AIM - 1.1
---------- ----------- -------- ------------------- --------- ------------ ------
Block Energy plc(1) 1,500 1,313 9.1 Oil & Gas AIM - 0.9
---------- ----------- -------- ------------------- --------- ------------ ------
Diurnal Group plc(1) 1,440 1,313 107.3 Health care AIM - 0.9
---------- ----------- -------- ------------------- --------- ------------ ------
Rosslyn Data Technologies
plc(1) 947 1,017 12.4 Technology AIM - 0.7
---------- ----------- -------- ------------------- --------- ------------ ------
SRT Marine Systems
plc(1) 1,174 982 35.6 Technology AIM - 0.7
---------- ----------- -------- ------------------- --------- ------------ ------
Oncimmune Holdings
plc(1) 1,013 942 69.6 Health care AIM - 0.7
---------- ----------- -------- ------------------- --------- ------------ ------
appScatter Group
plc(1) 1,228 923 43.1 Technology AIM - 0.7
---------- ----------- -------- ------------------- --------- ------------ ------
Byotrol plc(1) 859 900 14.5 Basic materials AIM - 0.6
---------- ----------- -------- ------------------- --------- ------------ ------
Belvoir Lettings
plc(1) 783 828 36.3 Financials AIM 6.6 0.6
---------- ----------- -------- ------------------- --------- ------------ ------
MaxCyte Inc(1) 820 750 36.6 Health care AIM - 0.5
---------- ----------- -------- ------------------- --------- ------------ ------
Consumer
Escape Hunt plc(1) 752 695 23.1 services AIM - 0.5
---------- ----------- -------- ------------------- --------- ------------ ------
Velocity Composites
plc(1) 820 646 19.7 Industrials AIM - 0.5
---------- ----------- -------- ------------------- --------- ------------ ------
Universe Group
plc(1) 488 598 11.6 Industrials AIM - 0.4
---------- ----------- -------- ------------------- --------- ------------ ------
Solid State plc(2) 520 558 22.9 Industrials AIM 4.4 0.4
---------- ----------- -------- ------------------- --------- ------------ ------
MyCelx Technologies
Corporation(1) 645 505 23.5 Oil & Gas AIM - 0.4
---------- ----------- -------- ------------------- --------- ------------ ------
Brady plc(2) 395 428 55.0 Technology AIM - 0.3
---------- ----------- -------- ------------------- --------- ------------ ------
MirriAd Advertising Consumer
plc(1) 834 421 34.7 services AIM - 0.3
---------- ----------- -------- ------------------- --------- ------------ ------
Netcall plc(2) 110 416 97.2 Technology AIM 1.7 0.3
---------- ----------- -------- ------------------- --------- ------------ ------
Property Franchise
Group plc (The)(2) 352 413 36.2 Financials AIM 5.5 0.3
---------- ----------- -------- ------------------- --------- ------------ ------
FireAngel Safety
Technology Group
plc(1) 690 389 28.5 Industrials AIM - 0.3
---------- ----------- -------- ------------------- --------- ------------ ------
Brighton Pier Group Consumer
plc (The) (1) 489 379 35.7 services AIM - 0.3
---------- ----------- -------- ------------------- --------- ------------ ------
EU Supply plc(1) 532 331 7.9 Technology AIM - 0.2
---------- ----------- -------- ------------------- --------- ------------ ------
Synectics plc(2) 342 273 35.6 Industrials AIM 2.4 0.2
---------- ----------- -------- ------------------- --------- ------------ ------
Genedrive plc(1) 442 211 5.1 Health care AIM - 0.2
---------- ----------- -------- ------------------- --------- ------------ ------
Consumer
Dods (Group) plc(1) 596 210 35.9 services AIM - 0.2
---------- ----------- -------- ------------------- --------- ------------ ------
Venn Life Sciences
Holdings plc(1) 356 160 4.3 Health care AIM - 0.1
---------- ----------- -------- ------------------- --------- ------------ ------
Sportsweb.com(1) 352 158 2.8 Industrials Unquoted - 0.1
---------- ----------- -------- ------------------- --------- ------------ ------
Fox Marble Holdings
plc Ordinary shares(1) 249 156 18.3 Industrials AIM - 0.1
---------- ----------- -------- ------------------- --------- ------------ ------
Ilika plc(1) 265 147 21.2 Oil & Gas AIM - 0.1
---------- ----------- -------- ------------------- --------- ------------ ------
Antenova Limited
Ordinary shares
& A Preference
Shares(1) 100 128 4.2 Telecommunications Unquoted - 0.1
---------- ----------- -------- ------------------- --------- ------------ ------
Allergy Therapeutics
plc(1) 29 70 168.6 Health care AIM - -
---------- ----------- -------- ------------------- --------- ------------ ------
Sabien Technology
Group plc(1) 441 43 0.6 Industrials AIM - -
---------- ----------- -------- ------------------- --------- ------------ ------
Investments held
at nil value 2,085 - - - - - -
---------- ----------- -------- ------------------- --------- ------------ ------
Total investments 94,545 133,903 94.7
---------- ----------- -------- ------------------- --------- ------------ ------
Net current assets 7,550 5.3
---------- ----------- -------- ------------------- --------- ------------ ------
Net assets 141,453 100.0
---------- ----------- -------- ------------------- --------- ------------ ------
1 Qualifying holdings.
2 Part qualifying holdings.
3 These investments are also held by other funds managed
by Amati.
(NTM) Next twelve months consensus estimate (Source: FactSet
and Fidessa).
The Manager rebates the management fee of 0.75% on the TB
Amati UK Smaller Companies Fund and this is included in the
yield.
All holdings are in ordinary shares unless otherwise stated.
Investments held at nil value: China Food Company plc, Conexion
Media Group plc(1) , Polyhedra Group plc(1) , Rated People
Limited(1) , Sorbic International plc
As at the period end, the percentage of the Company's portfolio
held in qualifying holdings for the purposes of Section 274
of the Income and Corporation Taxes Act 2007 is 86.05%.
PRINCIPAL RISKS AND UNCERTAINTIES
The Company's assets consist of equity and fixed interest
investments and cash. Its principal risks include market risk,
interest rate risk, credit risk and liquidity risk. Other risks
faced by the Company include economic, investment and strategic,
regulatory, reputational, operational and financial risks as well
as the potential for loss of approval as a VCT. These risks, and
the ways in which they are managed, are described in more detail in
Notes 19 to 22 to the Financial Statements in the Company's Report
and Financial Statements for the year ended 31 January 2018. The
Company's principal risks and uncertainties have not changed
materially since the date of that report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
in respect of the Half-yearly financial report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements which has been
prepared in accordance with FRS 104 "Interim Financial Reporting"
gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the Company;
-- the Chairman's Statement and Fund Manager's Review
(constituting the interim management report) include a true and
fair review of the information required by DTR4.2.7R of the
Disclosure Guidance and Transparency Rules, being an indication of
important events that have occurred during the first six months of
the financial year and their impact on the condensed set of
financial statements;
-- the Statement of Principal Risks and Uncertainties on page 13
is a fair review of the information required by DTR4.2.7R, being a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the financial statements include a fair review of the
information required by DTR4.2.8R of the Disclosure Guidance and
Transparency Rules, being related party transactions that have
taken place in the first six months of the current financial year
and that have materially affected the financial position or
performance of the Company during that period, and any changes in
the related party transactions described in the last annual report
that could do so.
For and on behalf of the Board
Peter Lawrence
Chairman
2 October 2018
INCOME STATEMENT
for the six months ended 31 July 2018
Six months ended Six months ended Year ended
31 July 2018 31 July 2017 31 January 2018
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gain on
investments - 6,682 6,682 - 9,259 9,259 - 19,511 19,511
Income 9 268 - 268 226 - 226 403 - 403
Investment
management fee (218) (654) (872) (104) (311) (415) (227) (681) (908)
Other expenses (182) - (182) (146) - (146) (289) - (289)
(Loss)/profit on
ordinary
activities
before taxation (132) 6,028 5,896 (24) 8,948 8,924 (113) 18,830 18,717
Taxation on 11 - - -
ordinary
activities - - - - - -
(Loss)/profit
and total
comprehensive
income
attributable to
shareholders (132) 6,028 5,896 (24) 8,948 8,924 (113) 18,830 18,717
Basic and
diluted
(loss)/earnings
per Ordinary
share 7 (0.23)p 10.32p 10.10p (0.07)p 26.39p 26.32p (0.33)p 54.85p 54.52p
----------------- ----- ---------- --------- --------- ---------- --------- --------- ---------- --------- ---------
The "Total" column of this Income Statement represents the
profit and loss account of the Company in accordance with Financial
Reporting Standards ("FRS"). The supplementary revenue and capital
columns have been prepared in accordance with The Association of
Investment Companies' Statement of Recommended Practice ("AIC
SORP"). 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
For the six months ended 31 July 2018 (unaudited)
Non-distributable reserves Distributable reserves*
Capital Capital reserve
Share Share Merger redemption (non-distributable) Special Capital reserve Revenue Total
capital premium reserve reserve GBP'000 reserve (distributable) reserve reserves
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- ------ --------- ----------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Opening
balance
as at 1
February
2018 1,804 19,359 425 418 33,359 10,386 (4,073) (127) 61,551
--------------- ------ --------- ----------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Profit/(loss)
and total
comprehensive
income for
the
period - - - - 7,265 - (1,237) (132) 5,896
--------------- ------ --------- ----------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Total
comprehensive
income for
the
period 1,804 19,359 425 418 40,624 10,386 (5,310) (259) 67,447
--------------- ------ --------- ----------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Contributions
by and
distributions
to
shareholders:
Repurchase of
shares (54) - - 54 - (1,710) - - (1,710)
Shares issued 215 7,256 - - - - - - 7,471
Shares issued
in connection
with merger 2,062 70,688 - - - - - - 72,750
Merger costs - (243) - - - (38) - - (281)
Other costs
charged
to capital - - - - - (1) - - (1)
Dividends paid - - - - - (4,223) - - (4,223)
Cancellation
of share
premium 3 - (96,397) - - - 96,397 - - -
--------------- ------ --------- ----------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Total
contributions
by and
distributions
to
shareholders 2,223 (18,696) - 54 - 90,425 - - 74,006
--------------- ------ --------- ----------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Closing
balance
as at 31 July
2018 4,027 663 425 472 40,624 100,811 (5,310) (259) 141,453
--------------- ------ --------- ----------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
* Of the distributable reserves GBP36,510,000 is currently
unavailable for distribution as it is within the three year
restricted period (Income and Corporation Taxes Act 2007, as
amended).
The accompanying notes are an integral part of the
statement.
For the six months ended 31 July 2017 (unaudited)
Non-distributable reserves Distributable reserves
Capital Capital reserve
Share Share Merger redemption (non-distributable) Special Capital reserve Revenue Total
capital premium reserve reserve GBP'000 reserve (distributable) reserve reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Opening
balance as
at 1 February
2017 1,633 13,044 425 364 16,487 14,477 (6,031) (14) 40,385
Profit/(loss)
and total
comprehensive
income
for the
period - - - - 8,732 - 216 (24) 8,924
--------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Total
comprehensive
income for
the period 1,633 13,044 425 364 25,219 14,477 (5,815) (38) 49,309
--------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Contributions
by and
distributions
to
shareholders:
Repurchase of
shares (22) - - 22 - (559) - - (559)
Shares issued 119 3,049 - - - - - - 3,168
Share issue
costs - (40) - - - - - - (40)
Dividends paid - - - - - (1,462) - - (1,462)
--------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Total
contributions
by and
distributions
to
shareholders 97 3,009 - 22 - (2,021) - - 1,107
--------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Closing
balance as
at 31 July
2017 1,730 16,053 425 386 25,219 12,456 (5,815) (38) 50,416
--------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
The accompanying notes are an integral part of the
statement.
For the year ended 31 January 2018 (audited)
Non-distributable reserves Distributable reserves
Capital Capital reserve Capital reserve
Share Share Merger redemption (non-distributable) Special (distributable) Revenue Total
capital premium reserve reserve GBP'000 reserve GBP'000 reserve reserves
Audited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
----------------------- --------- --------- --------- ----------- -------------------- ---------- ---------------- ----------- ----------
Opening balance as at
1
February 2017 1,633 13,044 425 364 16,487 14,477 (6,031) (14) 40,385
Profit/(loss) and
total
comprehensive income
for
the period - - - - 16,872 - 1,958 (113) 18,717
----------------------- --------- --------- --------- ----------- -------------------- ---------- ---------------- ----------- ----------
Total comprehensive
income
for the period 1,633 13,044 425 364 33,359 14,477 (4,073) (127) 59,102
----------------------- --------- --------- --------- ----------- -------------------- ---------- ---------------- ----------- ----------
Contributions by and
distributions
to shareholders:
Repurchase of shares (54) - - 54 - (1,514) - - (1,514)
Shares issued 225 6,439 - - - - - - 6,664
Share issue costs - (49) - - - - - - (49)
Merger costs - (75) - - - - - - (75)
Dividends paid - - - - - (2,577) - - (2,577)
----------------------- --------- --------- --------- ----------- -------------------- ---------- ---------------- ----------- ----------
Total contributions by
and distributions to
shareholders 171 6,315 - 54 - (4,091) - - 2,449
----------------------- --------- --------- --------- ----------- -------------------- ---------- ---------------- ----------- ----------
Closing balance as at
31
January 2018 1,804 19,359 425 418 33,359 10,386 (4,073) (127) 61,551
----------------------- --------- --------- --------- ----------- -------------------- ---------- ---------------- ----------- ----------
The accompanying notes are an integral part of the
statement.
CONDENSED BALANCE SHEET
as at 31 July 2018
31 July 31 July 31 January
2018 2017 2018 (audited)
(unaudited) (unaudited)
Note GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value 13 133,903 48,389 58,273
Current assets
Debtors 105 47 867
Cash at bank 9,744 2,358 2,823
Total current assets 9,849 2,405 3,690
Current liabilities
Creditors: amounts falling due within
one year (2,299) (378) (412)
Net current assets 7,550 2,027 3,278
Total assets less current liabilities 141,453 50,416 61,551
--------------------------------------- ----- ------------- ------------- ---------------
Capital and reserves
Called up share capital 4,027 1,730 1,804
Share premium account 3 663 16,053 19,359
Reserves 3 136,763 32,633 40,388
Equity shareholders' funds 141,453 50,416 61,551
--------------------------------------- ----- ------------- ------------- ---------------
Net asset value per share 8 175.69p 145.77p 170.70p
--------------------------------------- ----- ------------- ------------- ---------------
The accompanying notes are an integral part of the balance
sheet.
STATEMENT OF CASH FLOWS
for the six months ended 31 July 2018
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2018 2017 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------------- --- ------------- ------------- -----------
Cash flows from operating activities
Income received 197 200 408
Investment management fees (547) (372) (818)
Other operating costs (207) (160) (287)
Net cash outflow from operating activities (557) (332) (697)
Cash flows from investing activities
Purchases of investments (7,957) (1,858) (5,466)
Disposals of investments 4,014 1,703 5,679
Net cash (outflow)/inflow from investing
activities (3,943) (155) 213
Net cash outflow before financing (4,500) (487) (484)
Cash flows from financing activities
Cash received as part of asset acquisition 9,462 - -
of Amati VCT
Net cash paid in respect of assets (88) - -
and liabilities of Amati VCT
Merger costs of the Company (281) - (75)
Net proceeds of share issues and
buybacks 6,551 3,052 4,704
Equity dividends paid (4,223) (1,462) (2,577)
Net cash inflow from financing activities 11,421 1,590 2,052
Increase in cash 6,921 1,103 1,568
------------------------------------------------- ------------- ------------- -----------
Reconciliation of net cash flow to movement in
net cash
Net cash at start of period 2,823 1,255 1,255
Net cash at end of period 9,744 2,358 2,823
Increase in cash during the period 6,921 1,103 1,568
------------------------------------------------- ------------- ------------- -----------
Reconciliation of profit on ordinary activities
before taxation to net cash outflow from operating
activities
Profit on ordinary activities before
taxation 5,896 8,924 18,717
Net gain on investments (6,682) (9,259) (19,511)
Increase in creditors 315 32 91
(Increase)/decrease in debtors (86) (29) 6
Net cash outflow from operating activities (557) (332) (697)
------------------------------------------------- ------------- ------------- -----------
The accompanying notes are an integral part of the
statement.
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 July 2018
1. Basis of Accounting
The Half-yearly financial report covers the six months ended 31
July 2018. The Company applies FRS 102 and the AIC's Statement of
Recommended Practice issued in November 2014 and consequential
amendments as adopted for its financial year ended 31 January 2018.
The financial statements for this six month period have been
prepared in accordance with FRS 104 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 2018.
The comparative figures for the financial year ended 31 January
2018 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 2018 have been
reported on by the Company's auditors. Interim accounts prepared
for the period to 14 June 2018 in respect of the cancellation of
the company's share premium account (see note 3) were delivered to
the Registrar of Companies.
2. Merger of Company with Amati VCT plc (AVCT) - Basis of Accounting
On 4 May 2018 the merger took place between the Company and
Amati VCT plc. The method of accounting for this was that the
Company acquired the assets and liabilities of AVCT in exchange for
shares in the Company. The transaction was accounted for as an
asset acquisition and further details are set out in note 12 of
this report. The income and costs for the period to 3 May 2018 and
the comparable periods to 31 July 2017 and 31 January 2018, reflect
the activities of the Company before the acquisition and after that
date reflect those of the enlarged company.
Amati VCT 2 plc was renamed Amati AIM VCT plc with effect from 4
May 2018.
3. Cancellation of share premium
On 12 June 2018, the share premium account was cancelled by
Order of Court following the passing of a Special Resolution. The
credit arising of GBP96,397,000 has been applied in creating a
special reserve, within the capital reserve, which will be able to
be applied in any manner in which the Company's profits available
for distribution (as determined in accordance with Section 649 of
the Companies Act 2006) are able to be applied.
4. Going concern
In accordance with FRC Guidance for directors on going concern
and liquidity risk the directors are of the opinion that, at the
time of approving the Half-yearly Report, the Company has adequate
resources to continue in business for the foreseeable future. In
reaching this conclusion the directors took into account the nature
of the Company's business and Investment Policy, its risk
management policies, the diversification of its portfolio, the cash
holdings and the liquidity of non-qualifying investments. Thus the
directors believe it is appropriate to continue to apply the going
concern basis in preparing the financial statements.
5. Segmental reporting
The directors are of the opinion that the Company is engaged in
a single segment of business, being investment business.
6. Copies of the Half-yearly report are being made available to
all shareholders. Further copies are available free of charge from
Amati Global Investors by telephoning 0131 503 9115 or by email to
info@amatiglobal.com.
7. Earnings per share
Earnings per share is based on the gain attributable to
shareholders for the six months ended 31 July 2018 of GBP5,896,000
(six months ended 31 July 2017: GBP8,924,000, year ended 31 January
2018: GBP18,717,000) and the weighted average number of shares in
issue during the period of 58,395,967 (31 July 2017: 33,907,246, 31
January 2018: 34,329,245). There is no difference between basic and
diluted earnings per share.
8. Net Asset Value
The net asset value per share at 31 July 2018 is based on net
assets of GBP141,453,000 (31 July 2017: GBP50,416,000, 31 January
2018: GBP61,551,000) and the number of shares in issue on 31 July
2018 of 80,513,669 (31 July 2017: 34,585,493, 31 January 2018:
36,057,095). There is no difference between basic and diluted net
asset value per share.
9. Income
Six months Six months ended Year ended
ended
31 July 2018 31 July 2017 31 January
2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------------------ ---------------------------- ----------------------
Income:
Dividends from UK
companies 262 198 353
UK loan stock interest - 25 44
Interest from deposits 6 3 6
268 226 403
-------------------------------------- ------------------------ ---------------------------- ----------------------
10. Dividends paid
Six months Six months Year
ended ended ended
31 January
31 July 2018 31 July 2017 2018
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- ------------- -----------
Second interim dividend for the
year ended 31 January 2018 of 5.25p
per share paid on 27 July 2018 4,223* - -
-------------------------------------- ------------- ------------- -----------
First interim dividend for the
year ended 31 January 2018 of 3.25p
per share paid on 24 November 2017 - - 1,115
-------------------------------------- ------------- ------------- -----------
Final dividend for the year ended
31 January 2017 of 4.25p per share
paid on 21 July 2017 - 1,462 1,462
-------------------------------------- ------------- ------------- -----------
4,223 1,462 2,577
-------------------------------------- ------------- ------------- -----------
*Based on the shares in issue of the enlarged company on the
ex-dividend date 21 June 2018.
11. The effective rate of tax for the six months ended 31 July
2018 is 0% (31 July 2017: 0%, 31 January 2018: 0%).
12. Asset acquisition of Amati VCT plc
On 4 May 2018 the Company acquired the assets and liabilities of
AVCT in accordance with the supplementary prospectus and circular
published on 9 March 2018 ("the Scheme"). The assets and
liabilities of AVCT were transferred to the Company on 4 May 2018
and in exchange the assenting shareholders of AVCT were allotted
41,231,436 ordinary shares in the Company, being 5.98787 ordinary
shares for each 10 ordinary shares of 10p each held in the capital
of AVCT.
The assets and liabilities of AVCT as at 4 May 2018 which were
acquired are set out below:-
GBP'000
--------------------------------------- --------
Fixed assets -
--------------------------------------- --------
Investments held at fair value 63,393
--------------------------------------- --------
Current assets
--------------------------------------- --------
Debtors 142
--------------------------------------- --------
Cash at bank 9,462
--------------------------------------- --------
Current liabilities
--------------------------------------- --------
Creditors: amounts falling due within
one year 247
--------------------------------------- --------
Net current assets
--------------------------------------- --------
Total assets less current liabilities 72,750
--------------------------------------- --------
13. Investments
Level 1 Level 2 Level 3
--------
Traded Unquoted Unquoted
on
AIM investments investments Total
GBP'000 GBP'000 GBP'000 GBP'000
-------- ------------ ------------ --------
Cost as at 1 February 2018 23,364 - 2,816 26,180
-------- ------------ ------------ --------
Opening unrealised appreciation/(depreciation) 34,760 - (1,401) 33,359
------------------------------------------------ -------- ------------ ------------ --------
Opening unrealised loss recognised
in realised reserve (296) - (970) (1,266)
-------- ------------ ------------ --------
Opening valuation as at 1 February
2018 57,828 - 445 58,273
-------- ------------ ------------ --------
Movements in the period:
-------- ------------ ------------ --------
Purchases 7,956 1,613 - 9,569
-------- ------------ ------------ --------
Stocks received as part of asset
acquisition* 63,393 - - 63,393
-------- ------------ ------------ --------
Sales - proceeds (3,735) - (279) (4,014)
-------- ------------ ------------ --------
Realised loss on sales (2,072) - - (2,072)
-------- ------------ ------------ --------
Unrealised gain in the period 8,633 - 121 8,754
------------------------------------------------ -------- ------------ ------------ --------
Valuation as at 31 July 2018 132,003 1,613 287 133,903
-------- ------------ ------------ --------
Cost at 31 July 2018 90,395 1,613 2,537 94,545
-------- ------------ ------------ --------
Unrealised appreciation/ (depreciation)
as at 31 July 2018 41,904 - (1,280) 40,624
------------------------------------------------ -------- ------------ ------------ --------
Closing unrealised loss recognised
in realised reserve (296) - (970) (1,266)
-------- ------------ ------------ --------
Valuation as at 31 July 2018 132,003 1,613 287 133,903
-------- ------------ ------------ --------
Equity shares 132,003 1,613 240 133,856
-------- ------------ ------------ --------
Preference shares - - 47 47
-------- ------------ ------------ --------
Loan stock - - - -
-------- ------------ ------------ --------
Valuation as at 31 July 2018 132,003 1,613 287 133,903
-------- ------------ ------------ --------
* The investments of AVCT were transferred into the Company at
fair value on the date of the asset acquisition. The original book
cost of these assets in AVCT was GBP28,157,000 being GBP35,236,000
less than the transfer at fair value shown above.
In order to provide further information on the valuation
techniques used to measure assets carried at fair value, the
measurement basis has been categorised into a "fair value
hierarchy" as follows:
- Quoted market prices in active markets - "Level 1"
Inputs to Level 1 fair values are quoted prices in active
markets. An active market is one in which transactions occur with
sufficient frequency and volume to provide pricing information on
an ongoing basis. The Company's investments classified within this
category are AIM traded companies and fully listed companies.
- Valued using models with significant observable market
parameters - "Level 2"
Inputs to Level 2 fair values are inputs other than quoted
prices included within Level 1 that are observable for the asset,
either directly or indirectly.
- Valuation technique - "Level 3"
Level 3 fair values are measured using a valuation technique
that is based on data from an unobservable market.
14. Related parties
The Company holds 652,687 shares in Anpario plc, an AIM traded
company, of which Mr Peter Lawrence is a non-executive director. Mr
Lawrence's charitable trust holds 27,950 shares in Anpario plc.
The Company retains Amati Global Investors as its Manager. The
number of ordinary shares (all of which are held beneficially) by
certain members of the management team of the Manager are:
31 July 2018
shares held
Paul Jourdan 483,648
David Stevenson 17,583
----------------- -------------
Related party transaction
Save as disclosed in this paragraph 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.
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: http://www.amatiglobal.com/amat.php.
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 Investor's website: http://www.amatiglobal.com/amat.php.
Financial calendar
October 2018 Half-yearly report for the six months to 31 July
2018 published
31 January 2019 Year end
May 2019 Announcement of final results for the year ended 31
January 2019
June 2019 Annual General Meeting
Dividends
Shareholders who wish to have future dividends re-invested in
the Company's shares or wish to have dividends paid directly into
their bank account rather than sent by cheque to their registered
address should contact Share Registrars Limited on 01252 821390 or
email enquiries@shareregistrars.uk.com.
Table of Historic Returns from launch to 31 July 2018
attributable to shares issued by VCTs which have been merged into
Amati AIM VCT
NAV Total Numis Alternative
Return Markets
NAV Total with dividends Total Return
Return not re-invested Index
with dividends
Launch date Merger date re-invested
--------------------- ---------------- ------------------- ----------------- ----------------- ------------------
Singer & Friedlander
AIM 3 VCT ('C'
shares) 4 April 2005 8 December 2005 46.2% 22.3% 30.6%
Amati VCT plc 24 March 2005 4 May 2018 134.1% 74.8% 25.9%
Invesco Perpetual
AIM VCT 30 July 2004 8 November 2011 29.4% -7.7% 60.0%
Amati AIM VCT
(originally Singer
& Friedlander 29 January
AIM 3 VCT*) 2001 n/a 33.3% 11.0% -6.2%
Singer & Friedlander 29 February 22 February
AIM 2 VCT 2000 2006 2.2% -15.1% -52.1%
Singer & Friedlander 28 September 22 February
AIM VCT 1998 2006 -30.3% -20.8% 45.7%
--------------------- ---------------- ------------------- ----------------- ----------------- ------------------
*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
Peter Lawrence Share Registrars Limited
Julia Henderson The Courtyard
Mike Killingley 17 West Street
Susannah Nicklin Farnham, Surrey
Brian Scouler GU9 7DR
all of:
27/28 Eastcastle Street Auditor
London BDO LLP
W1W 8DH 55 Baker Street
London
Secretary W1H 7EH
The City Partnership (UK) Limited
110 George Street Solicitors
Edinburgh Rooney Nimmo
EH2 4LH 8 Walker Street
Edinburgh
EH3 7LH
Fund Manager Bankers
Amati Global Investors Limited The Bank of New York Mellon
SA/NV
8 Coates Crescent London Branch
Edinburgh 160 Queen Victoria Street
EH3 7AL London
EC4V 4LA
VCT Tax Adviser
Philip Hare & Associates LLP
Suite C, First Floor
4-6 Staple Inn
Holborn, London
WC1V 7QH
For enquiries relating to share certificates, share holdings,
dividends or the Dividend Re-investment Scheme, please contact:
Share Registrars Limited
on +44 (0) 1252 821390
or email: enquiries@shareregistrars.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
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 or visit www.rns.com.
END
IR FSUSWEFASEES
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October 02, 2018 03:38 ET (07:38 GMT)
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