TIDMAMAT
RNS Number : 1755P
Amati AIM VCT PLC
08 October 2019
Amati AIM VCT plc
HALF-YEARLY REPORT
For the six months ended 31 July 2019
Amati AIM VCT plc announces that its 2019 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.
Highlights
Investment Objectives
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. The Company's policy is to hold a
diversified portfolio across a broad range of sectors to mitigate
risk.
Dividend Policy
The Board aims to pay an annual dividend equal to between 5% and
6% 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 Year 6 months
ended ended
31/07/19 ended 31/07/18
(unaudited) 31/01/19 (unaudited)
(audited)
Net Asset Value ("NAV") GBP137.6m GBP125.0m GBP141.5m
Shares in issue 89,064,825 85,549,682 80,513,669
NAV per share 154.5p 146.1p 175.7p
Share price 142.5p 134.5p 165.5p
Market capitalisation GBP126.9 GBP115.1m GBP133.3m
Share price discount to NAV 7.8% 7.9% 5.8%
NAV Total Return (assuming re-invested
dividends) 8.5% -10.0% 5.9%
Numis Alternative Markets Total Return
Index 3.5% -13.6% 2.3%
Ongoing charges* 2.1% 2.0% 2.0%
Dividends in respect of the period 3.5p 7.5p 3.5p
---------------------------------------- ------------- ----------- -------------
* Ongoing charges calculated in accordance with the Association
of Investment Companies' ("AIC's") guidance.
Table of investor returns to 31 July 2019
Numis Alternative
NAV Total Markets Total
Return with Return
dividends Index
Date re-invested
------------------------------------ ----------------- -------------- ------------------
NAV following re-launch of the
VCT under management of Amati 9 November
Global Investors ("Amati") 2011* 132.2% 36.1%
------------------------------------ ----------------- -------------- ------------------
NAV following appointment of Amati
as Manager of the VCT, which was
known as ViCTory VCT at the time 25 March 2010 143.6% 39.8%
------------------------------------ ----------------- -------------- ------------------
*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 26.
Chairman's Statement
Overview
After a sharp correction on AIM last year, the first half of the
current year saw a reasonable bounce back in many of our holdings
and this produced a positive performance in excess of that of the
AIM market as a whole. The NAV total return for the six month
period was +8.5% which compares to a rise of 3.5% for the Numis
Alternative Markets Total Return Index.
The first half also saw a good rate of new qualifying
investments being made, with a total of GBP9.8m being deployed over
the period. Further details of these new investments are given in
the Fund Manager's Review.
The Company's Top Up Offer, which was launched on 1 February
2019, closed for new applications on 27 February 2019, having
raised GBP6.8m. The Board has since announced its intention to
launch a further Offer for Subscription, with the Company seeking
to raise GBP25m over a 12 month period from the date of the
prospectus. The directors will also have discretion to utilise an
additional over-allotment facility of up to GBP20m, either in whole
or in part. However, this facility will only be utilised if the
directors are satisfied that there is a suitable pipeline of
investments to deploy the extra funds and if there is sufficient
demand from investors. In order to ensure the efficient deployment
of funds and to provide the Company with greater flexibility, the
amount to be raised under the Offer prior to the Company's year end
on 31 January 2020 will be capped at GBP15m of the GBP25m
fundraising. Full details of the Offer will be set out in a
prospectus to be issued around the end of October this year.
The availability of new funds will ensure that the Manager has
the ability to continue to make new investments in the portfolio
when good opportunities present themselves and these new
investments will, in turn, allow the portfolio to continue to
evolve and renew itself over the longer term as they mature.
Other Corporate Developments
Amati AIM VCT has now passed its first anniversary since the
merger of the two former Amati VCTs in May of last year and the
benefits of the merger remain apparent with the ongoing charges
ratio having fallen from 2.4%, where it stood two years ago, to
2.1% in the first half of this financial year.
In June, Mike Killingley, the longest serving director of Amati
AIM VCT, retired at the AGM and both the Board and the Manager
would like to express their gratitude to him for his astute
guidance and advice and skillful chairing of the audit committee
over many years.
Investment Performance and Dividend
The dividend policy of the Company continues to be to pay an
annual dividend equal to between 5% and 6% 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. In line with this, the Board is declaring an interim
dividend of 3.5p per share, to be paid on 22 November 2019 to
shareholders on the register on 18 October 2019.
Evolution of the VCT Legislation
The new tests governing the level of qualifying investments held
by the Company, which have been discussed in previous reports, come
into force in two stages, with the first commencing in February of
this year. Accordingly, for funds raised after 31 January 2019, we
are now monitoring to ensure that at least 30% is invested in
qualifying holdings prior to the second financial year end
following the allotment date. In addition, from the Company's next
financial year end onwards (beginning 1 February 2020), we will be
required to ensure that all pools of money derived from funds
raised prior to the second financial year end before the allotment
date are at least 80% invested in qualifying holdings. Currently
this requirement is set at 70%. The former Amati VCTs both had a
history of maintaining the level of qualifying holdings according
to this test well in excess of 80% in any case, thereby leaving a
significant margin of safety relative to the requirements.
Consequently this means that the merged entity, Amati AIM VCT, is
in a similar position, so we do not currently anticipate any
problems from the requirement moving to 80%, albeit that our margin
of safety will be reduced.
Outlook
The outlook seems remarkably similar to that of a year ago,
still being dominated (at least in the UK) by the wait for
clarification over both the timing and terms of Britain's departure
from the European Union. The Board is confident that the Company's
well diversified portfolio of growth oriented businesses and the
policy of retaining the most successful investments over the longer
term leaves the Company well positioned in these uncertain times. I
endorse the opinion of the Manager on page 8, which gives its
detailed outlook on the current situation.
Peter Lawrence
Chairman
8 October 2019
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
After sustained weakness in the final quarter of 2018, the UK
stock market staged a strong recovery in the early months of 2019.
The drivers behind this appeared to be more global than domestic,
and influenced more by investor sentiment than fundamental data. A
key component was the decision by the US Federal Reserve to step
away from monetary policy tightening in late January, which
represented a sharp reversal of its previous stance. Pointing to
sluggish inflation and slowing growth in Europe and China, it said
that the case for raising interest rates had weakened. Buoyed by
this dovish tone, US investors shifted towards an expectation of
rate cuts and further global stimulus. Despite a roller coaster of
conflicting headlines, there was also faith that a trade deal would
eventually be struck between the US and China. These sentiment
tailwinds saw US indices achieve all time high levels by late April
and, as global stock markets joined in with the momentum, the UK
recorded strong gains across all segments. This was despite poor
domestic news involving a fairly chaotic political environment and
the failure to negotiate a Brexit agreement by the initial deadline
of the end of March. In May, stock markets suffered their first
weakness of the year. The most likely catalyst was profit-taking,
as highly rated valuations contrasted with a backdrop of fairly
mixed macroeconomic and earnings data, particularly in the UK. May
also saw a turning point in currency markets where Sterling started
to weaken after several months of surprising strength. With Brexit
rhetoric hardening towards a possible "no-deal" outcome in the lead
up to the Conservative leadership contest, Sterling continued to
fall heavily into the end of July, even as the UK stock market
rebounded to reach a high point for the period. Currency trends
influenced the pattern of the UK's recovery, as investors heavily
favoured companies with international earnings likely to benefit
from Sterling's weakness. As a result, larger capitalisation
companies provided the strongest performance over the period, with
smaller companies and AIM stocks lagging some way behind.
Performance
The VCT's NAV Total Return for the six month period was 8.5%.
This outperformed the benchmark Numis Alternative Markets Total
Return Index which gained 3.5% over the same period. The biggest
contributor to performance was the VCT's largest holding, AB
Dynamics ("ABD"), the specialist automotive engineering group which
gained 65%. The shares made steady progress throughout the period,
but were particularly strong following buoyant results in April and
a placing in May to raise funds for working capital, investment in
production capacity and future acquisitions. ABD continues to
benefit from structural demand for its advanced testing systems and
measurement products, used by global automotive manufacturers in
driver assist technology and autonomous vehicle development. A
number of other holdings registered strong gains, recovering most
of the weakness they had experienced in the fourth quarter 2018
sell-off of AIM stocks. This included Learning Technologies Group,
the digital learning and talent management specialist, which gained
50% after announcing that full year EBIT profitability to December
2019 is likely to be materially ahead of market expectations,
combining organic growth with integrated acquisitions. Keywords
Studios, the outsourced services provider to the global video
gaming industry, gained 40% after similarly reporting strong
results. The company is seeing revenue growth across all of its
seven service lines, and particularly its two largest areas,
Functional Testing and Game Development. Its half year update
indicated it had accelerated investment in recruitment, training
and IT to cope with this growth and that this will dilute margins
near term. GB Group, the identity management software and data
specialist, gained 30% after its final results exceeded market
expectations in terms of revenue and operating profit. The company
also announced a US acquisition, IDology Inc, which focuses on
identity verification and fraud prevention for financial services
clients. This will materially enhance GB Group's global capability
and scale. Other strong performers included Block Energy, the
Georgian focused oil and gas exploration company which almost
doubled in value as it raised funds to develop a major prospective
field (detailed below); Premier Technical Services, the building
maintenance specialist which was the subject of a cash bid from
financial conglomerate Macquarie at around a 140% premium to the
prevailing share price; the TB Amati UK Smaller Companies Fund,
which gained 9.1% over the period against a rise in its benchmark
of 4.2%; and Polarean Imaging ("Polarean"), the developer of
enhanced medical imaging technology, which gained 47% following
progress with its ongoing Phase III clinical trials and a further
placing to finance this (detailed below).
The greatest detractor from performance was Craneware, the US
hospital healthcare software provider which warned that current
year growth had been impacted by the launch of three new products
that had experienced slower than anticipated uptake. There were
also exceptional costs incurred on an acquisition which did not
complete. Management remain confident in the group's pipeline and
renewal levels, but the highly rated shares suffered a sharp
correction and fell 30%. LoopUp Group, the Software-as-a-Service
(SaaS) provider of conference call technology also warned that it
had experienced year-on-year revenue declines across its
predominantly professional services client base. This was
attributed to lower activity volumes caused by Brexit uncertainty
and global macroeconomic conditions. The group had also invested in
additional management and training resource to service an expanded
sales team, causing a near term drag on profitability. The shares
fell 56%. Creo Medical Group, the developer of minimally invasive
surgical devices, gave back its previous strong gains, dropping 34%
despite an absence of negative news. Accesso Technology Group, the
ticketing, queuing and visitor experience software provider, fell
sharply after a trading update stated that the executive chairman,
Tom Burnet, was moving to a non-executive role, and that
exceptional costs had been incurred relating to an aborted
acquisition. Subsequent to this, it was announced that following a
number of approaches, the group had initiated a formal sales
process (which remains ongoing). The shares fell 28% across the
period.
Portfolio Activity
The Company made four new investments and three follow-on
investments during the period. The new investments comprised one
Initial Public Offering ("IPO") and three placings in companies
already quoted on AIM.
The IPO involved Diaceutics, a company providing specialist data
services and consultancy in the rapidly growing area of precision
medicines. These medicines are targeted at patients with specific
biomarkers that require diagnostic testing and Diaceutics collects
data from laboratories on an anonymised basis and analyses it for
drug company clients, implanting a plan of action to assist
laboratories which are not reaching the expected level of testing
to support the usage of the drug. Turnover has more than doubled in
three years to over GBP10m. A new investment was also made in Evgen
Pharma, a life sciences company with technology based on the active
compound sulforaphane, which is made naturally in the body when
broccoli (or any other brassica plant) is eaten. Sulforaphane has
an excellent safety profile and Evgen is currently in Phase II
trials for treatments relating to metatastic breast cancer and
subarachnoid haemorrhages. Both applications offer significant
value inflection points for the company, which also has a pipeline
of other early stage developments. Another new investment was in
Sosandar, a rapidly growing online retailer of women's fashion
targeting an older demographic which has become poorly served by
declining high street stores. Key metrics such as conversion rates
(of website views to sales), basket sizes and repeat orders are all
supportive, and funds were raised to improve upfront buying terms
with suppliers and to build inventory levels. The final new
investment was in Velocys, a company with a reactor technology
which can convert waste into commercial fuels at around 80%
efficiency. This technology has been demonstrated at commercial
scale and is targeted at the sustainable production of jet-fuel and
clean diesel. The company has formed a consortium with BA (part of
IAG) and Shell to build the first commercial plants using municipal
waste and wood chip as feedstock. Currently there is no source of
sustainable jet fuel, hence BA's strategic interest in Velocys'
technology. Velocys' revenues will be from licences, the supply of
reactors, the supply of catalysts, and from royalties. The placing
raised funds for ongoing engineering design work and working
capital.
The first follow-on placing the Company took part in was for
Maxcyte, which has a proprietary cell-engineering platform
delivering medicines to patients with unmet medical needs. The
underlying technology involves electroporation, a technique which
allows genetic material to be passed into a cell as part of the
development of innovative medicines. Maxcyte's clients currently
include 20 of the top 25 global pharmaceutical companies. Funds
were raised to cover working capital, drug trials and product
development. The second follow-on investment was Block Energy, the
Georgian based oil and gas explorer. The company drilled a
horizontal well in its West Rustavi field, and initial flow tests
showed an exceptional result, following which the company raised
money for a further drilling campaign on this block. However, since
bringing this well into production it has proven problematic, with
a high rate of water getting into the well, with the result that
the shares have fallen since the period end. It appears most likely
that this is due, at least in part, to some problems with the way
the well was completed,
leaving a section open to a higher reservoir horizon. The result
of the second well will be known shortly, after which the company
will consider its options for rectifying the problem with the
first. The third follow-on placing was in Polarean, the developer
of technology which enables existing MRI scanners to achieve an
improved level of lung imaging by using a highly polarised
non-radioactive isotope of Xenon gas as an inhaled agent. This
technique displays detail down to the smallest airways of the lung
and the related vasculature. The funds raised will be used mainly
for ongoing Phase III trials.
During the period, there were further part-disposals of the
Company's holding in ABD, representing just under 20% of the
position. Together with previous sales, a total of circa 35% of the
investment of GBP620,885 made in 2013, split between Amati VCT plc
and Amati VCT 2 plc, has now been realised for a total of GBP3.8m.
This follows significant outperformance with share disposals made
at successively higher levels. The company remains a core holding
and the portfolio's largest position, but would have become too
heavy a weighting without these trades. A sub-scale position in
ADVFN, the private investor website, and appScatter Group, the apps
distribution and management platform which had failed to live up to
our expectations, were exited.
Outlook
Uncertainty has become a persistent state of mind for investors
as the year has progressed. Principal concerns involving Brexit and
the US/China trade dispute have shown little sign of early
resolution, but global equity markets have climbed this wall of
worry nevertheless. One reason for this in the US has been the
expectation of multiple interest rate cuts following the central
bank's change of tone in January. This pushed US indices to further
all time highs by late July. The first cut for more than a decade
occurred right at the end of July, but the accompanying comments
from the Federal Reserve Chairman suggested that it should be taken
as a mid-cycle adjustment to policy with no guarantee of further
moves. US equities reacted with disappointment and, alongside a
further deterioration in Chinese relations, there was a sharp
sell-off in August which quickly spread to global markets.
September has seen a rebound, but this has been led by value stocks
with investor appetite for previously outperforming growth stocks
noticeably weaker. This shift has had an impact on AIM, which has
continued to lag the main market, although another contributory
factor has been the significant underperformance of its largest
constituent, Burford Capital, following a research report published
by a short seller.
The final Brexit outcome, together with the political and
economic environment created in its aftermath, is impossible to
predict. There is the prospect, nonetheless, that a combination of
the need for domestic stimulus to boost business activity and a
heavily discounted valuation for UK equities, creates the
conditions for renewed investor appetite. The Company's portfolio
is, however, slow moving by necessity and investments are selected
for their longer term potential rather than any alignment with the
stock market's more immediate time horizons. We remain confident
about the ultimate growth potential contained within the portfolio,
across a range of diverse businesses and end markets.
Dr Paul Jourdan, David Stevenson and Anna Macdonald
Amati Global Investors
8 October 2019
Note:- July saw the fund management team at Amati augmented by
the appointment of Dr Gareth Blades as an analyst. Prior to Amati,
Gareth has worked for the University of Edinburgh building and
spinning-out therapeutic, med-tech, diagnostic and e-health
companies, and also for PharmaVentures in healthcare corporate
finance.
INVESTMENT PORTFOLIO
as at 31 July 2019
Fair
value
movement
in period
GBP'000 Market Dividend Fund
Cap Yield(NTM)
Cost* ValuationGBP'000 GBPm % % of
NAV
GBP'000 Sector
AB Dynamics
plc(1,3) 2,708 12,027 5,625 566.6 Industrials 0.2 8.7
---------- ------------------ ----------- -------- ------------------- ------------- -------
TB Amati UK
Smaller
Companies Fund 9,373 11,929 936 - Financials 1.6 8.7
---------- ------------------ ----------- -------- ------------------- ------------- -------
Learning
Technologies
Group plc(1,3) 5,078 8,701 2,911 755.0 Technology 0.6 6.3
---------- ------------------ ----------- -------- ------------------- ------------- -------
Keywords Studios
plc(1,3) 5,174 8,452 2,394 1,075.6 Industrials 0.1 6.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Ideagen plc(2) 3,303 6,948 286 320.9 Technology 0.2 5.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
GB Group plc(2,3) 3,203 6,761 1,583 1,160.2 Technology 0.6 4.9
---------- ------------------ ----------- -------- ------------------- ------------- -------
Frontier
Developments Consumer
plc(1) 4,698 6,109 561 379.7 goods - 4.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Health
Tristel plc(2) 3,290 5,256 92 127.0 care 1.9 3.8
---------- ------------------ ----------- -------- ------------------- ------------- -------
Quixant plc(2,3) 4,196 5,054 261 192.7 Technology 1.2 3.7
---------- ------------------ ----------- -------- ------------------- ------------- -------
Craneware plc(2) 3,899 4,189 (1,762) 520.6 Technology 1.5 3.0
---------- ------------------ ----------- -------- ------------------- ------------- -------
Top Ten 44,922 75,426 54.8
---------- ------------------ ----------- -------- ------------------- ------------- -------
Block Energy
plc(1,3) 3,000 3,989 1,064 30.7 Oil & Gas - 2.9
---------- ------------------ ----------- -------- ------------------- ------------- -------
Polarean Imaging Health
plc(1) 1,900 3,115 958 28.6 care - 2.3
---------- ------------------ ----------- -------- ------------------- ------------- -------
Water
Intelligence
plc(2) 1,218 2,688 (179) 55.8 Industrials - 2.0
---------- ------------------ ----------- -------- ------------------- ------------- -------
Health
Angle plc(1) 1,615 2,455 549 131.3 care - 1.8
---------- ------------------ ----------- -------- ------------------- ------------- -------
Hardide plc(1) 2,361 2,351 (724) 25.6 Basic materials - 1.7
---------- ------------------ ----------- -------- ------------------- ------------- -------
Accesso
Technology
Group plc(1) 221 2,233 (884) 278.5 Technology - 1.6
---------- ------------------ ----------- -------- ------------------- ------------- -------
Health
Anpario plc(2) 1,829 2,219 - 79.3 care 2.2 1.6
---------- ------------------ ----------- -------- ------------------- ------------- -------
Velocys plc(1) 2,000 2,000 - 19.3 Oil & Gas - 1.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Creo Medical
Group Health
plc(1) 1,613 1,935 (980) 182.3 care - 1.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Health
Ixico plc(1) 1,409 1,912 553 17.8 care - 1.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Top Twenty 62,088 100,323 72.9
---------- ------------------ ----------- -------- ------------------- ------------- -------
Equals Group
plc(1,3) 1,137 1,874 521 207.0 Financials - 1.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Consumer
Sosandar plc(1) 1,872 1,872 - 24.4 services - 1.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Health
Diaceutics plc(1) 1,557 1,865 307 63.3 care - 1.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Science in Sport Consumer
plc(2) 1,956 1,859 270 76.1 goods - 1.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Brooks Macdonald
Group plc(2) 1,154 1,731 212 267.9 Financials 2.7 1.3
---------- ------------------ ----------- -------- ------------------- ------------- -------
SRT Marine
Systems
plc(1) 1,174 1,367 116 55.0 Technology - 1.0
---------- ------------------ ----------- -------- ------------------- ------------- -------
LoopUp Group
plc(1,3) 2,577 1,267 (1,613) 72.9 Technology - 0.9
---------- ------------------ ----------- -------- ------------------- ------------- -------
Health
MaxCyte, Inc.(1) 1,984 1,203 (533) 68.8 care - 0.9
---------- ------------------ ----------- -------- ------------------- ------------- -------
Evgen Pharma Health
plc(1) 1,000 1,183 183 23.5 care - 0.8
---------- ------------------ ----------- -------- ------------------- ------------- -------
Rosslyn Data
Technologies
plc(1) 947 1,104 - 13.5 Technology - 0.8
---------- ------------------ ----------- -------- ------------------- ------------- -------
Amryt Pharma Health
plc(1,3) 1,563 1,041 (319) 33.7 care - 0.8
---------- ------------------ ----------- -------- ------------------- ------------- -------
Solid State
plc(2) 520 951 83 39.1 Industrials 2.8 0.7
---------- ------------------ ----------- -------- ------------------- ------------- -------
Belvoir Lettings
plc(1) 783 900 143 39.5 Financials 6.4 0.6
---------- ------------------ ----------- -------- ------------------- ------------- -------
Fusion Antibodies Health
plc(1) 1,444 872 268 14.4 care - 0.6
---------- ------------------ ----------- -------- ------------------- ------------- -------
Falanx Group
Limited(1) 1,350 788 (563) 7.0 Industrials - 0.6
---------- ------------------ ----------- -------- ------------------- ------------- -------
Oncimmune
Holdings Health
plc(1) 1,013 767 (25) 58.2 care - 0.5
---------- ------------------ ----------- -------- ------------------- ------------- -------
i-nexus Global
plc(1) 2,500 728 (380) 6.8 Technology - 0.5
---------- ------------------ ----------- -------- ------------------- ------------- -------
Bilby plc(2) 1,681 679 (722) 12.8 Industrials - 0.5
---------- ------------------ ----------- -------- ------------------- ------------- -------
Byotrol plc(1) 859 605 (45) 10.4 Basic materials - 0.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Property
Franchise
Group plc
(The)(2) 352 516 168 45.2 Financials 5.1 0.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Bonhill Group Consumer
plc(1,3) 670 511 (235) 29.6 services 1.3 0.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Universe Group
plc(1) 488 502 (24) 10.8 Industrials - 0.4
---------- ------------------ ----------- -------- ------------------- ------------- -------
Brady plc(2) 395 363 (32) 46.7 Technology - 0.3
---------- ------------------ ----------- -------- ------------------- ------------- -------
MyCelx
Technologies
Corporation(1) 645 344 (424) 16.5 Oil & Gas - 0.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Diurnal Group Health
plc(1) 1,440 323 83 36.4 care - 0.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Escape Hunt Consumer
plc(1) 752 293 (195) 12.9 services - 0.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Synectics plc(2) 342 268 15 34.9 Industrials 3.0 0.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Brighton Pier
Group Consumer
plc (The) (1) 489 227 57 22.4 services - 0.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Netcall plc(2) 110 214 18 50.2 Technology 0.3 0.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Velocity
Composites
plc(1) 803 207 (21) 6.5 Industrials - 0.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
Mirriad
Advertising Consumer
plc(1) 834 191 - 32.0 services - 0.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
FireAngel Safety
Technology Group
plc(1) 690 182 13 22.0 Industrials - 0.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
Ilika plc(1) 265 175 (7) 25.2 Oil & Gas - 0.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
Dods (Group) Consumer
plc(1) 596 140 (4) 38.9 services - 0.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
Antenova Limited
Ordinary shares
&
A Preference
Shares(1) 100 128 - 4.2 Telecommunications - 0.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
Health
Genedrive plc(1) 442 125 (55) 5.4 care - 0.1
---------- ------------------ ----------- -------- ------------------- ------------- -------
Allergy
Therapeutics Health
plc(1) 29 31 (6) 73.2 care - -
---------- ------------------ ----------- -------- ------------------- ------------- -------
Sabien Technology
Group plc(1) 408 8 (5) 0.6 Industrials - -
---------- ------------------ ----------- -------- ------------------- ------------- -------
Investments held
at nil value 2,000 - 253 - - - -
---------- ------------------ ----------- -------- ------------------- ------------- -------
Total investments 101,009 127,727 92.8
---------- ------------------ ----------- -------- ------------------- ------------- -------
Net current
assets 9,854 7.2
---------- ------------------ ----------- -------- ------------------- ------------- -------
Net assets 101,009 137,581 100.0
---------- ------------------ ----------- -------- ------------------- ------------- -------
1 Qualifying holdings.
2 Part of holding qualifying, part is non-qualifying.
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: Celoxica Holdings plc(1) ,
China Food Company plc, Leisurejobs.com Limited(1) (previously
The Sportsweb.com Limited), Polyhedra Group Limited(1) (previously
Polyhedra Group plc), Rated People Limited(1) , Sorbic International
plc, TCOM Limited(1) , VITEC Global Limited1.
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 was 88.76%.
* Cost is either the result of market trades or events or,
for investments acquired from Amati VCT plc at the merger
on 4 May 2018, is the value of the investments at that date.
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 2019. 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 12
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
8 October 2019
INCOME STATEMENT (unaudited)
for the six months ended 31 July 2019
Six months ended Six months ended Year ended
31 July 2019 31 July 2018 31 January 2019
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/(loss) on
investments - 12,092 12,092 - 6,682 6,682 - (14,939) (14,939)
Income 7 412 - 412 268 - 268 596 - 596
Investment
management fee (295) (885) (1,180) (218) (654) (872) (488) (1,464) (1,952)
Other expenses (216) - (216) (182) - (182) (376) - (376)
(Loss)/profit on
ordinary
activities
before taxation (99) 11,207 11,108 (132) 6,028 5,896 (268) (16,403) (16,671)
Taxation on - - -
ordinary
activities - - - - - -
----------------- ----- ---------- --------- --------- ---------- --------- --------- ---------- ----------- -----------
(Loss)/profit
and total
comprehensive
income
attributable to
shareholders (99) 11,207 11,108 (132) 6,028 5,896 (268) (16,403) (16,671)
----------------- ----- ---------- --------- --------- ---------- --------- --------- ---------- ----------- -----------
Basic and
diluted
(loss)/earnings
per Ordinary
share 5 (0.11)p 12.61p 12.50p (0.23)p 10.32p 10.10p (0.38)p (22.90)p (23.28)p
----------------- ----- ---------- --------- --------- ---------- --------- --------- ---------- ----------- -----------
The total column of this Income Statement represents the profit
and loss account of the Company. The supplementary revenue and
capital columns have been prepared in accordance with The
Association of Investment Companies' Statement of Recommended
Practice. There is no other comprehensive income other than the
results for the period discussed above. Accordingly a Statement of
Total Comprehensive Income is not required.
All the items above derive from continuing operations of the
Company.
The accompanying notes are an integral part of the
statement.
STATEMENT OF CHANGES IN EQUITY (unaudited)
For the six months ended 31 July 2019
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
2019 4,278 10,571 425 509 18,867 96,718 (5,984) (395) 124,989
---------------- --------- --------- --------- ----------- -------------------- --------- ----------------- ---------- ----------
Profit/(loss)
and total
comprehensive
income for the
period - - - - 8,865 2,342 (99) 11,108
Share issues
and buy backs* 176 7,066 - 81 - (2,276) - - 5,047
Dividends paid - - - - - (3,563) - - (3,563)
---------------- --------- --------- --------- ----------- -------------------- --------- ----------------- ---------- ----------
Closing balance
as at 31 July
2019 4,454 17,637 425 590 27,732 90,879 (3,642) (494) 137,581
---------------- --------- --------- --------- ----------- -------------------- --------- ----------------- ---------- ----------
The accompanying notes are an integral part of the
statement.
For the six months ended 31 July 2018
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
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
Share issues
and buy
backs*# 2,223 77,701 - 54 - (1,749) - - 78,229
Dividends paid - - - - - (4,223) - - (4,223)
Cancellation
of share
premium - (96,397) - - - 96,397 - - -
---------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
Closing balance
as at 31 July
2018 4,027 663 425 472 40,624 100,811 (5,310) (259) 141,453
---------------- --------- --------- --------- ----------- -------------------- ---------- ----------------- ---------- ----------
The accompanying notes are an integral part of the
statement.
For the year ended 31 January 2019
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
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
----------------------- --------- --------- --------- ----------- ---------------------- --------- ---------------- ----------- -----------
Loss and total
comprehensive
income for the period - - - - (14,492) - (1,911) (268) (16,671)
Share issues and buy
backs*# 2,474 87,609 - 91 - (2,847) - - 87,327
Dividends paid - - - - - (7,218) - - (7,218)
Cancellation of share
premium - (96,397) - - - 96,397 - - -
----------------------- --------- --------- --------- ----------- ---------------------- --------- ---------------- ----------- -----------
Closing balance as at
31
January 2019 4,278 10,571 425 509 18,867 96,718 (5,984) (395) 124,989
----------------------- --------- --------- --------- ----------- ---------------------- --------- ---------------- ----------- -----------
*During the period to 31 July 2019, GBP7,401,000 was raised
through share issues (31 July 2018: GBP7,471,000 31 January 2019:
GBP17,781,000).
# Includes GBP72,750,000 issued in connection with the asset
acquisition of Amati VCT on 4 May 2018.
The accompanying notes are an integral part of the
statement.
CONDENSED BALANCE SHEET (unaudited)
as at 31 July 2019
31 July 31 July 31 January
2019 2018 2019
Note GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value 9 127,727 133,903 112,867
Current assets
Debtors 3,594 105 38
Cash at bank 9,222 9,744 12,756
Total current assets 12,816 9,849 12,794
Current liabilities
Creditors: amounts falling due within
one year (2,962) (2,299) (672)
Net current assets 9,854 7,550 12,122
Total assets less current liabilities 137,581 141,453 124,989
--------------------------------------- ----- -------- -------- -----------
Capital and reserves
Called up share capital 4,454 4,027 4,278
Share premium account 17,637 663 10,571
Reserves 115,490 136,763 110,140
Equity shareholders' funds 137,581 141,453 124,989
--------------------------------------- ----- -------- -------- -----------
Net asset value per share 6 154.5p 175.7p 146.1p
--------------------------------------- ----- -------- -------- -----------
The accompanying notes are an integral part of the balance
sheet.
STATEMENT OF CASH FLOWS (unaudited)
for the six months ended 31 July 2019
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2019 2018 2019
GBP'000 GBP'000 GBP'000
----------------------------------------------- ----------- ----------- -----------
Cash flows from operating activities
Investment income received 390 197 585
Investment management fees (1,126) (547) (1,686)
Other operating costs (207) (207) (398)
Net cash outflow from operating activities (943) (557) (1,499)
------------------------------------------------ ----------- ----------- -----------
Cash flows from investing activities
Purchases of investments (7,850) (7,957) (12,832)
Disposals of investments 3,544 4,014 6,692
Net cash outflow from investing activities (4,306) (3,943) (6,140)
Net cash outflow before financing (5,249) (4,500) (7,639)
------------------------------------------------ ----------- ----------- -----------
Cash flows from financing activities
Cash received as part of asset acquisition
of Amati VCT - 9,462 9,462
Net cash paid in respect of assets
and liabilities of Amati VCT (4) (88) (101)
Net proceeds of share issues and
buybacks 5,282 6,270 15,429
Equity dividends paid (3,563) (4,223) (7,218)
Net cash inflow from financing activities 1,715 11,421 17,572
(Decrease)/ increase in cash (3,534) 6,921 9,933
------------------------------------------------ ----------- ----------- -----------
Reconciliation of net cash flow to movement in
net cash
(Decrease)/increase in cash during
the period (3,534) 6,921 9,933
Net cash at start of period 12,756 2,823 2,823
Net cash at end of period 9,222 9,744 12,756
------------------------------------------------ ----------- ----------- -----------
Reconciliation of profit/(loss) on ordinary activities
before taxation to net cash outflow from operating
activities
Profit/(loss) on ordinary activities
before taxation 11,108 5,896 (16,671)
Net (gain)/loss on investments (12,092) (6,682) 14,939
Increase in creditors 59 315 257
Increase in debtors (18) (86) (24)
------------------------------------------------ ----------- ----------- -----------
Net cash outflow from operating activities (943) (557) (1,499)
------------------------------------------------ ----------- ----------- -----------
The accompanying notes are an integral part of the
statement.
NOTES TO THE FINANCIAL STATEMENTS (unaudited)
for the six months ended 31 July 2019
1. Basis of Accounting
The Half-yearly financial Report covers the six months ended 31
July 2019. 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 2019.
The comparative figures for the financial year ended 31 January
2019 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 2019 have been
reported on by the Company's auditors.
2. Going concern
The directors have made an assessment of the Company's ability
to continue as a going concern and are satisfied that the Company
has adequate resources to continue in business for the foreseeable
future (being a period of 12 months from the date these financial
statements were approved). 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.
3. Segmental reporting
The directors are of the opinion that the Company is engaged in
a single segment of business, being investment business.
4. 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.
5. Earnings per share
Earnings per share is based on the gain attributable to
shareholders for the six months ended 31 July 2019 of GBP11,108,000
(six months ended 31 July 2018: GBP5,896,000, year ended 31 January
2019: GBP16,671,000) and the weighted average number of shares in
issue during the period of 88,857,658 (31 July 2018: 58,395,967, 31
January 2019: 71,619,496). There is no difference between basic and
diluted earnings per share.
6. Net Asset Value
The net asset value per share at 31 July 2019 is based on net
assets of GBP137,581,000 (31 July 2018: GBP141,453,000, 31 January
2019: GBP124,989,000) and the number of shares in issue on 31 July
2019 of 89,064,825 (31 July 2018: 80,513,669, 31 January 2019:
85,549,682). There is no difference between basic and diluted net
asset value per share.
7. Income
Six months Six months ended Year ended
ended
31 July 2019 31 July 2018 31 January
2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------------------ ---------------------------- ----------------------
Income:
Dividends from UK
companies 387 262 571
Interest from deposits 25 6 25
-------------------------------------- ------------------------ ---------------------------- ----------------------
412 268 596
-------------------------------------- ------------------------ ---------------------------- ----------------------
8. Dividends paid
Six months Six months Year
ended ended ended
31 January
31 July 2019 31 July 2018 2019
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- ------------- -----------
Final dividend for the year ended
31 January 2019 of 4.0p per share
paid on 26 July 2019 3,563 - -
-------------------------------------- ------------- ------------- -----------
Interim dividend for the year ended
31 January 2019 of 3.5p per share
paid on 23 November 2018 - - 2,995
-------------------------------------- ------------- ------------- -----------
Second interim dividend for the
year ended 31 January 2018 of 5.25p
per share paid on 27 July 2018 - 4,223 4,223
-------------------------------------- ------------- ------------- -----------
3,563 4,223 7,218
-------------------------------------- ------------- ------------- -----------
9 Investments
Level 1 Level 3
--------
Traded
on Unquoted
AIM investments Total
GBP'000 GBP'000 GBP'000
-------- ------------ --------
Cost as at 1 February 2019 92,729 2,353 95,082
-------- ------------ --------
Opening unrealised appreciation/(depreciation) 20,306 (1,439) 18,867
------------------------------------------------ -------- ------------ --------
Opening unrealised loss recognised
in realised reserve (296) (786) (1,082)
-------- ------------ --------
Opening valuation as at 1 February
2019 112,739 128 112,867
-------- ------------ --------
Movements in the period:
-------- ------------ --------
Purchases 9,850 - 9,850
-------- ------------ --------
Sales - proceeds (6,829) (253)* (7,082)
-------- ------------ --------
Realised gain on sales 2,373 - 2,373
-------- ------------ --------
Unrealised gain in the period 9,466 253* 9,719
------------------------------------------------ -------- ------------ --------
Valuation as at 31 July 2019 127,599 128 127,727
-------- ------------ --------
Cost at 31 July 2019 98,909 2,100 101,009
-------- ------------ --------
Unrealised gain/(loss) as at 31 July
2019 28,918 (1,186) 27,732
------------------------------------------------ -------- ------------ --------
Closing unrealised loss recognised
in realised reserve (228) (786) (1,014)
-------- ------------ --------
Valuation as at 31 July 2019 127,599 128 127,727
-------- ------------ --------
Equity shares 127,599 81 127,680
-------- ------------ --------
Preference shares - 47 47
-------- ------------ --------
Loan stock - - -
-------- ------------ --------
Valuation as at 31 July 2019 127,599 128 127,727
-------- ------------ --------
There have been no level 2 investments during the period.
*Partial repayment of China Food Company plc Loan Notes held at
nil value.
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.
The valuation techniques used by the Company are explained in
the Annual Report and Financial Statements for the year ended 31
January 2019.
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 2019
shares held
Paul Jourdan 543,778
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 Investors' website: http://www.amatiglobal.com/amat.php
Financial calendar
31 January 2020 Year end
April 2020 Announcement of final results for the year ended 31
January 2020
June 2020 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 2019
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 with not re-invested Index
dividends
Launch date Merger date re-invested
---------------------- ---------------- --------------- -------------- ----------------- ------------------
Singer & Friedlander
AIM 3 VCT ('C' 8 December
shares) 4 April 2005 2005 34.8% 15.3% 14.2%
Amati VCT plc 24 March 2005 4 May 2018 115.8% 66.2% 10.1%
Invesco Perpetual 8 November
AIM VCT 30 July 2004 2011 19.3% -11.5% 39.9%
Singer & Friedlander 29 January
AIM 3 VCT* 2001 n/a 22.9% 4.9% -18.0%
Singer & Friedlander 29 February 22 February
AIM 2 VCT 2000 2006 -5.8% -19.6% -58.2%
Singer & Friedlander 28 September 22 February
AIM VCT 1998 2006 -35.8% -23.3% 27.3%
---------------------- ---------------- --------------- -------------- ----------------- ------------------
*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
Susannah Nicklin 17 West Street
Brian Scouler Farnham
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 Dickson Minto W.S.
EH2 4LH 16 Charlotte Square
Edinburgh
EH2 4DF
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
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