NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY (IN
WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICITON WHERE TO DO SO
WOULD COSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
THE JURISDICITON.
THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATON FOR THE PURPOSES OF ARTICLE
7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF
UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT
2018, AS AMENDED. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
For immediate
release
3 September
2024
Amati AIM VCT plc
Update on Strategic
Review
In March, the Board of Amati AIM VCT plc (the
"Company") announced that
it had been considering the Company's strategic options in the
light of ongoing challenges in the AIM market and the resultant
performance issues faced by the Company. In May, the Board declared
a special dividend of 10p per share and confirmed that it
was continuing to consider the Company's strategy
from a number of points of view, noting the importance of giving
such matters due time and consideration, particularly during an
election year.
The Board has continued to discuss its
strategic options with its investment manager. Since the
announcement of the strategic review, the Company has also received
a number of credible indications of interest, including proposals
for a change of manager and proposals to combine its investment
portfolio with an existing VCT (which, were it to proceed, would be
expected to occur by way of a scheme of reconstruction pursuant to
section 110 of the Insolvency Act 1986).
The Board will explore all the options
available to the Company over coming weeks, including
continuing with the current investment manager with a
broadened strategy. In considering the proposals that may be put
forward by other parties, the Board will take into account a number
of criteria, including without limitation the importance of scale
and costs for the Company's shareholders, the medium to long term
investment performance prospects of any revised investment policy
or strategy and the performance, track record and resources of any
potential investment manager.
The Board will also take into account the wider
market outlook, noting in particular the uncertainty created by the
recent change of UK government and the impact that the Budget at
the end of October may have on the UK economy, and on the AIM
market in particular. The Board is however pleased to note that the
recent agreement to extend the Sunset Clause has provided much more
certainty to the ongoing VCT scheme.
The Board does not expect to announce anything
further with regard to the strategic review until after the Budget.
The review may or may not result in any material changes to the
current arrangements in place for the management of the
VCT.
Contact
us
The Board is always keen to hear from
shareholders. You can contact the Chair at:
AmatiAIMVCTChair@amatiglobal.com.
You can also find regularly updated information
on the Company, including a factsheet and performance data on the
Company's website: www.amatiglobal.com.
Enquiries:
Fiona Wollocombe, Chair
Amati AIM VCT plc
Email:
AmatiAIMVCTChair@amatiglobal.com
Douglas Armstrong
Dickson Minto Advisers LLP
Financial Adviser to the Company
Telephone: 020 7649 6823
Important
Information
This announcement is released by the Company and
the information contained within this announcement is deemed by the
Company to constitute inside information for the purposes of
Article 7 of the UK version of the EU Market Abuse Regulation
(Regulation (EU) No.596/2014) which forms part of UK law by virtue
of the European Union (Withdrawal) Act 2018, as amended. Upon the
publication of this announcement via a Regulatory Information
Service, such information is now considered to be in the public
domain.
Legal Entity
Identifier (LEI):
213800HAEDBBK9RWCD25