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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fram.Aim Vct2 | LSE:FAMT | London | Ordinary Share | GB00B0MV7V01 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFAMT Framlington AIM VCT 2 PLC Change of investment manager The Chairman stated in the half yearly report and accounts to 31 August 2011 that the Board was carrying out a review of its options in relation to the Company's operations, with a view to improving the overall future prospects for shareholders. The Board has, given the disappointing performance of the AIM market, been considering for some time a new strategic direction for the Company. Experience over the last few years has shown that AIM is not necessarily the best place for VCT funds with VCTs specialising in unquoted investments in general having offered better returns. The Board has, therefore, decided to change the manager of the Company to a manager that specialises in managing both AIM and unquoted investments. The Board invited a number of experienced investment managers to submit their proposals for taking over the management of the Company and after due consideration, has decided to appoint Downing LLP as the Company's investment manager. The appointment of Downing LLP is currently expected to be effective from 1 March 2012. Following this appointment, the name of the Company will be changed to Downing Income VCT PLC. As part of this agreement, Downing has committed to conduct an additional fundraising for the Company which should make the running of the Company more economic and provide additional funds for investment. This should also enable the Company to operate a share buy back policy nearer to net asset value, which may also have a positive impact on the Company's share price. Downing has also agreed to manage the Company for a lower annual fee of 1.8%, and to institute a lower overall cost cap of 3%, which is one of the lowest in the VCT industry. Downing LLP is an experienced and successful VCT manager with funds under management of approximately GBP285m. It proposes, subject to shareholder approval, to follow a different investment strategy. Downing will, over time, transfer around half of the qualifying investments into unquoted companies which have the potential to generate attractive returns. It will in the process manage a careful selling programme of a number of the Company's AIM stocks and will focus upon the AIM stocks where it believes there is the most opportunity for upside. This change of strategy will reduce the Company's exposure to the AIM market, which has been volatile, and broaden the investments in the portfolio to include private equity backed businesses. This change of strategy will require shareholder approval and accordingly a resolution to amend the Company's investment policy will be put to shareholders at the Annual General Meeting to be held in July 2012. The Board would like to thank AXA Framlington for its work as investment manager to the Company since launch and for its co-operation in the change of investment manager. In October 2011 the Board gave 12 months' notice to AXA Framlington in accordance with the investment management agreement. AXA Framlington has kindly agreed to waive payment of the final seven months' worth of its fee due to 31 October 2012. Framlington AIM VCT 2 PLC 31 January 2012 Enquiries: Framlington AIM VCT 2 PLC Chris Kay, Director: 020 7486 7599 Downing LLP Judith MacKenzie 020 7416 7780 Colin Corbally 020 7416 7780 END
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