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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amati Aim Vct Plc | LSE:AMAT | London | Ordinary Share | GB00B641BB82 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 85.50 | 85.00 | 86.00 | 85.50 | 85.50 | 85.50 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investment Advice | -53.94M | -58.24M | -0.3875 | -2.21 | 128.52M |
From Apr 2022 to Apr 2024
TIDMAMAT
RNS Number : 2424B
Amati AIM VCT PLC
30 September 2022
Amati AIM VCT plc (the "Company")
Legal Entity Identifier: 213800HAEDBBK9RWCD25
Half-yearly Report for the six months ended 31 July 2022
Highlights
Investment Objectives
The investment objective of Amati AIM VCT plc (the "Company") is to generate tax free capital gains and income on investors' funds, through investment primarily in AIM-traded companies. The Company will manage its portfolio to comply with the requirements of the rules and regulations applicable to Venture Capital Trusts. The Company's policy is to hold a diversified portfolio across a broad range of
sectors to mitigate risk.
Dividend Policy
The Board aims to pay an annual dividend equal to around 5% of the Company's Net Asset Value at its immediately preceding financial year end, subject to distributable reserves and cash resources and with the authority to increase or decrease this level at the Directors' discretion.
Key Data
Hot Features
Premium
6 months 6 months Year
ended ended
31/07/22 31/07/21 ended
(unaudited) (unaudited) 31/01/22
(audited)
---------------------------------------- -------------- -------------- ------------
Net Asset Value ("NAV") GBP222.5m GBP256.0m GBP247.1m
Shares in issue 151,939,444 118,842,225 136,720,797
NAV per share 146.5p 215.4p 180.7p
Share price 136.5p 195.5p 166.5p
Market capitalisation GBP207.4m GBP232.3m GBP227.6m
Share price discount to NAV 6.8% 9.2% 7.9%
NAV Total Return (assuming re-invested
dividends) -16.4% 7.9% -7.5%
Numis Alternative Markets Total Return
Index -16.4% 8.2% -3.5%
Ongoing charges* 2.0% 2.0% 1.9%
Dividends in respect of the period 3.5p 4.5p 9.0p
---------------------------------------- -------------- -------------- ------------
* Ongoing charges calculated in accordance with the Association of Investment Companies' ("AIC's") guidance.
Table of Investor Returns to 31 July 2022
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* 157.3% 38.1%
------------------------------------ ----------------- -------------- ------------------
NAV following appointment of Amati
as Manager of the VCT, which was
known as ViCTory VCT at the time 25 March 2010 170.0% 41.9%
------------------------------------ ----------------- -------------- ------------------
*Date of the share capital reconstruction when the NAV was re-based to approximately 100p per share.
A table of historic returns is included below.
Chairman's Statement
Overview
The six months to 31 July have been a difficult period for smaller company valuations. Inflation was already rising sharply as a result of continued quantitative easing measures being introduced in 2020. Those problems have been further compounded by the unconscionable invasion by Russia of Ukraine on 24 February which currently has no acceptable end on the horizon. A new period of rising rates has begun, with inflation already into double digits in Western economies. This has resulted in a derating for the valuations of growth companies and hence for companies held in the Amati AIM VCT portfolio. As is evident from the Manager's Review, despite many companies delivering positive news during the period, they still suffered significant share price falls. It is an ongoing frustration during such periods of market correction that VCTs are unable to buy more shares in their existing holdings. However, the positive progress being made by these companies is hugely important, as it creates the potential for value uplift in the future.
Other Corporate Developments
The Board announced on 14 February that it intended to trigger the over-allotment facility seeking to raise up to GBP25m, under the Prospectus Offer which had opened on 30 July 2021. Accordingly, the Offer re-opened on 16 February to strong demand, and closed within a week, having raised the full amount.
At the time the decision was made to raise the further funds, it appeared that the availability of qualifying investment opportunities on AIM was likely to remain strong in 2022. However, the sharp falls in the valuation of growth companies and the heightened level of uncertainty resulting from Russia's ongoing war on Ukraine put many AIM fundraising plans on hold. A total of GBP9.4m was invested in new qualifying holdings during the period, of which only GBP0.35m was into an existing holding as a follow-on investment. The expectation that the rate of new investment may continue to be slower than last year, combined with the substantial proceeds from the disposal of one mature holding as a result of a takeover, and a second mature holding considered to be at premium valuation, mean that the Board believes that it is unlikely to need to raise further funds in the current tax year.
The Board was pleased that circumstances were such that, in June, the Company was able to return to a more familiar form of AGM and Investor Afternoon. The day was well attended, at a location new to the Company and its shareholders, at the Barber-Surgeons' Hall and a recording of the event remains available to view on the Manager's website at: https://www.amatiglobal.com/media/article/amati-aim-vct-agm-investor-afternoon-1
I was delighted to take over as Chair of the VCT following the retirement of Peter Lawrence after the AGM. The Board would like to thank him for his leadership and considerable contribution to the Board throughout his many years of dedicated service. In the Company's last Annual Report, it was announced that Susannah Nicklin would retire from the Board later this year and Susannah subsequently retired on 19 September.
VCT Legislation
The current VCT legislation contains a "Sunset Clause" which effectively brings income tax relief to an end for new subscriptions after 5 April 2025. This was agreed to secure ongoing EU approval to the VCT regime at the time of the UK's departure from the European Union. The Chancellor has announced his intention to continue the scheme and we await further clarity on the details.
Investment Performance and Dividend
The NAV at 31 July was 147p and the NAV total return for the period was -16.4%, which was in line with the fall in the benchmark. Full details are given in the Manager's Review. The Board aims to pay annual dividends of around 5% of the Company's Net Asset Value at its immediately preceding year end, subject to the Company's available distributable reserves and cash resources, and with the authority to increase or decrease this level at the Directors' discretion. In line with this, the Board is declaring an interim dividend of 3.5p per share, to be paid on 25 November 2022 to shareholders on the register on 21 October 2022. The ex-dividend date will be 20 October 2022. The last day for DRIS elections will be 9 November 2022.
The Board has made the decision that after the payment of the dividend in November 2022 the Company will move to paying all cash dividends by bank transfer rather than by cheque. Details are provided in Shareholder Information below.
Outlook
Inflation, rising interest rates, the cost of living crisis and further serious geopolitical issues on the horizon, as well as the ongoing war against Ukraine, make for a potentially volatile market in unsettling times. Added to that the recently delivered Mini Budget by the UK Chancellor has further unsettled markets.
The VCT portfolio consists of a wide range of companies across a number of sectors. Some have high barriers to entry, and with strong intellectual property and good cash resources enabling them to take on larger markets which will hopefully allow for better performance in the longer term. We remain optimistic that these well-resourced companies will be better able to withstand any temporary squeezes created by the economic crisis.
As is the nature of VCT investing, and despite the current difficult market conditions, the intention is to hold on to companies in the portfolio for the longer term. This policy should continue to be beneficial over the longer term for investors and the uncertain market conditions may allow the Manager to deploy timely funds to make investments at lower valuations where they see opportunity.
There is turmoil in every direction, and it is going to be a long, challenging and difficult year for the VCT. However, we remain optimistic about the longer term with the portfolio in good hands and are confident that our strong and diverse portfolio will see us through the inevitable bumps in the road.
Fiona Wollocombe
Chairman
29 September 2022
For any matters relating to your shareholding in the Company, dividend payments, or the Dividend Re-investment Scheme, please contact The City Partnership on 01484 240 910, or by email at registrars@city.uk.com. For any other matters please contact Amati Global Investors ("Amati") on 0131 503 9115 or by email at info@amatiglobal.com 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
During the past six months market concerns have moved firmly from COVID restrictions onto the impact of war, surging global inflation and the possibility of recession. The defining event of 2022, so far, has been the Russian invasion of Ukraine and the subsequent humanitarian devastation and economic upheaval this has caused.
As a result of these appalling developments, we now live in a world where geo-political divisions have become a chasm and the inflationary impacts on the global population profound. The immediate impact has been an increased insecurity of supply in key global commodities such as oil, gas and agricultural products. This has led to almost unparalleled price increases, particularly in gas, where Europe's dependence on Russia has been exposed to brutal effect. At this point there appears no obvious end in sight to the war in Ukraine and therefore investors have had to quickly attune to a world which may be very different in the future.
These alarming geo-political and economic factors have led to meaningful declines in asset values, with both equities and bonds falling simultaneously in most key markets. The trends which began in late 2021 have continued with high growth, highly valued sectors (such as healthcare and technology) seeing material deratings whilst deeper value and more defensive sectors including energy, mining and utilities have enjoyed a return to form. This has come at a time when equity valuations had looked stretched compared to history, especially in the US.
Political instability in key regions has been further tested by war in Ukraine, ongoing division and unrest resulting in the resignation of PM Johnson in the UK and wavering support for President Biden. The build-up of Chinese military presence in Taiwan also suggests that the world is fast becoming a more dangerous place.
In terms of economic impact, we are now in an era of rising interest rates, with inflation across the US, the EU and UK recently reaching the highest levels in decades. There is considerable debate about how persistent this will be, but we are now seeing some cooling off in oil, food and shipping prices from elevated levels. Markets are increasingly of the view that inflation may be with us for some time and the next area of vulnerability will be corporate earnings. We are now entering a phase of downgrades, led initially by companies highly exposed to consumer spending. Recession appears highly likely across most of the major economies as we progress towards 2023. For UK companies we await to see what interventions are brought in by new PM Truss.
It has been another disappointing period for AIM investors with the Numis Alternative Markets Index falling by 16.4%. This was well below both the Numis Smaller Companies (plus AIM excluding Investment Companies) Index , which fell by 12.0% , and the Numis Large Cap Index, which managed a small gain of 0.8%. The increases we have seen in bond yields and interest rate expectations have led to a more difficult backdrop for the valuation of early-stage companies in general. However, UK asset prices remain modest by international standards, and we are now seeing meaningful takeover activity in UK quoted companies which should provide some support overall for company valuations.
Performance
Over the first half of the year, the Amati AIM VCT fell by 16.4%, in line with the benchmark fall of 16.4%.
The performance of AIM reflects ongoing headwinds to the valuations of early-stage growth companies, as interest rates climb, investor risk appetite weakens, and stock market liquidity tightens. The VCT portfolio is inevitably exposed to each of these influences. This was reflected in the performance of several holdings which saw major declines over the period even as they announced positive news. For example, the biggest negative contributor was Polarean Imaging, the medical-imaging technology company, which fell 33% despite receiving two system orders from North American hospitals and also completing the resubmission of its New Drug Application to the FDA. Polarean is due to receive an answer from the FDA to its resubmission by the end of September. Similarly, Water Intelligence, which provides water leak detection and remediation services, fell 29% despite announcing two earnings accretive reacquisitions of US franchisees, a plumbing business acquisition, ongoing share buybacks and a solid trading update. Saietta, the electric drivetrain engineering technology group, fell 33% but held above its IPO price. The company announced it had taken on an existing electric motor manufacturing facility in Sunderland from ZF, a large manufacturer of electric drive trains and technology for vehicle, with capacity to produce 100,000 units a year, significantly ahead of its IPO target. The facility will be under an assigned lease and Saietta is also re-employing 39 staff who were made redundant by ZF. Post the period end, the company raised GBP23m in an oversubscribed placing, in part to fund a joint development agreement with Consolidated Metco Inc (Conmet), a US commercial vehicle component manufacturer. Conmet has around 90% market share in the US market for commercial vehicle wheel hubs. The agreement covers the development of two products, with Saietta motors fitting inside these wheel hubs. Learning Technologies, a market leader in digital learning and talent management, announced a near doubling of full year revenues to December 2021, driven by solid organic growth and a number of acquisitions. This trading environment has continued into 2022 with good visibility coming from Software-as-a-Service long-term contracts, reflecting the importance of staff training and development in the current economic environment. However, the shares fell 20%. Digital identity verification specialist, GB Group, announced strong results with record revenues ahead of market expectations, but the shares fell 23%. TB Amati UK Listed Smaller Companies Fund ("SMCO") participated in a placing of secondary stock to increase its portfolio weighting in the company. Glantus, the purchase accounting software specialist, announced strong maiden results following its IPO last year, and also two earnings enhancing acquisitions. The shares fell 59%. Angle, a world leader in liquid biopsies, announced FDA approval of its Parsortix system for use in metastatic breast cancer patients and also a well supported fund raising. The shares fell 38%. The VCT's holding in SMCO was also impacted by the underperformance of AIM together with the wider universe of medium and smaller companies, in the first half of 2022. The fund's unit price fell 10%, however SMCO did outperform its benchmark which declined 12% over the period.
Stocks which underperformed on poorer news included Diurnal, the specialist pharmaceutical company treating patients with chronic hormonal diseases, which announced that the Scottish Medicines Consortium had not recommended one of its key products for automatic reimbursement within NHS Scotland. The company is working on resubmitting ongoing clinical trial data to overturn this decision. Tristel, the infection prevention products specialist, reported slower trading which continued a period of downgrades since early 2021. Concerns about competing products and a premium valuation for the company, resulted in a decision to sell the holding. Nevertheless, Tristel has been a successful investment for the VCT, with this sale being at more than 5x the purchase price in 2010. Cash of GBP5.6m was received.
Taking into account the deterioration in market conditions, the Board took the decision at the half year to lower the valuations of the recent investments in private companies eleXsys, Flylogix, and Chorus Intelligence (see below), with partial write downs of the equity and loan note components. This reflects the likelihood of delayed AIM flotations and a more difficult backdrop for future funding. However, the loan notes give a range of protections and these should work to generate returns in a wide range of scenarios.
The most significant positive contributor was one of the portfolio's largest holdings, compliance software specialist Ideagen, which was the subject of a recommended cash offer by Hg private equity. The offer price represented a more than 50% premium to the prior closing price, returning a 16x multiple of average investment cost dating from 2012. Cash of GBP16.7m was received. Whilst the takeout premium was attractive, especially in these difficult markets, it is always sad to lose a good quality growth company from the portfolio. Other relative outperformers included Frontier Developments, the video games developer, which announced record annual revenues up 26% on last year; Equals Group, the foreign exchange payments specialist, reported strong trading as it transitions its business from a legacy consumer focus into business markets; One Media, the digital media content provider, which announced positive trading and the acquisition of music and video catalogues amidst a strong industry backdrop; and Keywords Studios, the video gaming outsourced services provider, which continues its long record of organic and acquisitive growth. Other holdings benefiting from positive updates were Netcall, the customer engagement software provider, which announced a three year, $19m, financial services contract which meant it is trading ahead of expectations; and Block Energy, the Georgian oil and gas producer, which had struggled with the collapse in energy prices in 2020 and some poor well results, but is now
benefiting from a much stronger pricing environment, opening up greater potential to exploit the asset base it has established.
Portfolio Activity
Over the course of the period under review, we participated in three IPOs and made one pre-IPO investment. We also completed a small follow-on investment, by way of a convertible loan note in Byotrol, the antimicrobial health product provider, to fund future growth.
In February we invested in the first of the three IPOs, Clean Power Hydrogen Group ("CPH2"), the developer of a membrane-free hydrogen electrolyser, which raised funds at IPO to fund its commercial launch. The founder of the company was previously Chief Technical Officer of ITM Power, and the CPH2 design avoids the thin membrane degradation in PEM (proton-electrolyte membrane) conventional electrolysers, which limits useful life. Key advantages of the CPH2 system include 20 year warranties (more than three times that for PEM), 40% less water usage, high electrical efficiency, and the avoidance of expensive process catalysts. These benefits already make CPH2's system cost competitive at low volumes. The early stage business risks within CPH2 sit alongside a significant addressable market. In the same month we invested at IPO in Strip Tinning ("ST"), a market leader in the provision of high performance electronic connector products and design services to the automotive industry. It manufactures flexible printed circuit, flat foil, cable and busbar connectors, which are used in car heating and lighting applications. This business dates back to the 1950s and ST has very long term relationships with vehicle manufacturers and prime contractors, which positions it well for expansion into growth markets. The company floated to raise funding for two opportunities. Firstly, the growing demand for more sophisticated connectors driven by greater functionality being embedded into automotive glazing. This will involve invisible heating, rain and autonomous driving sensors, cameras, opacity controls, heads-up displays and virtual reality. Secondly, ST is at the forefront of next generation lightweight battery connectors to replace heavy wiring harnesses for both EVs and fuel drivetrains. With both glazing and EV battery connectors, ST is exposed to the major future drivers of automotive development. Currently, however, manufacturers are still experiencing supply chain disruption and this has disappointingly impacted ST's existing trading, with the shares falling below the IPO price.
The third IPO investment was in May when we invested in EnSilica, a company which specialises in Application Specific Integrated Circuits (ASICs), which are custom designed as compared to standardised off-the-shelf chips. EnSilica's markets range across automotive, industrial, satellite and healthcare, which offer faster growth than more saturated areas such as computing, mobiles and consumer electronics. Structural drivers include autonomous sensors, satellite connectivity, industrial Internet-of-Things and Artificial Intelligence, wearable healthcare and 5G telecoms. Over 20 years EnSilica has evolved from pure design consultancy services into Design and Outsourced Supply (D&S), so that it now captures extra margin. D&S is growing strongly, and EnSilica floated to scale up its capacity. Global investment in semiconductor fabrication is based on new wafer technology which requires ASIC redesign, and the experience of standardised chip shortages is encouraging an industr shift to customised ASICs which have more robust supply chains.
The one pre-IPO investment in the period under review was in Chorus Intelligence. This company has developed software which enables customers to collect data and interpret it for intelligence purposes and court evidence. The platform can connect to any source, analyse the data, and then store and share it in an encrypted workspace. It has been successfully used to prosecute cases brought by the British Transport Police involving criminals running county lines for drugs. Chorus's first recurring revenues are with North Wales, an early adopting police force, but they are involved with demonstrations and trials to the rest of the UK market and are making a first tender proposal to Virginia Beach in the US. The UK has almost 50 forces, but this is dwarfed by the US where there are nearly 18,000 departments, agencies and sheriff counties. The majority of the VCT's investment is by way of loan notes which convert at a 25% discount to the eventual IPO price.
As detailed above, the VCT sold its holding in Tristel and disposed of its holding in Ideagen as a result of takeover during the period. Also exited, were positions in Ilika, the solid state battery developer, where an investment return of 4x average in-cost was achieved, and Synairgen, the respiratory drug developer, which generated a return of 1.5x. A very small holding in LoopUp, the conference call software platform provider, was sold at an overall loss as it had become a low conviction investment following a change to its business model due to competitive pressure.
Outlook
The price of natural gas in Europe (including the UK, as its gas market is interlinked) has become a disproportionately large factor in the economic outlook for the region. The extraordinary price spike has shown up a high level of complacency around security of energy supplies. This was made worse by advocates of disinvestment from the oil and gas sector last year and the relentless political pressure that was brought to bear to shut down Western production. Without first doing the work and making the investments to lower demand, reducing supply has not only caused an economic crisis, it has brought about a resurgence of coal usage which is entirely counter-productive for the goal of reducing carbon emissions. The Russian Government has exploited and probably encouraged the vulnerability created by this drive to reduce domestic supply. Starving Europe of gas supply has now become a weapon of war. A rise in US Liquid Natural Gas (LNG) exports and a surprise drop in Chinese LNG imports so far in 2022 has allowed breathing space for European countries to refill their gas storage to around 80% ahead of winter, albeit at expensive prices. A mild winter has rarely been more hoped for.
If we can look beyond the weaponisation of gas supplies, other inflationary factors look like they should ease in the near term, as quantitative tightening and higher interest rates take the heat out of the excessive money supply growth created during the pandemic, and the global supply chain bottlenecks begin to ease. However, the new UK Chancellor's mini-budget, delivered on 23rd September, has left UK markets reeling, potentially requiring the Bank of England to lift interest rates much higher than previously expected, sending gilt markets into a tailspin, and causing the currency to fall to new lows. The Chancellor now urgently needs to produce a credible plan to reduce the budget deficit over the coming years. This has been promised for November. It may feel like a long wait.
With valuations for growth companies and earlier stage businesses having taken a big set-back over the last 9 months, much bad news is already priced in, although clearly further shocks cannot be ruled out after the events of the last few days. The industrial trends which were in place prepandemic, driven by the requirements of transitioning energy demand away from fossil fuels, remain compelling, and could accelerate in response to the gas price spike. Many of the VCT's recent investments have been related to this theme. The more mature companies in the portfolio have so far proven themselves esilient and capable of continued growth through difficult times. The healthcare sector has suffered over the last year from regulators, particularly in the US, who have not been able to cope with the volume of work required through the pandemic, and have delayed decisions wherever possible, causing pain and expense to those investing in new products and treatments. This bottleneck too has been easing and should continue to do so over the coming months, hopefully bringing forth some long-awaited approvals for portfolio companies' products.
With a large cash balance, the VCT is well placed to continue to make new qualifying investments where we can find opportunities of the right quality, in what should be a more realistic environment for valuations. It is likely, however, that the difficult market conditions will mean that the number of qualifying fundraisings that take place on AIM will be a good deal fewer than last year.
Dr Paul Jourdan, David Stevenson, Anna Macdonald and Scott McKenzie
Amati Global Investors
29 September 2022
Investment Portfolio
as at 31 July 2022
Fair Value
Movement
in Period
Aggregate GBP'000 Market Dividend
Cost * Cap Yield(NTM)
GBP'000 Fair GBPm % Fund
Value
GBP'000 Sector %
------------------------ ----------- ---------- ----------- -------- --------------- ------------- ------------
TB Amati UK Smaller
Companies Fund 9,689 13,811 (1,675) - Financials 1.7 6.2
Keywords Studios Information
plc(1) 5,174 12,777 (30) 1,934.5 Technology 0.1 5.7
Polarean Imaging Health
plc(1) 5,218 9,795 (4,772) 83.1 Care - 4.4
Frontier Developments Communication
plc(1) 4,698 9,663 1,035 611.1 Services - 4.3
Learning Technologies Information
Group plc(1) 4,551 9,177 (2,353) 1,047.8 Technology 1.0 4.1
Consumer
Saietta Group plc(1,3) 5,100 7,510 (3,755) 119.2 Discretionary - 3.4
AB Dynamics plc(1) 2,579 5,838 (786) 294.1 Industrials 0.4 2.6
Information
GB Group plc(2,3) 3,203 5,702 (1,702) 1,276.4 Technology 0.9 2.6
Water Intelligence
plc(2) 1,218 4,888 (2,036) 104.2 Industrials - 2.2
Health
MaxCyte Inc(1) 1,984 4,362 (191) 442.1 Care - 2.0
------------------------ ----------- ---------- ----------- -------- --------------- ------------- ------------
Top Ten 43,414 83,523 37.5
------------------------ ----------- ---------- ----------- -------- --------------- ------------- ------------
Health
Craneware plc(2,3) 3,899 3,974 (215) 657.5 Care 1.9 1.8
Health
Anpario plc(2) 1,829 3,525 (261) 128.8 Care 1.9 1.6
Health
Aptamer Group plc(1) 3,677 2,891 (1,194) 63.5 Care - 1.3
Clean Power Hydrogen
plc(1) 2,500 2,778 278 132.7 Industrials - 1.2
Consumer
Sosandar plc(1) 1,872 2,621 (624) 46.5 Discretionary - 1.2
Velocys plc(1) 2,248 2,591 (848) 67.0 Energy - 1.2
Flylogix Limited
Ordinary shares
& 10% Convertible Information
loan notes(1) 3,000 2,580 (420) - Technology - 1.2
Chorus Intelligence
Limited Ordinary
Shares & 10%
Convertible Information
Loan Notes(1) 3,000 2,579 (420) - Technology - 1.2
Consumer
Quixant plc(2) 4,196 2,544 (139) 97.0 Discretionary 1.8 1.1
Arecor Therapeutics Health
plc(1) 1,900 2,522 (420) 83.5 Care - 1.1
------------------------ ----------- ---------- ----------- -------- --------------- ------------- ------------
Top Twenty 71,535 112,128 50.4
------------------------ ----------- ---------- ----------- -------- --------------- ------------- ------------
Information
Ensilica plc(1) 2,500 2,350 (150) 35.4 Technology - 1.1
Solid State plc(2) 520 2,234 41 94.5 Industrials 1.8 1.0
Health
Angle plc(1) 1,615 2,229 (1,389) 179.7 Care - 1.0
Northcoders Group Consumer
plc(1) 1,791 2,189 (833) 15.3 Discretionary 1.0 1.0
Intelligent Ultrasound Health
plc(1) 1,625 1,984 (476) 33.8 Care - 0.9
Brooks Macdonald
Group plc(2) 1,154 1,960 (329) 352.5 Financials 3.5 0.9
Belvoir Group plc(1) 783 1,871 (159) 87.6 Real Estate 3.9 0.8
Health
Diaceutics plc(1) 1,557 1,844 (328) 76.0 Care - 0.8
Elexsys Energy Ordinary
shares & 8%
Convertible Information
loan notes(1) 2,000 1,720 (280) - Technology - 0.8
Amryt Pharma plc Health
ADR(1,3) 1,573 1,691 (410) 847.4 Care - 0.7
Amryt Pharma plc
Contingent Value Health
Rights ("CVRs")(3) - 116 (595) - Care - 0.1
Eneraqua plc(1) 1,955 1,764 (56) 83.1 Industrials 0.5 0.8
Getech Group plc(1) 1,700 1,700 (572) 14.8 Energy - 0.8
Fusion Antibodies Health
plc(1) 2,344 1,522 (632) 16.9 Care - 0.7
Health
Ixico plc(1) 1,367 1,513 (840) 14.9 Care - 0.7
Information
Equals Group plc(1) 1,137 1,443 312 174.6 Technology - 0.6
Accesso Technology Information
Group plc(1,3) 221 1,350 (310) 252.1 Technology - 0.6
One Media iP Group
plc(1) 1,240 1,284 133 16.1 Financials - 0.6
SRT Marine Systems Information
plc(1) 1,174 1,155 (578) 54.2 Technology - 0.5
Byotrol plc Ordinary
shares & 9%
convertiable
loan Notes(1) 1,209 1,150 (125) 14.5 Materials - 0.5
Glantus Holdings Information
plc(1) 3,000 1,029 (1,471) 13.2 Technology - 0.5
Creo Medical Group Health
plc(1,3) 1,613 942 (581) 132.3 Care - 0.4
Hardide plc(1) 2,361 904 (588) 11.2 Materials - 0.4
Health
Verici Dx Limited(1) 800 900 (900) 38.3 Care - 0.4
Science in Sport Consumer
plc(2) 1,956 900 (1,080) 41.7 Staples - 0.4
Health
Diurnal Group plc(1) 3,922 835 (4,187) 16.1 Care - 0.4
Property Franchise
Group plc (The)(2) 352 773 (153) 83.9 Real Estate 4.9 0.3
Block Energy plc(1) 3,000 665 77 8.6 Energy - 0.3
Zenova Group plc(2) 750 631 39 14.9 Materials - 0.3
Rosslyn Data
Technologies Information
plc(1) 1,922 600 (600) 5.8 Technology - 0.3
Strip Tinning Holdings
plc(1) 1,054 570 (484) 15.1 Industrials - 0.3
Kinovo plc(2) 1,681 539 (323) 15.5 Industrials - 0.2
Information
Netcall plc(2) 110 514 86 126.0 Technology - 0.2
Falanx Group Limited(1) 1,369 399 (275) 3.2 Industrials - 0.2
Brighton Pier Group Consumer
plc (The) (1) 489 314 (23) 30.9 Discretionary - 0.1
Eden Research plc(1) 563 314 (334) 12.8 Materials - 0.1
In The Style Group Consumer
plc(1) 1,447 260 (389) 18.9 Discretionary - 0.1
Rua Life Sciences Health
plc(1) 955 247 (228) 6.9 Care - 0.1
Velocity Composites
plc(1) 803 207 (23) 6.6 Industrials - 0.1
MyCelx Technologies
Corporation(1) 645 182 (113) 10.3 Industrials - 0.1
Information
Synectics plc(2) 342 150 27 19.6 Technology 2.3 0.1
Health
Trellus Health plc(1) 700 140 (507) 12.9 Care - 0.1
FireAngel Safety
Technology Group Consumer
plc(1) 690 77 (14) 22.3 Discretionary - -
Allergy Therapeutics Health
plc(1) 29 48 (19) 115.9 Care - -
Communication
Bonhill Group plc(1) 670 42 (42) 6.0 Services - -
Communication
Merit Group plc(1) 596 26 (4) 8.9 Services - -
Investments held
at nil value 691 - - - - -
Total investments 131,510 157,405 70.7
Net current assets 65,110 29.3
Net assets 222,515 100.0
1 Qualifying holdings.
2 Part qualifying holdings.
3 These investments are also held by other funds managed by Amati.
* This column shows the book cost of the investments acquired
from Amati VCT plc, as they were priced on 4 May 2018, in addition
to the costs of investments made by the Company.
(NTM) Next twelve months consensus estimate (Source: Refinitiv).
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) , Leisurejobs.com
Limited(1) (previously The Sportweb.com Limited), Rated People
Limited(1) , Sorbic International plc, TCOM Limited(1) , VITEC
Global Limited(1) .
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 is 99.68%.
PRINCIPAL AND EMERGING RISKS
The Company's assets consist of equity (66%), fixed interest investments including convertible loan notes (4%) and cash (30%). Its principal risks include investment risk, venture capital approval risk, regulatory risk, internal control risk, financial risk, economic risk and operational risk. These risks and the ways in which they are managed are described in Principal and Emerging Risks and notes 15 to 18 to the Financial Statements in the Company's Report and Financial Statements for the year ended 31 January 2022. The war between Russia and Ukraine has resulted in a continued period of increased economic uncertainty. Despite these developments the Company's principal and emerging risks 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 and Emerging Risks above is a fair review of the information required by DTR4.2.7R, being a description of the principal risks and uncertainties for the remaining six months of the year; and
-- the nancial 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 rst six months of the current nancial year and that have materially affected the nancial 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
Fiona Wollocombe
Chairman
29 September 2022
INCOME STATEMENT (unaudited)
for the six months ended 31 July 2022
Six months ended Six months ended Year ended
31 July 2022 31 July 2021 31 January 2022
----- ------------------------------------ -------------------------------- ----------------------------------------
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
(Loss)/gain on
investments - (40,980) (40,980) - 21,358 21,358 - (18,123) (18,123)
Income 6 489 - 489 366 - 366 701 - 701
Investment
management fees (497) (1,490) (1,987) (556) (1,668) (2,224) (1,115) (3,345) (4,460)
Other expenses (309) - (309) (238) - (238) (514) - (514)
(Loss)/profit on
ordinary
activities
before taxation (317) (42,470) (42,787) (428) 19,690 19,262 (928) (21,468) (22,396)
Taxation on - - -
ordinary
activities - - - - - -
----------------- ----- ---------- ----------- ----------- ---------- --------- --------- ---------- ----------- ---------------
(Loss)/profit
and total
comprehensive
income
attributable
to shareholders (317) (42,470) (42,787) (428) 19,690 19,262 (928) (21,468) (22,396)
----------------- ----- ---------- ----------- ----------- ---------- --------- --------- ---------- ----------- ---------------
Basic and
diluted
(loss)/earnings
per ordinary
share 4 (0.21p) (28.63p) (28.84p) (0.36)p 16.68p 16.32p (0.73)p (16.93)p (17.66)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 2022
Non-distributable reserves Distributable reserves
------------------------------------------------------
Capital Capital
Share Share Merger redemption reserve Special Capital reserve Revenue Total
capital premium reserve reserve (non-distributable) reserve (distributable) reserve reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- ---------- --------- ----------- ---------- ----------------- ---------- -----------
Opening balance
as at 1
February
2022 6,836 109,545 425 819 80,666 57,160 (6,104) (2,273) 247,074
---------------- --------- ---------- --------- ----------- -------------------- ---------- ----------------- ---------- -----------
Profit/(loss)
and total
comprehensive
income for the
period - - - - (54,543) - 12,073 (317) (42,787)
Contributions
by and
distributions
to
shareholders:
Share issues
and buy backs* 759 25,280 - 36 - (1,044) - - 25,031
Dividends paid - - - - - (6,803) - - (6,803)
---------------- --------- ---------- --------- ----------- -------------------- ---------- ----------------- ---------- -----------
Total
contributions
by and
distributions
to
shareholders 759 25,280 - 36 - (7,847) - - (18,228)
---------------- --------- ---------- --------- ----------- -------------------- ---------- ----------------- ---------- -----------
Closing balance
as at 31 July
2022 7,595 134,825 425 855 26,123 49,313 5,969 (2,590) 222,515
For the six months ended 31 July 2021
Opening balance
as at 1
February
2021 5,780 61,635 425 731 107,450 75,023 (11,420) (1,345) 238,279
---------------- --------- ---------- --------- ----------- -------------------- ---------- ----------------- ---------- -----------
Profit/(loss)
and total
comprehensive
income for the
period - - - - 15,493 - 4,197 (428) 19,262
Contributions
by and
distributions
to
shareholders:
Share issues
and buy backs* 162 8,033 - 39 - (1,549) - - 6,685
Dividends paid - - - - - (8,278) - - (8,278)
---------------- --------- ---------- --------- ----------- -------------------- ---------- ----------------- ---------- -----------
Total
contributions
by and
distributions
to
shareholders 162 8,033 - 39 - (9,827) - - (1,593)
---------------- --------- ---------- --------- ----------- -------------------- ---------- ----------------- ---------- -----------
Closing balance
as at 31 July
2021 5,942 69,668 425 770 122,943 65,196 (7,223) (1,773) 255,948
---------------- --------- ---------- --------- ----------- -------------------- ---------- ----------------- ---------- -----------
The accompanying notes are an integral part of the statement.
*During the period to 31 July 2022, GBP26,191,000 was raised through share issues (31 July 2021: GBP8,319,000; 31 January 2022: GBP49,360,000).
Non-distributable reserves Distributable reserves
-------------------------------------------------------
Capital Capital
Share Share Merger redemption reserve Special Capital reserve Revenue Total
capital premium reserve reserve (non-distributable) reserve (distributable) reserve reserves
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------- --------- ---------- --------- ----------- ----------- ----------------- ---------- -----------
For the year ended 31
January
2022
Opening balance
as at 1
February
2021 5,780 61,635 425 731 107,450 75,023 (11,420) (1,345) 238,279
---------------- --------- ---------- --------- ----------- -------------------- ----------- ----------------- ---------- -----------
(Loss)/profit
and total
comprehensive
income for the
period - - - - (26,784) - 5,316 (928) (22,396)
Contributions
by and
distributions
to
shareholders:
Share issues
and buybacks* 1,056 47,910 - 88 - (3,431) - - 45,623
Dividends paid - - - - - (14,432) - - (14,432)
Total
contributions
by and
distributions
to
shareholders 1,056 47,910 - 88 - (17,863) - - 31,191
---------------- --------- ---------- --------- ----------- -------------------- ----------- ----------------- ---------- -----------
Closing balance
as at 31
January
2022 6,836 109,545 425 819 80,666 57,160 (6,104) (2,273) 247,074
---------------- --------- ---------- --------- ----------- -------------------- ----------- ----------------- ---------- -----------
The accompanying notes are an integral part of the statement.
*During the period to 31 July 2022, GBP26,191,000 was raised through share issues (31 July 2021: GBP8,319,000; 31 January 2022: GBP49,360,000).
CONDENSED BALANCE SHEET (unaudited)
as at 31 July 2022
31 July 31 July 31 January
2022 2021 2022
Note GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at fair value 8 157,405 248,717 214,737
--------------------------------------- ----- -------- -------- -----------
Current assets
Debtors 160 146 1,972
Cash at bank 66,058 8,415 31,833
Total current assets 66,218 8,561 33,805
--------------------------------------- ----- -------- -------- -----------
Current liabilities
Creditors: amounts falling due within
one year (1,108) (1,330) (1,468)
--------------------------------------- ----- -------- -------- -----------
Net current assets 65,110 7,231 32,337
Total assets less current liabilities 222,515 255,948 247,074
--------------------------------------- ----- -------- -------- -----------
Capital and reserves
Called up share capital 7,595 5,942 6,836
Share premium account 134,825 69,668 109,545
Reserves 80,095 180,338 130,693
Equity shareholders' funds 222,515 255,948 247,074
--------------------------------------- ----- -------- -------- -----------
Net asset value per share 5 146.5p 215.4p 180.7p
--------------------------------------- ----- -------- -------- -----------
The accompanying notes are an integral part of the balance sheet.
STATEMENT OF CASH FLOWS (unaudited)
for the six months ended 31 July 2022
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2022 2021 2022
GBP'000 GBP'000 GBP'000
------------------------------------------- ----------- ----------- -----------
Cash flows from operating activities
Investment income received 275 300 626
Investment management fees (2,088) (2,152) (4,427)
Other operating costs (292) (233) (485)
Net cash outflow from operating
activities (2,105) (2,085) (4,286)
-------------------------------------------- ----------- ----------- -----------
Cash flows from investing activities
Purchases of investments (9,438) (19,671) (32,872)
Disposals of investments 27,774 7,701 13,596
Net cash inflow/(outflow) from investing
activities 18,336 (11,970) (19,276)
Net cash inflow/(outflow) before
financing 16,231 (14,055) (23,562)
-------------------------------------------- ----------- ----------- -----------
Cash flows from financing activities
Net proceeds of share issues and
buybacks 23,536 4,297 42,248
Equity dividends paid (5,542) (6,794) (11,820)
Net cash inflow/(outflow) from financing
activities 17,994 (2,497) 30,428
Increase/(decrease) in cash 34,225 (16,552) 6,866
-------------------------------------------- ----------- ----------- -----------
Reconciliation of net cash flow to movement
in net cash
Increase/(decrease) in cash during
the period 34,225 (16,552) 6,866
Net cash at start of period 31,833 24,967 24,967
Net cash at end of period 66,058 8,415 31,833
-------------------------------------------- ----------- ----------- -----------
Reconciliation of profit on ordinary activities
before taxation to net cash outflow from operating
activities
(Loss)/profit on ordinary activities
before taxation (42,787) 19,262 (22,396)
Net loss/(gain) on investments 40,980 (21,358) 18,123
Less dividends reinvested (98) (40) (71)
(Decrease)/increase in creditors,
excluding corporation tax payable (92) 73 64
Increase in debtors (108) (22) (6)
-------------------------------------------- ----------- ----------- -----------
Net cash outflow from operating
activities (2,105) (2,085) (4,286)
-------------------------------------------- ----------- ----------- -----------
The accompanying notes are an integral part of the statement.
NOTES TO THE FINANCIAL STATEMENTS (unaudited)
for the six months ended 31 July 2022
1. Basis of Accounting
The Half-yearly nancial Report covers the six months ended 31 July 2022. The condensed nancial statements for this six month period have been prepared in accordance with FRS 104 ("Interim nancial 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 2022.
The comparative gures for the nancial year ended 31 January 2022 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) unquali ed, (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 nancial information set out in this report has not been audited and does not comprise full nancial statements within the meaning of Section 434 of the Companies Act 2006. No statutory accounts in respect of any period after 31 January 2022 have been reported on by the Company's auditors.
2. Going concern
The nancial statements have been prepared on a going concern basis and on the basis that approval as an investment trust company will continue to be met.
The Directors have made an assessment of the Company's ability to continue as a going concern and are satis ed that the Company has the resources to continue in business for the foreseeable future, being a period of at least 12 months from the date these nancial statements were approved.
In making the assessment, the Directors of the Company have considered the likely impacts of international and economic uncertainties on the Company, operations and the investment portfolio. These include, but are not limited to, the impact of COVID-19, the war in Ukraine, political instability in the UK, supply shortages and in ationary pressures.
The Directors noted the Company's cash balance exceeds any short term liabilities, it holds a portfolio of listed investments and is able to meet the obligations of the Company as they fall due. The surplus cash enables the Company to meet any funding requirements and nance future additional investments. The Company is a closed end fund, where assets are not required to be liquidated to meet day to day redemptions.
The Directors have completed stress tests assessing the impact of changes in market value and income with associated cash ows. In making this assessment, they have considered plausible downside scenarios. These tests were driven by the possible effects of continuation of the COVID-19 pandemic but, as an arithmetic exercise, apply equally to any other set of circumstances in which asset value and income are signi cantly impaired. The conclusion was that in a plausible downside scenario the Company could continue to meet its liabilities. Whilst the economic future is uncertain, and the Directors believe that it is possible the Company could experience further reductions in income and/or market value, the opinion of the Directors is that this should not be to a level which would threaten the Company's ability to continue as a going concern.
The Directors are not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern, having taken into account the liquidity of the Company's investment portfolio and the Company's financial position in respect of its cash flows and investment commitments (of which there are none of significance). Therefore, the financial statements have been prepared on the going concern basis.
3. Segmental reporting
The directors are of the opinion that the Company is engaged in a single segment of business, being investment business.
4. Earnings per share
Earnings per share is based on the loss attributable to shareholders for the six months ended 31 July 2022 of GBP42,787,000 (six months ended 31 July 2021 gain of GBP19,262,000, year ended 31 January 2022 loss of GBP22,396,000) and the weighted average number of shares in issue during the period of 148,351,595 (31 July 2021: 118,054,860, 31 January 2022: 126,840,235). There is no difference between basic and diluted earnings per share.
5. Net Asset Value
The net asset value per share at 31 July 2022 is based on net assets of GBP222,515,000 (31 July 2021: GBP255,948,000, 31 January 2022: GBP247,074,000) and the number of shares in issue on 31 July 2022 of 151,939,444 (31 July 2021: 118,842,225, 31 January 2022: 136,720,797). There is no difference between basic and diluted net asset value per share.
6. Income
Six months Six months ended Year ended
ended
31 July 2022 31 July 2021 31 January
2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
------------------------------------ ------------------------- ---------------------------- -----------------------
Income:
Dividends from UK
companies 478 366 701
Interest from deposits 11 - -
------------------------------------ ------------------------- ---------------------------- -----------------------
489 366 701
------------------------------------ ------------------------- ---------------------------- -----------------------
7. Dividends paid
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2022 2021 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------- -------------- -------------- ------------
Final dividend for the year
ended 31 January 2022 of 4.5p
per share paid on 22 July
2022 6,803 - -
Interim dividend for the year
ended 31 January 2022 of 4.5p
per share paid on 26 November
2021 - - 6,154
Final dividend for the year
ended 31 January 2021 of 7.00p
per share paid on 23 July
2021 - 8,278 8,278
--------------------------------- -------------- -------------- ------------
6,803 8,278 14,432
--------------------------------- -------------- -------------- ------------
8. Investments
Level Level
1 Traded 3 Unquoted
on AIM investments Total
GBP'000 GBP'000 GBP'000
------------------------------------------- ---------- ------------- ---------
Opening cost as at 1 February 2022 128,607 6,955 135,562
Opening investment holding gains 80,646 20 80,666
Opening unrealised loss recognised
in realised reserve (228) (1,263) (1,491)
------------------------------------------- ---------- ------------- ---------
Opening fair value as at 1 February
2022 209,025 5,712 214,737
------------------------------------------- ---------- ------------- ---------
Analysis of transactions during
the period:
Purchases at cost 6,153 3,350 9,503
Sales proceeds received (25,855) - (25,855)
Realised loss on sales (1,157) (526) (1,683)
Unrealised loss on investments (38,107) (1,190) (39,297)
------------------------------------------- ---------- ------------- ---------
Closing fair value as at 31 July
2022 150,059 7,346 157,405
------------------------------------------- ---------- ------------- ---------
Closing cost at 31 July 2022 122,468 9,042 131,510
------------------------------------------- ---------- ------------- ---------
Closing investment holding gains/(losses)
as at 31 July 2022 27,819 (1,696) 26,123
Closing unrealised loss recognised
in realised reserve (228) - (228)
------------------------------------------- ---------- ------------- ---------
Closing fair value as at 31 July
2022 150,059 7,346 157,405
------------------------------------------- ---------- ------------- ---------
Equity shares 150,059 401 150,460
Preference shares - - -
CVRs - 116 116
Right to subscribe - - -
Convertible loan notes - 6,829 6,829
------------------------------------------- ---------- ------------- ---------
Closing fair value as at 31 July
2022 150,059 7,346 157,405
------------------------------------------- ---------- ------------- ---------
There have been no level 2 investments during the period.
The Company measures fair values using the following fair value hierarchy into which the fair value measurements are categorised. A fair value measurement is categorised in its entirety on the basis of the lowest level input that is signi cant to the fair value measurement of the relevant asset as follows:
Level 1 - the unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.
The Company's level 1 investments are AIM traded companies and fully listed companies.
Level 2 - inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.
When the Company holds level 2 assets they are valued using models with signi cant observable market parameters.
Level 3 - inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.
Level 3 fair values are measured using a valuation technique that is based on data from an unobservable market. Discussions are held with management, statutory accounts, management accounts and cash ow forecasts are obtained, and fair value is based on multiples of sales and earnings.
The valuation techniques used by the Company are explained in the Annual Report and Financial Statements for the year ended 31 January 2022.
9. Related parties
The Company retains Amati Global Investors as its Manager. The number of ordinary shares in the Company (all of which are held bene cially) by certain members of the management team are:
31 July
2022 shares
held
----------------- -------------
Paul Jourdan 770,656*
David Stevenson 26,753
Anna Macdonald 15,543
----------------- -------------
*includes 24,179 shares held by a Person Closely Associated to Paul Jourdan
Save as disclosed above there is no con ict 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.
10. Post balance sheet events
On 13 September 2022, the High Court of Justice con rmed the cancellation of the sum standing to the credit of the Company's share premium account at 8 September 2022 of GBP134,824,337.53.
Shareholder Information
Share price
The Company's shares are listed on the London Stock Exchange. The bid price of the Company's shares can be found on Amati Global Investors' website: https://www.amatiglobal.com/fund/amati-aim- vct/fund-overview
Net Asset Value per Share
The Company normally announces its net asset value on a weekly basis. Net asset value per share information can be found on Amati Global Investors' website: https://www.amatiglobal.com/fund/amati-aim-vct/fund-overview
Financial calendar
------------------- -------------------------------------------
31 January 2023 Year end
April 2023 Announcement of final results for the year
ended 31 January 2023
June 2023 Annual General Meeting
------------------- -------------------------------------------
Dividends
After the payment of the dividend in November 2022 the Company will move to paying all cash dividends by bank transfer rather than by cheque. Shareholders will have the following options available for future dividends:
-- Complete a bank mandate form and receive dividends via direct credit to a UK domiciled bank account
-- Re-invest the dividends for additional shares in the Company through the Dividend Re-investment Scheme (DRIS)
For those shareholders who currently receive their dividend by cheque a bank mandate form will be sent with the dividend payment in November 2022. The mandate form will also be available on the Company's website. Once completed the form should be sent to the Company's Registrars, City Partnership (UK) Limited at the address shown below. If Shareholders have any questions regarding the completion of the form they are advised to contact the City Partnership on 01484 240910 or by email: registrars@city.uk.com Shareholders may also register their bank account details and register for the Dividend Re-investment Scheme themselves in the Amati Investor Hub at https://amati-aim-vct.cityhub.uk.com/
Dividend Re-Investment Scheme
Shareholders who wish to have future dividends re-invested in the Company's shares should contact the City Partnership (UK) Limited on 01484 240910 or by email: registrars@city.uk.com
Shareholders may also register for the Dividend Re-investment Scheme themselves in the Amati Investor Hub at https://amati-aim-vct.cityhub.uk.com/
Table of Historic Returns from launch to 31 July 2022 attributable to shares issued by VCTs which have made up Amati AIM VCT
Numis
NAV Total NAV Total Alternative
Return with Return Markets
dividends with dividends Total Return
Launch date Merger date re-invested not re-invested Index
---------------------- ---------------- --------------- -------------- ------------------ --------------
Singer & Friedlander
AIM 3 VCT ('C' 8 December
shares) 4 April 2005 2005 49.4% 25.1% 15.9%
Amati VCT plc 24 March 2005 4 May 2018 139.2% 78.3% 11.7%
Invesco Perpetual 8 November AIM VCT 30 July 2004 2011 32.2% -6.2% 41.9% Singer & Friedlander 29 January AIM 3 VCT* 2001 n/a 36.2% 13.4% -16.8% Singer & Friedlander 29 February 22 February AIM 2 VCT 2000 2006 4.4% -13.3% -57.5% Singer & Friedlander 28 September 22 February AIM VCT 1998 2006 -28.8% -19.7% 29.2% ---------------------- ---------------- --------------- -------------- ------------------ --------------
*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
Fiona Wollocombe (Chairman) The City Partnership (UK) Limited
Julia Henderson The Mending Rooms
Susannah Nicklin Park Valley Mills
Brian Scouler Meltham Road
Huddersfield
all of: HD4 7BH
27/28 Eastcastle Street
London
W1W 8DH
Secretary Auditor
LDC Nominee Secretary Limited BDO LLP
8th Floor, 100 Bishopsgate 55 Baker Street
London London
EC2N 4AG W1U 7EU
Fund Manager Solicitors
Amati Global Investors Limited Dickson Minto W.S.
8 Coates Crescent 16 Charlotte Square
Edinburgh Edinburgh
EH3 7AL EH2 4DF
VCT Status Adviser Bankers
Philip Hare & Associates LLP The Bank of New York Mellon
SA/NV
Hamilton House London Branch
1 Temple Avenue One Canada Square
London London
EC4Y 0HA E14 5AL
For enquiries relating to share certificates, share holdings, dividends or the Dividend Re-investment Scheme, please contact:
The City Partnership (UK) Limited
on +44 (0) 1484 240910
or email: registrars@city.uk.com
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
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on this announcement (or any other website) is incorporated into, or forms part of, this announcement.
For further information, please contact the investor line at Amati Global Investors on 0131 503 9115 or by email at info@amatiglobal.com
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END
IR SELFMUEESELU
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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