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AMAT Amati Aim Vct Plc

76.50
-1.00 (-1.29%)
14 Oct 2024 - Closed
Delayed by 15 minutes
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
  -1.00 -1.29% 76.50 76.00 77.00 77.50 76.50 77.50 0.00 13:49:50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investment Advice -41.53M -44.82M -0.3025 -2.53 114.81M

Amati AIM VCT PLC Update on Strategic Review

03/09/2024 7:00am

RNS Regulatory News


RNS Number : 6142C
Amati AIM VCT PLC
03 September 2024
 

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 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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