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
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
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.
END
IR SELFMUEESELU
(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
Amati Aim Vct (LSE:AMAT)
Historical Stock Chart
From Apr 2024 to May 2024
Amati Aim Vct (LSE:AMAT)
Historical Stock Chart
From May 2023 to May 2024