Offer for subscription and Issue of Prospectus

RNS Number : 8112G

Amati AIM VCT PLC

28 July 2021

 

Amati AIM VCT plc

28 July 2021

Amati AIM VCT plc (the "Company")

Legal Entity Identifier: 213800HAEDBBK9RWCD25

Offer for subscription and Issue of Prospectus

The Directors of Amati AIM VCT plc are pleased to announce that the Company has today published a prospectus (the "Prospectus") in connection with proposals to raise up to £40 million (with an over-allotment facility to raise up to a further £25 million), by way of an offer for subscription of new ordinary shares (the "Offer") (the "New Shares").

Initially, the Company will accept Subscriptions in respect of the 2021/2022 tax year only. If sufficient Qualifying Investments have been made from the initial proceeds of the Offer and the Investment Manager has identified further investment opportunities, the Board may use the over-allotment facility to raise up to a further £25 million under the Offer. In this event, the Company may also accept Subscriptions in respect of the 2022/2023 tax year.

The Offer will open at 9.00 a.m. on 30 July 2021 and will close at 12 noon on 4 April 2022 in relation to the tax year 2021/2022 and at 12 noon on 15 July 2022 in relation to the tax year 2022/2023 (unless the Offer is fully subscribed before this date and/or the Board closes the Offer earlier, which it may do in its sole discretion). Subscriptions under the Offer will be processed from 9.00 a.m. on 30 July 2021 and priority will be given to valid Subscriptions under the Offer from Existing Shareholders received by 9.00 a.m. on 4 August 2021. Subscriptions under the Offer will otherwise normally be accepted on a first-come-first-served basis (provided cheques are not post-dated and with priority being given to Subscriptions with cleared funds), subject always to the discretion of the Board. Multiple Subscriptions under the Offer from the same investor in the same tax year will not be accepted.

The first allotment of New Shares under the Offer is expected to take place on or around 9 August 2021 and thereafter allotments will be made on a monthly basis (or at such other times as the Board, in its sole discretion, may decide).

For the first time, Subscriptions can only be made online by completing the Online Subscription Form available on the Company's website (www.amatiglobal.com).

The number of New Shares to be allotted under each allotment will be determined by the relevant Offer Price calculated on the following basis.

1.  For Existing Shareholders and those investing through an authorised financial intermediary, the Offer Price is calculated by dividing the last published NAV per Share at the time of allotment by 0.99 to allow for issue costs of 1% (calculated in pence and rounded up to the nearest two decimal places).

2.  For all other investors (i.e. investors other than Existing Shareholders and those investing through an authorised financial intermediary) the Offer Price is calculated by dividing the last published NAV per Share at the time of allotment by 0.97 to allow for issue costs of 3% (calculated in pence and rounded up to the nearest two decimal places).

The Board aims to pay annual dividends equal to around 5% of the Company's Net Asset Value at its immediately preceding financial year end, subject to the Company's distributable reserves and cash resources, and with the authority to increase or decrease this level at the Directors' discretion. For UK tax payers who have not exceeded the £200,000 annual investment limit these dividends are tax free.

The Prospectus has been submitted to the Financial Conduct Authority and copies of the Prospectus will shortly be available for download from the Company's website (www.amatiglobal.com) and from the National Storage Mechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism).

Terms defined in the Prospectus shall have the same meaning in this announcement unless the context otherwise requires.

For further information, please contact  the investor line at Amati Global Investors on 0131 503 9115 or by email at [e-mail].

 

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