1 February 2019
Amati AIM VCT plc (the "Company")
Legal Entity Identifier: 213800HAEDBBK9RWCD25
Offer for Subscription
The Directors of Amati AIM VCT plc are pleased to announce that the Company has today published a top up offer document (the "Information Document") in connection with proposals to raise up to approximately £7 million, by way of offers for subscription of new ordinary shares (the "Offer").
The Offer, which is being managed under the limits applicable to non-prospectus rules, opens on Friday 1 February 2019 and is expected to close at noon on Thursday 4 April 2019 in respect of the 2018/2019 tax year and at noon on Friday 12 July 2019 in respect of the 2019/2020 tax year (or on an earlier date if the maximum subscription is received). While applications are invited from both existing shareholders and new investors, existing shareholders will be given priority to subscribe until 18 February 2019. Once demand from existing shareholders who have applied during this initial period is satisfied, all further applications will be processed on a first come, first served basis, subject to the discretion of the directors. The directors may, at their discretion, close the Offer earlier than indicated or decide to extend the Offer.
The Offer is being managed such that existing shareholders submitting applications received on or before 18 February 2019 will receive their full requested allocation insofar as the capacity of the Offer allows. Should the offer be fully or over-subscribed during this initial period, existing shareholders will be guaranteed their pre-emption entitlement, which will be determined in proportion to the number of shares held.
Further, existing shareholders applying during the initial period will not be subject to the minimum subscription requirement per investor of £4,000 per tax year, so it is therefore not necessary to make a distinction between shares applied for under pre-emption rights and those applied for under the general Offer. Should existing shareholders decide to apply within the initial period of the Offer in order to secure their pre-emption entitlement, they should apply in the normal way, for the total monetary amount for which they wish to subscribe, and the Company will contact applicants in the event that a scaling back of allocations becomes necessary (subject to the minimum entitlement).
The new ordinary shares will be issued at a price determined in accordance with a formula to allow for issue costs (as set out in the Offer Document) and based on the last published net asset value per share ("NAV per Share") of the Company prior to the date of issue. The NAV per Share will be divided by 0.99 to determine the issue price for applications from existing shareholders and shares issued in respect of applications received through authorised financial intermediaries, which allows for issue costs of 1%. For all other applications the NAV per Share will be divided by 0.97 to determine the issue price, which allows for issue costs of 3%. Upon issue, the new ordinary shares will be admitted to the Official List of the UKLA and to trading on the Main Market of the London Stock Exchange.
The Information Document and the covering circular to shareholders (the "Letter") with details of the pre-emption offer are available to download at www.amatiglobal.com or you can contact Amati Global Investors by phone on 0131 503 9115 or by email at [email protected] to request hard copies. These documents will also be submitted to the National Storage Mechanism for viewing online at www.morningstar.co.uk/uk/NSM.
For further information please contact Samantha Dalby on 0131 503 9115 or email [email protected].
