Venture Capital Trusts  

Amati seeks to raise £7m for VCT

Amati seeks to raise £7m for VCT

Fund manager Amati Global Investors is looking to raise £7m for its AIM venture capital trust (VCT).

The offer opened today (February 1) and is expected to close on April 4 for the 2018/19 tax year and on 12 July in respect of the 2019/20 tax year.

According to a market update, while Amati will be receiving applications from both existing shareholders and new investors, existing shareholders will be given priority to subscribe until February 18.

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 Edinburgh-based manager stated.

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, it added.

Also, existing shareholders applying during the initial period will not be subject to the minimum subscription requirement per investor of £4,000 per tax year.

The price of new ordinary shares will depend on issue costs and the last published net asset value per share of the company prior to the date of issue.

Launched in 2001, the Amati AIM VCT has total assets worth £116.3m, and a market capitalisation of £107.4m.

Its Nav per share in December stood at 135.90p.

maria.espadinha@ft.com