Awards

Realisations of investments in AIM-traded companies and unquoted investments can sometimes be more difficult than realisation in companies listed on the Main Market of the London Stock Exchange and can take more time. The Company’s ability therefore to obtain maximum value from its investments (for example, through a sale or takeover) may be restricted because of the requirement to satisfy certain conditions necessary for it to maintain its VCT status (such as the condition that not less than 80% by value of its investments must be in qualifying holdings).

We recommend that potential investors seek independent financial advice prior to investing in a VCT. Investment in a VCT carries a higher risk than many other forms of investment.

The tax rules or their interpretation in relation to an investment in the company and/or rates of tax may change during the life of the company. There can be no guarantee that the company will achieve or maintain full VCT status. If the company fails to obtain full approval as a VCT, or ceases to retain approval as a VCT before qualifying subscribers have held their ordinary shares for three years, the 30% income tax relief obtained will have to be repaid. Following a loss of VCT status a qualifying subscriber will be taxed on dividends paid by the company and, in addition, a liability to capital gains tax may arise on any subsequent disposal of ordinary shares. If at any time VCT status is lost, dealings in the ordinary shares will normally be suspended until such time as the Company has published proposals either to continue as an investment company or to be wound up.

VCT investment should be viewed as a long-term investment with shares being held for a minimum of five years from the date of issue in order for the shareholder to retain the initial income tax relief received following subscription.

The spread between the buying price and the selling price of AIM-traded companies’ shares may be wide and thus the mid-market price used for valuation may not be achievable. Unquoted shares are inherently more difficult to value and, as a result, valuations are subject to uncertainty. The market for new shares on AIM is subject to market forces and there can be no certainty that there will be sufficient new share issues to enable to the company to achieve the intended level of investment in qualifying investments.

The existing levels and bases of, and reliefs from, taxation may change. The value of tax reliefs depends on the personal circumstances of investors, who should consult their own tax advisers before making any investment. In addition the VCT legislation in relation to what constitutes a qualifying holding has changed regularly, as described in the introductory section to Amati AIM VCT on this website. There is a risk that future changes could increase the risk profile of the investments which Amati AIM VCT needs to make in order to maintain its qualifying status.

It is likely that the selling price for an Ordinary Share, which a shareholder could achieve on the stock market, will be less than the Net Asset Value per Share )”NAV per Share”) or the price paid by the Shareholder to acquire that Share. The Ordinary Shares may trade at a discount to the NAV per Share for a variety of reasons, including as a consequence of general market conditions, concerns regarding the general marketability of the Ordinary Shares or the actual or expected performance of the Company.

The Company is a closed-ended investment company. Shareholders will have no right to have their Ordinary Shares redeemed or purchased by the Company at any time. Shareholders wishing to realise their investment will be required to dispose of their Ordinary Shares on the stock market. Accordingly, the ability of Shareholders to realise the NAV per Share of, or any value in respect of, their Ordinary Shares is dependent on the existence of a liquid market in the Ordinary Shares and the market price of such Ordinary Shares. Although the Ordinary Shares already issued by the Company have been (and it is anticipated that the New Shares will be) admitted to the premium segment of the Official List of the FCA and traded on the Main Market, if the Company is unable to maintain its share buyback policy (which has been put in place in order to enhance liquidity in the Ordinary Shares), there may not be a liquid market for the Ordinary Shares (given that there is a limited secondary market for shares in VCTs, primarily because initial VCT income tax relief is only available to individuals subscribing for newly issued shares) and investors may find it difficult to realise their investments.

The Company invests predominantly in AIM-traded companies. Investment in AIM-traded companies, by its nature, may involve a higher degree of risk than investment in companies traded on the Main Market of the London Stock Exchange. In particular, AIM-traded companies are often smaller companies which may have limited product lines, markets or financial resources and may be dependent for their management on a smaller number of key individuals.

The fact that a share is traded on AIM does not guarantee its liquidity. The spread between the buying and selling price of such shares may be wide and thus the price used for valuation may not be achievable. The valuation of the Company’s portfolio and opportunities for realisation may also depend on stock market conditions.

In the short to medium term the returns to Shareholders will be determined by the existing portfolio of the Company, which largely consists of investments made prior to the VCT rules being amended by the Finance Acts of 2015 and 2018. The consequence of these amendments is that VCTs are now required to invest in earlier stage companies. Over time, as the Company’s portfolio is brought in to line with the amended VCT rules, Shareholder returns and dividends payable by the Company may take longer to generate and the levels of those returns may be more volatile due to the nature of investing in earlier stage companies.

Investments in AIM-traded companies are more likely to be illiquid than investments in companies traded on the Main Market of the London Stock Exchange. Investments may not be able to be realised within a reasonable time frame or at all. Such illiquidity may affect the ability of the Company to vary its portfolio or dispose of investments in a timely fashion and at satisfactory prices in response to changes in economic or other conditions. This could have an adverse effect on the financial condition and results or operations of the Company as it could reduce the profits and proceeds expected to be realised from such investments by the Company.

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Amati AIM VCT Winner: VCT AIM Quoted

Amati AIM VCT Winner: VCT AIM Quoted

Investment Week: Highly Commended at the Fund Manager of the Year Awards 2021

Investment Week Specialist Investment Awards 2020 Winner Boutique of the Year (below £1bn AUM)

Investment Week 2020 Winner, Investment Company of the Year

The Small Cap Award Winner 2020 VCT Manager of the Year

TB Amati UK Smaller Companies Fund Morningstar Silver Rating

TB Amati UK Smaller Companies Fund Elite Rated

TB Amati UK Smaller Companies Fund Square Mile A Rating

Investment Week Tax Efficiency Awards 2019/20 Winner, VCTs – Best AIM-based

Investment Week 2019 Winner, Investment Company of the Year

TB Amati UK Smaller Companies Fund, Investment Week Fund Manager of the Year 2019 Winner

TB Amati UK Smaller Companies Fund selected for Interactive Investor Super 60 Funds List

Best UK Small/Mid-Cap Equity Fund at the Morningstar Fund Awards 2018

Amati AIM IHT, Investment Week Awards 2018/19 Winner

Commended Awards for Best VCT Provider at The Investment Life & Pensions Moneyfacts Awards 2018

Citywire Best Fund Manager 2018 Winner

Citywire Gold Rating

TB Amati UK Smaller Companies Fund, FE Alpha Manager of the Year Award 2018

Lipper Best UK Small and Mid Cap Fund 2018 (over a 5 year period)

Highly Commended Award at The Moneywise Fund Awards 2017

Amati AIM IHT, Investment Week Awards 2017/18 Winner

Amati wins runner up award for Best AIM Investment Manager

Amati VCT 2 awarded Best Managed VCT Fund (1 Year): Performance at the 2017 Wealth & Finance International Alternative Investment Awards

TB Amati UK Smaller Companies Fund, Fund Manager of the Year 2017 Winner

TB Amati UK Smaller Companies Fund, Money Observer 2017 Winner. Best UK Smaller Mid-Cap Equity Fund

Amati achieves Cyber Essentials accreditation

Amati AIM IHT, Investment Week Awards 2016/17 Winner

TB Amati UK Smaller Companies Fund, Moneywise 2016 Winner

TB Amati UK Smaller Companies Fund, Money Observer Fund Awards 2016 Winner

TB Amati UK Smaller Companies Fund, Lipper Fund Awards 2012 UK. Best UK Small & Mid-Cap Fund (over 3 year period)

TB Amati UK Smaller Companies Fund, Growth Company Small-Cap Fund of the Year 2011 Winner

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