Why invest?

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Introduction

Investing in the Amati AIM VCT gives you access to a portfolio of investments in innovative businesses selected for their potential to become successful AIM quoted growth companies.

AIM is home to many innovative and ambitious growth companies that have great potential to become leaders in their field with world changing businesses. Investing in an AIM VCT means your money is supporting the future growth of the UK economy.

Because investments in qualifying businesses creates jobs and supports economic growth, the government offers generous tax benefits to investors in VCTs. These tax benefits are also to compensate for the increased risks in investing in earlier stage businesses.

 

Key Benefits

A key attraction of the Amati AIM VCT is that subscribers for new shares benefit from the strength and depth of the existing maturing portfolio built up over many years, as well as the exciting new qualifying opportunities identified by the managers.

Tax Benefits

  • Up to 30% tax relief when you invest in newly issued VCT shares
  • Tax-free dividends
  • Tax-free growth- no CGT on gains
  • No need to declare dividends on your tax return
  • Invest up to £200,000 per tax year

However

  • You must remain invested for 5 years to retain the tax relief.
  • £200k limit on investment in any one tax year (which includes secondary shares bought on the market and shares issued under the Dividend Reinvestment Scheme).

 

Why Amati AIM VCT?

Expertise – Our managers are a team of highly experienced investment professionals focusing on smaller companies listed on AIM and the Main Market of the London Stock Exchange.

Track record – Our investment team have a strong track record of being able to identify the most promising growth companies on AIM and have been recognised through numerous industry awards over recent years for UK smaller company investment.

Investors benefit from mature portfolio – Unlike some other VCTs, subscribers for new shares in the Amati AIM VCT benefit from the strength and depth of the maturing portfolio built up over many years.

Alignment – The Amati fund managers, staff and independent board of directors have significant holdings in the VCT aligning their interests with shareholders.

Dividends – The Board aim to pay 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. We operate a dividend reinvestment scheme for those who don’t need the income at this stage.

Non Qualifying Holdings – The non-qualifying element of the portfolio is held solely in the award winning WS Amati UK Smaller Companies fund (management fees are rebated to the VCT).

Share Buybacks – The VCT maintains a share buy back scheme providing liquidity for shareholders.

 

What differentiates Amati?

  • UK Smaller Companies & AIM Investment Specialists
  • Majority staff-owned and managers’ interests are aligned with clients
  • Subscribers for new shares in the Amati AIM VCT benefit from the strength and depth of the maturing portfolio
  • Aim to select excellent investment candidates that can grow faster than peers
  • Team approach allows waterfront coverage and avoids blind spots and bias
  • Award winning performance

Notable Features of the Top Ten Qualifying Investments

  • 6 of the top 10 holdings are dividend paying and 8 of the top 10 holdings are profitable
  • The top ten qualifying holdings represent approximately 41% of the value of the portfolio providing a strong set of core holdings.
  • 4 out of the top 10 qualifying holdings have market capitalisations in excess of £1bn
  • The unweighted average holding period of these investments thurs far is 7.6 years
  • The unweighted average return including realisations since acquistion by the VCT is 1,097%

The Non -Qualifying element of the Company’s portfolio is held in a single investment, WS Amati UK Smaller Companies Fund (for which management fees are rebated to the Company), which means that the cash surplus to short term requirements can be productively employed through investment in small and mid-sized companies in a portfolio managed by the Amati smaller companies investment team.

Qualifying businesses

Qualifying businesses are defined at great length by the VCT legislation. The rules are tightly drawn to make sure that VCTs invest in companies operating in the UK with ral growth opportunities and the money is invested in such a way as to drive that growth.

There are many companies that don’t qualify because they are too old, too big or engaged in the wrong type of business. Consequently, we must consult advisers to ensure that any potential investment meets the criteria.

Dividends

The Board aim to pay 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 VCT investment limit these dividends are tax free.

Dividend re-investment

Amati AIM VCT operates a scheme whereby dividends can be automatically reinvested in new shares, which will themselves attract 30% income tax relief (if held for five years) as well as tax free dividends, and which will not be subject to capital gains tax (subject to an investment limit of £200,000 in any tax year). For dividend history, please click here.

Selling your shares

The Company maintains a share buyback programme which, subject to the availability of distributable reserves and the Company’s cash requirements, provides liquidity for Shareholders who wish to sell their shares.

 

Risk Warning

Past performance is not a reliable guide to future performance. The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested, even allowing for tax reliefs. An investment in Amati AIM VCT plc should be regarded as a long-term investment. Shareholders must retain their shares for five years to retain their initial income tax relief. Any change of governmental, economic, fiscal, monetary, or political policy, in particular any changes to taxation, tax relief and changes to the VCT rules, could materially affect, directly or indirectly, the operation and/or the performance of the VCT (and the portfolio companies in which it invests), the value of and returns from the shares and the ability of the VCT to maintain its tax-advantaged status. If the VCT loses its HMRC approval, tax reliefs previously obtained by individual investors may be lost.

Legislation introduced in the Finance Act 2018 impose stricter limits on the nature and extent of investments made by VCTs, the consequence of which is that VCTs are now required to invest in earlier stage companies. For Amati AIM VCT this is resulting in a repositioning of the portfolio towards the healthcare and technology sectors, which can be associated with greater investment risks.

Investment in AIM-traded and unquoted companies, by its nature, may involve a higher degree of risk than investment in companies listed on the Main Market of the London Stock Exchange. Many of the investments made by Amati AIM VCT plc will be in companies whose securities may have limited liquidity, meaning that realisations of such investments may be difficult and will be dependent on market conditions.

Amati AIM VCT plc shares, although listed, may be difficult to sell. Although Amati AIM VCT plc has consistently bought back shares in the market over the last five years, this may not be the case in the future.

The costs and charges associated with investments in VCTs are generally higher than those for unit trusts and open-ended investment companies. Prospective investors should note that a sunset clause is in place which removes initial income tax relief for new subscriptions to VCT shares after 5 April 2025. However, VCTs can continue to issue shares in the usual way and the other main tax reliefs, such as tax-free dividends and exemption from capital gains tax on VCT shares, will remain unaffected.

The sunset clause was agreed to secure ongoing EU approval to the VCT regime at the time of the UK’s departure from the European Union. At present it is not clear whether the UK Treasury will take action to amend the legislation to extend the date of the sunset clause or to remove it altogether.

Overview

Objective

The investment objective of Amati AIM VCT plc (the “Company”) is to generate tax free capital gains and regular dividend income for its shareholders, primarily through Qualifying Investments in AIM-traded companies and through Non-Qualifying Investments as allowed by the VCT legislation. The Company will manage its portfolio to comply with the requirements of the rules and regulations applicable to VCTs. The policy is to hold a diversified portfolio across a broad range of sectors to mitigate risk.

Key Benefits

  • Subscribers for new shares benefit from the strength and depth of the maturing portfolio of companies built up over many years.
  • Strong track record of being able to identify the most promising early-stage growth companies on AIM.
  • ESG considerations are integral to each manager’s due diligence and research.
  • The dividend policy of the Company is to pay tax-free dividends twice a year.
  • The Non-Qualifying element of the Company’s portfolio is held in the WS Amati UK Smaller Companies Fund, investing in a small and mid-sized UK companies portfolio run by the same managers.
  • The Company maintains a share buyback programme which, subject to the availability of distributable reserves and the Company’s cash requirements, provides liquidity for Shareholders who wish to sell their Shares.
  • Amati fund managers and staff, and the VCT Board Directors, have significant shareholdings in the Company, aligning their interests with those of Shareholders.

Key Information as at 31 January 2024

Launch Date:29 January 2001
Total assets (based on capital only):£143.1m
Market capitalisation:£133.7m
NAV per share (including income):94.72p
Share price (bid):88.00p
Discount to NAV (including income):-7.09%
Benchmark:Numis Alternative Markets Index,
Total Return
Number of holdings:67
Investment Team:Paul Jourdan
David Stevenson
Gareth Blades
Scott McKenzie
Charges:OCF: 1.9% (incl annual management fee of 1.75%)
Trail Commission:Paid by the manager to 
execution only, intermediaries
Performance Fee:Nil

Portfolio Information

As at 31 January 2024

10 Largest Holdings

Stock name% of total assets
WS Amati UK Listed Smaller Companies Fund8.1%
Keywords Studios4.7%
AB Dynamics4.0%
Learning Technologies3.9%
Craneware3.2%
Aurrigo International2.8%
Maxcyte2.7%
GB Group2.2%
Water Intelligence2.1%
Fadel Partners2.1%

 

Amati AIM VCT plc

Performance
(Formerly Amati VCT 2, ViCTory VCT)

* NAV per share Total Return, assuming dividends reinvested on the ex-dividend date, excluding tax reliefs
** The stocks comprising the Index are aligned with the VCT’s investment objectives, and on that basis the Index is considered an appropriate performance comparator for the VCT. Please note that the VCT is not constrained by or managed to the Index.

 

Cumulative Performance Table
as at 31/01/2024

Time periodNAV Total Return**
(%)
Index Return***
(%)
1 month0.3-1.46
3 months3.5110.09
6 months-9.26-0.92
1 year-22.55-12.07
2 years-39.75-30.31
3 years-44.25-32.76
5 years-13.3-12.43
Since launch*-1.8-30.62
Since take on#94.6718.36

* Since launch data is calculated from 29/01/2001 (date of first allotment of shares).

# Take-on date: The date that Amati took on the management of the VCT was 25/03/2010

** NAV per share Total Return, assuming dividends are re-invested on the ex-dividend date, excluding tax reliefs and up-front costs, and any accruals for potential performance fees

*** Numis Alternative Markets Total Return Index. Past performance is not a guide to future performance.

Sources: Amati Global Investors Ltd, Numis Securities Ltd and Link Asset Services. Fund performance net of fees, income reinvested, ignoring tax relief. Benchmark, Numis Alternative Markets Total Return Index, income reinvested.

 

Original Amati VCT holders

Performance

* NAV per share Total Return, assuming dividends reinvested on the ex-dividend date, excluding tax reliefs
** The stocks comprising the Index are aligned with the VCT’s investment objectives, and on that basis the Index is considered an appropriate performance comparator for the VCT. Please note that the VCT is not constrained by or managed to the Index.

 

Cumulative Performance Table
as at 31/01/2024

Time periodNAV Total Return**
(%)
Index Return***
(%)
1 month0.3-1.46
3 months3.5310.09
6 months-9.25-0.92
1 year-22.53-12.07
2 years-39.74-30.31
3 years-44.24-32.76
5 years-13.27-12.43
Since launch*72.5-6.85

* Since launch data is calculated from 24/03/2005 (date of first allotment of shares).

** NAV per share Total Return, assuming dividends are re-invested on the ex-dividend date, excluding tax reliefs and up-front costs, and any accruals for potential performance fees

*** Numis Alternative Markets Total Return Index. Past performance is not a guide to future performance.

Sources: Amati Global Investors Ltd, Numis Securities Ltd and Link Asset Services. Fund performance net of fees, income reinvested, ignoring tax relief. Benchmark, Numis Alternative Markets Total Return Index, income reinvested.

 

Original Invesco Perpetual AIM VCT Holders

Performance

* NAV per share Total Return, assuming dividends reinvested on the ex-dividend date, excluding tax reliefs
** The stocks comprising the Index are aligned with the VCT’s investment objectives, and on that basis the Index is considered an appropriate performance comparator for the VCT. Please note that the VCT is not constrained by or managed to the Index.

 

Cumulative Performance Table
as at 31/01/2024

Time periodNAV Total Return**
(%)
Index Return***
(%)
1 month0.31-1.46
3 months3.5110.09
6 months-9.28-0.92
1 year-22.55-12.07
2 years-39.75-30.31
3 years-44.25-32.76
5 years-13.3-12.43
Since launch*-4.6818.36
Since take on#71.23-7.98

* Since launch data is calculated from 30/07/2004 (date of first allotment of shares).

# Take-on date: 10/02/2011

** NAV per share Total Return, assuming dividends are re-invested on the ex-dividend date, excluding tax reliefs and up-front costs, and any accruals for potential performance fees

*** Numis Alternative Markets Total Return Index. Past performance is not a guide to future performance.

Sources: Amati Global Investors Ltd, Numis Securities Ltd and Link Asset Services. Fund performance net of fees, income reinvested, ignoring tax relief. Benchmark, Numis Alternative Markets Total Return Index, income reinvested.

 

Dividend History

Dividend History

Amount Paid
per Original Share
(p)
Amount per
consolidated share
(p)
Total to date49.97118.34

 

Payment DateAmount Paid
per Original Share
(p)
Amount per
consolidated share
(p)
12 January 20241.062.50
25 November 20231.062.50
27 July 20231.483.50
25 November 20221.483.50
22 July 20221.904.50
26 November 20211.904.50
23 July 20212.957.00
27 November 20201.483.50
24 July 20201.794.25
22 November 2019 1.483.50
26 July 2019 1.694.00
23 November 2018 1.483.50
27 July 2018* 2.225.25
24 November 2017 1.373.25
21 July 20171.794.25
25 November 20161.162.75
22 July 20161.483.50
13 November 20151.162.75
24 July 20151.483.50
7 November 20141.162.75
25 July 20141.694.00
25 October 20131.162.75
15 July 20131.483.50
26 October 20121.062.50
17 July 2012**1.323.13
18 October 20111.002.37
26 July 20112.004.74
24 October 20080.501.18
24 June 20082.004.74
2 November 20072.004.74
03 July 2007***2.004.74
30 June 20050.501.18
16 June 20040.250.59
19 June 20030.801.90
21 June 20021.704.03

* Following the merger AVCT into Amati AIM VCT on 8 May 2018.
** Following the merger AVCT 2 into ViCTory VCT on 8 Nov 2011 and consolidation of shares on 10 Nov 2011.
*** Merger S&F 1 & 2 into ViCTory VCT in November 2005.

Year end NAV

Year as at
31 January
Total dividend
(p)
% of year end
NAV
20237.005.2
20229.004.98
202110.505.1
20207.755.0
20197.505.1
20188.505.0
20177.005.7
20166.255.8
20156.255.9
20146.755.5

 

Dividend Reinvestment

Amati AIM VCT operates a Dividend Reinvestment Scheme to enable Shareholders to use all of their dividends to subscribe for further Ordinary Shares. Such Ordinary Shares will not be allotted at less than net asset value. Dividend reinvestment enables Shareholders to increase their total holding in the Companies without incurring dealing costs, issue costs or stamp duty. Subject to the limits on investments in VCTs, these Ordinary Shares should qualify for the VCT tax reliefs that are applicable to subscriptions for new VCT shares. The Dividend Reinvestment Scheme may be appropriate for those Shareholders who are investing primarily for capital growth.

The current scheme Administrator of the DRIS is:

The City Partnership (UK) Ltd

T:01484 240 910
E:amativct@city.uk.com
W:www.city.uk.com

DRIS Application Form and Terms & Conditions

Table of returns to 31 January 2024
from shares issued under the Dividend Re-investment Scheme

DatePrice*Price gross
after tax
rebate#
NAV Total Return
excluding
subscription costs
and tax rebate
NAV Total Return
including full
subscription costs
and tax rebate#
12 January 202493.18p65.23p1.65%45.22%
24 November 202396.02p67.21p1.32%44.74%
21 July 2023111.11p77.78p-10.14%28.38%
25 November 2022140.65p98.46p-26.86%4.48%
22 July 2022144.85p101.40p-27.10%4.14%
26 November 2021196.03p137.22p-44.46%-20.66%
23 July 2021208.03p145.62p-46.53%-23.61%
27 November 2020178.01p124.61p-35.44%-7.77%
23 July 2020153.60p107.52p-21.02%12.83%
22 November 2019148.23p103.76p-18.74%16.08%
26 July 2019155.90p109.13p-20.81%13.13%
23 November 2018145.72p102.00p-13.07%24.18%
27 July 2018177.98p124.59p-27.29%3.87%
24 November 2017164.38p115.07p-18.97%15.75%
21 July 2017141.35p98.95p-3.85%37.35%
25 November 2016115.26p80.68p21.57%73.67%
22 July 2016111.85p78.30p28.25%83.21%
13 November 2015110.73p77.51p33.65%90.93%
24 July 2015107.65p75.36p40.92%101.31%
7 November 2014110.01p77.01p42.41%103.44%
25 July 2014116.88p81.82p37.33%96.18%
25 October 2013121.58p85.11p36.38%94.82%
15 July 2013111.18p77.83p51.80%116.86%
26 October 2012102.36p71.65p71.12%144.45%
17 July 2012103.78p72.65p72.97%147.11%

*shares allotted under the Dividend Re-investment Scheme are issued without cost
#assumes full recovery of tax relief at applicable rate (all years 30%)

Literature & Reports

Consumer Duty – Adviser Documentation

Confirmation “Excluded Security” Status

Amati AIM VCT currently conducts its affairs so that the shares issued by Amati AIM VCT can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in a VCT to which the FCA has granted its approval for them to be promoted without restriction.

The Board

Fiona Wollocombe
Non-Executive Chair

Fiona Wollocombe joined the Board in June 2021. Fiona is chair of Kings Arms Yard VCT plc.  She has been, but is no longer, a non-executive director for a number of other companies in the VCT sector including being chair of Artemis VCT Plc and a director of Maven Income and Growth VCT PLC.  Fiona is also chair of the Trustees of the Scottish Ballet Endowment Fund.  Her previous career was in equity capital markets at NatWest Markets/Deutsche Bank.

Julia Henderson
Non-Executive Director

Julia Henderson joined the Board in May 2018. She has specialised in advising quoted and unquoted companies for over thirty years. Her corporate finance career began at ANZ Merchant Bank, after which she became a co-founder of Beeson Gregory Limited, a mid-market investment bank. Since 2004 she has been an independent consultant, chairman and non-executive director to companies across a broad range of sectors. Previous non-executive directorships include ECO Animal Health Group plc, GTL Resources plc, Alkane Energy plc and TP Group plc. She was a director of Amati VCT plc prior to its merger with the Company.

Brian Scouler
Non-Executive Director

Brian Scouler joined the Board in May 2018. He spent 25 years in the private equity industry with Charterhouse, Royal Bank of Scotland and Dunedin. He has wide experience of buying and selling private companies and investment portfolio management, sitting on numerous investee company boards. He was formerly manager of a quoted investment trust and a member of the steering committee of LPEQ, the listed private equity group. He is a Chartered Accountant with a number of non-executive and advisory appointments. He was a director of Amati VCT plc prior to its merger with the Company.

Corporate History

Amati AIM VCT incorporates shareholders from the three Singer & Friedlander AIM VCTs, Invesco Perpetual AiM VCT and, most recently, Amati VCT. Prior to changing its name on 4th May 2018, Amati AIM VCT was called Amati VCT 2 and followed a merger between Amati VCT and Amati VCT 2, the latter which was itself the result of a merger by scheme of reconstruction between ViCTory VCT and the former Amati VCT 2 (originally Invesco Perpetual AiM VCT).

So that original shareholders in the Singer & Friedlander AIM VCTs, Invesco Perpetual AiM VCT and Amati VCT can trace where their holdings have come from a brief outline of each is given below:

Corporate History for:

RNS

FAQs

Please find below answers to some of the most frequently asked questions for Amati AIM VCT. Should you wish to discuss another query, please contact us on 0131 503 9115 or email info@amatiglobal.com.

General

Venture Capital Trusts (VCTs) were introduced by the Government in 1995 and were designed to encourage investment in early-stage companies by offering attractive tax benefits in return for the additional risks involved. The legislation has changed over the years, but at present the main tax reliefs available are as follows: income tax relief of 30% on subscriptions for new shares up to a value of £200,000 in each tax year, providing that the investment is held for five years; tax free dividends; and a capital gains exemption on disposal. VCTs are broadly similar to investment trusts and are listed on the Main Market of the London Stock Exchange, with independent Directors whose responsibility is to protect the interests of the shareholders in the VCT.

We believe that AIM provides VCT investors with access to some of the UK’s most outstanding growth companies, and that these are well represented in the Amati AIM VCT portfolio. Amati brings together a highly experienced team of fund managers whose sole focus is on UK smaller companies. AIM based VCTs typically have a more diversified portfolio than other types of VCT, likely to be invested in larger more established companies, with transparent market pricing and reasonable liquidity.

Valuations for Amati AIM VCT are provided online via the Investor Hub:

Shareholders: To login or register for this service, please go to: https://amati-aim-vct.cityhub.uk.com

For any assistance in registering, please contact the registrar on 01484 240 910 or email: amatiVCT@city.uk.com

Financial Intermediaries: To login or register for this service, please go to: https://amati-aim-vct.cityhub.uk.com

If you require any new clients registered to your firm and/or username, please contact Amati Global Investors on 0131 503 9115 or info@amatiglobal.com

For financial intermediaries with information rights only, please send your valuation request along with a Letter of Authority (LOA) to info@amatiglobal.com

You can view your holding via the City Hub at https://amati-aim-vct.cityhub.uk.com

You will need to create your account if you have not already registered.

The NAV is published on our website and is updated on a weekly basis please see above.

If you would like your IFA to have access to the information on your shareholding, you may invite your IFA to view your holding online by clicking on ‘Invite Intermediary’. You then need to enter your advisor’s email address in the ‘Intermediary Email’ field, click the shareholding(s) you would like them to have access to and then click ‘Send Invitation’. Your advisor will then receive an invitation code which will enable them to access your shareholding information once City has approved the request. You may also review any invitations regarding your financial advisor in the ‘History’ section.

Alternatively, you can complete an IFA Letter of Authority (PDF) and send it to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH. You may also send a scanned signed copy to amativct@city.uk.com.

Please stipulate in the Letter of Authority whether or not you would like your IFA to be able to have online access to your shareholding too.

If you need to update the registered address on your shareholding, please login to your Amati Investor Hub account, click on ‘My Shares’ and then click on your name. You then need to scroll down to the Address section and click ‘Change’. You can then complete the relevant fields before clicking ‘Save’.

Alternatively, please complete a Change of Address Form (PDF) and send it to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH. You may also send a scanned signed copy to amativct@city.uk.com.

You DO NOT need to send us your share certificate(s).

If you need to update your email address on your shareholding, please login to your Amati Investor Hub account, click on ‘My Shares’ and then click on your name. You then need to scroll down to the Email section and click ‘Change’. You can then complete the relevant field before clicking ‘Save’.

If you would like to update the method you receive communications from City and the company, please login to your Amati Investor Hub account, click on ‘My Shares’ and then click on your name. You then need to click the ‘Summary’ tab and click on your relevant shareholding description. This will take you to a screen where you can see your general shareholding details, as well as details of transactions, share certificates, payments, and dividend elections (if applicable). Please click ‘Details’ and scroll down to the ‘Mail Option’ section and click ‘Change’. In the ‘Update Mail Option’, please choose one of the below options and then click ‘Save’:

Post: you will receive hard copy communications from the company Web: you will receive notification in the post that you may access communications online (though you will continue to receive hard copy proxy forms, where applicable) Email: you will receive email communications from the company

Alternatively, please send a letter of instruction (which includes your full name, address and the company you hold shares in) to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH. You may also send a scanned signed copy to amativct@city.uk.com.

If you wish to change your name registered on your holding, please contact us in writing with the following information:

The company in which you hold shares Previous name and registered address Your new name in full Your signature in your new name Send your Share Certificates for endorsement Supporting documentation for your change of name such as: Marriage: Marriage Certificate  Divorce: Decree Absolute and Birth Certificate/previous Marriage Certificate  Name change for other reasons: Stamped Deed Poll  Company name change: Certificate of Incorporation on change of name by the Registrar of Companies

We cannot accept a fax or email of this notification, as original signatures are required.

We accept certified or court sealed copies of legal documents to amend the register. Any certified copy of any document should have the original stamp proving certification (photocopies of a certified document will not be accepted).

Please send any documentation to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH.

To appoint a Power of Attorney, you must submit a Certified copy of the Power of Attorney, duly certified by the donor, a solicitor or a duly certified notary public, that it is a true and complete copy of the original. Where the Power is more than one page, this certification should appear on each and every page.

The Power of Attorney should be sent to us for registration. Your covering letter should state all the companies in which shares are held and therefore where the Power of Attorney should be registered against.

Please send the Power of Attorney to us at The City Partnership (UK) Limited, Suite 2 Park Valley House, Park Valley Mills, Meltham Road, Huddersfield HD4 7BH.

Amati Global Investors cannot buy back shares directly from our VCT investors. If you wish to sell your shares you will need to do so through a broker, who will sell them via the market maker.

If you do not have an existing relationship with a broker, and would like further guidance on this, please do not hesitate to contact us on 0131 503 9115 or info@amatiglobal.com.

Although procedures will vary, possession of the relevant share certificate will be necessary to sell your shares. We will be happy to assist you in gathering any information you may need in respect of your investment.

If you wish to transfer your shares to charity please contact Sharegift on 020 7930 3737 or go to their website for further information https://www.sharegift.org.

To transfer your shares you need to complete a Stock Transfer Form (PDF) and send it to us together with the valid share certificate.

If the transfer is exempt from Stamp Duty or no chargeable consideration is given for the transfer, you need to complete the reverse of the transfer form.

Further information is set out in the Stamp Duty section of the HMRC website which includes a stamp duty calculator.

If stamp duty is applicable, please contact the Stamp Office.

Birmingham Stamp Office
9th Floor
City Centre House
30 Union Street
Birmingham
B2 4AR

The transfer form should be sent to the stamp office before sending it to us with the certificate. Once you receive the stamped transfer form back please send it to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH. with the valid share certificate.

We can place a note on the register with a copy of the original or official copy of the Death Certificate. To register the executors on the register we will require either an original UK Grant of Representation or an office copy bearing the impressed seal of the Court. Once this is registered you can transfer or sell the shares.

If you do not choose to obtain a Grant of Representation and the estate does not exceed the Inheritance Tax limit with the total value of the holding not exceeding £20,000 at the date of death, a Small Estates Declaration and Indemnity form can be used to register the death. Please contact us on 01484 240910 if you would like a Small Estates Declaration and Indemnity form.

Please send any documentation to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH.

Fund factsheets are published monthly and are available on our website by clicking here. To receive our fund fact-sheets by email once available, please contact us on 0131 503 9115 or info@amatiglobal.com.

Dividends

Dividends for Amati AIM VCT are paid out annually, with the payments typically falling around July and November. Full details of any upcoming dividends can be viewed in the annual and interim reports, please click here to view the latest report. A full history of dividends paid to date can also be viewed on our website by clicking here.

 

If you need to update your mandate instructions on your shareholding, please login to your Amati Investor Hub account, click on ‘My Shares’ and then click on your name. You then need to click the ‘Bank Details’ tab and complete the relevant fields before clicking ‘Save’.

Alternatively, please complete a Dividend Mandate Form (PDF) and send it to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH. You may also send a scanned signed copy to amativct@city.uk.com

Please return any cheques that are out of date to the registrar. If you would like to have the outstanding dividends reissued into a bank account, please provide the registrar with the relevant account details. Please return these to The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH.

If you need to update your Dividend Reinvestment Scheme election on your shareholding (if applicable), please login to your Amati Investor Hub account, click on ‘My Shares’ and then click on your name. You then need to click the ‘Summary’ tab and click on your relevant shareholding description. This will take you to a screen where you can see your general shareholding details, as well as details of transactions, share certificates, payments, and dividend elections (if applicable). Please click ‘Details’ and scroll down to the ‘Election Type’ section and click ‘Change’. Scroll down to the ‘Manage Election’ section, then please check the details are correct and read the terms and conditions. Please then tick the declaration at the bottom and click ‘Submit’.

If you would like to withdraw from the reinvestment scheme, please return to the ‘Election Type’ section and click ‘Change’. Scroll down to the ‘Manage Election’ section and click ‘Withdraw from Scheme’.

If you would like to enrol in the Dividend Reinvestment Scheme, you may also complete a form (a PDF should be downloadable in the ‘Manage Election’ section). You may also either visit the company’s website to download a Dividend Reinvestment Scheme election form or email The City Partnership (UK) at amativct@city.uk.com to request one.

If you would like to be removed from the Dividend Reinvestment Scheme, you can also send a letter of instruction (which includes your full name, address and the company you hold shares in) to us at The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH. You may also send a scanned signed copy to amativct@city.uk.com

Share Certificates

You do not need to split your certificate. A balance certificate will be issued to you for any shares that remain after the sale. However, if you wish to split your certificates into two or more certificates, send a letter to our registrar detailing how you want your certificates to be split. The registrar will require an original signature together with the relevant share certificate(s). Please send the instruction to: The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH.

Share certificates are typically issued around 10 working days following the allotment date and will be issued to the investor directly.

The only valid share certificates are under Amati AIM VCT and Amati VCT 2. If you hold any share certificates under the following names, these have now been replaced and can now be destroyed if you so wish:

First State AIM VCT Noble AIM VCT Noble Income & Growth VCT Singer & Friedlander AIM VCT Invesco Perpetual AIM VCT Amati VCT

If you are not in possession of your share certificate we require you to complete a letter of indemnity to obtain a new one.

Please send us a letter confirming you require an indemnity and we shall send one to you for completion. There may be an administration fee for issuing a new certificate. Please send the letter of request to The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield, HD4 7BH. You may also send a scanned signed copy to amativct@city.uk.com

Tax Relief

Income tax relief can be claimed to the value of 30% of your investment subject to a VCT investment limit of £200,000 in each tax year, which can be set against any income tax liability that is due, whether at the lower, basic, higher or additional tax rate. If subscription shares are sold or otherwise disposed of within five years the income tax relief will be lost, although this does not apply to transfers between spouses or in respect of deceased estates. Dividends paid by VCTs are tax free, subject to an investment limit of £200,000 per year. This applies to dividends in respect of subscription shares as well as shares bought in the secondary market. Amati AIM VCT normally pays its final dividend in July (interim in November) and the Board of the VCT aim to pay dividends equal to or around 5% of Amati AIM VCT’s Net Asset Value at its immediately preceding financial year end, subject to Amati AIM VCT’s distributable reserves and cash resources, and with the authority to increase or decrease this level at the Directors’ discretion. Under the current tax legislation these dividends are free of any tax liability, subject to the investment limit of £200,000 in any tax year. Shares in VCTs are exempt from Capital Gains Tax when they are sold, subject to the permitted maximum of £200,000 in any tax year. This applies to subscription shares as well as shares bought in the secondary market.

The summary above is for illustrative purposes only and any potential tax benefits to investors will vary according to individual circumstances. Income tax relief can only be claimed against income tax due to be paid in the same tax year as the share subscription. Prospective investors are strongly advised to seek independent advice as to their tax position and as to the suitability of any VCT investment before proceeding. For detailed information provided by HMRC on VCT tax reliefs please click here.

After you purchase your shares, you will be issued with a tax certificate which is typically issued at the same time as your share certficate. If you pay tax under PAYE you can either contact HMRC and have your tax code adjusted immediately or you can claim your income tax relief through your Self-Assessment form at the end of the tax year.

Yes, income tax relief can be claimed on shares issued as a result of re-invested dividends.

Offer (if open)

The Amati AIM VCT Offer is now closed. To be kept informed of future offers, please contact us on 0131 503 9115 or by email: info@amatiglobal.com

We can facilitate initial advisory fees on an advisory basis only. Fees for initial advise can be facilitated through the application process. Ongoing fees are only applicable on execution only off platform basis, and will be paid by the Manager. Ongoing fees of 0.375% are paid on an annual basis and are limited to 5 years.

Regulatory

VCT funds receive special tax benefits because of their role in supporting the UK economy, but they must meet a number of conditions, many of which are similar to those for Investment Trusts. The main test unique to VCTs is that within three years of raising funds, and at all times thereafter, a VCT must ensure that 70% of its investments (by value recorded at cost, or last price paid per share) are ‘qualifying holdings’, that is shares or securities in companies which meet the conditions of the VCT scheme.

The rules governing qualifying holdings are complex and have been subject to many changes over the years. Funds raised through share issues during different periods are be subject to slightly different rules governing qualifying holdings. In this context it is worth noting that older VCTs, including the Amati AIM VCT, may benefit from being able to maintain pools of money which were raised under older sets of rules, and which allow them to continue to make new qualifying investments under those older rules, where it is advantageous to do so.

The main conditions that companies must meet in order to issue shares that form part of a VCT’s qualifying holdings are as follows:

The investee company must be unquoted, which for the purposes of the legislation includes companies whose shares are traded on the Alternative Investment Market (AIM). It must be carrying out a qualifying trade, which for the purposes of the legislation excludes the following: dealing in land; financial activities; leasing assets; farming or forestry; hotels; shipbuilding; producing coal and steel; generating electricity. Its gross assets must not exceed £15m prior to the investment, and £16m afterwards. It must be independent. It must control all its subsidiary companies, and own more than 50% of each of them. At least 10% of each qualifying holding must be in ordinary shares of the investee company, and at least 70% of qualifying holdings in aggregate must be in ordinary shares. The investee company must also satisfy all of the conditions set out below as well.

For more detailed information provided by the HMRC on the conditions for VCT qualifying holdings please click here.

As from April 2014 VCTs may lose their tax-advantaged status if they invest in new shares in a company which has raised more than £5m from state aided sources over the twelve months prior to and including the date of investment. During the summer budget of July 2015 new conditions were announced, which became effective from Royal Assent in November 2015, with the stated intention of ensuring that state aided funding becomes more targeted as well as fully compliant with EU rules. These conditions in effect impose stricter limits on the nature and extent of investments which may be made by VCTs, and can be broadly summarised as follows:

In addition to the existing annual investment limit of £5m, no investment may be made by a VCT in a company that causes that company to receive more than £12m (£20m if the company is deemed to be a Knowledge Intensive Company) of state aid investment (including from VCTs) over the company’s lifetime. A subsequent acquisition by the investee company of another company that has previously received State Aid Risk Finance can cause the lifetime limit to be exceeded. No investment may be made by a VCT in a company whose first commercial sale was more than 7 years prior to the date of investment, except where previous State Aid Risk Finance was received by the company within 7 years (10 years in each case for a Knowledge Intensive Company) OR where both a turnover test is satisfied and the company is entering a new market or commercialising a new product. No funds received from an investment into a company can be used to acquire another existing business or trade.

Two important exemptions have been introduced into the legislation to allow VCTs to manage their liquidity effectively through certain types of non-qualifying investments. Investments in UCITS funds and in shares purchased on a Regulated Market (for example the Main Market of the London Stock Exchange) are both exempt from the new restrictions placed on investments made by VCTs. This means that the Amati AIM VCT can broadly maintains its strategy of investing in the TB Amati UK Smaller Companies Fund (which is a UCITS fund), and of investing in certain individual stocks listed on the Main Market of the London Stock Exchange. Non-qualifying investments in AIM traded shares will, however, be subject to all of the new restrictions, as AIM is not, for the purposes of the legislation, a Regulated Market.

Please note that what we have provided above is not an exhaustive summary and should not be relied upon when considering an investment in Amati AIM VCT. For further details please refer to the policy paper published by HMRC, which can be found here.

In early 2016 HMRC is expected to provide more detailed guidance on the application of the new rules, at which time we will update this area of the website with any information of relevance to the Amati AIM VCT.