22 February 2021
Amati AIM VCT plc ('the Company') confirmed today that its Top-Up Offer had sold out just 90 minutes after opening. The Offer, to raise a further £7.0 million, was scheduled to close on March 31st.
The Company confirmed in May last year that its Prospectus Offer for Subscription of New Shares for both the 2019/20 and 2020/21 tax years had been fully subscribed, at £25.0 million. Given the uncertainty surrounding the identification of sufficient investment opportunities at that time, the Board decided against triggering a £20m 'over-allotment' facility. However, the Managers did continue to identify and make new investments, and with c£11.4m in new qualifying investments made since the start of the Company's last financial year (starting 1st February 2020), the Board decided to re-open the Offer. Underlining the continuing popularity of VCTs and investor confidence in Amati’s proven experience in managing such investments, the Company raised a further £19m.
Commenting on the rapid take-up of the Top-Up Offer, Amati Head of Sales, Rachel Le Derf, said: "Having deployed funds more quickly than we had originally anticipated, and as the managers have continued to identify a string of attractive investment opportunities, it made good sense to re-build cash levels. We anticipated strong demand and could not be more delighted with the support our investors continue to show and the trust they place in us as investors."