TIDMATI
RNS Number : 5496T
Amati VCT PLC
13 October 2017
Amati VCT plc
HALF-YEARLY REPORT
For the six months ended 31 August 2017
Amati VCT plc announces that its 2017 Half-Yearly Report has
been published. The full report will be made available on the
National Storage Mechanism website:
http://www.morningstar.co.uk/uk/NSM and can be accessed via the
Company's website at www.amatiglobal.com/avct_literature.php. It
will be circulated to shareholders shortly.
Page numbers and cross-references in this announcement below
refer to page numbers and cross-references in the PDF of the
Half-yearly Report.
CONTENTS
Overview 1
Chairman's Statement 4
Fund Manager's Review 7
Investment Portfolio 12
Principal Risks and Uncertainties 15
Statement of Directors' Responsibilities 15
Income Statement 16
Statement of Changes in Equity 18
Condensed Balance Sheet 22
Statement of Cash Flows 23
Notes to the Financial Statements 24
Shareholder Information 29
Corporate Information 30
Contact Details 32
OVERVIEW
Corporate objective
The investment objectives of Amati VCT plc (the "Company") are
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 from time to time. The Company's
policy is to hold a diversified portfolio across a broad range of
sectors to mitigate risk.
Key data
6 months 6 months
ended ended Year ended
31/08/17 31/08/16 28/02/17
(unaudited) (unaudited) (audited)
----------------------------- ------------ ------------ -------------
Net Asset Value ("NAV") GBP57.3m GBP39.9m GBP44.7m
NAV per share 94.6p 69.6p 75.4p
Share price 86.3p 66.3p 70.8p
Market capitalisation GBP52.2m GBP38.0m GBP42.0m
Share price discount to NAV 8.8% 4.7% 6.1%
NAV Total Return (assuming
re-invested dividends) 29.3% 10.7% 22.6%
Numis Alternative Markets
Total Return Index 13.2% 14.9% 31.8%
Ongoing charges* 2.4% 2.5% 2.5%
Dividends in respect of the
period 2.0p 1.5p 4.0p
-----------------------------
*Ongoing charges calculated in accordance with
the Association of Investment Companies ("AIC")
guidance.
Table of investor returns to 31 August 2017 from a sample of
share issues
NAV NAV
Total Total Return
Return
excluding including
full
Price subscription subscription
gross Price Price gross costs costs and
of net of after and
Date costs costs tax rebate# tax rebate tax rebate#
------------ ------- -------- ------------ ------------- --------------
Initial
Offer 100.0p 94.8p 60.0p 100.4% 216.5%
4 January
2006 111.2p 105.4p 66.7p 81.8% 187.1%
4 April
2006 123.5p 117.0p 74.1p 62.3% 156.3%
21 March
2007 133.0p 130.3p 93.1p 42.9% 100.1%
4 April
2008 96.5p 91.7p 67.6p 83.4% 148.9%
6 October
2008 79.6p 75.7p 55.7p 122.4% 201.9%
17 October
2008** 67.4p 67.4p 67.4p 149.3% 149.3%
3 April
2009 54.5p 51.8p 38.2p 217.7% 331.2%
3 April
2010 79.2p 75.2p 55.4p 106.9% 180.9%
5 April
2011 93.2p 88.1p 65.2p 66.9% 125.3%
5 April
2012 81.8p 77.7p 57.3p 77.5% 140.9%
5 April
2013 72.6p 69.0p 50.8p 86.3% 152.8%
4 April
2014 85.8p 81.5p 60.0p 47.1% 99.6%
2 April
2015 71.6p 70.8p 50.1p 58.5% 124.1%
5 April
2016 68.3p 67.6p 47.8p 54.5% 118.5%
5 April
2017 77.8p 77.0p 54.5p 26.6% 79.0%
------------ ------- -------- ------------ ------------- --------------
# assumes full recovery of tax relief (y/e 5 April 2006 - 40%;
subsequent years - 30%).
**shares issued to Noble Income & Growth VCT plc
shareholders as a result of the asset acquisition.
Table of returns
to 31 August 2017 from shares issued under the Dividend
Reinvestment Scheme
NAV NAV
Total Total
Return Return
excluding including
full
subscription subscription
Price gross costs costs
after and and
Date Price* tax rebate# tax rebate tax rebate#
------------------ ------- ------------ ------------- -------------
4 July 2007 135.1p 94.6p 32.3% 89.0%
7 December 2007 111.3p 77.9p 57.8% 125.4%
15 February 2008 94.3p 66.0p 78.4% 154.9%
5 December 2008 58.0p 40.6p 183.8% 305.5%
17 August 2009 61.1p 42.7p 160.5% 272.2%
11 December 2009 68.6p 48.0p 127.0% 224.3%
13 August 2010 73.3p 51.3p 105.1% 193.1%
10 December 2010 85.1p 59.6p 72.5% 146.4%
12 August 2011 74.3p 52.0p 90.8% 172.6%
13 February 2012 74.4p 52.1p 85.4% 164.9%
14 August 2012 67.9p 47.5p 94.9% 178.4%
7 December 2012 66.9p 46.8p 92.1% 174.5%
12 August 2013 69.5p 48.7p 77.1% 152.9%
6 December 2013 71.6p 50.2p 67.3% 138.9%
15 August 2014 75.9p 53.1p 52.0% 117.1%
5 December 2014 71.0p 49.7p 58.0% 125.7%
14 August 2015 70.6p 49.4p 52.4% 117.7%
11 December 2015 69.9p 48.6p 49.4% 113.5%
12 August 2016 68.2p 47.8p 46.1% 108.7%
16 December 2016 68.7p 48.1p 41.8% 102.5%
------------------ ------- ------------ ------------- -------------
*shares allotted under the Dividend Reinvestment Scheme are
issued without cost.
#assumes full recovery of tax relief at 30%.
CHAIRMAN'S STATEMENT
Overview
The first six months of the year saw a return of more than 29%
and was the strongest in the history of Amati VCT, with the
exception of the first half of 2009 when the market was bouncing
very strongly off its post-crisis lows. On this occasion the
performance reflects the fact that a significant number of the
largest holdings in the portfolio have reported good results and
reached new highs during the period.
The investment strategy of the Company has been simplified and
focused over recent years and this has underpinned these strong
results. The Manager seeks to identify the best of the next
generation of AIM companies, to provide those companies with
valuable early stage capital and to support them as long-term
shareholders. It takes time to build up a portfolio of successful
and dynamic businesses which have grown out of the seeds which the
Amati VCTs have helped to nurture. As companies' earnings grow and
this is mirrored in their stock market valuations, the portfolio
evolves and becomes more biased towards the most successful
companies, as those which have grown the fastest in value become
the largest holdings. Over the last few years the concentration of
the portfolio in the top ten qualifying holdings has been
increasing, and this process has accelerated over the last six
months. A good way of illustrating this is by the following chart
which has been included for the first time in this report.
Amati VCT Qualifying Portfolio
The bubble chart is created based on the market capitalisation
of the individual security (the Y axis), the year purchased by
Amati VCT plc (the X axis) and the weight held in the portfolio,
shown by the size of the bubble. This allows a three dimensional
view of the portfolio, its largest holdings and best
performers.
The ten largest Qualifying Investments are now all capitalised
at more than GBP100m, with three capitalised at over GBP400m. The
unweighted average term of these investments is now around six
years, and the unweighted average returns from these ten
investments, based on our investment price (blended across more
than one round where we made follow-on investments), is 678% as at
the period end. These companies represent over 50% of the value of
the portfolio and provide an exceptionally strong set of core
holdings.
The Manager is seeing a number of new opportunities for
Qualifying Investments and expects to be able to make a steady
stream of further investments. During the period under review a
total of GBP3.2m was invested in Qualifying Investments, five of
which were in new holdings, details of which are given in the
Manager's Review which follows.
Investment Performance and Dividend
The NAV Total Return for the six month period was 29.3%, which
compares to a rise of 13.2% for the Numis Alternative Markets Total
Return Index. Detailed comments on the performance are given in the
Manager's Review.
The dividend policy of the Company is to pay between five and
six percent of year-end net asset value, subject to the
availability of liquidity and sufficient distributable reserves. In
line with this the Board is declaring an interim dividend of 2.0p
per share, to be paid on 8 December 2017 to shareholders on the
register on 3 November 2017.
Other Corporate Developments
A series of joint top up Share Issues with Amati VCT 2 was
launched in October 2016, and was fully subscribed before the
closing date, raising a total of GBP8.3m of which GBP4.1m was
subscribed for shares in Amati VCT.
The Company was 84% invested in qualifying holdings at the
period end, according to the tests required by the VCT legislation.
At the time of the AGM, the Board announced that it intends to
launch a larger fund raising this year in the form of a Joint
Prospectus Offer with Amati VCT 2, raising up to GBP10m for each
company. At the same time, the boards of both companies also
announced that they consider a merger of the two companies would be
in the best interests of shareholders. The merger process has been
held up by a particular aspect of the VCT legislation which could
have proven detrimental to some of our shareholders. We have
received assurances from HMRC that this was not an intended
consequence of the legislation and both boards expect to be able to
proceed with a merger once this area of the legislation has been
satisfactorily clarified, with the issue of a Supplementary
Prospectus and Shareholder Circulars. Assuming the merger can
proceed as planned, it will create a combined VCT capitalised at
over GBP100m (at the time of writing) and the ongoing expenses
ratio will be less than the two VCTs have as separate entities.
The External Environment
AIM, which began in 1995, has been coming of age over recent
years, supported as it is by a number of tax incentivised elements,
of which VCTs are but one. There is debate about whether these and
other tax incentives to support early stage businesses are good
value for money for the tax payer. Recently, a broad range of
questions have been posed by the consultation paper "Financing
Growth in Innovative Firms" published by HM Treasury in August. We
believe that AIM-focused VCTs play an important role in providing
capital to some of the most innovative firms in the UK at a time
when other sources of finance are limited, and that the Company's
portfolio bears this out.
Outlook
It is always important to remain realistic about expectations
following periods of very strong performance. Markets have a
tendency to retrace after periods of above average returns.
However, the tangible progress being made by many of our portfolio
companies has been impressive and creates a strong platform for
continued growth, even in tougher times. The Manager expects to see
a healthy level of attractive new investment opportunities and a
successful fund raising will enable the Company to take full
advantage of these as and when they arise. After the Budget next
month, we may have a clearer picture of the future landscape for
VCTs following our Offer, which I hope will be fully
subscribed.
Peter Lawrence
Chairman
13 October 2017
For any matters relating to your shareholding in the Company,
dividend payments or the Dividend Reinvestment Scheme please
contact Share Registrars on 01252 821390, or by email at
enquiries@shareregistrars.uk.com. For any other matters please
contact Amati Global Investors ("Amati") on 0131 503 9115 or by
email at vct-enquiries@amatiglobal.com. Amati maintains an
informative website for the Company - www.amatiglobal.com - on
which monthly investment updates, performance information and past
company reports can be found.
FUND MANAGER'S REVIEW
Market review
As is almost becoming the norm, a volatile political backdrop
dominated the six months under review. Whether it was the US
administration's apparent floundering over policy objectives and
chronic instability, combined with an increased military
assertiveness overseas, or the astonishing scale of the potential
for bad debts in the Chinese banking system or an ill-judged snap
UK General Election causing UK market jitters, there was no
shortage of talking points for those seeking to form a top down
view. The tragic conflicts in Syria and the Yemen rumble on with no
apparent end in sight, reminders of the dysfunction which has grown
up in international relations with the return of proxy wars and
battle for spheres of influence. It would be reasonable to expect
that such a backdrop would translate into elevated risk and
volatility. However, the market's main volatility gauge, the CBOE
Volatility Index (the "VIX"), remained stubbornly low, only
breaching the 15% level on four occasions. For reference, the VIX
surpassed 40% in January 2009, shortly before the global financial
crisis reached its nadir, and again in January 2011 when the
Eurozone debt crisis reached a peak and long-term interest rates
spiked in Greece and other peripheral states. There are various
explanations for this benign volatility, the most plausible in our
view being that continued accommodative monetary policies by the
Federal Reserve and European Central Bank have thus far been more
important for the direction of markets than the political
dislocations which dominate the headlines.
In the UK, AIM, small and mid-cap indices all outperformed the
top 100 index. AIM was especially strong, with its fortunes
dominated by superstar stocks such as Fever-Tree and Boohoo but
increasingly by the next generation of AIM stars, of which a number
are also held by the Company.
Performance
The VCT's NAV Total Return for the six month period was 29.3%.
This compares to the Numis Alternative Markets Total Return over
the same period of 13.2%. The only losing month during the period
was June, when the surprise loss of the Conservative party's
parliamentary majority spooked markets. These losses were swiftly
reversed in July.
The greatest contributor to performance over the six months
under review was Frontier Developments ("Frontier"), gaining 285%
over the period. Frontier is attracting a wider investor audience
as it launches its own new video games franchises. The period under
review witnessed the release of Frontier's original title, Elite:
Dangerous, on PlayStation 4; the news that Planet Coaster, its
second title, had surpassed the sale of one million units; and the
announcement that its third franchise will be Jurassic World
Evolution, based on Universal Pictures' Jurassic World, one of the
biggest blockbusters in cinema history. The latter announcement is
a major endorsement for a UK video games publisher and Frontier's
appeal was recently recognised by Tencent, a leading Chinese
internet and interactive entertainment company, which has acquired
a 9.9% stake in the business through an investment of GBP17.7m in
the company. Another player in the video games industry, Keywords
Studios ("Keywords"), was the second most significant contributor
to performance, its shares rising 129%. Keywords provides technical
services to the video games industry and continued its acquisition
strategy, acquiring four businesses, which all fit the template of
expanding the group's geographical coverage and service lines. The
most eye-catching of these recent acquisitions were a software
development business and a video games content management software
provider, both giving Keywords entirely new services to offer their
customer base. Keywords finds itself in an enviable position: its
market remains highly fragmented yet customers wish to deal with
fewer vendors. By continuing to consolidate its industry it can
present itself to video games publishers as a one-stop solution for
all video games support services. The market for outsourced video
games services continues to demonstrate healthy levels of growth
which, when combined with earnings enhancing acquisitions, provide
a powerful catalyst for shareholder returns. Tristel, the
manufacturer of infection control and contamination control
products, gained 79%. There were two principal catalysts for this
movement: the first was its move into the US and the submission for
regulatory clearance by the Environmental Protection Agency of its
Duo chlorine dioxide disinfectant foam; the second was a trading
update announcing that revenues and profits for the year to June
2017 would be ahead of expectations. The TB Amati UK Smaller
Companies Fund generated a return of 16% over the six months under
review after another period of strong performance, both relative to
its benchmark index (the Numis Smaller Companies Index) and its
peer group (IA UK Smaller Companies). Quixant, the designer of
computer systems for casino gaming machines, continued its progress
and this was rewarded by a 20% rise in its share price. Quixant
experienced stronger than anticipated trading in the first half of
2017 in both its core gaming division and Densitron, the
acquisition that
completed in 2015. Premier Technical Services Group, the
provider of access and safety services, gained 68% as the market
responded positively to new contract wins across all of its
disciplines, including a number of framework agreements with new
and existing customers and a high level of existing contract
renewals. Other notable contributors included Faron Pharmaceuticals
("Faron"), a pharmaceutical company focused on the treatment of
Acute Respiratory Distress Syndrome, which gained 97% over the
period ahead of the announcement of Phase III trial data which is
expected over the next few months; GB Group, the supplier of
identity verification software; and Hardide, the industrial surface
coatings company.
The most significant detractor from performance was Idox, the
provider of document management software applications to local
authorities and the engineering sector, which fell 16% over the
period. Idox released figures that were in-line with expectations
but this did not stop 'profit taking' by investors after a strong
share price performance in the lead-up to the results. Science in
Sport ("SiS") also succumbed to share price weakness with a fall of
14% over the six months. SiS announced a continuation of impressive
organic growth through sales of their sports nutrition products to
professional athletes and the burgeoning number of 'weekend
warriors' participating in endurance events. FreeAgent Holdings
("FreeAgent"), the provider of accounting software to small
businesses and freelancers, fell 26% over the period. Like Idox and
SiS, FreeAgent had enjoyed a period of strong performance prior to
this and we believe the company will continue to benefit from the
structural growth in the UK 'micro-business' market as well as
HMRC's Making Tax Digital agenda, which will encourage more small
businesses to adopt software for the management of their
accounting.
Portfolio activity
Qualifying portfolio
The Company made eight significant Qualifying Investments during
the period.
Faron, a company that we initially funded in September 2016,
returned for follow-on finance in March. The original fundraise was
to continue the development of its lead product, Traumakine, which
treats Acute Respiratory Distress Syndrome; the more recent raise
allows the expansion of pre-clinical and early-stage clinical
development of Clevegen, Faron's second product, as well as
strengthening the balance sheet in advance of negotiations with
potential partners for Traumakine. We were encouraged to follow our
investment in Faron by Traumakine's successful progress through its
data monitoring stages as well as the potential of Clevegen which,
although some way behind Traumakine in its development pipeline, is
showing potential in an important area of cancer therapy (the
prevention of inflammation and cancer spread). Towards the end of
the period we also took some profits from our holding, following a
dramatic rise in the share price which had increased the position
size significantly. We also made a follow-on investment in Rosslyn
Data Technologies ("Rosslyn"). The Company's initial position in
Rosslyn was acquired shortly before its IPO in 2014. Rosslyn has a
technology platform that gives businesses the ability to ingest
structured data from a wide variety of systems and sources then
present this data in software where it can be used to inform
management decisions. Rosslyn failed to meet the expectations that
were set at its IPO and could not capitalise on partnerships with
key systems integrators, including two of the 'Big 4' global
professional services firms. The original investment performed
poorly but we were persuaded to revisit the investment case due to
the acquisition of a business called Integritie, which improves
Rosslyn's technology proposition by enabling the analysis of
unstructured, as well as structured, customer data. The combined
business should benefit from cross-selling opportunities across the
enlarged customer base. The final follow-on investment was
completed in FairFX Group ("FairFX"), as part of a target funding
round to acquire the holding company of CardOneBanking, one of
three agency banks in the UK, as well as for further investment
into developing FairFX's corporate card business. The combination
of the two businesses will allow FairFX to expand the range of
services it offers to its customers by integrating CardOneBanking's
agency banking tools into its core proposition and should
facilitate improved buying terms with MasterCard, their payment
processor.
The Company acquired a new position in MaxCyte, a medical
devices company with a proprietary technology known as 'flow
electroporation', as well as its own pipeline of early stage drugs.
Flow electroporation is a technique which uses electrical charges
to allow particular molecules to cross a cell membrane without
causing damage. MaxCyte owns the intellectual property to the only
pharmaceutical grade machine for performing this technique, and it
is becoming widely used in the burgeoning field of cell therapy. A
new position was also acquired in Byotrol, a developer of
antimicrobial technologies and products. Byotrol has been listed on
AIM since 2005 and has been a perennial underperformer against
expectations, a legacy that is reflected in its share price chart.
However, a new management team has been turning the business around
and recently secured FDA (the US Food and Drug Administration)
approval for an important claim over the efficacy of their
chemistry, which provides an exciting growth opportunity in the US.
Alongside this opportunity, Byotrol recently acquired a business
that gives them direct access to supply the NHS with its alcohol
free hand sanitizers, which reduce the skin irritation which occurs
following the use of competitor, alcohol-based products.
Escape Hunt was the first of three IPOs in which the Company
participated during the period. Escape Hunt specialises in 'escape
games', a leisure concept that is growing rapidly in popularity.
The concept involves a group of friends, family or work colleagues
participating in a problem solving game in order to escape from a
themed room. The game is controlled remotely by a 'games master'
who influences the cadence of the event by revealing clues. Escape
Hunt came to AIM to raise capital to evolve from a franchise only
model to a site ownership model, building out its own locations to
capture the attractive returns that are generated on these sites.
The incoming CEO has excellent 'roll-out' experience having been
Global Head of Strategy at Pret A Manger and Managing Director at
Harris + Hoole, the chain of upmarket coffee shops. The Company
also acquired a position in Velocity Composites ("Velocity") as
part of its AIM IPO. Velocity produces kits of composite materials
for supply to aerospace component manufacturers such as BAE,
Meggitt and GKN. This is an element of the supply chain that the
manufacturers are keen to outsource to reduce their capital spend
and increase floor space at their facilities as well as to drive
improved productivity, quality control and materials traceability.
Composite materials now account for over 50% of widebody (twin
aisle) and 20% of narrow body (single aisle) aircraft and composite
usage is expected to increase alongside a predicted doubling of
aircraft numbers over the next twenty years. The third IPO in which
the Company participated was the listing of appScatter Group
("appScatter"), which provides businesses with a software platform
for managing their mobile apps across multiple app stores. The
platform allows app developers and publishers the ability to manage
and track compliance of their own apps and competing apps.
appScatter charges customers a flexible monthly fee based on the
numbers of users and the number of apps managed on the platform and
has already built up an impressive list of clients.
Kalibrate Technologies, the provider of software, data and
support services to the fuel retail industry, was sold during the
period, having been the subject of a successful takeover approach
by a private equity buyer. We also used the strength of Frontier
and Keywords during the period to take some profits and maintain
the Company's exposure at sensible levels; however, both holdings
remain significant positions in the portfolio.
Non-qualifying portfolio
Hiscox, the FTSE 250 listed commercial and personal insurance
business, was sold in order to raise cash to fund the Qualifying
Investment activity described above.
Outlook
The strategy that has been adopted of concentrating the
portfolio in our more mature, cash generative businesses by
'running our winners' has played out to the extent that, at the
half year end date, the top ten positions in the Company (including
the TB Amati UK Smaller Companies Fund) accounted for 58.9% of the
total net asset value. Far from causing us any anxiety, we are
reassured by the fact that we consider these businesses amongst the
highest quality investments in the portfolio and we are optimistic
about the future prospects for these companies. Whilst some of
these names have experienced extraordinary share price gains
lately, our belief is that these are companies that can continue to
deliver exceptional levels of revenue and profit growth. This
strong core to the portfolio also gives us the flexibility to
invest in attractive new qualifying opportunities and we have been
pleased to see a return of good quality 'dealflow', reflected in
the accelerated rate of investments completed relative to the prior
period. Whilst we cannot predict the direction of the markets, and
are aware that the UK in particular faces many challenges over the
next few years particularly arising from Brexit, we remain
optimistic about the underlying prospects of the businesses in your
Company's portfolio.
Dr Paul Jourdan, Douglas Lawson and David Stevenson
Amati Global Investors Limited
13 October 2017
INVESTMENT PORTFOLIO
as at 31 August 2017
Market Dividend
Cost Valuation Cap Yield Fund
(4)
GBP'000 GBP'000 GBPm Sector Status % %
----------------------- -------- ------------ ----------- ------------ -------------- --------- -------
TB Amati UK
Smaller Companies
Fund(3) 3,310 5,538 - Financials OEIC 1.5 9.7
Frontier Developments Consumer
plc(2,3) 488 4,965 407.8 Goods AIM - 8.7
Keywords Studios
plc(2,3) 406 4,696 796.1 Industrials AIM 0.1 8.2
Quixant plc(2,3) 418 3,872 281.4 Technology AIM 0.7 6.8
Health
Tristel plc(2,3) 543 2,993 132.7 care AIM 1.4 5.2
Craneware plc(2) 298 2,758 346.2 Technology AIM 1.4 4.8
Ideagen plc(2,3) 565 2,294 179.9 Technology AIM 0.3 4.0
Idox plc(1,3) 299 2,287 247.5 Technology AIM 2.0 4.0
GB Group plc(2,3) 237 2,261 586.5 Technology AIM 0.7 3.9
AB Dynamics
plc(2,3) 304 2,054 111.2 Industrials AIM 1.3 3.6
----------------------- -------
Top Ten 6,868 33,718 58.9
----------------------- -------- ------------ ----------- ------------ -------------- --------- -------
Learning Technologies
Group plc(1,3) 871 1,969 270.2 Industrials AIM 0.6 3.4
Premier Technical
Services Group
plc(2,3) 473 1,531 175.0 Industrials AIM 1.0 2.7
Sprue Aegis
plc(1,3) 106 1,299 95.0 Industrials AIM 4.7 2.3
Basic
Hardide plc(1,3) 373 1,287 24.2 Materials AIM - 2.2
Science in Consumer
Sport plc(2,3) 811 1,281 36.6 Goods AIM - 2.2
Health
Anpario plc(2,3) 277 1,227 81.9 care AIM 1.8 2.1
Faron Pharmaceuticals Health
Oy(1,3) 342 911 195.3 care AIM - 1.6
LoopUp Group
plc(1,3) 490 888 74.3 Technology AIM - 1.6
Universe Group
plc(1,3) 215 877 21.8 Industrials AIM - 1.5
Bilby plc(2,3) 676 685 23.4 Industrials AIM 4.6 1.2
----------------------- -------- ------------ ----------- ------------ -------------- --------- -------
Top Twenty 11,502 45,673 79.7
----------------------- -------- ------------ ----------- ------------ -------------- --------- -------
SRT Marine
Systems plc(1,3) 709 673 44.1 Technology AIM - 1.2
Rosslyn Data
Technologies
plc(1,3) 818 632 11.0 Technology AIM - 1.1
Fox Marble
Holdings plc
Ordinary shares
& 8% Convertible Basic
Loan Note(1,3) 719 622 15.4 Materials AIM/Unquoted - 1.1
appScatter
Group plc(1,3) 617 617 46.1 Technology AIM - 1.1
FairFX Group
plc(1,3) 408 572 114.6 Financials AIM - 1.0
Water Intelligence
plc(2,3) 181 544 15.6 Industrials AIM - 0.9
Velocity Composites
plc(1,3) 507 527 31.6 Industrials AIM 1.2 0.9
Solid State
plc(2,3) 258 520 41.2 Industrials AIM 2.6 0.9
Basic
Byotrol plc(1,3) 511 512 11.2 Materials AIM - 0.9
Belvoir Lettings
plc(1,3) 404 460 37.3 Financials AIM 6.5 0.8
Escape Hunt Consumer
plc(1,3) 422 455 29.5 Services AIM - 0.8
Brady plc(2) 331 445 57.3 Technology AIM - 0.8
FreeAgent Holdings
plc(1,3) 389 422 37.2 Technology AIM - 0.7
Health
MaxCyte Inc(1,3) 449 404 18.0 care AIM - 0.7
MirriAd Advertising
Limited(1,3) 524 306 35.9 Technology Unquoted - 0.5
EU Supply plc(1,3) 351 299 13.0 Technology AIM - 0.5
Property Franchise
Group plc (The)(2,3) 155 212 35.4 Financials AIM 5.1 0.4
Crawshaw Group Consumer
plc(2,3) 432 211 23.2 Services AIM - 0.4
Brighton Pier
Group plc (The) Consumer
(1,3) 314 211 34.1 Services AIM - 0.4
MyCelx Technologies Oil &
Corporation(1,3) 440 209 8.4 Gas AIM - 0.4
Venn Life Sciences Health
Holdings plc(1,3) 311 209 8.9 care AIM - 0.4
Health
Genedrive plc(1,3) 326 140 6.4 care AIM - 0.2
Oil &
Ilika plc(1,3) 208 118 25.4 Gas AIM - 0.2
Sabien Technology
Group plc(2,3) 729 112 1.7 Industrials AIM - 0.2
Consumer
Mirada plc(13) 483 50 1.5 Services AIM - 0.1
Microsaic Systems
plc(1,3) 423 37 3.2 Industrials AIM - 0.1
Nujira Limited(1,3) 127 8 - Technology Unquoted - -
Investments
held at nil
value 5,192 - - - - -
Total investments 28,240 55,200 96.4
----------------------- -------- ------------ ----------- ------------ -------------- --------- -------
Net current
assets 2,082 3.6
----------------------- -------- ------------ ----------- ------------ -------------- --------- -------
Net assets 28,240 57,282 100.0
----------------------- -------- ------------ ----------- ------------ -------------- --------- -------
(1) Qualifying holdings.
(2) Part qualifying holdings.
(3) These investments are also held by other funds
managed by Amati.
(4) Next Twelve Months Consensus Estimates (Source:
FactSet and Fidessa).
The Manager rebates the management fee of 0.75% on the TB Amati
UK Smaller Companies Fund and this is included in the yield.
All holdings are in ordinary shares unless otherwise stated.
appScatter plc not listed as at 31 August 2017. Market
capitalisation is as at 5 September 2017 (date of market
listing).
Byotrol plc market capitalisation excludes placing shares
pending listing on 5 September 2017.
Investments held at nil value: China Food Company plc(3) ;
Invocas Group plc(1) ; Polyhedra Group plc(1,3) , Rame Energy
plc(1,3) , Rated People Limited(1,3) Rivington Street Holdings plc,
Sorbic International plc(3) , TCOM Limited(1,3) , TMO Renewables
Limited(2) , Vicorp Group plc, Vitec Global Limited(1) .
As at the period end, the percentage of the Company's assets
raised from all share issues held in qualifying holdings for the
purposes of Section 274 of the Income and Corporation Taxes Act
2007 is 84.39%.
PRINCIPAL RISKS AND UNCERTAINTIES
The Company's assets consist of equity and fixed interest
investments, cash and liquid resources. Its principal risks include
market risk, credit risk and liquidity risk. Other risks faced by
the Company include compliance and internal controls, economic,
investment and strategic, regulatory, reputational, operational and
financial risks as well as the potential for loss of approval as a
VCT. These risks, and the way in which they are managed, are
described in more detail under the heading Other Matters within the
Strategic Report in the Company's Annual Report and Accounts for
the year ended 28 February 2017. The Company's principal risks and
uncertainties have not changed materially since the date of that
report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
-- the condensed set of financial statements which has been
prepared in accordance with FRS 104 "Interim Financial Reporting"
gives a true and fair view of the assets, liabilities, financial
position and profit or loss of the Company;
-- the Chairman's Statement and Fund Manager's Review
(constituting the interim management report) include a true and
fair review of the information required by DTR4.2.7R of the
Disclosure Guidance and Transparency Rules, being an indication of
important events that have occurred during the first six months of
the financial year and their impact on the condensed set of
financial statements;
-- the Statement of Principal Risks and Uncertainties above is a
fair review of the information required by DTR4.2.7R, being a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the financial statements include a fair review of the
information required by DTR4.2.8R of the Disclosure Guidance and
Transparency Rules, being related party transactions that have
taken place in the first six months of the current financial year
and that have materially affected the financial position or
performance of the entity during that period and any changes in the
related party transactions described in the last annual report that
could do so.
For and on behalf of the Board
Peter Lawrence
Chairman
13 October 2017
INCOME STATEMENT
for the six months ended 31 August 2017
Six months ended Six months ended Year ended
31 August 2017 31 August 2016 28 February 2017
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ----- -------- -------- -------- -------- -------- -------- -------- --------- ---------
Gain on
investments 11 - 13,434 13,434 - 3,939 3,939 - 8,370 8,370
Income 8 265 - 265 316 - 316 540 - 540
Investment
management
fees (115) (346) (461) (84) (251) (335) (170) (510) (680)
Other expenses (146) - (146) (151) (2) (153) (306) (2) (308)
Profit on ordinary
activities
before taxation 4 13,088 13,092 81 3,686 3,767 64 7,858 7,922
Taxation on 10 - - - - - -
ordinary
activities - - -
Profit and total
comprehensive
income
attributable to
shareholders 4 13,088 13,092 81 3,686 3,767 64 7,858 7,922
Basic and
diluted earnings
per Ordinary
share 6 0.01p 21.72p 21.73p 0.14p 6.49p 6.63p 0.11p 13.76p 13.87p
------------------- ----- -------- -------- -------- -------- -------- -------- -------- --------- ---------
The total column represents the profit and loss account of the
Company in accordance with the Financial Reporting Standards
("FRS"). The supplementary revenue and capital columns have been
prepared in accordance with The Association of Investment
Companies' Statement of Recommended Practice: Financial Statements
of Investment Trust Companies and Venture Capital Trusts ("AIC
SORP"). There is no other comprehensive income other than the
results for the period discussed above. Accordingly a statement of
comprehensive income is not required.
The accompanying notes are an integral part of the
statement.
All the items above derive from continuing operations.
STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 August 2017 (unaudited)
Non-distributable reserves Distributable reserves
Called Capital Capital Capital
up Share redemption reserve Special reserve Revenue Total
share premium reserve (non-distributable) reserve (distributable) reserve reserves
capital GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
--------------- -------- --------- ----------- -------------------- --------- ---------------- ---------- ----------
Opening
balance as
at 1 March
2017 5,930 16,717 1,108 15,780 13,480 (8,377) 64 44,702
Shares issued 273 1,927 - - - - - 2,200
Share issue
expenses - (28) - - - - - (28)
Repurchase of
shares (147) - 147 - (1,129) - - (1,129)
Cancellation
of share
premium and
capital
redemption
reserves - (17,930) (1,156) - 19,086 - - -
Legal fees
paid - - - - (46) - - (46)
Dividends paid - - - - (1,445) - (64) (1,509)
Profit and
total
comprehensive
income for
the period - - - 11,195 - 1,893 4 13,092
Closing
balance as
at 31 August
2017 6,056 686 99 26,975 29,946 (6,484) 4 57,282
--------------- -------- --------- ----------- -------------------- --------- ---------------- ---------- ----------
For the six months ended 31 August 2016 (unaudited)
Non-distributable reserves Distributable reserves
Called Capital Capital Capital
up Share redemption reserve Special reserve Revenue Total
share premium reserve (non-distributable) reserve (distributable) reserve reserves
capital GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
--------------- -------- --------- ----------- -------------------- --------- ---------------- ---------- ----------
Opening
balance as
at 1 March
2016 5,580 12,884 816 7,047 17,564 (7,502) 405 36,794
Shares issued 306 1,778 - - - - - 2,084
Share issue
expenses - (25) - - - - - (25)
Repurchase of
shares (155) - 155 - (1,007) - - (1,007)
Dividends paid - - - - (1,302) - (405) (1,707)
Profit and
total
comprehensive
income for
the period - - - 4,529 - (843) 81 3,767
Closing
balance as
at 31 August
2016 5,731 14,637 971 11,576 15,255 (8,345) 81 39,906
--------------- -------- --------- ----------- -------------------- --------- ---------------- ---------- ----------
STATEMENT OF CHANGES IN EQUITY
For the year ended 28 February 2017 (audited)
Non-distributable reserves Distributable reserves
Called Capital Capital
up Share redemption Capital reserve Special reserve Revenue Total
share premium reserve (non-distributable) reserve (distributable) reserve reserves
capital GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
--------------- -------- --------- ----------- --------------------- ---------- ---------------- --------- ----------
Opening
balance as
at 1 March
2016 5,580 12,884 816 7,047 17,564 (7,502) 405 36,794
Shares issued 642 3,889 - - - - - 4,531
Share issue
expenses - (56) - - - - - (56)
Repurchase of
shares (292) - 292 - (1,914) - - (1,914)
Other capital
expenses - - - - (11) - - (11)
Dividends paid - - - - (2,159) - (405) (2,564)
Profit/(loss)
and total
comprehensive
income
for the year - - - 8,733 - (875) 64 7,922
Closing
balance as
at 28
February 2017 5,930 16,717 1,108 15,780 13,480 (8,377) 64 44,702
--------------- -------- --------- ----------- --------------------- ---------- ---------------- --------- ----------
The accompanying notes are an integral part of the
statement.
CONDENSED BALANCE SHEET
as at 31 August 2017
31 August 31 August 28 February
2017 2016 2017
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
--------------------------------------- ----- ------------ ------------ ------------
Fixed assets
Investments held at fair
value 11 55,200 38,468 42,502
Current assets
Debtors 34 73 990
Cash at bank 3,684 1,663 1,658
Total current assets 3,718 1,736 2,648
Current liabilities
Creditors: amounts falling
due within one year (1,636) (298) (448)
Net current assets 2,082 1,438 2,200
Total assets less current
liabilities 57,282 39,906 44,702
--------------------------------------- ----- ------------ ------------ ------------
Capital and reserves
Called up share capital* 6,056 5,731 5,930
Share premium account* 686 14,637 16,717
Capital redemption reserve* 99 971 1,108
Capital reserve (non-distributable)* 26,975 11,576 15,780
Special reserve 29,946 15,255 13,480
Capital reserve (distributable) (6,484) (8,345) (8,377)
Revenue reserve 4 81 64
Equity shareholders' funds 57,282 39,906 44,702
Net asset value per share 7 94.6p 69.6p 75.4p
-------------------------------------- ----- ------------ ------------ ------------
* These reserves are not distributable.
The accompanying notes are an integral part of the
statement.
For and on behalf of the Board
Peter Lawrence
Chairman
13 October 2017
STATEMENT OF CASH FLOWS
for the six months ended 31 August 2017
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------- ------------ ------------ ------------
Cash flows from operating
activities
Investment income received 266 366 634
Deposit interest received 2 6 10
Investment management fees (407) (323) (648)
Other operating costs (154) (169) (311)
Net cash outflow from operating
activities (293) (120) (315)
Cash flows from investing
activities
Purchase of investments (2,215) (1,617) (2,610)
Net sale of liquidity funds - 54 54
Disposals of investments 3,998 644 2,065
Net cash inflow/(outflow)
from financial investment 1,783 (919) (491)
Net cash inflow/(outflow)
before financing activities 1,490 (1,039) (806)
Cash flows from financing
activities
Net proceeds of share issues 3,140 2,067 3,517
Net cost of share buybacks (1,041) (1,007) (1,822)
Legal costs in respect of
share reconstruction (42) - (11)
Equity dividends paid (1,521) (1,707) (2,564)
Net cash inflow/(outflow)
from financing 536 (647) (880)
Increase/(decrease) in cash 2,026 (1,686) (1,686)
Reconciliation of net cash
flow to movement in net cash
Increase/(decrease) in cash
during the period 2,026 (1,686) (1,686)
Net cash at start of the period 1,658 3,351 3,351
Currency losses - (2) (7)
Net cash at end of the period 3,684 1,663 1,658
The accompanying notes are an integral part of the
statement.
NOTES TO THE FINANCIAL STATEMENTS
for the six months ended 31 August 2017
1. The Half-yearly Report covers the six months ended 31 August
2017. The Company applies FRS 102 'The Financial Reporting Standard
applicable in the UK and Republic of Ireland' and the AIC SORP as
adopted for its financial year ended 28 February 2017. The
financial statements for the six months to 31 August 2017 have been
prepared in accordance with FRS 104 'Interim Financial Reporting'
and on the basis of the same accounting policies as set out in the
Company's Annual Report and Financial Statements for the year ended
28 February 2017.
The comparative figures for the financial year ended 28 February
2017 have been extracted from the latest published audited Annual
Report and Financial Statements. Those accounts have been reported
on by the Company's auditor and lodged with the Registrar of
Companies. The report of the auditor was (i) unqualified, (ii) did
not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and
(iii) did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006.
2. The financial information set out in this report has not been
audited and does not comprise full financial statements within the
meaning of Section 434 of the Companies Act 2006. No statutory
accounts in respect of any period after 28 February 2017 have been
reported on by the Company's auditors or delivered to the Registrar
of Companies.
3. Going concern
In accordance with FRC Guidance for directors on going concern
and liquidity risk the directors are of the opinion that, at the
time of approving the Half-yearly Report, the Company has adequate
resources to continue in business for the foreseeable future. In
reaching this conclusion the directors took into account the nature
of the Company's business and Investment Policy, its risk
management policies, the diversification of its portfolio, the cash
holdings and the liquidity of non-qualifying investments. Thus the
directors believe it is appropriate to continue to apply the going
concern basis in preparing the financial statements.
4. Segmental reporting
The directors are of the opinion that the Company is engaged in
a single segment of business, being investment business.
5. Copies of the Half-yearly Report are being made available to
all shareholders. Copies can be obtained free of charge from Amati
Global Investors by telephoning 0131 503 9115 or emailing
vct-enquiries@amatiglobal.com.
6. The earnings per share is based on the profit on ordinary
activities after taxation for the six months ended 31 August 2017
of GBP13,092,000 (six months ended 31 August 2016: GBP3,767,000,
year ended 28 February 2017: GBP7,922,000) and the weighted average
number of shares in issue during the period of 60,255,160 (31
August 2016: 56,786,006; 28 February 2017: 57,123,199).
7. The calculation of net asset value per share at 31 August 2017 is based on net assets of GBP57,282,000 (31 August 2016: GBP39,906,000; 28 February 2017: GBP44,702,000) divided by 60,562,435 (31 August 2016: 57,308,334; 28 February 2017: 59,297,428) shares in issue at the period end.
8. Income
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2017 2016 2017
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------- ------------ ------------ ------------
Income:
Dividends from UK companies 226 256 413
Dividends from overseas
companies 9 27 27
UK loan stock interest 28 25 90
Interest from deposits 2 8 10
265 316 540
----------------------------- ------------ ------------ ------------
9. Dividends Paid
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2017 (unaudited) 2016 (unaudited) 2017
(audited)
GBP'000 GBP'000 GBP'000
--------------------------------- ------------------ ------------------ -------------
Final dividend for the year
ended 29 February 2016 of 3.0p
per Ordinary share - paid on
12 August 2016 - 1,707 1,707
--------------------------------- ------------------ ------------------ -------------
Interim dividend for the year
ended 28 February 2017 of 1.5p
per Ordinary share - paid on
16 December 2016 - - 857
--------------------------------- ------------------ ------------------ -------------
Final dividend for the year
ended 28 February 2017 of 2.5p 1,509 - -
per Ordinary share - paid on
11 August 2017
--------------------------------- ------------------ ------------------ -------------
1,509 1,707 2,564
--------------------------------- ------------------ ------------------ -------------
10. Tax
The effective rate of tax for the six months ended 31 August
2017 is nil (2016: nil).
11. Investments
In order to provide further information on the valuation
techniques used to measure assets carried at fair value, the
measurement basis has been categorised into a "fair value
hierarchy" as follows:
- Quoted market prices in active markets - "Level 1"
Inputs to Level 1 fair values are quoted prices in active
markets. An active market is one in which transactions occur with
sufficient frequency and volume to provide pricing information on
an ongoing basis. The Company's investments classified within this
category are AIM-traded companies and fully listed companies.
- Valued using models with significant observable market
parameters - "Level 2"
Inputs to Level 2 fair values are inputs other than quoted
prices included within Level 1 that are observable for the asset,
either directly or indirectly.
- A valuation technique; - "Level 3"
Fair value is measured using a valuation technique that is based
on data which are not observable.
Following the update to FRS 102, for periods starting after 1
January 2017 the Company will disclose the fair value hierarchy
based upon Levels 1, 2 and 3 rather than a, b, c i) and c ii).
Levels c i) and c ii) as disclosed in prior periods are now shown
within Level 3.
Level Level
1 3
--------
Traded Unquoted
on
AIM investments Total
GBP'000 GBP'000 GBP'000
---------------------------------------------------------------- -------- ------------ --------
Cost as at 1 March 2017 20,290 6,447 26,737
---------------------------------------------------------------- -------- ------------ --------
Movements in the period:
---------------------------------------------------------------- -------- ------------ --------
Purchases 3,263 - 3,263
---------------------------------------------------------------- -------- ------------ --------
Disposals - proceeds
received (3,946) (53) (3,999)
---------------------------------------------------------------- -------- ------------ --------
* realised gain on disposal 1,633 - 1,633
---------------------------------------------------------------- -------- ------------ --------
* realisation of revaluation movements from previous
years 606 - 606
---------------------------------------------------------------- -------- ------------ --------
Cost at 31 August 2017 21,846 6,394 28,240
---------------------------------------------------------------- -------- ------------ --------
Unrealised gains/(losses)
as at 1 March 2017 21,308 (5,543) 15,765
---------------------------------------------------------------- -------- ------------ --------
Unrealised gains on
investments during the
period 11,796 5 11,801
---------------------------------------------------------------- -------- ------------ --------
Realisation of revaluation
movements from previous
years (606) - (606)
---------------------------------------------------------------- -------- ------------ --------
Unrealised gains/(losses)
as at 31 August 2017 32,498 (5,538) 26,960
---------------------------------------------------------------- -------- ------------ --------
Valuation as at 31 August
2017 54,344 856 55,200
---------------------------------------------------------------- -------- ------------ --------
Equity shares 54,344 315 54,659
---------------------------------------------------------------- -------- ------------ --------
Loan stock - 541 541
---------------------------------------------------------------- -------- ------------ --------
Total investments at
valuation 54,344 856 55,200
---------------------------------------------------------------- -------- ------------ --------
12. Related Parties
The Company holds 344,509 shares in Anpario plc, an AIM traded
company of which Peter Lawrence is non-executive chairman. Mr
Lawrence and family hold 35,400 shares and his charitable trust
holds 27,950 shares in Anpario plc.
The Company retains Amati Global Investors Limited as its
Manager. The number of ordinary shares in the Company held by
certain members of the management team of the Manager (all of which
are held beneficially) are:
31 August
2017 shares
held
Paul Jourdan 290,466
Douglas Lawson 20,320
David Stevenson 14,134
----------------- -------------
Related party transaction
Save as disclosed in this paragraph there is no conflict of
interest between the Company, the duties of the directors, the
duties of the directors of the Manager and their private interests
and other duties.
SHAREHOLDER INFORMATION
Registrars account log in
You will now also be able to see details of your shareholding on
Share Registrars' website (www.shareregistrars.uk.com). To set up a
secure login for this you will need your Investor ID, which can be
found on your share certificate. In addition, once set up, you can
amend your address and bank mandate details and input a proxy vote
for a Company meeting using this online service.
Dividends
Shareholders who wish to have future dividends reinvested in the
Company's shares or wish to have dividends paid directly into their
bank account rather than sent by cheque to their registered address
should contact Share Registrars Limited on 01252 821390 or email
enquiries@shareregistrars.uk.com.
Share Price
The Company's shares are listed on the London Stock Exchange.
The bid price of the Company's shares can be found on Amati Global
Investors' website: http://www.amatiglobal.com/avct.php
Net Asset Value per Share
The Company's net asset value per share as at 31 August 2017 was
94.6p. The Company normally announces its net asset value on a
weekly basis. Net asset value per share information can be found on
Amati Global Investors' website:
http://www.amatiglobal.com/avct.php.
Financial Calendar
October 2017 Half-yearly Report for the six months ending 31
August 2017 to be circulated to shareholders
December 2017 Payment of interim dividend
28 February 2018 Year end
May 2018 Announcement of final results for the year ending 28 February 2018
June 2018 Annual General Meeting
CORPORATE INFORMATION
Directors Registrar
Peter Lawrence Share Registrars Limited
Julia Henderson The Courtyard
Charles Pinney 17 West Street
Brian Scouler Farnham, Surrey
GU9 7DR
all of: Auditor
110 George Street KPMG LLP
Edinburgh Saltire Court
EH2 4LH 20 Castle Terrace
Edinburgh
EH1 2EG
Secretary Custodian
The City Partnership (UK) Jarvis Investment Management
Limited Ltd
110 George Street 78 Mount Ephraim
Edinburgh Tunbridge Wells
EH2 4LH Kent
TN4 8BS
Fund Manager Solicitors
Amati Global Investors Rooney Nimmo
Limited 8 Walker Street
18 Charlotte Square Edinburgh
Edinburgh EH3 7LA
EH2 4DF
VCT Tax Adviser
Philip Hare & Associates
LLP
Suite C, First Floor
4-6 Staple Inn
Holborn London
WC1V 7QH
Contact Details
For enquiries relating to share certificates, share holdings,
dividends or the DRIS, please contact:
Share Registrars Limited
on +44 (0)1252 821390
or email: enquiries@shareregistrars.uk.com
For enquiries relating to subscriptions and for general
enquiries, please contact:
Amati Global Investors
on +44 (0)131 503 9115
or email: vct-enquiries@amatiglobal.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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