Amati AIM VCT
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Amati AIM VCT has announced its intention to fundraise in the 2019/20 tax year. The proposed offer will seek to raise £25 million with an overallotment facility of £20 million. The offer is expected to open at the end of October 2019.
Amati AIM VCT is the new name for Amati VCT 2 plc which merged with Amati VCT plc in May 2018.
The most recent top-up offer for subscription opened in February 2019 and raised £7 million. Our review of that offer is below.
- Mature AIM-focused VCT
- Target dividend of 5%–6% of NAV – dividends variable and not guaranteed
- Diversified portfolio, plus exposure to TB Amati UK Smaller Companies fund
- No performance fee
- Minimum investment £4,000
Register to get an alert when the Amati VCT offer opens
Amati Global Investors, based in Edinburgh, is a specialist smaller-companies fund manager. It was founded in 2010 as a management buyout of Noble Fund Managers. The VCT's fund managers are Paul Jourdan, David Stevenson and Anna Wilson. Douglas Lawson, one of the founders of Amati, left the team in August 2018 to concentrate on running a data analytics company he co-founded the previous year.
In February 2017, AIM-listed wealth manager Mattioli Woods took a 49% stake in Amati Global Investors. This entitles it to acquire the remaining shares of the company between 2019 and 2021.
The Amati VCT has a focus on
AIM-listed companies. It will also make the occasional unquoted investment. The VCT aims to pay dividends at a level of between 5% and 6% of the year-end net asset value. Dividends are variable and not guaranteed.
Fees and charges
A summary of the fees and charges is shown below. Please see the provider documents, including the key information document, for full details.
|Full initial charge||3% (1% for existing shareholders)|
|Wealth Club initial saving||-|
|Net initial charge through Wealth Club||3% (1% for existing shareholders)|
More detail on the charges
Risks – important
This, like all investments available through Wealth Club, is only for experienced investors happy to make their own investment decisions without advice.
VCTs are high-risk so should only form part of a balanced portfolio and you should not invest money you cannot afford to lose. They also tend to be illiquid and hard to sell and value. Before you invest, please carefully read the Risks and Commitments and the offer documents to ensure you fully understand the risks.
Tax rules can change and benefits depend on circumstances.
VCTs can now only invest new money in growth capital deals. Management buyouts, replacement capital deals and investments in mature companies are no longer permitted. This results in considerably higher risks.
Unlike VCTs investing in unquoted companies, AIM VCTs have a more natural exit route for shares as they are listed. However, dealing in large volumes of shares could be difficult. The size of the VCT could make this more of a problem.
AIM shares can be very volatile and could suffer extreme volatility if the market falls sharply. The difference between the buying and selling price of AIM-listed companies is often wider than those listed on the main market.
Wealth Club aims to make it easier for experienced investors to find information on – and apply for – tax-efficient investments. You should base your investment decision on the provider's documents and ensure you have read and fully understand them before investing. This review is a marketing communication. It is not advice or a personal or research recommendation to buy the investment mentioned. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.
- Target dividend
- Initial charge
- Initial saving via Wealth Club
- Net initial charge
- Annual rebate
- Funds raised / sought
- £25.0 million sought
- Coming soon
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