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Amati Offer

Sophisticated and complex high-risk tax-sensitive investments in small companies: handle with care
scotia
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Amati Offer

#2414

Postby scotia » November 8th, 2016, 7:52 pm

I received an email today from Amati with a link to their Offers for 2016/2017 and 2017/2018:-

http://amatiglobal.com/documents/Amati_ ... 6_2017.pdf

An interesting note in their email was:-

As this is a smaller Top Up Share Issue we are not obliged to issue a Prospectus, but it also means that under EU rules we have to observe strict limits on the timing and capacity of allotments during the course of the Share Issue. The calculations for capacity are based on rolling 12 month periods, which means that not all of the capacity will be available immediately and more will become available over the period

UncleEbenezer
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Re: Amati Offer

#2521

Postby UncleEbenezer » November 8th, 2016, 10:32 pm

I thoroughly approve of the way Amati run their offers. A small fundraise every year, available most of the time.

Shame the investment performance hasn't matched it.

scotia
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Re: Amati Offer

#20638

Postby scotia » January 6th, 2017, 11:22 am

For anyone waiting for the Share Certificates for Amati 2 as allotted on 12th December, and supposedly issued on 22nd December, the following response by Amati to an email enquiry, received today (6th December), may be relevant

We have been advised by Share Registrars Ltd that the share certificates will be sent next Monday. The certificates were delayed slightly due to the Christmas holiday period.

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Re: Amati Offer

#20774

Postby Retiringat51 » January 6th, 2017, 6:24 pm

Scotia

Good job.
You possess the investigative tenacity of Fyfe Robertson, man.

scotia
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Re: Amati Offer

#21484

Postby scotia » January 9th, 2017, 12:20 pm

For anyone waiting for any confirmation of the shares for Amati 2 as allotted on 12th December, these have now appeared in my Share Registrars holding (9th January). I expect the paper copy will arrive, shortly, by post.

12th December to 9th January - some holiday! I remember when my father got two days at New Year - he worked on Christmas and Boxing days.

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Re: Amati Offer

#28112

Postby UncleEbenezer » February 1st, 2017, 12:22 pm

Director Peter Lawrence and his family show confidence. £300k invested in the current offer by three Lawrences.

The RNS heading of "Smaller Related Party Transaction" intrigued me. Apparently it's a threshold of 0.25% of the company acquired over a 12-month period.

Nice to see a director having some serious skin in the game!

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Re: Amati Offer

#51099

Postby scotia » May 4th, 2017, 2:19 am

Amati Offers now full up and closed.

The Directors of Amati VCT plc (the "Company") are pleased to announce that the Share Issues in respect of the 2017/2018 tax year is now fully subscribed and closed to new subscriptions. The final allotment of shares will take place on 17 July 2017.

and
The Directors of Amati VCT 2 plc (the "Company") are pleased to announce that the Share Issues in respect of the 2017/2018 tax year is now fully subscribed and closed to new subscriptions. The final allotment of shares will take place on 17 July 2017.

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Re: Amati Offer

#51105

Postby Retiringat51 » May 4th, 2017, 6:59 am

Amati has entered the 1 year share price total return top ten for the first time with 23/24% growth, pop pickers.

Second in category only to Artemis @ 35%.

Amati
You bring the spring
The summer, fall
Ooh and winter
By the season
Amati (Amati)
You make me feel as though
I've been born again, born again

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Re: Amati Offer

#51967

Postby sinterklaas » May 8th, 2017, 9:35 am

haha just saw this. :) :)

Link for those unsure of the reference:
https://www.youtube.com/watch?v=XYfIFWhyznA

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Re: Amati Offer

#51973

Postby Retiringat51 » May 8th, 2017, 9:54 am

Yes, don't get carried away.

On a cautionary note, its worth remembering that kipper ties were fashionable when Amati last entered the charts.

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Re: Amati Offer

#54676

Postby BusyBumbleBee » May 18th, 2017, 12:48 pm

Amati VCT has just posted quite creditable results - not as good as the TB Amati UK Smaller Companies Fund - but OK

Lots of stuff in the report but this caught my eye
The Company seeks to address these issues through the Non-Qualifying Investment strategy set out below. In addition the Company benefits from an existing Qualifying Investment portfolio of some maturity, in which, due to strong performance, the most successful companies have tended to become the largest holdings. This mature portfolio serves to mitigate the risks for subscribers for New Ordinary Shares, as new Qualifying Investments purchased with the proceeds of subscriptions will sit alongside well established ones.

The' issues' mentioned are the issues about new investments that came with the new rules.

Now - as an existing shareholder - I am not sure I wish to have some of my upside shared with new shareholders. In many respects I don't want these new offers.

What do others think?

As an example - just think how much the first investors in BSV would have gained if they had had all the benefits of Go Outdoors and not had to share them with new shareholders..

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Re: Amati Offer

#54769

Postby UncleEbenezer » May 18th, 2017, 5:07 pm

BusyBumbleBee wrote:Now - as an existing shareholder - I am not sure I wish to have some of my upside shared with new shareholders. In many respects I don't want these new offers.

What do others think?

As an example - just think how much the first investors in BSV would have gained if they had had all the benefits of Go Outdoors and not had to share them with new shareholders..

There are a lot of such issues in the VCT world. For example, I'm frustrated that for years the ProVen/PGI "D" shares drifted down without ever a dividend, then they merged with the ords whereupon Monica Vinader (a D share holding) generated a return to make it all worthwhile, which was shared with Ords who had fared better (without sharing) over the previous years. Or the massive dilution of Titan in recent years.

But on the other hand, the best-performing VCTs do seem to be those that regularly raise new money and have a flow of both cash and shareholders. Those that don't regularly raise money range from Oxford Tech to Ventus.


From the Amati report:
It is worth noting to shareholders that following a period of strong performance, the Company is now benefitting from the Manager having waived all rights to future performance fees in 2014. Had this not happened, we would now be accruing for a performance fee. Amati VCT remains unusual amongst VCTs in that it does not pay performance fees to the Manager.

Well, credit where credit's due: thank you Amati both for the performance and for the manager agreement. But this seems to hint at a hypothetical performance fee with no high-water mark, as otherwise I'd expect to need a whole lot more than this year's happy story to reach performance-fee territory.


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