Amati AIM VCT
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).
The details of the corporate history of the Amati VCTs are as follows:
Original Invesco Perpetual AiM VCT holders, who then held shares in the former Amati VCT 2, received 0.621926751 shares in ViCTory VCT for each share they held previously, with the resultant holding being round down to the nearest whole share. Thus if you held 10,000 shares in Invesco Perpetual AiM VCT, you would then been issued with 6,219 shares in ViCTory VCT.
ViCTory VCT then changed its name to Amati VCT 2, and in the reconstruction of the share capital each shareholder received 0.4220842 ordinary shares for each share held previously with holdings rounded down to the nearest whole share, such that the NAV per share rose from 42.06p to 99.8p and at the time marking the effective relaunch of the company. Thus if you held 10,000 shares in ViCTory VCT you would have held 4,220 shares after this. If you had started with 10,000 Invesco Perpetual AiM VCT shares, and then had 6,219 ViCTory shares, you would have held 2,624 shares in Amati VCT 2 after this reconstruction.
Following the merger with Amati VCT, Amati VCT 2 changed its name to Amati AIM VCT. Amati VCT shareholders received 0.598787 shares in Amati VCT 2 for each share they held previously, with the resultant holding rounded down to the nearest whole share. Thus if you held 10,000 shares in Amati VCT, you would have been issued 5,987 shares in Amati AIM VCT.
As a result of the various mergers and share reconstructions all share certificates have been re-issued. These are either in the name of Amati VCT 2 or, in the case of shares issued to former Amati VCT shareholders in respect of the merger between Amati VCT and Amati VCT 2, in the name of Amati AIM VCT. Share certificates in the name of Singer & Friedlander AIM 3 VCT, Invesco Perpetual AiM VCT, Noble AIM VCT and Amati VCT are no longer valid, and should be destroyed.
For questions regarding your shareholding or dividend payments, please contact Share Registrars on 01252 821390 or by email at firstname.lastname@example.org. For questions relating to applications for new shares or any other matters, please contact Amati Global Investors on 0131 503 9115 or by email at email@example.com.
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.
Amati VCT was launched in 2005 as the First State AIM VCT by Dr Paul Jourdan, whilst at First State Investment Management (UK) Limited. This VCT moved with Dr Jourdan to Noble Fund Managers in 2007 and the name changed to Noble AIM VCT. On 17th October 2008 Noble AIM VCT acquired Noble Income and Growth VCT via a scheme of arrangement. For each share in Noble Income and Growth VCT shareholders received 0.646 shares in Noble AIM VCT. Following the management team taking over Noble Fund Managers in 2010 the VCT changed its name to Amati VCT at its AGM on 2 July 2010. David Stevenson joined as a Fund Manager of Amati VCT in 2012 along with Anna Macdonald in 2018 (Douglas Lawson co-managed this fund from 2008 to 2018).
Noble Income and Growth VCT was launched in March 2002 as T&G AIM VCT, which also issued "C" shares on 8 October 2003. The Company changed its name to Noble Income and Growth VCT on 22 June 2005, and the "C" shares were converted to ordinary shares on 21 December 2005 with a conversion ratio of 1.136 ordinary shares per "C" share.
ViCTory was previously known as Singer & Friedlander AIM 3 VCT plc ('S&F 3') having been renamed in June 2009. On 22 February 2006 S&F 3 completed a merger with Singer & Friedlander AIM 2 VCT plc ('S&F 2') and Singer & Friedlander AIM VCT ('S&F 1'). S&F 1 shareholders received 0.419882 S&F 3 shares for each S&F 1 share held, and S&F 2 shareholders received 0.737883 S&F 3 shares for each S&F 2 share held. Thus if you held 10,000 shares in S&F1 you would then have held 4,198 shares in ViCTory. If you held 10,000 shares in S&F2 you would then have held 7,378 shares in ViCTory. In each case you would have held a share certificate for S&F3, which would have remained valid for ViCTory shares.
S&F 1 launched in the tax year 1998/99. It paid dividends of 2.6p on 16 Feb 2000, and 29.8p on 3 July 2000, giving a total of 32.4p prior to its merger into S&F 3. Since the merger a further 6.5p of dividends have been paid.
S&F 2 launched in the tax year 2000/01. It paid dividends of 1.3p on 19 September 2001, 0.6p on 27 September 2002, 0.35p on 17 September 2003, 0.5p on 1 September 2004, 0.5p on 14 June 2005, and 2p on 1 February 2006, giving a total of 5.25p prior to its merger into S&F 3. Since the merger a further 6.5p of dividends have been paid.
S&F 3 also launched in the tax year 2000/01. It paid dividends of 3.25p prior to the merger with S&F 1 and S&F 2, and has paid dividends of 6.5p since.
Between 31 March 2005 and 11 May 2005 S&F 3 issued 402,023 C shares at 100p each. These shares were converted into ordinary shares on 18th November 2005 with shareholders receiving 1.1368 ordinary shares for each C share held.
On 22 March 2010 the Board of ViCTory announced the appointment of Amati Global Investors as fund manager. Following a significant amount of portfolio restructuring, and a re-alignment of the investment policy closer to that of Amati VCT, a proposal to merge with Amati VCT 2 via a scheme of reconstruction was put to shareholders in October 2011 and was well supported.
The Company floated on 30 July 2004 as Invesco Perpetual AiM VCT plc. Its initial offer, in which investors subscribed for shares at 100p, lasted until June 2005, raising around £25m. The starting NAV was 95p. It raised further funds amounting to around £21m in a new share offer between February and April 2006, at a range of prices from 111.40p up to 117.02p. The Company initially operated a Dividend Re-investment Scheme, under which shares were allocated only once on 21 February 2006 in respect of the 3.5p dividend payable on 18 January 2006. Subsequently it was decided by the Board that the VCT rule changes meant it was no longer in the interests of the company to operate the scheme and it was closed. The Company maintained a share buyback policy until August 2007, but subsequently decided that the changes in the VCT legislation were such that this was no longer in the Company's long term interest. During 2007 the Board also adopted a policy of paying dividends amounting to 5p per share each year as a means of returning capital to shareholders.
On 11th February 2011 the Board of Invesco Perpetual AiM VCT plc announced the formal appointment of Amati Global Investors as the new fund manager. The name was changed at the EGM on 17th February 2011 to "Amati VCT 2 plc" ("the Company"). Following a significant amount of portfolio restructuring, the proposal to merge with ViCTory VCT via a scheme of arrangement was put to shareholders in October 2011 and was well supported.
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