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New Amati offer

Posted: June 29th, 2021, 11:05 pm
by Spet0789
Received this today:

Amati AIM VCT intends to launch a Prospectus Offer seeking to raise up to £30m (with an option to trigger an over-allotment facility of up to £30 million either in whole or in part). The Offer is expected to open at the end of July 2021.

I will be subscribing.

Re: New Amati offer

Posted: June 30th, 2021, 2:16 pm
by Kidman
Pembroke has also announced their plans:-

The directors of Pembroke VCT plc (the "Company") are pleased to announce their intention to launch a new offer for subscription (the "Offer") of new B Ordinary Shares for subscription in the 2021/2022 and 2022/2023 tax years.

Full details of the Offer will be contained in a prospectus that is expected to be published in September 2021.

Re: New Amati offer

Posted: July 22nd, 2021, 5:59 pm
by Vulgaris
e-mail rcvd today:

"Subject to FCA approval, the Amati AIM VCT Offer is expected to open on 30 July 2021 at 9am and the online application portal will be open to both existing and new investors at this time (details will be available from our website by COB on Thursday 29 July 2021).

However, priority will be given to valid applications from existing shareholders received by 9am on Wednesday, 4 August 2021.

Applications will otherwise normally be accepted on a first come, first served basis (provided cheques are not post-dated and with priority given to applications with cleared funds), subject always to the discretion of the Board.

Re: New Amati offer

Posted: July 29th, 2021, 5:44 pm
by sinterklaas
It’s available on Wealth Club website from 09:00 tomorrow as well. Just spoken to them.

Should be discount on initial charge as well, also annual rebate. Will have to refresh the page tomorrow morning to find out amount of each.

Re: New Amati offer

Posted: July 30th, 2021, 10:47 am
by sinterklaas
2% off initial charge, so pay 1%.

There's no early bird or anything, just a first allotment next week.

Re: New Amati offer

Posted: July 30th, 2021, 6:24 pm
by CrackAddick
Wealthclub seem to be keeping all of the (0.375%) trail commission for themselves. :(

I have to say that WC are getting too greedy for my liking. So in offers like this I will just apply online to Amati directly, as an existing holder I will still only pay 1%.

Re: New Amati offer

Posted: July 31st, 2021, 5:17 pm
by barchid
crack
I applied direct with Amati yesterday morning, (30th), and was told I was successful. At nearly 17.00 yeaterday I was being asked for passport, driving licence, council receipts etc despite having successfully applied every year since about 2014/15 and last purchased some in March this year when I was allocated only about 40% of my application.
So if you wish to avoid this clerical nonsense WC is perhaps not such a bad choice ?
The best vct direct online application form I have found is Maven, but as they recently sold out to a wealth manager I doubt I will be using them again.

Re: New Amati offer

Posted: August 1st, 2021, 11:34 am
by Kidman
barchid wrote:asked for passport, driving licence, council receipts etc
It drives me crazy these days when people ask for all this paperwork, especially if they have to be certified copies. Why can't more organisations get up to date and use electronic verification? It certainly doesn't make sense in your case as an existing investor and as with all VCTs they have your NINo so why isn't that good enough?

I asked one building society to update my passbook by post and they wanted identification papers so I've put that to one side. Another building society recently sent me a polite letter notifying me that they had done a routine electronic verification and all was well, excellent service.

Last year I bought my Pembroke shares using their online service with WealthClub adding in their details and it all worked very well.

Re: New Amati offer

Posted: August 1st, 2021, 1:21 pm
by UncleEbenezer
Kidman wrote:
barchid wrote:asked for passport, driving licence, council receipts etc
It drives me crazy these days when people ask for all this paperwork, especially if they have to be certified copies. Why can't more organisations get up to date and use electronic verification? It certainly doesn't make sense in your case as an existing investor and as with all VCTs they have your NINo so why isn't that good enough?

I asked one building society to update my passbook by post and they wanted identification papers so I've put that to one side. Another building society recently sent me a polite letter notifying me that they had done a routine electronic verification and all was well, excellent service.

Last year I bought my Pembroke shares using their online service with WealthClub adding in their details and it all worked very well.


I guess the paperwork is for money-laundering nonsense. Make life difficult for people like us, while turning a blind eye to those with billions of corrupt oil money provided they pay the relevant taxes (aka donations). I wonder if this applies to any investment at all, or only above a threshold?

I too used WealthClub online last year without fuss. I think it's the first time I've used them (certainly the first time I've applied online), but of course they acquired me as a Clubfinance client so they already had my identity.

This year I'm wondering whether they'll recognise me as existing shareholder, since my shares are in a nominee account.

Re: New Amati offer

Posted: August 1st, 2021, 3:51 pm
by CrackAddick
barchid wrote:crack
I applied direct with Amati yesterday morning, (30th), and was told I was successful. At nearly 17.00 yeaterday I was being asked for passport, driving licence, council receipts etc despite having successfully applied every year since about 2014/15 and last purchased some in March this year when I was allocated only about 40% of my application.
So if you wish to avoid this clerical nonsense WC is perhaps not such a bad choice ?
The best vct direct online application form I have found is Maven, but as they recently sold out to a wealth manager I doubt I will be using them again.


Fair point, avoiding the AML/KYC rigmarole is probably one of the best reasons to use a broker, when all things being equal the Application costs are similar.

Like many, I used to use CF, so when WC took them over, the ability to apply online was personally a game changer. So even though I could apply elsewhere and get better annual rebates, I still used WC for the convenience aplying online offered. As mentioned, the service is always very good too. But the ever decreasing trail rebates is starting to annoy. Now don't get me started on their Single company EIS offerings.... :)

Re: New Amati offer

Posted: August 1st, 2021, 4:16 pm
by CrackAddick
UncleEbenezer wrote:......I wonder if this applies to any investment at all, or only above a threshold?
.

I believe it used to be based on the sterling equivalent of EUR 15,000. A lot of the VCT Application forms these days, seem to suggest that they will do an Online ML check. Whether they do this for all applications or still apply a limit, I cannot say. But It does seem bizarre to offer an Online only application process, then have a paper based ID verification process......

UncleEbenezer wrote:......This year I'm wondering whether they'll recognise me as existing shareholder, since my shares are in a nominee account.
.

I've been slowly moving my holdings into nominee accounts and so far have not encountered any issues when I have ticked the existing holder box on a subsequent application. Although most of these applications are where I had applied recently while a direct holder, so they probably are happy I am still a holder, as I am within the 5yr limit. All my personal details are also unchanged, (whether that has a bearing)

Re: New Amati offer

Posted: August 3rd, 2021, 5:40 pm
by barchid
Wealth Club have just sent out an email alert that of the £40mill, 85% has already been applied for by existing shareholders and they still have up till tomorrow morning to apply before the offer is opened up to allcomers.
This is reminiscent of Northern vct's years ago, but they were mbo/asset backed not aim stocks.
TBH I am amazed at this take up.

Re: New Amati offer

Posted: August 3rd, 2021, 8:37 pm
by sinterklaas
barchid wrote:Wealth Club have just sent out an email alert that of the £40mill, 85% has already been applied for by existing shareholders and they still have up till tomorrow morning to apply before the offer is opened up to allcomers.


I didn't read it this way. I think everyone has been able to apply since Friday, existing or all-comer, but if it goes over the £40m then existing shareholders who apply before the cutoff (tonight, by the sounds of it) get priority.

Re: New Amati offer

Posted: August 3rd, 2021, 9:46 pm
by barchid
Sinter
The mail I had from WC said you could apply online, if valid & received by 09.00 tomorrow existing shareholders would be given priority.
My understanding was that in the first few days existing shareholders would be given priority anyway, in which case I assumed that if the offer is 85% full already then that is by existing shareholders ?
I could be wrong but that is how I understand it.

Re: New Amati offer

Posted: August 3rd, 2021, 10:27 pm
by Spet0789
barchid wrote:Wealth Club have just sent out an email alert that of the £40mill, 85% has already been applied for by existing shareholders and they still have up till tomorrow morning to apply before the offer is opened up to allcomers.
This is reminiscent of Northern vct's years ago, but they were mbo/asset backed not aim stocks.
TBH I am amazed at this take up.


This is one of the best performing VCTs out there. The last offer was scaled back, since when the VCT has become cheaper despite generally greater positivity around U.K. equities. Why the surprise?

Re: New Amati offer

Posted: August 4th, 2021, 9:38 am
by barchid
Sinter
Amati have just sent round an email saying that the issue is now almost full, (£38m out of £40m) and that the priority offer for existing investors is finished so the offer is now open to all. They will announce in due course their plan for the over allotment facility.
I still believe this issue has gone astoundingly swiftly, I think it is larger than any Amati offer previously & despite their great track record August is a tad early for the traditional vct season, this has effectively gone in 3 days.
In the video of them announcing their intention to make this offer they certainly used language such as "large" and implied it would likely stay open for some time.
Whether or not we are all in at the top remains to be seen but I look on these as long term holdings so it should average out over time.

Re: New Amati offer

Posted: August 4th, 2021, 1:03 pm
by UncleEbenezer
barchid wrote:Whether or not we are all in at the top remains to be seen but I look on these as long term holdings so it should average out over time.


Over a long period!

My first Amati investment was at a high in about 2010 or 2011, and was one of my worst-performing VCT holdings for many years. Including when they cut the dividend, and when they merged the two Amatis on less-than-favourable terms.

Re: New Amati offer

Posted: August 4th, 2021, 2:10 pm
by Spet0789
Amati have confirmed receipt of my funds.

As an existing shareholder am expecting to be fully allocated but let’s see.

Have decided to put all of my VCT eggs in the Amati basket this year…. I hope my faith is rewarded.

Re: New Amati offer

Posted: August 4th, 2021, 4:26 pm
by CrackAddick
As per link, it looks like the offer is now full and Amati are not using the over allotment facility at the moment, saving it for later use.

https://data.fca.org.uk/artefacts/NSM/RNS/4068356.html

I have to admit I was surprised by the speed it filled. I appreciate the performance recently has been good. But rather because £40M is historically a chunky raise for Amati

Until recently Amati had always seemed one of those offers that took a while to fill, so was something you could invest in, if you had not managed to apply in time for the Northerns of the VCT world and had some spare cash/tax to offset. Times they are a changing

Re: New Amati offer

Posted: August 12th, 2021, 1:44 pm
by Spet0789
Received my full allocation today.