Raising twice in a year?

[UncleEbenezer]

Amati had a raise earlier in the tax year. I recollect it, 'cos I topped up. My new shares are still certificated, so I should be on the shareholder register for correspondence.

I just noticed Wealthclub lists them as "coming soon". Checking RNS, I see they're describing it as overallotting the previous offer, and would like shareholders to allow them to increase the amount yet further. Can't say I'm enthused by that level of growth: one of my criteria when subscribing for an offer is that the amount should be proportionate to the existing size of the VCT, and this moves the goalposts retrospectively.

[sinterklaas]

I don't think there's anything particularly odd going on here.

Amati's offer was always for up to £65m — £40m + £25m overallotment

They decided to defer using the overallotment, i.e. not use it in summer but wait til February.

They did pretty much exactly the same thing last tax year as well. It's not common behaviour among other VCTs, but with Amati there is precedent.

I guess staggering it in this way gives them more time on the clock to invest 80% of the amount raised.

As for “would like shareholders to allow them to increase the amount yet further”, I'm not sure I can identify what you mean there, I think they're just going for the £25m in the prospectus, no?

[UncleEbenezer]

As for “would like shareholders to allow them to increase the amount yet further”, I'm not sure I can identify what you mean there, I think they're just going for the £25m in the prospectus, no?

From the Feb 7th RNS:

In the light of the above, the Board has today published a circular (the "Circular") convening a general meeting (the "General Meeting") at which shareholders will be asked to consider and, if thought fit, approve the grant of additional authority, in addition to any existing authority, to allow the Board to issue on a non pre-emptive basis up to a further 10,000,000 Ordinary Shares (being approximately 7.3 per cent. of the Company's issued share capital as at 4 February 2022) up until the Company's 2022 AGM (the "Proposed Authorities").

As a certificated shareholder, I wonder where my circular is?

[sinterklaas]

See, I read that as being not to increase the amount raised, but to grant them sufficient authority to raise the amount they intend to, before they realised they hadn't cleared it sufficiently with shareholders

From the same RNS (and preceding the bit you highlighted) – bold bits mine:

…the Board believes that it will not have sufficient authority to allot the requisite number of Ordinary Shares so as to utilise the £25 million available under the over-allotment facility in full, should it be fully taken up. This would therefore limit the amount of capital that the Company could raise under the Offer. For illustrative purposes only, the issue of the remaining 10,451,263 Ordinary Shares under the over-allotment facility would only allow approximately £19.1 million to be raised under the over-allotment facility (based on the NAV per Share as at 3 February 2022).

For this reason, the Board believes that it is in the best interests of the Company and its shareholders as a whole that it be granted additional authority so as to enable the Company utilise fully the overallotment facility.

In other words, still going for £25 million starting tomorrow, just making sure they get authority along the way to actually allot that amount of shares.