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i would happily join your party john :)
however, i do feel for amati here, they have backed the company well but clearly there is something wrong structurally and financially and polx happen to be at the **** end off it dragging the sp down to 4p - ludicrous!
Nice to have some clarity on the situation, you know how some people get with conspiracies if they don’t have all the facts
Who wants a party when amati are out. Itsa amati parti ;)
Thanks unhooked.
Jeez, I feel for them, looks like they will be out by the end of the day… another 1m odd gone through
Ok, VCT status is not part of the strategic review. The RNS says they want to broaden the investment remit while preserving VCT status. Of course I can understand why - if they didn't maintain their VCT status, most of the investors would cash out - but, big mistake (imo). Only allowed to invest in IPOs (& placings)? In 2021?? Good luck with that!
To be clear, if Amati is selling, it's not because of redemptions. That's because the shares are not held in the open-ended fund but in the permanent capital VCT compliant AIM investment trust, AMAT.
Re: the strategic review announced by AMAT today, it's a good thing in my opinion. That's because the trust has to operate under v onerous restrictions in order to preserve VCT status. For instance, they cannot buy shares in the open market. Purchase can only be made at an IPO or at a subsequent placing, which means they cannot buy more of a share simply because the price has fallen and they reckon it's good value. Similarly, they cannot buy a share they have previously sold. Imagine investing in that way - it's hard enough making money on AIM, without having to navigate these VCT compliant handicaps additionally. I'm therefore not in the least surprised that AMAT has been such a poor performer and should be avoided except, possibly, for v wealthy risk-taking investors who need the VCT tax advantages... but even then I'm doubtful because if it doesn't make any money due to the restrictions it operates under, what's the point?
Keep you heads up boys. Let's not forget 25% of polarean shares still owned by other IIs. Amati rns should settle a few nerves we hope.
Better news for polx as the sp weakness created and worsened by amati policy change. They dumped over 3m since IMHO. So a few million to go hopefully another nukem . It will be a good day when this is over
Well Amati need to get rid of their remaining holding by the looks of things, AIM mkt has been disastrous.As I said there were very few large sells since Amati announced they had just over 6 million left a few days ago, they need to go
On Cue, RNS from Amati this morning!
The last sentence,
‘and the resultant performance issues faced by the Company’. - Ouch
The Board of Amati AIM VCT plc (the "Company") confirms that it has, in conjunction with the Company's investment manager, Amati Global Investors Limited (the "Investment Manager"), been considering the Company's strategic options in the light of ongoing challenges in the AIM market and the resultant performance issues faced by the Company.
Ure correct it was %, my mistake.. so roughly 4m shares left then if they kept on selling since then
PS - Amphion had to sell because they went bust!
Amati are clearly not going to go bust but imo it makes zero financial sense to be selling to Nukem at 5p unless they need the money urgently!
I have it on good authority that Amati are a forced seller because they have redemptions to meet.
If you look at their fund size in recent years, investors are leaving them.
I feel for them as they have put in a lot of effort here over the last 5 years. Apart from Amphion years ago, Amati are the only company I can ever remember releasing a TR-1!
Once they are out the share price will rise.
6,437,258 shares
‘On March 12th they had 2.98m shares…’
No they didn’t.
They held 2.98% of shares in issue.
Think you're right on all counts
On March 12th they had 2.98m shares.. they’ve been selling for a while and it’s been known.. they dont care if the price is dropping, they have to follow the plan they’ve set up.. counting the sells since then, I am sure they are nearly gone now
On 8 March Amati held 6.4 million shares, so looking at the trades since then there has been only a few large sells - could it be PI/another large shareholder offloading. Still believe Amati have a large holding as only been a few days since they crossed the threshold. I wonder why they are desperate to sell up?
450k shares to go, if all the big sells were theirs today..
They couldn’t have picked a worse time, obviously they want to cause as much trouble for us as they can
They had just under 6.5 million when they wrote the RNS, I haven’t been keeping track I hope Shpunken is correct and it’s less than 3 million now
So how many did they have left presuming yesterday's 1.3m was them. And today's near 2.5m ... bit confused as to current state of play
Good riddance to them 😉
Looking like they'll be done soon