1st Feb 2019 09:49
LONDON (Alliance News) - Amati AIM VCT PLC on Friday said it plans to raise GBP7.0 million via a share subscription.
The venture capital trust said the offer will open immediately and close on April 4, or earlier, if the maximum subscription is received. The company did not disclose how many shares will be offered for subscription, or the price at which they will be offered.
"The new ordinary shares will be issued at a price determined in accordance with a formula to allow for issue costs and based on the last published net asset value per share of the company," Amati said.
Under the formula, the NAV per share will be divided by 0.99 to determine the issue price for applications from existing shareholders. For all other applications the NAV per share will be divided by 0.97.
At the company's half-year ended July, NAV per share was 175.7 pence. According to this price, the shares will be issued at 177.47p for existing investors and 181.13p for new investors.
Amati AIM VCT shares were untraded on Friday at 134.01p each.
While the company said it welcomes application both from new and existing shareholders, the latter will be given priority to subscribe until February 19.
"Once demand from existing shareholders who have applied during this initial period is satisfied, all further applications will be processed on a first come, first served basis, subject to the discretion of the directors," the firm explained.
Related Shares:
Amati Aim Vct