RNS Number : 9624I
Victory VCT PLC
22 March 2010
ViCTory VCT plc ("ViCTory VCT")
Appointment of Amati Global Investors Limited ("Amati") as Fund Manager
In its Interim Management Statement, the ViCTory VCT board of directors ("Board")announced its intention to appoint a new fund manager following a period of disappointing performance. Having conducted a review of VCT managers, the Board invited a number of managers to present and is pleased to announce its decision to appoint Amati as the new fund manager effective from today's date.
In January 2010 Dr Paul Jourdan and Douglas Lawson, together with the team directly involved in the day-to-day running of Noble AIM VCT plc, formed a new firm to acquire Noble Fund Managers Limited which was then renamed Amati Global Investors Limited. Amati currently manages both the Noble AIM VCT plc and the CF Noble UK Smaller Companies Fund, originally a First State Investments OEIC fund which Paul Jourdan has managed since 2000.
Noble AIM VCT plc has been, and continues to be, one of the best performing AIM VCTs to have floated in the 2004/2005 tax year. The Board believes that the Amati approach of using the non-qualifying portion of the VCT's investments to broaden and extend the range of the qualifying portfolio to include a portfolio of small and mid-sized companies will add value. The recent strategy of Noble AIM VCT plc has been to direct the non-qualifying investments towards overseas earnings' streams, particularly from the Far East, and the energy and natural resources sectors which are rarely represented through qualifying investments. Amati will seek over time to re-align the qualifying portfolio in ViCTory VCT towards slightly larger companies.
At this year's AGM, shareholders will be invited to approve a resolution to permit a more flexible investment mandate to allow ViCTory VCT to adopt a similar approach to overall portfolio construction.
The Board looks forwards to working with Amati and believes that this change of management of ViCTory VCT will add value for shareholders over the coming years.
Christopher Moorsom, Chairman
For further information please see www.amatiglobal.com or contact Rachel Le Derf on 0131 243 0440.
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