AMIC operates as a specialist investor in the asset management
industry. Pursuant to the special resolution passed on 20 October
2006, AMIC adopted a new investment objective to effect an orderly
realisation of it's investment portfolio in order to return
capital to shareholders.
Corporate Objectives
- Investment in the global asset management sector
- Growth of capital and revenue
- Return of capital to shareholders
Corporate History
- 1994 incorporated with initial capital of £5 million
- 1995 rights issue - £1 million
- 1996 rights issue - £1 million
- 1997 zero dividend preference share issue - £5.8 million
- 1999 total assets £21 million
- 2000 £31 million raised by a placing of ordinary and zero dividend preference shares and a bank loan
- 2006 Adoption of return of capital objective
Investment Criteria
- Investment in discretionary asset management businesses
- Investment primarily in unquoted companies
- Minority investor
- No start-ups
- Revenue requirement
- Comprehensive investment agreement
Investment Agreement
- Regular management information
- Right to board representation
- Right to approve budgets
- Provisions for revenue distribution
- Exit with management
- Extensive warranties
Investment Process
- Identify opportunity
- Preliminary investigation and negotiation
- Recommendation to AMIC board
- Approval of AMIC board
- Due diligence
- Completion
AMIC PLC
- Group holding company
- Quoted investment trust