Unicorn AIM VCT is to launch a new offer for subscription to raise £15 million, with an over-allotment facility to raise up to a further £5 million, through the issue of new ordinary shares.
Unicorn Asset Management (‘Unicorn’) has been invested in the AIM market since its inception in 2000. The VCT is the largest and longest running AIM-focused VCT with net assets of over £200 million.
Since launch in 2001, the company says the vehicle has delivered strong total capital gains and a consistent income stream to shareholders, returning 119.50 pence per share to shareholders since March 2010.
Chris Hutchinson, fund manager at Unicorn Asset Management commented: “Unicorn’s AIM-focused VCT has a long-established track record of delivering attractive and sustainable tax-free dividend income, while also generating meaningful capital gains for shareholders over the longer term.
“Despite challenging market conditions and economic headwinds, the performance of many of the Unicorn AIM VCT’s AIM-listed portfolio companies has been reassuringly resilient. A large proportion of the holdings in the VCT are well established, profitable and cash generative businesses, which sell highly specialised products and services for which there is typically continuing, strong demand.”
Looking at the market ahead, Fraser Mackersie, fund manager at Unicorn Asset Management added; “While the immediate outlook for less mature businesses remains challenging, it is reasonable to anticipate strong returns from these companies once market conditions become more favourable.
“Against this backdrop, our approach to backing new investments remains highly selective and we remain confident that we will continue to find exciting opportunities that, over time, are capable of delivering this important combination of tax-free dividend income and capital growth.”
The prospectus containing the full details and terms and conditions of the offer is expected to be available in January 2024.
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