Avarae is registered and incorporated in the Isle of Man. Since its incorporation it has raised more than £12.5 million in a number of financing rounds, including raising £5.0 million (before expenses), in conjunction with its admission to trading on AIM on 24 May 2006, raising £1.1 million (before expenses) through a placing with a single major London institution in June 2006, and raising a further £6.0 million (before expenses) in a secondary placing with major financial institutions in August 2007.
For a publicly traded company, Avarae maintains a very low operational cost base of approximately £0.3 million per annum on an ongoing basis (representing approximately 3 per cent of funds under management), which includes the costs associated with all of the Company’s numismatic advisers.
Avarae is advised by Noble Investments (UK) plc ("Noble"), which acts as an independent and experienced numismatic adviser, providing Avarae with the necessary experience and specialist advice regarding investments in the coin collection sector. Noble is a leading UK coin dealer, with approximately 6,000 clients and an international reach. Noble arranges for the coins acquired by the Company to be held in secure locations in the Greater London area and for those coins to be suitably insured.
In order to ensure that the Board has the necessary wide ranging experience, but bearing in mind the desire to keep the Company's cost base as low as possible, the Board has created an Advisory Panel of experts who provide their views on specific issues raised by the Board; in particular, the Board seeks the Advisory Panel's views on coin investment proposals. The Advisory Panel consists of Sir John Wheeler, who has 40 years of coin collecting experience and is the joint author of "British Colonial and Commonwealth coins", and David Pinckney, a chartered accountant with investment fund experience. The Company is incorporated in the Isle of Man and has engaged the services of Hillberry Trust to provide Administrative support to the Directors and to assist in the day-to-management of the Company.