24th Sep 2008 16:18
Aberdeen Growth VCT I PLC
Interim Announcement for the six months ended 31 July 2008 (unaudited)
The Directors announce the unaudited Interim Management Report for the six months ended 31 July 2008.
This statement covers a period when equity markets generally have seen a downward trend in the face of tighter conditions for credit and with many commentators predicting little growth in the UK economy in the immediate future. Prices are likely to remain volatile given these economic conditions. Your Company has a significant exposure to AIM and the results for the period reflect the conditions in that market to a large extent.
NAV total return of 75.02p per share (pps) at period end, down 5.9% over the six-month period; the AIM All-share Index fell by 15.1% for the same period.
NAV at period end of 63.1pps.
Realised gains on the disposal of unlisted holdings of £586,000 equivalent to 2.6pps.
Performance
The NAV total return at 31 July 2008 was 75.02pps, a decrease of 5.9% over the equivalent figure at January 2008.
The Net Asset Value (NAV) per Ordinary Share at 31 July 2008, after payment of the final dividend of 1.5pps in respect of the year ended January 2008, was 63.1pps compared with 69.8pps at 31 January 2008.
Dividends
The Company paid dividends totalling 4.0p to Shareholders in respect of the year ended 31 January 2008; this represents a yield of 5.0% based on their net cost after initial tax relief. The yield is tax free and is, therefore, equivalent to a yield of 6.7% from a listed equity for a higher rate taxpayer.
The Board is not intending to pay an interim dividend in respect of the current year.
VCT qualifying status
The VCT qualifying status of your Company is monitored on a continuous basis to ensure that all of the criteria required to maintain VCT status are being achieved.
Investment activity
During the period ended 31 July 2008, five new unlisted and AIM investments were completed and a total of £942,000 was invested, of which £773,000 was in unlisted companies and £169,000 was in AIM quoted companies. At the period end, the portfolio stood at 73 unlisted and AIM/PLUS investments at a total cost of £15.6 million.
The following investments have been completed during the period:
|
Investment |
Date |
Activity |
Cost £'000 |
Website |
|
Unlisted |
||||
|
Broomco (4136) |
July 2008 |
Provider of CCTV and air conditioning services. |
52 |
no website available |
|
Essential Viewing Systems |
July 2008 |
Provider of video streaming software. |
57 |
ww.essential-viewing.com |
|
MoneyPlus Group |
July 2008 |
Provider of debt management services to individuals. |
64 |
www.moneyplusgroup.co.uk |
|
Nessco Group Holdings |
June 2008 |
Provider of telecommunication services. |
174 |
www.nessco.co.uk |
|
PSCA International |
May 2008 |
Producer of publications aimed at public sector officials. |
78 |
www.publicservice.co.uk |
|
TC Communications Holdings |
May 2008 |
Provider of marketing and communications services. |
149 |
www.tccommunications.co.uk |
|
Training For Travel Group |
April 2008 |
Provider of assessment, tuition and training in travel services. |
199 |
www.trainingfortravel.co.uk |
|
Total unlisted investment |
773 |
|||
|
AIM |
||||
|
Brookwell |
June 2008 |
Close-ended investment company established to acquire AIM quoted and listed securities from financial institutions. |
22 |
www.brookwelllimited.com |
|
OPG Power Ventures |
May 2008 |
Developer, owner and manager of power generation plants in India. |
49 |
www.opgpower.org |
|
Optare |
July 2008 |
Bus manufacturer and low emission technology group. |
49 |
www.elcb.co.uk |
|
Praesepe |
July 2008 |
Pursuer of acquisition and consolidation opportunities in the low-stake, high-volume gaming sector in the United Kingdom and Europe. |
49 |
www.aldgatecapital.com |
|
Total AIM investment |
169 |
|||
|
Total investment |
942 |
|||
Aberdeen Growth VCT I has co-invested with Aberdeen Income and Growth VCT, Aberdeen Growth Opportunities VCT, Aberdeen Growth Opportunities VCT 2, Talisman First Venture Capital Trust, Gateway VCT and Guinness Flight Venture Capital Trust in some or all of the above transactions and is expected to continue to do so with these as well as other clients of the Manager. The advantage is that, together, the funds are able to underwrite a wider range and size of transaction than would be the case on a stand alone basis.
Portfolio developments
There were two significant realisations from the unlisted investment portfolio during the period. The investment in ID Support Services Holdings was sold generating a gain of £283,000 which is a return, including the interest received during the life of the investment, of around 1.8 times the cost of £433,000 over the fifteen-month holding period.
The holdings in PSCA International were also sold for proceeds of £563,000 resulting in a gain of £303,000. Over the life of the investment, including the income received and earlier repayments of loan stock, a total return of 2.2 times the original cost of £376,000 was achieved.
The first partial realisation was from Lime Investments which had been set up as an investment vehicle with an entrepreneur well known to Aberdeen Asset Managers to seek acquisitions in the food sector; however, none has been completed within the timescales allowed by the VCT legislation and the company repaid the amount invested in loan stock together with a commercial yield and will be wound up. This will return the equity investment to the Company in due course. In addition, during the reporting period, the second partial realisation was from Homelux Nenplas, which repaid part of its loan stock at par ahead of its repayment schedule while a modest recovery was received from the administration of Transrent Holdings.
Conditions on AIM continued to be volatile during the reporting period and there were few opportunities to actively trade the portfolio. However, net realised gains of £122,000 were generated from actively traded stocks during the period. A number of non-core holdings were sold to an active investor who will aggregate the holdings from a number of managers and seek to realise them at higher values than could be achieved individually.
The FTSE AIM All-share index decreased over the period by 15.1% and has now fallen by over 30% since July 2007; in comparison the performance of the Company's portfolio showed a decline of 24.1% for the six-month period. The underlying performance of the businesses in the AIM portfolio remains sound and is expected to remain so. It is anticipated that this will be reflected in positive share price movements when market conditions improve, although the timing of any recovery remains uncertain.
Realisations
The table below gives details of realisations during the reporting period:
|
Date first invested |
Complete/ partial exit |
Cost of shares disposed of £'000 |
Sales proceeds £'000 |
Realised gain/ (loss) £'000 |
|
|
Unlisted |
|||||
|
Homelux Nenplas Holdings |
2006 |
Partial |
81 |
81 |
- |
|
ID Support Services |
2007 |
Complete |
433 |
716 |
283 |
|
Lime Investments |
2007 |
Partial |
359 |
359 |
- |
|
PSCA International |
2002 |
Partial |
260 |
563 |
303 |
|
Transrent Holdings |
2000 |
Partial |
13 |
13 |
- |
|
Total unlisted |
1,146 |
1,732 |
586 |
||
|
AIM |
|||||
|
Citel Technologies |
2001 |
Complete |
950 |
4 |
(946) |
|
Cohort |
2006 |
Complete |
77 |
113 |
36 |
|
Fountains |
2004 |
Complete |
82 |
94 |
12 |
|
Imprint |
2005 |
Complete |
204 |
78 |
(126) |
|
Optare |
2007 |
Partial |
40 |
109 |
69 |
|
Synarbor |
2004 |
Complete |
192 |
22 |
(170) |
|
Others |
46 |
49 |
3 |
||
|
Total AIM |
1,591 |
469 |
(1,122) |
||
|
Total |
2,737 |
2,201 |
(536) |
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company in the second half of its financial year; these are unchanged from those it faced at the start of the year, being the risks involved in investment in small and unquoted companies. In order to reduce the exposure to investment risk, the Company has invested in a broadly-based portfolio of investments in unlisted and AIM quoted companies in the United Kingdom. The Company remains compliant with the regulations governing venture capital trusts and the Manager closely monitors the position of the Company to ensure that it complies with the various tests at all times.
Constitution of the Board
On 16 July 2008, the Company announced the resignation from the Board of Martin Gilbert, as part of a re-organisation of his business commitments. His place on the Board was taken by Bill Nixon, Head of the Growth Capital team at the Private Equity Division of Aberdeen Asset Managers Limited and who had served as an Alternate Director to Mr Gilbert since 1 November 2005. The Board wishes to record its gratitude to Mr Gilbert for the contribution and support that he has provided during the time he served as a Director.
Outlook
The performance of the quoted markets generally has been volatile and it appears that these conditions will prevail for some time given the general economic conditions and uncertainty which currently exist and which are expected to continue. Opportunities to invest in companies seeking to achieve an IPO on AIM have, therefore, been limited and little change is expected in the short term.
The majority of the assets in the invested portfolio are in well managed private companies whose values are not directly affected by short term fluctuations in the quoted markets. This portfolio is still relatively young, but is maturing and a number of successful realisations may be possible which will result in a continuing need to re-invest the proceeds in due course in accordance with the VCT Regulations.
|
ABERDEEN GROWTH VCT I PLC |
||||||
|
Summary of Investment Changes |
||||||
|
For the six months ended 31 July 2008 |
||||||
|
Valuation 31 January 2008 |
Net investment/ (disinvestment) |
Appreciation/ (depreciation) |
Valuation 31 July 2008 |
|||
|
£'000 |
% |
£'000 |
£'000 |
£'000 |
£'000 |
|
|
Unlisted investments |
||||||
|
Equities |
3,211 |
20.5 |
(622) |
241 |
2,830 |
19.9 |
|
Preference shares |
105 |
0.7 |
(25) |
(1) |
79 |
0.6 |
|
Loan stock |
6,673 |
42.5 |
(312) |
(398) |
5,963 |
42.0 |
|
9,989 |
63.7 |
(959) |
(158) |
8,872 |
62.5 |
|
|
AIM/PLUS investments |
||||||
|
Equities |
4,667 |
29.7 |
(300) |
(901) |
3,466 |
24.4 |
|
Listed investments |
||||||
|
Fixed income |
500 |
3.2 |
495 |
(3) |
992 |
7.0 |
|
Total investments |
15,156 |
96.6 |
(764) |
(1,062) |
13,330 |
93.9 |
|
Other net assets |
539 |
3.4 |
326 |
- |
865 |
6.1 |
|
Net assets |
15,695 |
100.0 |
(438) |
(1,062) |
14,195 |
100.0 |
|
ABERDEEN GROWTH VCT I PLC |
|||||
|
Investment Portfolio Summary |
|||||
|
As at 31 July 2008 |
|||||
|
% of equity |
|||||
|
% of |
% of |
held by |
|||
|
Valuation |
Cost |
total |
equity |
other |
|
|
Investment |
£'000 |
£'000 |
assets |
held |
clients* |
|
Unlisted |
|||||
|
Cash Bases |
1,000 |
500 |
7.1 |
16.5 |
11.9 |
|
Funeral Services Partnership |
773 |
647 |
5.5 |
4.6 |
25.3 |
|
MoneyPlus Group |
615 |
615 |
4.3 |
11.1 |
63.9 |
|
Homelux Nenplas |
518 |
242 |
3.7 |
5.5 |
39.5 |
|
Transys Holdings |
514 |
448 |
3.6 |
5.2 |
66.6 |
|
Llanllyr Water Company |
500 |
500 |
3.5 |
42.4 |
7.5 |
|
Martel Instruments Holdings |
482 |
482 |
3.4 |
6.8 |
26.5 |
|
Camwatch |
468 |
468 |
3.3 |
7.2 |
35.4 |
|
Oliver Kay Holdings |
458 |
458 |
3.2 |
2.9 |
17.1 |
|
Essential Viewing Systems |
439 |
488 |
3.1 |
15.7 |
25.1 |
|
Energy Services Investment Company |
348 |
348 |
2.5 |
13.3 |
66.7 |
|
MS Industrial Services |
338 |
338 |
2.4 |
5.8 |
39.3 |
|
Cyclotech |
304 |
249 |
2.1 |
3.4 |
16.6 |
|
Adler & Allan Holdings |
299 |
299 |
2.1 |
1.3 |
39.7 |
|
IRW Systems |
202 |
90 |
1.4 |
21.2 |
36.3 |
|
Training For Travel Group |
199 |
199 |
1.4 |
2.3 |
27.7 |
|
Nessco Group Holdings |
174 |
174 |
1.2 |
2.3 |
35.5 |
|
Palgrave Brown (Holdings) |
167 |
96 |
1.2 |
1.9 |
49.6 |
|
Countcar |
160 |
12 |
1.1 |
4.1 |
22.5 |
|
TC Communications Holdings |
149 |
149 |
1.1 |
3.1 |
32.2 |
|
Enpure Holdings |
137 |
100 |
1.0 |
0.4 |
79.2 |
|
Driver Hire Investments Group |
124 |
127 |
0.9 |
0.7 |
44 |
|
PLM Dollar Group |
119 |
119 |
0.8 |
1.4 |
29.5 |
|
Buildstore |
105 |
105 |
0.7 |
0.6 |
6.8 |
|
PSCA International |
78 |
78 |
0.5 |
- |
- |
|
Broomco (4136) |
52 |
52 |
0.4 |
0.4 |
1.8 |
|
Lime Investments |
49 |
49 |
0.3 |
15.6 |
64.4 |
|
Other unlisted investments |
101 |
3,255 |
0.7 |
||
|
8,872 |
10,687 |
62.5 |
|||
|
AIM |
|||||
|
Axeon |
357 |
396 |
2.5 |
1.7 |
2.0 |
|
Litcomp |
312 |
250 |
2.2 |
- |
4.9 |
|
Software Radio Technology |
298 |
408 |
2.1 |
1.3 |
1.3 |
|
Concateno |
289 |
183 |
2.0 |
0.4 |
2.1 |
|
Strategic Retail |
285 |
350 |
2.0 |
1.0 |
3.1 |
|
AMZ Holdings |
190 |
251 |
1.3 |
0.8 |
1.4 |
|
Avanti Communications Group |
188 |
181 |
1.3 |
0.4 |
1.0 |
|
Optare |
154 |
109 |
1.1 |
1.1 |
8.9 |
|
Neuropharm Group |
131 |
100 |
0.9 |
0.2 |
0.5 |
|
Work Group |
131 |
251 |
0.9 |
1.2 |
2.1 |
|
Brulines Group |
112 |
93 |
0.8 |
0.3 |
0.9 |
|
System C Healthcare |
105 |
189 |
0.8 |
0.4 |
1.0 |
|
Craneware |
84 |
53 |
0.6 |
0.3 |
1.9 |
|
Melorio |
82 |
98 |
0.6 |
0.3 |
2.5 |
|
Hasgrove |
78 |
97 |
0.6 |
0.4 |
1.6 |
|
Formation Group |
76 |
83 |
0.5 |
0.2 |
1.0 |
|
Individual Restaurant Company |
62 |
100 |
0.4 |
0.2 |
0.8 |
|
Plastics Capital |
55 |
74 |
0.4 |
0.3 |
3.4 |
|
Praesepe |
55 |
49 |
0.4 |
1.2 |
10.6 |
|
Hexagon Human Capital |
47 |
73 |
0.3 |
0.2 |
0.5 |
|
Managed Support Services |
39 |
180 |
0.3 |
0.4 |
1.2 |
|
OPG Power Ventures |
37 |
41 |
0.3 |
0.1 |
0.5 |
|
Cello Group |
36 |
53 |
0.3 |
0.1 |
0.9 |
|
Mount Engineering |
32 |
35 |
0.2 |
0.2 |
2.3 |
|
Tangent Communications |
32 |
98 |
0.2 |
0.5 |
0.9 |
|
Essentially Group |
31 |
49 |
0.2 |
0.2 |
2.8 |
|
St Helen's Capital |
30 |
38 |
0.2 |
0.9 |
3.9 |
|
Sport Media Group |
29 |
138 |
0.2 |
0.5 |
0.6 |
|
Others |
109 |
854 |
0.8 |
|
|
|
3,466 |
4,874 |
24.4 |
|||
|
Listed fixed income |
|||||
|
Treasury 4% 7/3/09 |
248 |
250 |
1.8 |
||
|
Treasury 4.75% 7/6/10 |
501 |
499 |
3.5 |
||
|
Treasury 5.75% 31/12/09 |
243 |
246 |
1.7 |
||
|
992 |
995 |
7.0 |
|
||
|
Total investments |
13,330 |
16,556 |
93.9 |
|
|
|
*Other clients of the Aberdeen Asset Management Group. |
|||||
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Income Statement |
|||
|
Six months ended 31 July 2008 (unaudited) |
|||
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
|
(Losses)/gains on investments |
- |
(1,062) |
(1,062) |
|
Income from investments |
335 |
- |
335 |
|
Other income |
8 |
- |
8 |
|
Investment management fees |
(23) |
(204) |
(227) |
|
Other expenses |
(105) |
- |
(105) |
|
Profit/(loss) on ordinary activities before taxation |
215 |
(1,266) |
(1,051) |
|
Tax on ordinary activities |
(38) |
38 |
-
|
|
Profit/(loss) on ordinary activities after taxation |
177 |
(1,228) |
(1,051)
|
|
Earnings per share (pence) |
0.8 |
(5.5) |
(4. 7) |
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Income Statement |
|||
|
Six months ended 31 July 2007 (unaudited) |
|||
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
|
(Losses)/gains on investments |
- |
719 |
719 |
|
Income from investments |
346 |
- |
346 |
|
Other income |
28 |
- |
28 |
|
Investment management fees |
(25) |
(222) |
(247) |
|
Other expenses |
(113) |
- |
(113) |
|
Profit/(loss) on ordinary activities before taxation |
236 |
497 |
733 |
|
Tax on ordinary activities |
(41) |
41 |
- |
|
Profit/(loss) on ordinary activities after taxation |
195 |
538 |
733 |
|
Earnings per share (pence) |
0.9 |
2.4 |
3.3 |
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Income Statement |
|||
|
Year ended 31 January 2008 (audited) |
|||
|
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
|
|
(Losses)/gains on investments |
- |
(406) |
(406) |
|
Income from investments |
761 |
- |
761 |
|
Other income |
37 |
- |
37 |
|
Investment management fees |
(50) |
(449) |
(499) |
|
Other expenses |
(237) |
- |
(237) |
|
Profit/(loss) on ordinary activities before taxation |
511 |
(855) |
(344) |
|
Tax on ordinary activities |
(115) |
115 |
- |
|
Profit/(loss) on ordinary activities after taxation |
396 |
(740) |
(344) |
|
Earnings per share (pence) |
1.8 |
(3.3) |
(1.5) |
|
A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses are recognised in the Income Statement. |
|||
|
All items in the above statement are derived from continuing operations. The Company has only one class of business and derives its income from investments made in shares, securities and bank deposits. |
|||
|
The total column of this statement is the Profit and Loss Account of the Company. |
|||
|
The accompanying Notes are an integral part of the Financial Statements. |
|||
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Reconciliation of movements in Shareholders' Funds |
|||
|
Six months ended 31 July 2008 |
Six months ended 31 July 2007 |
Year ended 31 January 2008 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Opening Shareholders' funds |
15,695 |
16,601 |
16,601 |
|
Total (loss)/profit for the period |
(1,051) |
733 |
(344) |
|
Repurchase and cancellation of shares |
- |
- |
- |
|
Dividends paid - revenue |
(337) |
(113) |
(112) |
|
Dividends paid - capital |
(112) |
- |
(450) |
|
Closing Shareholders' funds |
14,195 |
17,221 |
15,695 |
|
The accompanying Notes are an integral part of the Financial Statements. |
|||
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Balance Sheet |
|||
|
31 July |
31 July |
31 January |
|
|
2008 |
2007 |
2008 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Fixed assets |
|||
|
Investments at fair value through profit or loss |
13,330 |
15,990 |
15,156 |
|
Current assets |
|||
|
Debtors |
445 |
688 |
440 |
|
Cash and overnight deposits |
450 |
577 |
136 |
|
895 |
1,265 |
576 |
|
|
Creditors |
|||
|
Amounts falling due within one year |
(30) |
(34) |
(37) |
|
|
|||
|
Net current assets |
865 |
1,231 |
539 |
|
Net assets |
14,195 |
17,221 |
15,695 |
|
Capital and reserves |
|||
|
Called up share capital |
2,248 |
2,248 |
2,248 |
|
Share premium |
10,535 |
10,535 |
10,535 |
|
Capital reserves - realised |
(3,692) |
(1,862) |
(2,992) |
|
Capital reserves - unrealised |
(3,212) |
(2,536) |
(2,684) |
|
Special distributable reserve |
7,830 |
8,392 |
7,942 |
|
Capital redemption reserve |
212 |
212 |
212 |
|
Revenue reserve |
274 |
232 |
434 |
|
Equity Shareholders' funds |
14,195 |
17,221 |
15,695 |
|
Net Asset Value per Ordinary Share (pence) |
63.1
|
76.6 |
69.8 |
|
The accompanying Notes are an integral part of the Financial Statements. |
|||
|
ABERDEEN GROWTH VCT I PLC |
|||
|
Cash Flow Statement |
|||
|
Six months ended |
Six months ended |
Year ended |
|
|
31 July 2008 |
31 July 2007 |
31 January 2008 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£'000 |
£'000 |
£'000 |
|
|
Operating activities |
|||
|
Investment income received |
341 |
293 |
601 |
|
Deposit interest received |
7 |
28 |
56 |
|
Investment management fees paid |
(227) |
(247) |
(499) |
|
Secretarial fees paid |
(43) |
(35) |
(71) |
|
Directors' expenses paid |
(29) |
(30) |
(77) |
|
Other cash payments |
(49) |
(58) |
(97) |
|
Net cash outflow from operating activities |
- |
(49) |
(87) |
|
Financial investment |
|||
|
Purchase of investments |
(1,961) |
(5,530) |
(7,628) |
|
Sale of investments |
2,724 |
2,269 |
4,413 |
|
Net cash inflow/(outflow) from financial investment |
763 |
(3,261) |
3,215 |
|
Equity dividends paid |
(449) |
(113) |
(562) |
|
Net cash inflow/(outflow) before financing |
314 |
(3,423) |
(3,864) |
|
Financing |
|||
|
Repurchase of Ordinary Shares |
- |
- |
- |
|
Net cash outflow from financing |
- |
- |
- |
|
Increase/(decrease) in cash |
314 |
(3,423) |
(3,864) |
|
The accompanying Notes are an integral part of the Financial Statements. |
|||
Aberdeen Growth VCT I PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 July 2008 and the six months ended 31 July 2007 comprises non-statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 January 2008.
The results for the year ended 31 January 2008 are extracted from the full accounts for that year, which received an unqualified report from the Auditors and have been filed with the Registrar of Companies.
2. Movement in reserves
|
Share premium |
Capital reserves - realised |
Capital reserves - unrealised |
Special distribut-able reserve |
Capital redemption reserve |
Revenue reserve |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£000 |
£'000 |
|
|
At 31 January 2008 |
10,535 |
(2,992) |
(2,684) |
7,942 |
212 |
434 |
|
Losses on sales of investments |
- |
(534) |
- |
- |
- |
- |
|
Net decrease in value of investments |
- |
- |
(528) |
- |
- |
- |
|
Investment management fees |
- |
(204) |
- |
- |
- |
- |
|
Dividends paid |
- |
- |
- |
(112) |
- |
(337) |
|
Tax effect of capital items |
- |
38 |
- |
- |
- |
- |
|
Profit on ordinary activities after taxation |
- |
- |
- |
- |
- |
177 |
|
As at 31 July 2008 |
10,535 |
(3,692) |
(3,212) |
7,830 |
212 |
274 |
3. Returns per Ordinary Share
The returns per Ordinary Share are based on the following figures:
|
Six months ended |
|
|
31 July 2008 |
|
|
£'000 |
|
|
Weighted average number of Ordinary Shares in issue |
22,483,497 |
|
Revenue return |
£177,000 |
|
Capital return |
(£1,228,000) |
Other information
The Net Asset Value per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 July 2008 of 22,483,497.
A summary of investment changes for the six months under review and an investment portfolio summary as at 31 July 2008 are included above.
A full copy of the Interim Report and Financial Statements will be printed and issued to Shareholders.
Copies of this announcement will be available to the public at the office of Aberdeen Asset Management PLC, 149 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, Cheapside, London.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge:
the Financial Statements for the six months ended 31 July 2008 have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (the SORP) issued in December 2005;
the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 31 January 2009; and
the Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes therein.
On behalf of the Board
ABERDEEN ASSET MANAGEMENT PLC
SECRETARY
24 September 2008
Related Shares:
Maven Income and Growth VCT 2