20th Jul 2007 17:05
Aberdeen Growth Opps VCT PLC20 July 2007 Aberdeen Growth Opportunities VCT PLC Interim results for the six months ended 31 May 2007 Chairman's Statement Performance I am pleased to report that the Net Asset Value (NAV) at 31 May 2007 was 109.0pper Ordinary Share and 100.7p per C Ordinary Share, after payment of dividendsof 4.5p per Ordinary Share and 1.0p per C Ordinary Share paid on 30 March 2007,compared with 104.8p per Ordinary Share and 96.0p per C Ordinary Share at 30November 2006. As a result, the Total Return per share (NAV plus dividends paidsince launch) on the Ordinary Shares has now reached 118.5p, having increased bya further 8.7p or 7.9% during the six month period. The Total Return on the COrdinary Shares is now 101.7p, an increase of 6.7p or 7.1% on the NAVimmediately after launch expenses. Regulatory changes Changes to the VCT regulations were introduced in the 2007 Budget, which placeadditional restrictions on the size of companies in which funds raised afterApril 2007 can be invested. These changes do not affect existing funds held byyour Company which means that they can continue to be invested in opportunitiesof the same type and on the same scale that have provided the positive returnssummarised above. The Board has considered carefully the impact of these changes. Since 'pre-April2007 money' has more potential to generate positive returns for shareholdersthan the more restricted 'post April 2007' money, the Board has concluded thatit is in Shareholders' interests that the share buy-back programme, whichdepletes 'pre April 2007' funds, be reduced so that these valuable resources canbe applied to investment in the broader pool of profitable opportunities. Dividend policy The Board has also determined on an enhanced dividend policy. In view of thegrowing maturity of the original Ordinary Share portfolio and the capital gainsthat have been achieved to date the Board has decided to target annual dividendpayments of either 4p per Ordinary Share or 50% of the uplift in NAV, whicheveris the greater, subject to maintaining the NAV at around 100p per share in thelonger term and, of course, to the availability of distributable reserves. It isthe intention of the Board that this policy, combined with continuing soundperformance, should stimulate the secondary market in the Company's sharesleading to a reduction in the current discount to NAV. The Board is alsoexamining the practicalities of introducing a dividend re-investment programmefor Shareholders who wish to increase their holding in the Company. As regards the C Ordinary Share portfolio, since it is still in its investmentphase, dividends are likely to be lower and more variable until its investmentsmature and it is merged with the Ordinary Share portfolio in April 2009.However, the performance of the C Ordinary Share portfolio is ahead of that ofthe Ordinary Share portfolio at the comparable stage in its development. The Company paid a dividend of 4.5p to Ordinary Shareholders and 1.0p to CShareholders on 30 March 2007. In recognition of the realised capital gains madeduring the reporting period (which are shown in the table which immediatelyfollows this review) the Board is now declaring an interim dividend of 3.0 perOrdinary Share and 1.0p per C Ordinary Share, both to be paid on 24 August 2007to shareholders on the register on 27 July 2007. Gregor MichieChairman Investment Manager's Review Investment activity The Manager is pleased to report an exceptionally strong period of newinvestment activity. During the six-months to 31 May 2007, eight new unlistedinvestments and five AIM investments were made in which both share poolsparticipated and a further four AIM investments were made solely by the C Sharepool. A total of £2.3 million was invested during the six month period by theOrdinary Share ("Original") pool and £3.6 million by the C Share pool. At 31 May2007, the investment portfolio of the Original pool consisted of sixty-oneactive unlisted and AIM investments having a total cost of £8.4 million and theportfolio of the C Share pool consisted of twenty-seven investments having atotal cost of £4.4 million. The following new investments were made during the reporting period: Investment Date Activity Cost £'000Unlisted Original C Share pool poolCamwatch Mar-07 Provider of CCTV monitoring and installation services. www.cctv-monitoring.net 257 393 Crossco (982) Jan-07 Production of hand held printers and terminals.(Martel www.martelinstruments.com 264 398Instruments) Cyclotech May-07 Provider of services to the energy sector. www.cyclotech.com 149 249 Funeral Services Mar-07 Operator of funeral director businesses.Partnership 139 199 ID Support Mar-07 Provider of CCTV security systems, air conditioningServices and industrial refrigeration systems for UK leisure and retail businesses. 259 348 www.id-group.co.uk Lime Investments Mar-07 Company formed to acquire branded premium-end or niche food and beverage businesses. 273 348MS Industrial Apr-07 Provider of industrial cleaning and waste managementServices services to the oil and industrial sectors. www.msis.uk.com 223 338 Oliver Kay Jan-07 Distributor of fresh produce to the on-trade cateringHoldings industry. www.oliverkayproduce.co.uk 249 383 Others 26 14 Total unlistedinvestment 1,839 2,671 AIMBglobal Apr-07 Provider of "smart meters" (automatic meter reading and automatic meter management) allowing the remote reading of electricity and gas meters. 25 35 www.bglobalmetering.com Concateno Dec 06, Jan Provider of services for the testing of employees for 07 and Mar drugs and alcohol. 07 www.concateno.com 26 208 DM Apr-07 Provider of marketing services gathering consumer data for use in direct marketing campaigns. www.dmplc.com 134 Eleco Dec-06 Manufacturer of precast concrete products, metal roofing and cladding products and panels for interiors. 158 www.elecoplc.co.uk eXpansys Apr-07 Seller of mobile and wireless technology products over the internet. www.expansys.com 25 30 Hexagon Human Feb-07 Provider of executive search and recruitment services.Capital www.hexagonhc.com 99 Individual Dec-06 Restaurant operator.Restaurant Group www.individualrestaurants.co.uk 81 61 K3 Business Mar-07 Reseller of business application software.Technology www.k3btg.com 120 Neuropharm Group Mar-07 Developer of pharmaceutical products. www.neuropharm.co.uk 99 St Helen's Apr-07 Provider of corporate advisory services.Capital www.sthelenscapital.com 25 37 Tangent Feb-07 Provider of digital printing and marketing services.Communications www.documedia.co.uk 79Universe Group Apr-07 Provider of managed services and payment solutions to the petrol retail sector. www.universe-group.co.uk 67Others 39 44Total AIMinvestment 498 894 Total 2,337 3,565 Co-investment Aberdeen Growth Opportunities VCT has co-invested with other funds managed bythe Aberdeen Asset Management Group in a number of investments and will continueto do so. The advantage of this arrangement is that, by investing together, thefunds are able to underwrite a wider range and size of transaction than would bethe case on a stand-alone basis. In addition, the staff co-investment scheme hascontinued to co-invest alongside the Company in each investment made during theperiod. Details of the scheme were contained in the Annual Report for 2006. Portfolio developments Unlisted investments Following a number of successful realisations during 2006 which resulted in thepayment of the second capital dividend in March 2007 to Ordinary Shareholders,further realisations from the Original pool have occurred in the reportingperiod as shown in the table immediately following this review. While these realisations were successful in contributing to the increase inTotal Return, the effect was to deplete the invested portfolio of the Originalpool. During the reporting period eight new substantial unlisted investmentshave been added to rebuild the portfolio. We are pleased to note that each hastraded in line with or ahead of their business plan since investment; however,it is likely to be some time before these investments reach a level of maturitywhich enables profitable exits to be negotiated. The holding in AMGgas was sold and incurred a loss compared to the cost of theinvestment; however, the valuation of the holding had been written down inearlier periods in anticipation of such an outcome and a relatively immaterialloss of c£10,000 was incurred compared to that reduced value. In contrast, thesale of the investment in EIG (Investments) was successfully completed inJanuary 2007 approximately 15 months after first investing resulting in a gainof £280,000 during the reporting period; since then deferred consideration hasbeen paid which increases the gain on the investment by a further £24,000. Thesale of Enterprise Food Group completed during the period; the final sale in aseries of individual disposals which has resulted in a total gain on theinvestment of £114,353, including the gain of £67,000 achieved in the period.This compares to the original cost of the investment of £150,000. AIM investments The AIM portfolio has continued to be actively managed during the reportingperiod resulting in net realised gains over cost of £600,000 on the Originalpool and £297,000 on the C Share pool; details of these transactions can befound in the table following this review. In addition to the realised gains shown below, unrealised gains over thevaluations as at 30 November 2006 amounting to £608,000 on the Original pool and£453,000 on the C Share pool were achieved during the period with the gains wellspread across the portfolio of investments. The shares which achieved thelargest gains were, in the Original Pool; Axeon (£158,000), Concateno(£102,000), Tanfield Group (£122,000) and Worthington Nicholls Group (£107,000)and, in the C Share pool; Concateno (£224,000) and Worthington Nicholls Group(£161,000). In the Original pool, the value of Software Radio Holdings fell by£112,000 over the November valuation although it remains at a premium to cost.The AIM portfolio has achieved an increase of 38.2% for the six month periodover the November 2006 valuation which compares favourably with the increase inthe AIM All-share Index of 19.0% for the same period. Valuation policy Unlisted investments held by Aberdeen Growth Opportunities VCT are valued inaccordance with the International Private Equity and Venture Capital ValuationGuidelines. Investments which are quoted or traded on the Alternative InvestmentMarket (AIM) or a recognised stock exchange are valued at their bid price. Outlook Since the start of 2006 there has been a positive trend of realisations and newinvestment in both the Ordinary and C Share pools. 2006 was characterised by anumber of profitable exits, whereas in 2007 there has been a very strongmomentum of new transactions which offer significant return potential in themedium term. The strategy applied by the Manager is to use its extensive UKnetwork to identify suitable private companies and invest the majority of theportfolio in private equity transactions which offer growth and a healthyrunning yield, in tandem with an actively managed AIM portfolio primarilyfocused on new companies seeking an IPO on the AIM market. Active management ofthe AIM portfolio provides an opportunity for early capital gains following asuccessful IPO. Going forward, the Manager believes that this dual approach onAIM and private equity will provide the optimum returns for VCT investors. The following table shows all sales from the unlisted and AIM portfolio made bythe Company during the reporting period: Original pool C Share pool Cost of Sales Realised Cost of Sales Realised shares proceeds gain/ shares proceeds gain/ disposed (loss) disposed (loss) of of £'000 £'000 £'000 £'000 £'000 £'000UnlistedAMGas 100 16 (84)EIG (Investments) 301 581 280Enterprise Food Group - 67 67Total unlisted 401 664 263 AIMAssetco 17 31 14Careforce Group 55 79 24Cello Group 26 38 12Concateno 2 3 1 42 65 23Eleco 158 184 26eXpansys 17 20 3 20 24 4Fairground Gaming - 39 39Individual Restaurant Company 5 7 2 15 22 7Inspicio 71 124 53Interactive World 40 48 8K3 Business Technology 40 52 12Leadcom Integrated Solutions 99 70 (29)MTI Wireless 41 53 12Tanfield Group 50 494 444Velosi 136 174 38Worthington Nicholls Group 8 27 19 11 36 25Zetar 14 35 21 276 417 141Others 79 74 (5) 10 13 3 385 985 600 847 1,144 297 Total 786 1,649 863 847 1,144 297 Aberdeen Growth Opportunities VCT PLCIncome statementFor the six months ended 31 May 2007 (unaudited) Ordinary Shares C Ordinary Shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 867 867 - 773 773 - 1,640 1,640Income from investments 145 - 145 340 - 340 485 - 485Other income 26 - 26 12 - 12 38 - 38Investment management (30) (120) (150) (42) (167) (209) (72) (287) (359)feesOther expenses (45) - (45) (59) - (59) (104) - (104)Profit on ordinary 96 747 843 251 606 857 347 1,353 1,700activitiesbefore taxationTax on ordinary (11) 17 6 (44) 38 (6) (55) 55 -activitiesProfit on ordinary 85 764 849 207 644 851 292 1,408 1,700 activitiesafter taxationEarnings per Ordinary 0.87 7.84 8.71 1.38 4.31 5.69 Share (pence) A Statement of Total Recognised Gains and Losses has not been prepared, as all gains and losses arerecognised in the Income Statement. All items in the above statement are derived from continuing operations. The Company has only one class ofbusiness 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. Reconciliation of movements in Shareholders' Funds Ordinary Shares C Ordinary Shares Total £'000 £'000 £'000Opening Shareholders' funds 10,210 14,362 24,572Movements in the periodTotal profit for the period 849 851 1,700Net proceeds of issue of shares - - -Repurchase and cancellation of - - -sharesDividends paid - revenue (49) - (49)Dividends paid - capital (389) (150) (539) Closing Shareholders' funds 10,621 15,063 25,684 Aberdeen Growth Opportunities VCT PLCIncome statementFor the six months ended 31 May 2006 (unaudited) Ordinary Shares C Ordinary Shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 130 130 - 45 45 - 175 175Income from investments 110 - 110 62 - 62 172 - 172Other income 9 - 9 16 - 16 25 - 25Investment management (27) (107) (134) (11) (44) (55) (38) (151) (189)feesOther expenses (55) - (55) (28) - (28) (83) - (83)Profit on ordinary 37 23 60 39 1 40 76 24 100activitiesbefore taxationTax on ordinary (10) 10 - (7) 7 - (17) 17 -activitiesProfit on ordinary 27 33 60 32 8 40 59 41 100activitiesafter taxationEarnings per Ordinary 0.27 0.33 0.60 0.23 0.06 0.29 Share (pence) 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. TheCompany has only one class of business and derives its income from investmentsmade in shares, securities and bank deposits. The total column of this Statement is the Profit and Loss Account of theCompany. Reconciliation of movements in Shareholders' Funds Ordinary Shares C Ordinary Shares Total £'000 £'000 £'000Opening Shareholders' funds 9,623 - 9,623Movements in the periodTotal profit for the period 60 40 100Net proceeds of issue of shares - 14,206 14,206Repurchase and cancellation of (123) - (123)sharesDividends paid - revenue (50) - (50)Dividends paid - capital (149) - (149) Closing Shareholders' funds 9,361 14,246 23,607 Aberdeen Growth Opportunities VCT PLCIncome statementFor the year ended 30 November 2006 (audited) Ordinary Shares C Ordinary Shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 1,061 1,061 - 115 115 - 1,176 1,176Income from investments 241 - 241 386 - 386 627 - 627Other income 21 - 21 21 - 21 42 - 42Investment management (54) (216) (270) (52) (207) (259) (106) (423) (529)feesOther expenses (107) - (107) (100) - (100) (207) - (207)Profit on ordinary 101 845 946 255 (92) 163 356 753 1,109activitiesbefore taxationTax on ordinary (20) 27 7 (46) 39 (7) (66) 66 -activitiesProfit on ordinary 81 872 953 209 (53) 156 290 819 1,109activitiesafter taxationEarnings per Ordinary 0.82 8.88 9.70 1.69 (0.43) 1.26 Share (pence) A Statement of Total Recognised Gains and Losses has not been prepared, as allgains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. TheCompany has only one class of business and derives its income from investmentsmade in shares, securities and bank deposits. The total column of this Statement is the Profit and Loss Account of theCompany. Reconciliation of movements in Shareholders' Funds Ordinary Shares C Ordinary Shares Total £'000 £'000 £'000Opening Shareholders' funds 9,623 - 9,623Movements in the periodTotal profit for the period 953 156 1,109Net proceeds of issue of shares - 14,206 14,206Repurchase and cancellation of (167) - (167)sharesDividends paid - revenue (50) - (50)Dividends paid - capital (149) - (149) Closing Shareholders' funds 10,210 14,362 24,572 Aberdeen Growth Opportunities VCT PLCBalance SheetAs at 31 May 2007 31 May 2007 31 May 2006 (unaudited) (unaudited) C C Ordinary Ordinary Ordinary Ordinary Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 FixedassetsInvestments 8,727 14,657 23,384 7,763 13,589 21,352Current assetsDebtors 352 209 561 399 128 527Cash andovernightdeposits 1,559 247 1,806 1,292 713 2,005 1,911 456 2,367 1,691 841 2,532CreditorsAmountsfalling duewithin oneyear (17) (50) (67) (93) (184) (277) Net currentassets 1,894 406 2,300 1,598 657 2,255 Net assets 10,621 15,063 25,684 9,361 14,246 23,607 Capital and reservesCalled upshare capital 974 1,495 2,469 974 1,495 2,469Share premium 4,685 12,711 17,396 4,685 12,711 17,396Distributablereserve 3,648 - 3,648 3,692 - 3,692Capitalredemptionreserve 73 - 73 73 - 73Capitalreserves - realised 1,171 20 1,191 3 (35) (32) - unrealised (136) 571 435 (33) 43 10Revenue reserve 206 266 472 (33) 32 (1) EquityShareholders'funds 10,621 - 10,621 9,361 - 9,361Rights of CShareholders - 15,063 15,063 14,246 14,246 Equity Shareholders' funds andrights ofC Shareholders 10,621 15,063 25,684 9,361 14,246 23,607 Net AssetValue perOrdinary 109.0 100.7 96.1 95.3Share (pence) Aberdeen Growth Opportunities VCT PLCBalance SheetAs at 31 May 2007 30 November 2006 (audited) Ordinary C Ordinary Shares Shares Total £'000 £'000 £'000FixedassetsInvestments 7,169 13,913 21,082Current assetsDebtors 407 136 543Cash and overnightdeposits 2,729 487 3,216 3,136 623 3,759 CreditorsAmounts falling duewithin one year (95) (174) (269) Net current assets 3,041 449 3,490 Net assets 10,210 14,362 24,572 Capital and reservesCalled up share capital 974 1,495 2,469Share premium 4,685 12,711 17,396Distributable reserve 3,648 - 3,648Capital redemptionreserve 73 - 73Capital - realised 800 (140) 660reserves - unrealised (140) 87 (53) Revenue reserve 170 209 379 Equity Shareholders'funds 10,210 10,210Rights of C Shareholders - 14,362 14,362 Equity Shareholders' funds andrights ofC Shareholders 10,210 14,362 24,572 Net Asset Value perOrdinary 104.8 96.0Share (pence) Aberdeen Growth Opportunities VCT PLCCash Flow StatementFor the six months ended 31 May 2007 Six months to Six months to Year ended 31 May 2007 (unaudited) 31 May 2006 (unaudited) 30 November(audited) C C C Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Shares Shares Total Shares Shares Total Shares Shares Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Operatingactivities Investmentincomereceived 203 268 471 93 (62) 31 188 260 448 Depositinterestreceived 19 11 30 9 14 23 20 20 40Investmentmanagementfees paid (218) (310) (528) (137) - (137) (272) (158) (430) Secretarialfees paid (20) (30) (50) (39) - (39) (53) (20) (73) Cash paid toand on behalfof (15) (21) (36) (31) (2) (33) (45) (19) (64)Directors Other cashpayments (19) (20) (39) (34) (1) (35) (75) (28) (103) Net cash(outflow)/inflow from (50) (102) (152) (139) (51) (190) (237) 55 (182)operatingactivities TaxationCorporation tax 7 (7) - - 3 3 - - - FinancialinvestmentPurchase ofinvestments (2,336) (5,516) (7,852) (1,252) (14,449) (15,701) (2,169) (15,368) (17,537) Sale ofinvestments 1,647 5,535 7,182 1,752 1,004 2,756 4,248 1,594 5,842 Net cash(outflow)/inflow from (689) 19 (670) 500 (13,445) (12,945) 2,079 (13,774) (11,695) financialinvestment Equitydividends paid (438) (150) (588) (199) - (199) (199) - (199) Net cash(outflow)/inflow before (1,170) (240) (1,410) 162 (13,493) (13,331) 1,643 (13,719) (12,076) use of liquidresources andfinancing FinancingIssue of shares - - - - 14,206 14,206 - 14,206 14,206 Repurchase ofOrdinaryShares - - - (123) - (123) (167) - (167) Net cash(outflow)/inflow from - - - (123) 14,206 14,083 (167) 14,206 14,039financing (Decrease)/increase in cash (1,170) (240) (1,410) 39 713 752 1,476 487 1,963 Notes to the Financial Statements 1. Accounting policies The financial information for the 6 months ended 31 May 2007 and the 6 monthsended 31 May 2006 comprises non statutory accounts within the meaning of Section240 of the Companies Act 1985. The financial information contained in thisreport has been prepared on the basis of the accounting policies set out in theAnnual Report and Financial Statements for the year ended 30 November 2006. The results for the year ended 30 November 2006 are extracted from the fullaccounts for that year. 2. Statement of changes in equity ShareOrdinary Shares Share premium Distributable capital account reserve £'000 £'000 £'000At 30 November 2006 974 4,685 3,648 Gains on sale of - - -investmentsMovement in unrealised - - -appreciationInvestment management fees - - -Tax effect of capital - - -itemsDividends paid - - - Net return on ordinaryactivities - - - At 31 May 2007 974 4,685 3,648 Capital Capital CapitalOrdinary Shares redemption reserve reserve Revenue Total reserve - - unrealised reserve realised £'000 £'000 £'000 £'000 £'000At 30 November 2006 73 800 (140) 170 10,210 Gains on sale of - 863 - - 863investments Movement in unrealised - - 4 - 4appreciation Investment management fees - (120) - - (120) Tax effect of capital - 17 - - 17items Dividends paid - (389) - (49) (438) Net return on ordinaryactivities - - - 85 85 At 31 May 2007 73 1,171 (136) 206 10,621 ShareC Ordinary Shares Share premium Distributable capital account reserve £'000 £'000 £'000 At 30 November 2006 1,495 12,711 - Gains on sale ofinvestments - - - Movement in unrealisedappreciation - - - Investment management fees - - - Tax effect of capitalitems - - - Dividends paid - - - Net return on ordinaryactivities - - - At 31 May 2007 1,495 12,711 - C Ordinary Capital Capital CapitalShares redemption reserve reserve Revenue reserve - realised - unrealised reserve Total £'000 £'000 £'000 £'000 £'000 At 30 - (140) 87 209 14,362November2006 Gains onsale of - 289 - - 289investmentsMovement inunrealised - - 484 - 484appreciationInvestment - (167) - - (167)managementfeesTax effect - 38 - - 38of capitalitemsDividends - - - (150) (150)paidNet returnon ordinary - - - 207 207activities At 31 May - 20 571 266 15,0632007 3. Returns per Ordinary Share Ordinary Shares 6 months ended 6 months ended Year ended 31 May 2007 31 May 2006 30 November 2006 £'000 £'000 £'000The return per Ordinary Share isbased on the following figures:Revenue return 85 27 81Capital return 764 33 872 Total return 849 60 953 Weighted average number of 9,744,243 9,901,276 9,822,544 Ordinary Shares in issue Revenue return per Ordinary Share 0.87p 0.27p 0.82pCapital return per Ordinary Share 7.84p 0.33p 8.88pReturn per Ordinary Share 8.71p 0.60p 9.70p The Net Asset Value per Ordinary Share has been calculated using the number of shares in issue at 31 May 2007 of 9,744,243. C Ordinary Shares 6 months ended 6 months ended Year ended 31 May 2007 31 May 2006 30 November 2006 £'000 £'000 £'000The return per C Ordinary Share isbased on the following figures:Revenue return 207 32 209Capital return 644 8 (53) Total return 851 40 156 Weighted average number of 14,954,494 14,197,900 12,389,359 C Ordinary Shares in issue Revenue return per C Ordinary 1.38p 0.23p 1.69pShareCapital return per C Ordinary 4.31p 0.06p (0.43p)ShareReturn per C Ordinary Share 5.69p 0.29p 1.26p The Net Asset Value per C Ordinary Share has been calculated using the number of shares in issue at 31 May 2007 of 14,954,494. A summary of investment changes for the period under review and an investmentportfolio summary as at 31 May 2007 are set out below. The Interim Report andFinancial Statements will be printed and sent to Shareholders Copies of this announcement will be available to the public at the office ofAberdeen Asset Management PLC, 149 St Vincent Street, Glasgow and at theregistered office of the Company, One Bow Churchyard, Cheapside, London. By Order of the BoardAberdeen Asset Management PLCSecretaries 20 July 2007 Investment Portfolio Summary As at 31 May 2007Investment* Original Pool C Share Pool Valuation Cost % of Valuation Cost % of % of % of total total equity equity held by other £'000 £'000 assets £'000 £'000 assets held Clients **UnlistedHomeluxNenplasLimited 314 199 3.0% 432 274 2.9% 8.0% 37.0%MartelInstrumentsHoldingsLimited 264 264 2.5% 398 398 2.6% 9.4% 24.0%CamwatchLimited 257 257 2.4% 393 393 2.6% 12.2% 31.2%Oliver KayHoldingsLimited 249 249 2.3% 383 383 2.6% 4.0% 16.0%LimeInvestmentsLimited 273 273 2.6% 348 348 2.3% 23.8% 56.3%ID SupportServicesHoldings Ltd 259 259 2.4% 348 348 2.3% 16.1% 67.2%MS IndustrialServices Ltd 223 223 2.1% 338 338 2.2% 9.6% 35.5%Cash BasesLimited(formerlyDeckflat Ltd) 500 250 4.7% 8.3% 20.2%Money PlusGroup Limited 406 300 3.8% 6.0% 24.9%CyclotechLimited 149 149 1.4% 249 249 1.7% 5.4% 14.6%FuneralServicesPartnershipLimited 139 139 1.3% 199 199 1.3% 7.4% 28.9%EnpureHoldingsLimited 100 100 0.9% 100 100 0.7% 0.9% 78.7%PSCAInternationalLimited 199 138 1.9% 1.6% 21.6%Palgrave Brown(Holdings)Limited 181 152 1.7% 1.2% 50.4%EssentialViewingSystemsLimited 177 177 1.7% 7.9% 41.5%RMS EuropeLimited 165 116 1.6% 1.4% 28.6%Sanastro plc 147 275 1.4% 3.5% 9.6%FFC (UK)Limited 135 150 1.3% 9.0% 31.0%Llanllyr WaterCompanyLimited 100 100 0.9% 7.5% 42.4%Others 364 1,464 3.4% 14 14 0.1% 4,601 5,234 43.3% 3,202 3,044 21.3% AIMWorthington NichollsGroup PLC 328 118 3.1% 493 177 3.3% 0.6% 1.0%Concateno plc 234 122 2.2% 554 308 3.7% 0.8% 1.6%Axeon plc 396 248 3.7% 2.0% 6.0%Software RadioTechnology PLC 392 260 3.7% 1.0% 2.1%Work Group PLC 212 201 2.0% 0.9% 2.3%Individual RestaurantCompany plc 121 76 1.2% 72 46 0.5% 0.3% 0.8%Avanti CommunicationsGroup Plc 192 151 1.8% 0.3% 1.2%Tanfield Group PLC 176 14 1.7% - 0.1%Hasgrove plc 99 74 0.9% 67 49 0.4% 0.5% 1.7%Litcomp plc 84 80 0.8% 73 71 0.5% 4.9% -Zetar plc 153 54 1.4% 0.3% 0.1%DM PLC 143 129 0.9% 0.6% 0.9%Interactive World PLC 142 138 0.9% 0.5% 0.6%Neuropharm Group plc 138 99 1.3% 0.2% 0.5%Brulines (Holdings)plc 86 62 0.8% 44 32 0.3% 0.3% 0.9%Hexagon Human CapitalPLC 115 99 1.1% 0.3% 0.7%Datong ElectronicsPLC 109 151 1.0% 0.9% 1.1%Neutrahealth plc 106 89 1.0% 0.6% 1.3%K3 BusinessTechnology Group PLC 98 81 0.7% 0.3% 0.1%Gold Frost Limited 97 130 0.9% 0.7% 0.7%Others 575 1,105 5.5% 201 337 1.3% 3,613 3,133 34.1% 1,887 1,368 12.5% Listed fixed incomeTreasury 4% 7/3/09 - 3,787 3,864 25.1% 52.7% 47.3%Treasury 5% 7/3/08 - 2,835 2,860 18.8% 44.9% 55.1%Treasury 7.25%7/12/2007 - 1,939 1,943 12.9% 49.0% 51.0% Aberdeen Global FixedInterest 513 488 4.8% 1,007 1,000 6.7% 59.4% 40.6%Opportunities Fund ------- ------ ------ ------- ------ ------ 513 488 4.8% 9,568 9,667 63.5% ------- ------ ------ ------- ------ ------ ------- ------ ------ ------- ------ ------ Total 8,727 8,855 82.2% 14,657 14,079 97.3% * Investments are listed in descending order of aggregate Original Pool and CShare Pool valuation. **Other clients of the Aberdeen Asset Management Group. Aberdeen Growth Opportunities VCT PLCSummary of Investment Changes during the periodFor the six months ended 31 May 2007 Ordinary Shares Valuation Net investment/ Appreciation/ Valuation 30 November 2006 (disinvestment) (depreciation) 31 May 2007 £'000 % £'000 £'000 £'000 % Listed investments Unit trusts 509 5.0 - 4 513 4.8 AIM 3,224 31.5 (486) 875 3,613 34.1 Unlisted investments Equities 1,389 13.6 (138) 80 1,331 12.5 Preference shares 99 1.0 (42) (2) 55 0.5 Loan stocks 1,948 19.1 1,357 (90) 3,215 30.3 Total investments 7,169 70.2 691 867 8,727 82.2 Other net assets 3,041 29.8 (1,147) - 1,894 17.8 Total assets 10,210 100.0 (456) 867 10,621 100.0 Aberdeen Growth Opportunities VCT PLCSummary of Investment Changes during the periodFor the six months ended 31 May 2007 C Ordinary Shares Valuation Net investment/ Appreciation/ Valuation 30 November 2006 (disinvestment) (depreciation) 31 May 2007 £'000 % £'000 £'000 £'000 % Listed investments Fixed income 11,062 77.0 (2,450) (51) 8,561 56.8 Unit trusts 1,000 7.0 - 7 1,007 6.7 AIM 1,477 10.3 (249) 659 1,887 12.5 Unlistedinvestments Equities 29 0.2 295 126 450 3.0 Preference shares - - 52 - 52 0.4 Loan stocks 345 2.4 2,323 32 2,700 17.9 Total investments 13,913 96.9 (29) 773 14,657 97.3 Other net assets 449 3.1 (43) - 406 2.7 Total assets 14,362 100.0 (72) 773 15,063 100.0 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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