RNS Number : 1322Z
Aberdeen Growth Opps VCT PLC
15 July 2008
Aberdeen Growth Opportunities VCT PLC
Interim results for the six months ended 31 May 2008
Chairman's Statement
I am pleased to report on a period of stable performance for your Company at a time when equity markets generally have been in a
downward trend and prices are likely to remain volatile given the prevailing economic conditions.
* Total Return on Ordinary Shares of 112.05p per share (pps) at period end, down 2.6% over the period
* Total Return on C Shares of 103.4pps at period end, up 4.2% over the period
* NAVs at period end of 97.8p per Ordinary Share and 99.2p per C Share
* For the Ordinary Share pool, one further successful exit from an unlisted company during the period generating net gains of 1.6p
per share
Performance
The Total Return per Ordinary Share at 31 May 2008 was 112.05pps, a decrease of 2.6% over the equivalent figure at November 2007, while
for the C Share pool it was 103.4pps compared with 99.2pps at the end of November 2007, an increase of 4.2%.
The Net Asset Value (NAV) per Ordinary share at 31 May 2008, after payment of the final dividend of 1.75p in respect of the year ended
November 2007, was 97.8p compared with 102.6p at 30 November 2007.
The NAV per C Share at 31 May 2008 was 99.2p after payment of the final dividend of 2.2p in respect of the year ended 30 November 2007
which compares with 97.2p at the year end.
Dividend policy
The Board is pursuing a dividend policy of targeting annual dividend payments of either 4p per Ordinary Share or 50% of the uplift in
NAV, whichever is the greater, subject to maintaining the NAV at around 100p per share in the longer term and, of course, to the
availability of distributable reserves. The Board believes that this policy, combined with continuing sound performance, should stimulate
the secondary market in the Company's shares leading to a reduction in the current discount to NAV.
It is proposed to merge the C Share portfolio with the Ordinary Shares early in 2009. The performance of the C Share portfolio is ahead
of that of the Ordinary Share portfolio at the comparable stage in its development.
The Company paid dividends totalling 4.75p to Ordinary Shareholders and 3.2p to C Shareholders in respect of the year ended 30 November
2007; this represents a yield of 5.9% and 5.3% on the Ordinary and C Shares respectively based on their net cost after initial tax relief.
Based on the mid market price at 31 May 2008 the equivalent yield is 8.4% and 3.8%. The yield is tax free and is therefore equivalent to
11.2% and 5.1% from a listed equity for a higher rate taxpayer.
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. The Company
remains compliant with the regulations governing venture capital trusts. The Manager closely monitors the position of the Company to ensure
that it complies with the various tests at all times. 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.
VCT Qualifying Status
The VCT qualifying status of your Company is reviewed regularly by your Board to ensure that the criteria for maintenance of VCT status
are being met. The C Shares will convert into Ordinary Shares within the next year and I am pleased to confirm that will achieve the 70%
threshold by November 2008 based on current qualifying levels and deals in the pipeline.
Gregor Michie
Chairman
15 July 2008
Investment Manager's Review
Investment Activity
During the period ended 31 May 2008 eight new unlisted and AIM investments were completed and a total of �3.9 million was invested, of
which �1.1 million was from the Original pool and �2.8 million from the C Share pool. At the period end, the portfolio held 76 unlisted and
AIM investments at a total cost of �18.2 million. Since 31 May 2008, one further new investment has been made at a cost of �572,000.
The following investments have been completed during the period.
Investment cost �'000
C Share Pool
Original pool
Investment Date Activity Website
Unlisted
Atlantic Foods Group Feb-08 Value-added food 75 447 www
services supplier. atlanticfoods.co.uk
MoneyPlus Group Dec-07 Provider of debt 25 450 www.moneyplusgroup.
management services co.uk
to individuals.
PSCA International May-08 Producer of 32 - www.publicservice.
publications aimed co.uk
at public sector
officials.
TC Communications Holdings May-08 Marketing and 174 299 www.
communications tccommunications.co.
services agency. uk
Training For Travel Group Apr-08 Provision of 298 423 No website available
assessment, tuition
and or training in
travel services.
Transys Holdings Dec-07 Provider of 249 398 www.transysprojects.
engineering services ltd.uk
to the rail
industry.
Total unlisted investment 853 2,017
AIM/PLUS
Animalcare Group Jan-08 Markets and sells a - 245 www.animalcare.co.uk
wide range of
pharmaceutical and
other premium
products and
services to vets and
vet wholesalers.
Betbrokers Mar-08 Provider of 110 110 www.betbrokers.com
independent betting
brokerage services.
Essentially Group May-08 Provider of sports - 133 www.
marketing, media essentiallygroup.
management and com.
professional
services.
OPG Power Ventures May-08 Develops, owns and 49 49 www.opgpower.org
manages power
generation plants in
India.
Plastics Capital Dec-07 Manufacturer of 74 281 www.plasticscapital.
plastic components. com
Total AIM/PLUS investment 233 818
Total 1,086 2,835
Aberdeen Growth Opportunities VCT has co-invested with Aberdeen Income and Growth VCT, Aberdeen Growth VCT I, 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 major transactions affecting the unlisted investment portfolio during the period.
Lime Investments 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 have 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. The company is to be wound up, at which point the equity
investment will be returned.
Of more significance, the investment in PSCA International was sold realising �264,000 compared to the original cost of �138,000
resulting in a gain of �126,000. The total return on the investment amounted to 2.2 times the original cost including income received from
the investment during the holding period. An amount of �32,000 has been deferred as a loan stock in the new investment vehicle, on which
interest at a modest premium to base rate will be paid.
In addition to these two transactions, Homelux Nenplas repaid part of its loan stock at par ahead of its repayment schedule, a deferred
consideration was paid in respect of the sale of Patisserie (UK) and there was a modest recovery from the liquidation of Transrent
Holdings.
Since the period end, FFC, which is fully provided for in the attached financial statements, has gone into administration. The
investment in ID Support Services Holdings has been sold at slightly above the holding value generating a return of about 1.8 times cost of
�607,000 over the fifteen month holding period, which realised a capital gain of �369,000 equivalent to 1.6p per share.
Conditions in the AIM market continued to be testing over the reporting period and there were few opportunities to trade the portfolio.
However, net realised gains of �29,000 and �31,000 were generated during the period for the Original pool and the C Share pool respectively.
The FTSE AIM All-share index decreased over the period by 2.6% and has now fallen by over 15% since May 2007; in comparison the
performance of the Company's portfolio varied significantly with the Original pool showing a decline of 7.8% and the C Share pool an
increase of 10.8% for the period. The reason for this divergence is related to the differences in the constituents of the two portfolios
with the newer investments performing relatively better than the older holdings thus favouring the C Share pool. 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 is uncertain.
Outlook
The performance of the quoted markets generally has been volatile and these conditions may prevail for some time. Opportunities to
invest in companies seeking to achieve an IPO on the AIM Market have therefore been limited and little change is expected in the short term.
However, the portfolio is substantially invested in well managed private companies the underlying values of which remain sound
notwithstanding fluctuations in the quoted markets and we will continue to seek opportunities for their profitable realisation.
Investments realised
Ordinary Share Pool
C Share Pool
Date first invested Complete/partial Cost of shares Sales proceeds Realised gain/(loss) Cost of
shares Sales proceeds Realised gain/(loss)
exit disposed of
disposed of
�'000 �'000 �'000
�'000 �'000 �'000
Unlisted
Homelux Nenplas 2006 Partial 50 50 -
- - -
Lime Investments 2007 Partial 241 241 -
306 306 -
Patisserie UK (Holdings) 2005 Complete 6 6 -
- - -
PSCA International 2002 Partial 138 264 126
- - -
Transrent Holdings 2000 Partial 5 5 -
- - -
440 566 126
306 306 -
AIM
Darwen Group 2007 Partial 17 38 21
26 57 31
Fountains 2004 Complete 55 63 8
- - -
Others 19 19 -
- - -
91 120 29
26 57 31
Total 531 686 155
332 363 31
Aberdeen Growth Opportunities VCT PLC
Income Statement (unaudited)
For the six months ended 31 May 2008
Ordinary Shares C Ordinary Shares Total
Revenue Capital Total Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
(Losses)/gains on investments - (311) (311) - 559 559 - 248 248
Income from investments 179 - 179 340 - 340 519 - 519
Other income 13 - 13 14 - 14 27 - 27
Investment management fees (29) (118) (147) (44) (174) (218) (73) (292) (365)
Other expenses (45) - (45) (60) - (60) (105) - (105)
Net return/(loss) on ordinary 118 (429) (311) 250 385 635 368 (44) 324
activities before taxation
Tax on ordinary activities (21) 34 13 (46) 33 (13) (67) 67 -
Return/(loss) attributable to 97 (395) (298) 204 418 622 301 23 324
equity shareholders
Earnings per ordinary share 0.99 (4.05 (3.06) 1.36 2.80 4.16
(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. 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.
Reconciliation of Movements in Shareholders' Funds
C Ordinary Shares Total
Ordinary Shares
�'000 �'000 �'000
Opening Shareholders' funds 10,001 14,538 24,539
Movements in the period
Total (loss)/return for the period (298) 622 324
Dividends paid - revenue (171) (329) (500)
Closing Shareholders' funds 9,532 14,831 24,363
Aberdeen Growth Opportunities VCT PLC
Income statement
For the six months ended 31 May 2007 (unaudited)
Ordinary Shares C Ordinary Shares Total
Revenue Total Revenue Capital Total Revenue Capital Total
�'000 Capital �'000 �'000 �'000 �'000 �'000 �'000 �'000
�'000
Gains on investments - 867 867 - 773 773 - 1,640 1,640
Income from investments 145 - 145 340 - 340 485 - 485
Other income 26 - 26 12 - 12 38 - 38
Investment management fees (30) (120) (150) (42) (167) (209) (72) (287) (359)
Other expenses (45) - (45) (59) - (59) (104) - (104)
Net return on ordinary 96 747 843 251 606 857 347 1,353 1,700
activities before taxation
Tax on ordinary activities (11) 17 6 (44) 38 (6) (55) 55 -
Return attributable to equity 85 764 849 207 644 851 292 1,408 1,700
shareholders
Earnings per Ordinary Share 0.87 7.84 8.71 1.38 4.31 5.69
(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. 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.
Reconciliation of Movements in Shareholders' Funds
Ordinary Shares C Ordinary Shares Total
�'000 �'000 �'000
Opening Shareholders' funds 10,210 14,362 24,572
Movements in the period:
Total return for the period 849 851 1,700
Dividends paid - revenue (49) - (49)
Dividends paid - capital (389) (150) (539)
Closing Shareholders' funds 10,621 15,063 25,684
Aberdeen Growth Opportunities VCT PLC
Income statement
For the year ended 30 November 2007 (audited)
Ordinary Shares C Ordinary Shares Total
Revenue Total Revenue Capital Total Revenue Capital Total
�'000 Capital �'000 �'000 �'000 �'000 �'000 �'000 �'000
�'000
Gains on investments - 457 457 - 334 334 - 791 791
Income from investments 392 - 392 698 - 698 1,090 - 1,090
Other income 41 - 41 21 - 21 62 - 62
Investment management fees (59) (235) (294) (82) (331) (413) (141) (566) (707)
Other expenses (102) - (102) (136) - (136) (238) - (238)
Net return on ordinary 272 222 494 501 3 504 773 225 998
activities before taxation
Tax on ordinary activities (48) 76 28 (91) 63 (28) (139) 139 -
Return attributable to equity 224 298 522 410 66 476 634 364 998
shareholders
Return per ordinary share 2.30 3.06 5.36 2.74 0.44 3.18
(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. 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.
Reconciliation of Movements in Shareholders' Funds
Ordinary Shares C Ordinary Shares Total
�'000 �'000 �'000
Opening Shareholders' funds 10,210 14,362 24,572
Movements in the year
Total return for the year 522 476 998
Dividends paid - revenue (49) (150) (199)
Dividends paid - capital (682) (150) (832)
Closing Shareholders' funds 10,001 14,538 24,539
Balance Sheet
As at 31 May 2008
30 November 2007
(audited)
Ordinary C Ordinary
Shares Shares Total
�'000 �'000 �'000
Fixed assets
Investments 9,318 13,123 22,441
Current assets
Debtors 263 256 519
Cash and overnight deposits 515 1,323 1,838
778 1,579 2,357
Creditors
Amounts falling due within one year (95) (164) (259)
Net current assets 683 1,415 2,098
Net Assets 10,001 14,538 24,539
Capital and reserves
Called up share capital 974 1,495 2,469
Share premium 4,685 12,711 17,396
Distributable reserve 3,648 - 3,648
Capital redemption reserve 73 - 73
Capital reserves - realised 1,038 (411) 627
Capital reserves - unrealised (762) 274 (488)
Revenue reserve 345 469 814
Equity Shareholders' funds 10,001 - 10,001
Rights of C Shareholders - 14,538 14,538
Equity Shareholders funds and 10,001 14,538 24,539
rights of C Shareholders
102.6 97.2
Cash Flow Statement
For the six months ended 31 May
2008
Six months to Six months to Year ended
31 May 2008 31 May 2007 30 November 2007
(unaudited) (unaudited) (audited)
Ordinary C Ordinary Ordinary C Ordinary Ordinary C Ordinary
Shares Shares Total Shares Shares Total Shares Shares
Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
�'000
Operating activities
Investment income received 163 252 415 203 268 471 361 596
957
Deposit interest received 15 17 32 19 11 30 41 20
61
Investment management fees (129) (187) (316) (218) (310) (528) (297) (420)
(717)
paid
Secretarial fees paid (16) (22) (38) (20) (30) (50) (28) (40)
(68)
Cash paid to and on behalf of (14) (19) (33) (15) (21) (36) (32) (45)
(77)
Directors
Other cash payments (36) (44) (80) (19) (20) (39) (10) (71)
(81)
Net cash (outflow)/inflow (17) (3) (20) (50) (102) (152) 35 40
75
from operating activities
Taxation
Corporation tax 13 (13) - 7 (7) - 7 (7) -
Financial investment
Purchase of investments (1,808) (6,647) (8,455) (2,336) (5,516) (7,852) (4,638) (7,809)
(12,447)
Sale of investments 1,631 5,868 7,499 1,647 5,535 7,182 3,113 8,912
12,025
Net cash (outflow)/inflow (177) (779) (956) (689) 19 (670) (1,525) 1,103
(422)
from financial investment
Equity dividends paid (171) (329) (500) (438) (150) (588) (731) (300)
(1,031)
Net cash (outflow)/inflow (352) (1,124) (1,476) (1,170) (240) (1,410) (2,214) 836
(1,378)
before financing
(Decrease)/increase in cash (352) (1,124) (1,476) (1,170) (240) (1,410) (2,214) 836
(1,378)
Notes to the Financial Statements
1. Accounting policies
The financial information for the 6 months ended 31 May 2008 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 30 November 2007.
The results for the year ended 30 November 2007 are extracted from the full accounts for that year.
2. Statement of changes in equity
Share
Ordinary Shares Share premium Distributable
capital account reserve
�'000 �'000 �'000
At 30 November 2007 974 4,685 3,648
Gains on sale of investments - - -
Movement in unrealised - - -
depreciation
Investment management fees - - -
Tax effect of capital items - - -
Dividends paid - - -
Net return on ordinary - - -
activities
At 31 May 2008 974 4,685 3,648
Capital Capital Capital
Ordinary Shares redemption reserve reserve Revenue
reserve - realised - unrealised reserve Total
�'000 �'000 �'000 �'000 �'000
At 30 November 2007 73 1,038 (762) 345 10,001
Gains on sale of investments - 39 - - 39
Movement in unrealised - - (350) - (350)
depreciation
Investment management fees - (118) - - (118)
Tax effect of capital items - 34 - - 34
Dividends paid - - - (171) (171)
Net return on ordinary - - - 97 97
activities
At 31 May 2008 73 993 (1,112) 271 9,532
Share
C Ordinary Shares Share premium Distributable
capital account reserve
�'000 �'000 �'000
At 30 November 2007 1,495 12,711 -
Gains on sale of investments - - -
Movement in unrealised - - -
appreciation
Investment management fees - - -
Tax effect of capital items - - -
Dividends paid - - -
Net return on ordinary - - -
activities
At 31 May 2008 1,495 12,711 -
Capital Capital Capital
C Ordinary Shares redemption reserve reserve Revenue
reserve - realised - unrealised reserve Total
�'000 �'000 �'000 �'000 �'000
At 30 November 2007 - (411) 274 469 14,538
Gains on sale of investments - 16 - - 16
Movement in unrealised - - 543 - 543
appreciation
Investment management fees - (174) - - (174)
Tax effect of capital items - 33 - - 33
Dividends paid - - - (329) (329)
Net return on ordinary - - - 204 204
activities
At 31 May 2008 - (536) 817 344 14,831
3. Returns per Ordinary Share
Ordinary Shares six months ended six months ended Year ended
31 May 2008 31 May 2007 30
�'000 �'000 November
2007
�'000
The return per Ordinary Share is
based on the following figures:
Revenue return 97 85 224
Capital return (395) 764 298
Total return (298) 849 522
Weighted average number of 9,744,243 9,744,243 9,744,243
Ordinary Shares in issue
Revenue return per Ordinary 0.99p 0.87p 2.30p
Share
Capital return per Ordinary (4.05p) 7.84p 3.06p
Share
Return per Ordinary Share (3.06p) 8.71p 5.36p
The Net Asset Value per Ordinary Share has been calculated using the number of shares in issue
at 31 May 2008 of 9,744,243.
C Ordinary Shares six months ended six months ended Year ended
31 May 2008 31 May 2007 30
�'000 �'000 November
2007
�'000
The return per C Ordinary Share is
based on the following figures:
Revenue return 240 207 410
Capital return 418 644 66
Total return 622 851 476
Weighted average number of 14,954,494 14,954,494 14,954,494
C Ordinary Shares in issue
Revenue return per C Ordinary 1.36p 1.38p 2.74p
Share
Capital return per C Ordinary 2.80p 4.31p 0.44p
Share
Return per C Ordinary Share 4.16p 5.69p 3.18p
The Net Asset Value per C Ordinary Share has been calculated using the number of shares in issue at 31 May 2008 of
14,954,494.
A summary of investment changes for the period under review and an investment portfolio summary as at 31 May 2008 are set out below. The
Interim Report and Financial Statements will be printed and sent 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.
Investment Portfolio Summary
As at 31 May 2008
Investment Ordinary Pool C Share Pool
*
Valuation Cost % of total assets Valuation Cost % of total assets % of equity held
% of equity held by
other clients*
Unlisted
ID Support Services Holdings 417 259 4.5 561 348 3.7 6.4
26.6
MoneyPlus Group 431 325 4.6 450 450 3.0 11.7
31.5
Funeral Services Partnership 348 348 3.8 497 497 3.4 6.1
24.0
Homelux Nenplas 319 149 3.4 439 205 3.0 8.1
38.5
Transys Holdings 285 249 3.0 457 398 3.1 7.5
65.7
Training For Travel Group 298 298 3.1 423 423 2.9 8.2
23.6
Martel Instruments Holdings 264 264 2.8 398 398 2.7 9.3
26.8
Camwatch 257 257 2.7 393 393 2.6 10.1
35.7
Oliver Kay Holdings 249 249 2.6 383 383 2.6 4.0
15.7
Steminic (trading as MS 223 223 2.3 338 338 2.3 9.6
38.8
Industrial Services)
Energy Services Investment 149 149 1.6 398 398 2.7 20.9
71.5
Company
Atlantic Foods Group 75 75 0.8 447 447 3.0 2.9
5.1
Cash Bases 500 250 5.3 - - - 8.3
20.2
Silkwater Holdings (trading as 182 149 1.9 304 249 2.0 5.4
15.8
Cyclotech)
TC Communications Holdings 174 174 1.8 299 299 2.0 9.8
29.6
Adler & Allan Holdings 175 175 1.8 249 249 1.7 1.9
38.4
Countcar 90 7 0.9 135 10 0.9 5.7
23.3
Enpure Holdings 100 100 1.0 100 100 0.7 0.8
78.5
Palgrave Brown (Holdings) 148 57 1.6 - - - 1.2
50.4
Essential Viewing Systems 138 185 1.4 - - - 7.9
41.5
Driver Hire Investments Group 116 119 1.2 - - - 0.6
44.1
Buildstore 105 105 1.1 - - - 0.6
6.8
Llanllyr Water Company 100 100 1.0 - - - 7.5
42.4
Sanastro 98 275 1.0 - - - 3.5
9.6
IRW Systems 92 45 1.0 - - - 8.9
48.6
Lime Investments 33 33 0.3 42 42 0.3 23.8
69.3
PLM Dollar Group 50 50 0.5 - - - 0.6
30.3
PSCA International 32 32 0.3 - - - -
-
Others 60 1,496 0.6 118 140 0.8
Total unlisted 5,508 6,197 57.7 6,431 5,767 43.4
AIM/PLUS
Concateno 201 124 2.1% 474 315 3.1% 0.8
Darwen Group 258 82 2.7 387 124 2.6 2.8
3.2
Melorio 121 98 1.3 363 296 2.4 1.2
Plastics Capital 68 74 0.7 258 281 1.7 1.3
1.6
Software Radio Technology 280 273 3.0 - - - 0.9
1.7
Axeon 268 197 2.8 - - - 0.9
2.8
Animalcare Group - - - 245 245 1.7 2.3
2.3
Craneware 91 61 1.0 141 93 1.0 0.8
1.2
Avanti Communications Group 228 151 2.4 - - - 0.3
1.1
Betbrokers 110 110 1.2 110 110 0.7 0.8
0.7
Essentially Group 35 49 0.4 165 182 1.1 1.1
1.6
Formation Group 76 64 0.8 99 83 0.7 0.4
0.5
Neuropharm Group 133 100 1.4 - - - 0.2
0.5
Hasgrove 79 73 0.8 53 49 0.4 0.5
1.3
DM - - - 131 126 0.9 0.6
0.8
Mount Engineering 118 112 1.2 52 49 0.4 1.0
1.4
Work Group 115 201 1.2 - - - 0.9
2.3
OPG Power Ventures 57 49 0.6 57 49 0.4 0.2
0.1
Datong 110 151 1.2 - - - 0.9
1.1
Brulines (Holdings) 68 63 0.7 35 32 0.2 0.3
0.8
Litcomp 52 81 0.5 45 71 0.3 4.9
2.0
Strategic Retail 96 117 1.0 - - - 0.3
3.7
Individual Restaurant Company 58 78 0.6 35 47 0.2 0.3
0.7
Tanfield Group 70 13 0.7 - - - -
0.1
St Helen's Capital 28 26 0.3 42 38 0.3 1.5
3.9
Neutrahealth 68 89 0.7 - - - 0.6
1.3
Cello Group 59 54 0.6 - - - 0.1
0.9
Managed Support Services 23 120 0.2 35 180 0.2 0.5
1.1
Hexagon Human Capital 55 72 0.6 - - - 0.2
0.5
Universe Group - - - 53 67 0.4 0.8
1.8
SDI Group 17 25 0.2 33 49 0.2 0.3
0.7
Tangent Communications 50 79 0.5 - - - 0.4
1.0
Smart Identity 24 25 0.3 24 25 0.2 1.4
4.5
Sport Media Group - - 43 138 0.3 0.5
0.6
Invocas 19 45 0.2 17 39 0.1 0.2
0.1
Gold Frost 28 130 0.3 - - - 0.7
0.7
Others 41 540 0.4 1 4 0.0
Total AIM/PLUS 3,104 3,526 32.6 2,898 2,692 19.5
Listed fixed income
Treasury 4% 7/3/09 74 75 0.8 2,308 2,315 15.6
Treasury 5.75% 31/12/09 71 72 0.7 2,466 2,516 16.6
145 147 1.5 4,774 4,831 32.2
Total 8,757 9,870 91.8 14,103 13,290 95.1
*Other clients of the Aberdeen
Asset Management Group.
Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes during the period
For the six months ended 31 May 2008
Ordinary Shares
Valuation Net investment/ Appreciation/ Valuation
30 November 2007 (disinvestment) (depreciation) 31 May 2008
�'000 % �'000 �'000 �'000 %
Listed investments
Fixed income 800 8.0 (649) (6) 145 1.5
AIM 3,163 31.6 113 (172) 3,104 32.6
Unlisted investments
Equities 1,688 16.9 (94) 143 1,737 18.2
Preference shares 55 0.6 - - 56 0.6
Loan stocks 3,612 36.1 379 (276) 3,715 38.9
Total investments 9,318 93.2 (250) (311) 8,757 91.8
Net current assets 683 6.8 92 - 775 8.2
Net assets 10,001 100.0 (158) (311) 9,532 100.0
Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes during the period
For the six months ended 31 May 2008
C Ordinary Shares
Valuation Net investment/ Appreciation/ Valuation
30 November 2007 (disinvestment) (depreciation) 31 May 2008
�'000 % �'000 �'000 �'000 %
Listed investments
Fixed income 6,804 46.8 (1,973) (57) 4,774 32.2
AIM 1,729 11.9 752 417 2,898 19.5
Unlisted investments
Equities 846 5.8 216 343 1,405 9.5
Preference shares 52 0.4 3 - 55 0.4
Loan stocks 3,692 25.4 1,423 (144) 4,971 33.5
Total investments 13,123 90.3 421 559 14,103 95.1
Net current assets 1,415 9.7 (687) - 728 4.9
Net assets 14,538 100.0 (266) 559 14,831 100.0
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
* The financial statements have been prepared in accordance with applicable accounting standards and with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies" 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; 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 to them.
By Order of the Board
Aberdeen Asset Management PLC
Secretaries
15 July 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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