RNS Number:4076N
Aberdeen Growth Opps VCT PLC
06 February 2008
Aberdeen Growth Opportunities VCT PLC
I am pleased to report on another successful year for your company. Among the
highlights are:
* Total Return on Ordinary shares 115.1p per share (pps) at year end up 4.8%
over the year
* Net asset value (NAV) of Ordinary shares at year end of 102.6pps
* Total Return on C Shares 99.2pps at year end up 3.3% over the year
* NAV of C Share at year end of 97.2p
* 3 successful exits from unlisted companies during the year generating net
gains of 4.0p per Ordinary share
* Net realised gains from AIM stocks of 6.8p per Ordinary share and 1.2p per
C share for the year
* Dividends declared or proposed of 4.75p per Ordinary share and 3.2p per C
share in respect of the year
Performance
The Total Return per Ordinary Share at 30 November 2007 was 115.1pps, an
increase of 4.8% over the equivalent figure at November 2006, while for the C
Share pool it is 99.2pps compared with 96.0pps a year previously, an increase of
3.3%. The most important measure for a VCT is the total return being the long
term record of dividend payments out of income and capital gains combined with
the current NAV. In the short term, the NAV on its own is a less important
measure of the performance as the underlying investments are long-term in nature
and not readily realisable.
The Net Asset Value (NAV) per Ordinary share at 30 November 2007, before payment
of the proposed dividend in respect of the year then ended, was 102.6p after
payment of dividends totalling 7.5p. compared with 104.8p at 30 November 2006.
The NAV per C Share at 30 November 2007 was 97.2p, an increase of 1.3% over the
previous year after paying dividends of 2.0p during the year.
The effect of paying the proposed dividends of 1.75p per share on the Original
pool and 2.2p on the C Shares will be to reduce the NAV to 100.85p and 95.0p
respectively.
The VCT qualifying status of your Company is monitored on a continuous basis,
and I am pleased to confirm that all tests continue to be met.
Dividend policy
In the Interim Report the Board intimated an enhanced dividend policy. In view
of the growing maturity of the unlisted investments in the Ordinary Share
portfolio and the capital gains that have been achieved to date, the Board has
decided to target 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. It is the intention of the Board 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. The Board also examined the practicalities of introducing a
dividend re-investment programme for Shareholders who wish to increase their
holding in the Company and decided that Shareholders could gain access to the
Company's shares on better terms in the current market through their own
brokers. A limited number of shares is currently available in the market for
purchase. Shareholders acquiring shares through the market will not qualify for
front-end tax relief but all dividends received, out of capital or income, are
free of tax to UK taxpayers.
As regards the C Ordinary Share portfolio, since it is still in its investment
phase dividends are likely to be more variable until it achieves critical mass
and is merged with the Ordinary Share portfolio in April 2009. However, it is
pleasing to note at this stage that the performance of the C Ordinary Share
portfolio remains ahead of that of the Ordinary Share portfolio at the
comparable stage in its development.
The Company paid an interim dividend of 3.0p to Ordinary Shareholders and 1.0p
to C Shareholders on 24 August 2007. The Board is now proposing a final dividend
of 1.75 per Ordinary Share and 2.2p per C Ordinary Share, both to be paid on 30
April 2008 to shareholders on the register on 28 March 2008. The total dividends
in respect of the year of 4.75p and 3.2p represent 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 30 November 2007 the equivalent yield
is 6.6% and 3.2%. The yield is tax free and is therefore equivalent to 8.8% and
4.3% from a UK equity for a higher rate taxpayer.
Investment Strategy
The strategy for both the Ordinary share pool and the C share pool remains to
build a diversified portfolio of unlisted and AIM investments which offer strong
growth prospects and therefore the opportunity for capital gains in the medium
to longer term, while maintaining VCT qualifying status. The Company does not
currently utilise gearing in making its investments but the Board may elect to
take advantage on a selective basis of its ability to borrow up to 10% of Net
Asset Value in pursuit of the investment strategy.
Portfolio Developments
There were three further successful exits from companies in the Ordinary Share
pool unlisted portfolio during the course of the year and one exit where a
realised loss was incurred although this had been foreseen and a suitable
provision made in earlier periods. The net gain from these realisations amounted
to 4.0p per share.
Net realised gains amounting to 6.8p per Ordinary Share and 1.2p per C Share
were also achieved from the AIM portfolios over the year. Further details of all
of these gains are given later in this report. The Company's AIM holdings
appreciated in value by 31% during the first half of the year, compared with an
increase of 19% in the FTSE AIM All-share index. Since then, however, stock
markets generally have declined and the FTSE AIM All-share index has fallen over
the second half by 13.1% as the effects of credit crises and fears of recession
have taken their toll. For the full year, the Ordinary Share AIM portfolio
achieved an uplift of 11.6% and the C Share pool a modest reduction of 0.7%
compared to an increase in the FTSE AIM All-share index of 3.4% over the same
period.
At the year end the split by value of unquoted and AIM holdings was 63:37 for
the Ordinary shares and 73:27 for the C shares.
Investment Activity
During the year ended 30 November 2007, twenty-eight significant unlisted and
AIM investments were completed and a total of �9.5 million was invested of which
�4.0 million was from the Ordinary Share pool and �5.5 million was from the C
Share pool. At the year end, the portfolio stood at 71 unlisted and AIM
investments at a total cost of �15.3 million. Since 30 November 2007, three
further new investments and one follow-on investment have been made at a total
cost of �1.7 million.
The following new investments have been completed during the year.
Investment Date Activity Investment cost Website
�'000
Original C Share
pool Pool
Unlisted
Adler & Allan Jun-07 Handling and disposal of 175 249
liquid waste
Camwatch Mar-07 Provider of CCTV 257 393 www.cctv-monitoring.net
monitoring and
installation services
Silkwater Holdings May-07 Provider of services to 149 249 www.cyclotech.com
(trading as Cyclotech) the energy sector
Energy Services Nov-07 Shell company set up to 149 398
Investment Co provide services to the
energy sector
Funeral Services Mar-07 Operator of funeral 348 497
Partnership directors
ID Support Services Mar-07 CCTV security and air 259 348 www.id-group.co.uk
conditioning systems
Lime Investments Mar-07 Shell company set up to 273 348
acquire branded
premium-end or niche food
and beverage businesses
Martel Instruments Jan-07 Manufacturer of compact, 264 398
handheld printers and
display devices
Steminic (trading as MS Apr-07 Provider of industrial 223 338 www.msis.uk.com
Industrial Services) cleaning and waste
management services to
the oil and industrial
sectors
Oliver Kay Holdings Jan-07 Supplier of fresh produce 249 383 www.oliverkayproduce.co.uk
to the on-trade catering
industry in the UK
Riverdale Publishing Apr-07 Publisher of greeting 217
cards
Other
94 10
Total Unlisted investment 2,657 3,611
AIM/PLUS
Avanti Communications Apr 07 Provides satellite 151
services in Europe using
leased satellite capacity
Concateno Jun 07 Provider of services for 27 209
the testing of employees
for drugs and alcohol
Craneware Sep 07 Provider of billing and 65 100
auditing software for use
in the US healthcare
market
Darwen Sep 07 Bus manufacturer and low 100 149
emission technology group
DM Apr 07 Direct marketing group 134
specialising in gathering
consumer data for use in
direct marketing
campaigns
Eleco Dec 07 Manufacturer of precast 158
concrete products, metal
roofing and cladding
products and panels for
interiors
Essentially Group Jul 07 Sports marketing, media 49 49
management and
professional services
group
Formation Group Jun 07 Provider of wealth 66 86
management and related
professional services
Hexagon Human Capital Feb 07 Provider of executive 99
search and recruitment
services
Individual Restaurant Jun 07 Restaurant operator 82 62
Company
K3 Business Technology Mar 07 Business application 120
Group software reseller
Melorio Oct 07 UK provider of onsite 99 296
assessment and training
within the construction
industry
Mount Engineering Jun 07 Manufacturer, stockist 123 49
and distributor of
engineering products for
oil, gas, power, water
and general industrial
markets
Neuropharm May 07 Pharmaceutical company 100
Software Radio Technology Nov 07 Provider of wireless 38
technology products and
services
Tangent Communications Feb 07 Digital printing and 79
marketing services
company
Universe Group Apr 07 Provider of managed 67
services and payment
solutions to the petrol
retail sector
Other 202 226
Total AIM/PLUS investment 1,280 1,705
Total 3,937 5,316
Aberdeen Growth Opportunities VCT has co-invested with Aberdeen Development
Capital, Aberdeen Growth VCT I, Aberdeen Growth Opportunities VCT 2, Talisman
First Venture Capital Trust, Aberdeen Income and Growth 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
Following a number of successful realisations during 2006, further realisations
from the Ordinary Share pool have occurred in the reporting period as shown in
the table immediately following this review. While these realisations
contributed to the increase in Total Return, the effect was to deplete the
invested portfolio of the Ordinary Share pool. During the reporting period ten
new substantial unlisted investments and 18 new AIM investments have been added
in rebuilding the portfolio. We are pleased to note that all of the unlisted
investments have traded 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 maturity which enables profitable exits to be negotiated.
The holding in Amgas was sold and incurred a loss compared to the cost of the
investment; however, the valuation of the holding had been written down in
earlier periods in anticipation of such an outcome and a small loss of c�10,000
was incurred on disposal. In contrast, the sale of the investment in EIG
(Investments) was successfully completed in January 2007 approximately 15 months
after first investing resulting in a gain of �280,000 during the reporting
period; since then deferred consideration has been paid which increases the gain
on the investment by a further �24,000. The sale of Enterprise Food Group
completed during the period; the final sale in a series of individual disposals
which has resulted in a total gain on the investment of �114,000, including the
gain of �67,000 achieved in the period. This compares to the original cost of
the investment of �150,000. Palgrave Brown repaid all of its loan capital at par
amounting to �135,000 while capitalising the accrued redemption premium into a
loan stock carrying the same terms as that repaid. Finally RMS Europe was sold
achieving a gain of �103,000 on the original cost of �116,000.
The AIM portfolio continued to be actively traded when the opportunity arose,
recognising the more unstable conditions which prevailed in the second half of
the year. Net gains of �669,000 were generated for the Ordinary Share pool and a
gain of �176,000 for the C Share pool over the year. The FTSE AIM All-share
index has increased over the year by 3.4%; the overall performance of the
Company's portfolio is significantly better than the market with the Ordinary
Share pool showing an uplift of 11.6% while the C Share pool showed a decline of
0.7% for the year.
In addition to the realised gains mentioned above, details of which can be found
in the table below, unrealised gains compared to valuations at November 2006
totalling �42,000 arose on the original pool of investments. In the unlisted
portfolio, unrealised gains on Homelux Nenplas (�177,000), Money Plus (�106,000)
and PSCA (�116,000) reflecting improving prospects for those companies were
offset by reductions in the value of Riverdale Publishing (�327,000), and Oled-T
(�159,000). In the AIM portfolio gains on Axeon (�185,000) and Tanfield
(�85,000) were partially offset by reductions in the market value of Worthington
Nicholls (�187,000).
The most significant valuation changes were an unrealised gain on Homelux
Nenplas (�243,000) and a reduction in the value of Worthington Nicholls
(�281,000) which also affected the C Share pool. New management is being
installed at Worthington Nicholls and some improvement is expected.
Investments in the unlisted portfolio are generally trading well but where there
is underperformance particular attention is paid to those companies by the
Manager to effect an improvement and protect the value of the investment.
Outlook
The pipeline of new private company investments remains healthy, with
significant mergers and acquisitions activity currently in evidence on the back
of impending changes in Capital Gains Tax legislation, which is motivating some
owners of private companies to sell. Conversely, opportunities to invest in the
AIM market are reduced; recent volatility has seen fewer new IPOs in the early
part of 2008 and we expect this trend to continue for the immediate future.
Overall, the level of new investment activity remains positive with a
significant number of new transactions in process across the Manager's network
of UK offices.
Ordinary Share Pool C Share Pool
Date first Complete/ Cost of Sales Realised Cost of Sales Realised Gain
invested Partial Exit shares Proceeds Gain/ shares Proceeds /Loss
disposed (Loss) disposed
of of
�'000 �'000 �'000 �'000 �'000 �'000
Unlisted
Amgas 2003 Complete 100 16 (84)
EIG (Investments) 2005 Complete 301 604 303
Enterprise Food 2005 Complete 67 67
Group Holdings
Palgrave Brown 2002 Partial 135 135
(Holdings)
RMS Europe 2004 Complete 116 219 103
652 1,041 389
AIM
Air Music & Media 2004 Complete 150 35 (115)
Assetco 2003 Complete 16 31 15
Avanti Screenmedia 2004 Complete 171 171 0
Axeon 2003 Partial 51 97 46
Bglobal 2007 Complete 25 27 2 35 38 3
Careforce Group 2004 Complete 55 79 24
Cello Group 2004 Partial 26 38 12
DM 2007 Partial 8 10 2
Eleco 2006 Complete 158 184 26
Fairground Gaming 2006 Complete 149 39 (110)
Holdings
Fountains 2004 Partial 47 43 (4)
Hexagon Human 2007 Partial 26 30 4
Capital
Inspicio 2005 Complete 71 124 53
K3 Business 2007 Complete 120 154 34
technology Group
Leadcom Integrated 2006 Complete 98 70 (28)
Solutions
MTI Wireless Edge 2006 Complete 41 53 12
Software Radio 2005 Partial 25 44 19
Technology
Sport Media Group 2006 Partial 40 49 9
Tanfield 2004 Partial 51 513 462
Velosi 2006 Complete 136 174 38
Zetar 2005 Complete 69 188 119 276 417 141
Other 73 93 20 98 159 61
897 1,566 669 1,118 1,294 176
Unit Trust
Aberdeen Global 2004 Complete 485 506 21 1,000 994 (6)
Fixed Interest
Opportunities
485 506 21 1,000 994 (6)
Total 2,034 3,113 1,079 2,118 2,288 170
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
INCOME STATEMENT
For the year ended 30 November 2007
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 - 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 224 298 522 410 66 476 634 364 998
equity 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 'C' ORDINARY
SHARES SHARES TOTAL
�'000 �'000 �'000
Opening Shareholders' funds 10,210 14,362 24,572
Movements in the year
Total profit 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
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
INCOME STATEMENT
For the year ended 30 November 2006
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 1,176
Income from investments 241 - 241 386 - 386 627 - 627
Other income 21 - 21 21 - 21 42 - 42
Investment management fees (54) (216) (270) (52) (207) (259) (106) (423) (529)
Other expenses (107) - (107) (100) - (100) (207) - (207)
Net return/(loss) on 101 845 946 255 (92) 163 356 753 1,109
ordinary activities
before taxation
Tax on ordinary activities (20) 27 7 (46) 39 (7) (66) 66 -
Return attributable to 81 872 953 209 (53) 156 290 819 1,109
equity shareholders
Return per Ordinary share 0.82 8.88 9.70 1.69 (0.43) 1.26 2.51 8.45 10.96
(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
ORDINARY SHARES TOTAL
SHARES
�'000 �'000 �'000
Opening Shareholders' funds 9,623 - 9,623
Movements in the period
Total profit for the period 953 156 1,109
Net proceeds of issue of shares - 14,206 14,206
Repurchase and cancellation of (167) - (167)
shares
Dividends paid - revenue (50) - (50)
Dividends paid - capital (149) - (149)
Closing Shareholders' funds 10,210 14,362 24,572
Reconciliation of movements in Shareholders' Funds
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
BALANCE SHEET
As at 30 November 2007
30 November 2007 30 November 2006
Ordinary 'C' Total Ordinary 'C' Total
shares Ordinary shares Ordinary
shares shares
�'000 �'000 �'000 �'000 �'000 �'000
Fixed assets
Investments at fair value through profit
and loss 9,318 13,123 22,441 7,169 13,913 21,082
Current assets Debtors 263 256 519 407 136 543
Cash and overnight deposits 515 1,323 1,838 2,729 487 3,216
778 1,579 2,357 3,136 623 3,759
Creditors: amounts falling due within one
year (95) (164) (259) (95) (174) (269)
Net current assets 683 1,415 2,098 3,041 449 3,490
Total net assets 10,001 14,538 24,539 10,210 14,362 24,572
Capital and reserves
Called up share capital
974 1,495 2,469 974 1,495 2,469
Share premium
4,685 12,711 17,396 4,685 12,711 17,396
Distributable reserve
3,648 - 3,648 3,648 - 3,648
Capital redemption reserve 73 - 73 73 - 73
Capital reserve - realised 1,038 (411) 627 800 (140) 660
Capital reserve - unrealised (762) 274 (488) (140) 87 (53)
Revenue reserve 345 469 814 170 209 379
Equity shareholders' interest 10,001 14,538 24,539 10,210 14,362 24,572
Net asset value per ordinary share 102.6 97.2 104.8 96.0
(pence)
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
CASH FLOW STATEMENT
For the year ended 30 November 2007
Year ended Year ended
30 November 2007 30 November 2006
Ordinary 'C' Total Ordinary 'C' Total
shares Ordinary shares Ordinary
shares shares
�'000 �'000 �'000 �'000 �'000 �'000
Operating activities
Investment income received 361 596 957 188 260 448
Deposit interest received 41 20 61 20 20 40
Investment management fees paid (297) (420) (717) (272) (158) (430)
Secretarial fees paid (28) (40) (68) (53) (20) (73)
Cash paid to and on behalf of (32) (45) (77) (45) (19) (64)
Directors
Other cash payments (10) (71) (81) (75) (28) (103)
Net cash inflow/(outflow) from 35 40 75 (237) 55 (182)
operating activities
Taxation
Corporation tax 7 (7) - - - -
Financial investment
Purchase of investments (4,638) (7,809) (12,447) (2,169) (15,368) (17,537)
Sale of investments 3,113 8,912 12,025 4,248 1,594 5,842
Net cash (outflow)/inflow from (1,525) 1,103 (422) 2,079 (13,774) (11,695)
financial investment
Equity dividends paid (731) (300) (1,031) (199) - (199)
Net cash (outflow)/inflow before (2,214) 836 (1,378) 1,643 (13,719) (12,076)
financing
Financing
Issue of ordinary shares - - - - 14,206 14,206
Share repurchases - - - (167) - (167)
Net cash (outflow)/inflow from - - - (167) 14,206 14,039
financing
(Decrease)/increase in cash (2,214) 836 (1,378) 1,476 487 1,963
Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes
For the year ended 30 November 2007
ORDINARY SHARES
Valuation Net Appreciation Valuation
investment
30 November 2006 (disinvestment) (depreciation) 30 November 2007
�'000 % �'000 �'000 �'000 %
Listed Investments
Fixed Income - - 800 - 800 8.0
Unit Trusts 509 5.0 (507) (2) - -
AIM Investments 3,224 31.5 (389) 328 3,163 31.6
Unlisted investments
Equities 1,389 13.6 23 276 1,688 16.9
Preference shares 99 1.0 (42) (2) 55 0.6
Loan stocks 1,948 19.1 1,807 (143) 3,612 36.1
Total investments 7,169 70.2 1,692 457 9,318 93.2
Other net assets 3,041 29.8 (2,358) - 683 6.8
Total assets 10,210 100.0 (666) 457 10,001 100.0
Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes during the period
For the year ended 30 November 2007
'C' ORDINARY SHARES
Valuation Net investment Appreciation Valuation
30 November 2006 (disinvestment) (depreciation) 30 November 2007
�'000 % �'000 �'000 �'000 %
Listed Investments
Fixed Income 11,062 77.0 (4,293) 35 6,804 46.8
Unit Trusts 1,000 7.0 (994) (6) - -
AIM Investments 1,477 10.3 263 (11) 1,729 11.9
Unlisted investments
Equities
29 0.2 533 284 846 5.8
Preference Shares
- - 52 - 52 0.4
Loan stocks 345 2.4 3,315 32 3,692 25.4
Total investments 13,913 96.9 (1,124) 334 13,123 90.3
Other net assets 449 3.1 966 - 1,415 9.7
Total assets 14,362 100.0 (158) 334 14,538 100.0
Aberdeen Growth Opportunities VCT plc
Ordinary Shares
Investment Portfolio Summary
As at 30 November 2007
Investment Name Ordinary C Share % of % of
Pool Pool equity equity
held held by
other
clients
Valuation Cost % of Valuation Cost % of
total total
assets assets
Unlisted Nature Of Business
Investments
Cash Bases Limited Manufacturer of 500 250 5.0% 8.3% 20.2%
(formerly Deckflat customised cash
Limited) drawers
Money Plus Group Debt management 406 300 4.0% 6.0% 24.9%
Limited services to
individuals
Homelux Nenplas Manufacturer of 376 199 3.7% 517 274 3.6% 8.10% 36.9%
Limited plastic tiling
trims and related
products
Funeral Services Operator of funeral 348 348 3.5% 497 497 3.4% 6.10% 23.9%
Partnership Limited directors
ID Support Services CCTV security and 319 259 3.2% 430 348 3.0% 6.40% 26.9%
Holdings Ltd air conditioning
systems
Lime Investments Shell company set 273 273 2.7% 348 348 2.4% 23.80% 69.6%
Limited up to acquire
branded premium-end
or niche food and
beverage businesses
Martel Instruments Manufacturer of 264 264 2.6% 398 398 2.8% 9.30% 24.0%
Holdings Limited compact, handheld
printers and
display devices
Camwatch Limited Provider of CCTV 257 257 2.6% 393 393 2.7% 12.20% 31.2%
monitoring and
installation
services
PSCA International Producer of 254 138 2.5% 1.6% 21.6%
Limited publications aimed
at public sector
officials
Oliver Kay Holdings Supplier of fresh 249 249 2.5% 383 383 2.6% 4% 16.0%
Limited produce to the
on-trade catering
industry in the UK
Steminic (trading Provider of 223 223 2.2% 338 338 2.3% 9.60% 35.4%
as MS Industrial industrial cleaning
Services Ltd) and waste
management services
to the oil and
industrial sectors
Adler & Allan Handling and 175 175 1.7% 249 249 1.7% 1.90% 39.1%
Holdings Limited disposal of liquid
waste
Silkwater Holdings Provider of 149 149 1.5% 249 249 1.7% 5.40% 14.6%
(trading as services to the
Cyclotech) energy sector
Energy Services Provider of 149 149 1.5% 398 398 2.8% 20.90% 59.1%
Investment Company services to the
(ESIC) Limited energy sector
Palgrave Brown Manufacturer of 148 57 1.5% 1.2% 50.4%
(Holdings) Limited specialist timber
products
Sanastro plc Financial 147 275 1.5% 3.5% 9.6%
publishing house
Essential Viewing Video streaming 139 185 1.4% 7.9% 41.5%
Systems Limited software
FFC (UK) Limited Manufacturer of 135 150 1.3% 9.0% 31.0%
office furniture
Driver Hire Supplier of 116 119 1.2% 0.6% 44.1%
Investments Group temporary drivers
Limited
Riverdale Publisher of 109 332 1.1% 6.8% 65.7%
Publishing Limited greeting cards
Buildstore Limited Services to self 105 105 1.0% 0.6% 7.1%
build homeowners
Llanllyr Water Extraction and 100 100 1.0% 7.5% 42.4%
Company Limited bottling of spring
water
Enpure Holdings Process engineering 100 100 1.0% 100 100 0.7% 0.80% 78.8%
Limited and project
management
Darwen Group plc Bus manufacturer 100 100 1.0% 149 149 0.9% 7% 14.6%
and low emission
technology group
IRW Systems Limited Design, build and 92 45 1.0% 8.9% 48.6%
management of
bespoke software
and network
solutions
PLM Dollar Group On-shore helicopter 50 50 0.6% 0.6% 30.3%
Limited services
Others 72 1135 0.8% 141 151 0.9%
5,355 5,986 53.6% 4,590 4,275 31.6%
Ordinary C Share % of % of
Pool Pool equity equity
held held by
other
clients
Valuation Cost % of Valuation Cost % of
total total
assets assets
AIM/PLUS
Software Radio Provider of 417 273 4.2% 0.9% 1.7%
Technology PLC wireless technology
products and
services
Axeon plc Developer of 374 197 3.7% 0.9% 2.8%
semiconductor
intellectual
property
specifically geared
to the automotive
industry
Work Group PLC Provider of 187 201 1.9% 0.9% 2.3%
recruitment
services
Avanti Provides satellite 166 151 1.7% 0.3% 1.1%
Communications telecommunications
Group Plc services in Europe
using leased
satellite capacity
Concateno plc Provider of 165 124 1.6% 390 315 2.7% 0.80% 1.6%
services for the
testing of
employees for drugs
and alcohol
Neuropharm Group Pharmaceutical 143 100 1.4% 0.2% 0.5%
plc company
Tanfield Group PLC Manufacturer of 136 13 1.4% - 0.1%
zero emission
vehicles and
powered access
platforms
Datong PLC Producer of devices 124 151 1.2% 0.9% 1.1%
that enable
government
intelligence and
defence agencies to
covertly track
vehicles and mobile
phones
DM PLC Direct marketing 122 126 0.8% 0.60% 0.9%
group specialising
in gathering
consumer data for
use in direct
marketing campaigns
Sport Media Group Digital media 119 138 0.8% 0.50% 0.6%
PLC (formerly content provider
Interactive World)
Mount Engineering Manufacturer, 116 123 1.2% 46 49 0.3% 1% 2.2%
plc stockist and
distributor of
engineering
products for oil,
gas, power, water
and general
industrial markets
Melorio Plc UK provider of 108 98 1.1% 325 296 2.2% 1.20% 1.6%
onsite assessment
and training within
the construction
industry
Strategic Retail Retailer of home 96 117 1.0% 0.3% 3.7%
plc decorating products
Neutrahealth plc Manufacturer and 82 89 0.8% 0.6% 1.3%
distributor of
nutraceutical
products
Individual Restaurant operator 81 78 0.8% 49 47 0.3% 0.30% 0.9%
Restaurant Company
plc
Hasgrove plc Provider of 79 73 0.8% 54 49 0.4% 0.50% 1.5%
communication
services in public
relations, public
affairs, graphic
design, advertising
and on-line
marketing
Tangent Digital printing 74 79 0.7% 0.4% 1.0%
Communications PLC and marketing
services company
Craneware plc Provider of billing 73 62 0.7% 112 96 0.8% 0.80% 1.7%
and auditing
software for use in
the US healthcare
market
Litcomp plc National supplier 72 81 0.7% 63 71 0.4% 4.90%
of medical reports
in support of legal
actions
Hexagon Human Provider of 70 72 0.7% 0.2% 0.5%
Capital PLC executive search
and recruitment
services
Gold Frost Limited Producer of kosher 69 130 0.7% 0.7% 0.7%
food products
Formation Group PLC Provider of wealth 67 66 0.7% 87 86 0.6% 0.40% 1.0%
management and
related
professional
services
Brulines (Holdings) Provider of 65 63 0.6% 33 32 0.2% 0.30% 0.9%
plc management
information systems
for draught
alcoholic drinks
Cello Group Plc Marketing and media 64 54 0.6% 0.1% 0.9%
services company
Universe Group PLC Provider of managed 57 67 0.4% 0.80% 1.8%
services and
payment solutions
to the petrol
retail sector
Fountains Land management and 57 55 0.6% 0.3% 1.2%
related outsourced
services in the UK
and North America
Essentially Group Sports marketing, 44 49 0.4% 44 49 0.3% 0.60% 1.8%
PLC media management
and professional
services group
St Helen's Capital Provider of 41 26 0.4% 61 38 0.4% 2.90% 6.4%
PLC corporate advisory
services
Worthington Installation and 34 118 0.3% 50 177 0.3% 0.50% 1.0%
Nicholls Group PLC maintenance of air
conditioning units
in the hotel and
retail markets
Invocas PLC Provider of 32 45 0.3% 28 39 0.2% 0.20% 0.1%
services to
individuals and
corporates
requiring
insolvency advice
Synarbor PLC Provider of 30 127 0.3% 0.2% 1.0%
(formerly Public temporary staff to
Recruitment Group) the public sector
Smart Identity plc Software developer 28 25 0.3% 28 25 0.2% 6.60% 20.0%
of identity
management
solutions
SDI Group PLC Specialist in the 25 25 0.2% 50 49 0.3% 0.30% 0.7%
design, build and
support of
automated warehouse
handling systems
within the retail
distribution sector
Others 44 420 0.5% 11 14 0.1%
3,162 3,285 31.6% 1,729 1,763 11.9%
Listed Fixed Income
Investments
Treasury 5% 07/03/ 2,848 2,853 19.6%
08
Treasury 4% 07/03/ 2,731 2,732 18.8%
09
Treasury 7.25% 07/ 1,225 1,226 8.4%
12/2007
Treasury 7.25% 07/ 800 800 8.0%
12/2007
800 800 8.0% 6,804 6,811 46.8%
Total 9,318 10,071 93.2% 13,123 12,849 90.3%
This preliminary announcement is prepared on the basis of the accounting
policies as stated in the previous year's financial statement.
Returns per Ordinary share have been calculated using the weighted average
number of shares in issue during the period of 9,744,243 (2006 - 9,822,544). The
Net Asset Value per Ordinary share has been calculated using the number of
shares in issue at 30 November 2007 of 9,744,243 (2006 - 9,744,243).
Returns per C Ordinary share have been calculated using the weighted average
number of shares in issue during the period of 14,954,494 (2006 - 12,389,359).
The Net Asset Value per C Ordinary share has been calculated using the number of
shares in issue at 30 November 2007 of 14,954,494 (2006 - 14,954,494).
The financial information set out in the announcement does not constitute the
company's statutory accounts for the years ended 30 November 2006 or 2007. The
financial information for the year ended 30 November 2006 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on those accounts; their report was unqualified
and did not contain a statement under s237(2) or (3) Companies Act 1985. The
audit of the statutory accounts for the year ended 30 November 2007 is not yet
complete. These accounts will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Registrar of Companies following the company's annual
general meeting.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with United Kingdom Generally Accepted Accounting
Practice (UK GAAP), this announcement does not itself contain sufficient
information to comply with UK GAAP. The Company expect to publish full financial
statements that comply with UK GAAP.
Copies of this announcement will be available to the public at the office of
Aberdeen Asset Managers Limited, 149 St Vincent Street, Glasgow and at the
registered office of the Company, One Bow Churchyard, London.
By Order of the Board
ABERDEEN ASSET MANAGEMENT PLC
SECRETARIES
6 February 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSUFFMSASEFE
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