ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company")
(TSX:AAB) is pleased to announce that it has released its financial
results for the first quarter of 2013, ended April 30, 2012. For
more information please see the Company's Condensed Interim
Financial Statements and Management's Discussion and Analysis
("MD&A") posted on SEDAR at www.sedar.com.
As at April 30, 2012, Aberdeen's Shareholders' Equity (or Net
Asset Value, "NAV") was $79.2 million, or $0.91 per share.
Aberdeen's shareholders' equity decreased by $16.9 million from
$96.1 million at the end of Q4 2012. The decrease in shareholders'
equity was due to the performance of Aberdeen's investment
portfolio in the first quarter, which decreased $16.9 million or
23.4% to $55.4 million. In the first quarter of 2013, the Company
continued to experience the impact of very weak market performance
for small capitalization mining and resource stocks. On a
year-over-year basis, Aberdeen's shareholders' equity decreased by
$51.1 million. Note that the reference to shareholders' equity is
similar to previous references to Net Asset Value or "NAV" by
Aberdeen.
April 30, 2012 January 31, 2012 April 30, 2011
Shares
outstanding 86,898,239 86,100,139 86,194,639
$ $/Shares $ $/Shares $ $/Shares
--------------------------------------------------------------
Cash on hand 2,034,272 0.02 7,372,118 0.09 7,427,116 0.09
Investments
Publicly
traded 41,332,712 0.476 51,916,759 0.603 72,493,614 0.841
Private 12,902,827 0.148 16,325,377 0.190 16,174,365 0.188
Non-trading
warrants
Intrinsic
value - - 1,915,000 0.022 12,827,595 0.149
Option value 1,154,730 0.013 2,170,214 0.025 2,654,523 0.031
--------------------------------------------------------------
1,154,730 0.013 4,085,214 0.047 15,482,118 0.180
--------------------------------------------------------------
Portfolio
Investments 55,390,269 0.637 72,327,350 0.840 104,150,097 1.208
Loans
receivable 4,383,312 0.050 3,459,778 0.040 4,743,836 0.055
--------------------------------------------------------------
Total 61,807,853 0.711 83,159,246 0.966 116,321,049 1.350
--------------------------------------------------------------
--------------------------------------------------------------
Aberdeen reported net earnings of $(15.9) million or $(0.18) per
share for the quarter ended April 30, 2012 on total revenue of
$(18.5) million. Revenue was comprised of $(19.2) million from net
investment losses, $0.6 million from royalties, $0.1 million from
interest, advisory and other income. For the three months ending
April 30, 2011, Aberdeen reported net earnings of $(3.9) million or
$0.04 per share on total revenue of $(3.1) million ($(3.8) million
from net investment losses, $0.5 million from royalties, $0.2
million from interest).
Aberdeen received royalty revenue of $559,503 from approximately
33,000 ounces of gold sold at Simmer & Jack's Buffelsfontein
Mine and First Uranium's Mine Waste Solutions Tailings Recovery
Operations during the first quarter ending April 30, 2012, compared
to $519,103 in the previous year. On May 31, 2012, the Company
completed the sale of its royalties to Premier Royalty Corporation
for an aggregate price of $20.9 million, receiving cash payment of
$11.5 million and a convertible debenture payable to Aberdeen in
the amount of $9.4 million (see press dated April 25, 2012).
Normal Course Issuer Bid ("NCIB")
During the quarter ending April 30, 2012, 101,900 common shares
were purchased for cancellation at an average cost of $0.57.
Subsequent to April 30, 2012, the Company has purchased for
cancellation an additional 384,900 common shares at an average cost
of $0.46. Aberdeen expects to continue to purchase shares over the
remainder of the fiscal year, depending on market conditions and
other investment opportunities that may be available.
Aberdeen's President and CEO, David Stein, noted: "Our Q1 was
one of the most difficult quarters for junior stocks and resource
stocks we have experienced, nevertheless we are pleased with the
success of setting up our holdings for potential future gains by
greatly increasing the liquidity of our portfolio. During the
quarter we made relatively few investments, but succeeded in the
sale of our gold royalties and announcing strategic transactions
with Temujin Mining Corp. More recently, a similar strategic
transaction was announced through our investment in Scandinavian
Metals Inc. with Portex Minerals, which has exciting zinc-rich
polymetallic resources in Spain and Portugal. The intention is to
create a bigger metals player in Western Europe by combining the
assets with Scandinavian Metals Inc., which has polymetallic
projects in Norway and Sweden. By using our capital to invest in
and aid the creation of larger more significant junior resource
companies, we feel we can drive exceptional long-term returns in
the context of a secular bull market for commodities."
Q1 Conference Call
The Company plans to host a conference call on June 15, 2012 at
10:30 AM (EST). To participate in the call please dial:
International: +1 416 340 2218
Toll Free North America: 866 226 1792
Toronto Area: 416 340 2218
To register and listen to the webcast of the call, please go to
Aberdeen's website at www.aberdeeninternational.ca. A webcast play
back recording will remain on the Company's website after the
completion of the call.
About Aberdeen International Inc:
Aberdeen is a publicly traded global investment and merchant
banking company focused on small cap companies in the resource
sector. Aberdeen will seek to acquire significant equity
participation in pre-IPO and/or early stage public resource
companies with undeveloped or undervalued high-quality resources.
Aberdeen will focus on companies that: (i) are in need of
managerial, technical and financial resources to realize their full
potential; (ii) are undervalued in foreign capital markets; and/or
(iii) operate in jurisdictions with moderate local political risk.
Aberdeen will seek to provide value-added managerial and board
advisory services to companies. The Corporation's intention will be
to optimize the return on its investment over a 24 to 36 month
investment time frame.
For additional information, please visit our website at
www.aberdeeninternational.ca and follow us on Facebook and Twitter:
AberdeenAAB.
Cautionary Note
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
the impact of the potential strategic transactions; past success as
an indicator of future success; net asset value of the Company; the
potential of investee companies and the appreciation of their share
price; the future intentions of the Company with regard to its
shareholdings; the Company's plan of business operations; and
anticipated returns. There can be no assurance that such statements
will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause
actual results to differ materially include, among others, metal
prices, competition, financing risks, acquisition risks, risks
inherent in the mining industry, and regulatory risks. Most of
these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Contacts: Aberdeen International Inc. Mike McAllister Manager,
Investor Relations +1 416-309-2134info@aberdeeninternational.ca
Aberdeen International Inc. David Stein Chief Executive Officer +1
416-861-5812dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
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