Interim Management Statement (1472B)

TIDMAVC

RNS Number : 1472B

Aberdeen Development Capital PLC

11 April 2012

Aberdeen Development Capital PLC ("the Company")

Interim Management Statement - Quarter ended 29 February 2012

This Interim Management Statement for the quarter ended 29 February 2012 is provided in accordance with Rule 4.3 of the Disclosure and Transparency Rules of the UK Listing Authority and also includes relevant information in respect of the period from 1 March 2012 to the date of issue. This Statement has been prepared solely to provide additional information in order to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules, and should not be relied on by Shareholders, or any other party, for any other purpose.

   1.         Financial highlights 

Net Asset Value* ("NAV") of 5.2p per Ordinary share at 29 February 2012, compared with NAV at 30 November 2011 of 5.4p, a decrease of 3.7% over the three month period and mostly due to the accretion of entitlement to Zero dividend preference ("ZDP") shareholders.

* The NAV is unaudited. Unlisted companies are valued on a six monthly basis and the NAV incorporates the Directors' valuation of unlisted investments as at 30 November 2011. The Company held no quoted investments as at 29 February 2012.

On 3 February 2012, the Company's subsidiaries, ADC Zeros 2010 PLC (in members' voluntary liquidation) and ADC Zeros 2012 PLC (in members' voluntary liquidation) made a return of 12p per ZDP share to their ZDP shareholders.

   2.         Investments and disposals 

During the quarter ended 29 February 2012, no new or follow-on investments were made. A full exit from Pilgrim Systems and a partial exit from Tennants Consolidated were achieved during the quarter totalling GBP1.55 million.

There were no other material transactions during the period under review.

   3.         Recent developments 

Between 29 February 2012 and the date of this statement, no new or follow-on investments have been made; however, a full exit from Cash Bases has been achieved, realising GBP0.5 million and the uplift of GBP0.49 million from this disposal was included in the NAV at 31 March 2012 which was announced on 5 April 2012.

The Company announced on 5 April 2012 that it had put in place arrangements that should enable the Company to repay in full the ZDP shareholders' entitlements as they fall due on 30 April 2012 and that, with a view to reducing its running costs, it would be convening a general meeting on 30 April 2012 at which it would be putting forward recommended proposals to appoint a liquidator (with assistance from the Company's manager at no extra cost) to realise all remaining assets in an orderly manner over time and to cancel the listing of the shares on the Official List. A copy of the shareholder circular has been submitted to the National Storage Mechanism and is available for inspection at www.hemscott.com/nsm.do.

Other than as described above, the Board is not aware of any material events during the period from 1 December 2012 to 29 February 2012, or in the period from 1 March 2012 to the date of this announcement, which would have had a material impact on the financial position of the Company.

Issued on behalf of the Board

Aberdeen Asset Management PLC, Secretary

11 April 2012

This information is provided by RNS

The company news service from the London Stock Exchange

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