TIDMAGV
RNS Number : 4874Z
Aberdeen Growth VCT1 PLC
22 September 2009
Aberdeen Growth VCT I PLC
Interim Announcement for the six months ended 31 July 2009 (unaudited)
The Directors announce the unaudited Interim Management Report for the six
months ended 31 July 2009.
Investment Manager's Review
It appears that the general decline in worldwide financial markets reached the
bottom in early March 2009; since then some recovery has been evident and the
markets have made steady progress. With almost 75% by value of the NAV invested
in unlisted companies which are not subject to the same variations as the quoted
markets, the Company has continued to provide stable performance over the
reporting period with the NAV total return unchanged since January 2009. There
are some early signs of trade buyers re-emerging in a few sectors together with
indications of an improvement in the AIM market. The FTSE AIM All-share index
increased by more than 30% over the reporting period as investor confidence
returned to that market, which was so badly affected during the downturn.
Trading conditions for the investee companies have continued to be reasonable
during the reporting period; however, the Directors have considered it prudent
to reduce the valuations of a small number of holdings in response to lower
earnings forecasts. However, the majority of our investments are trading in line
with expectations and the Board has been able to increase some valuations, in
particular, a 33% uplift in Silkwater Holdings (Cyclotech), a provider of
specialist equipment to the oil and gas industry. The amount of new investment
has been relatively modest during the period at GBP700,000, the vast majority in
two new yielding unlisted investee companies. Going forward, the Board wishes to
see an increased proportion of unlisted investments in the portfolio, each
paying a significant level of yield which will support the continuing payment of
dividends to Shareholders. The Company has cash resources available to take
advantage of new opportunities and for additional investment in the existing
portfolio of unlisted companies.
Performance
The net effect of the developments noted above and other, less significant,
changes in the portfolio is that NAV total return per Ordinary Share at 31 July
2009 was 65.8p, unchanged from the equivalent figure at January 2009.
The Net Asset Value (NAV) per Ordinary Share at 31 July 2009, after payment of
the final dividend of 1.2p in respect of the year ended January 2009, was 52.7p
compared with 53.9p at 31 January 2009.
Dividend policy
The Board is pursuing a dividend policy of targeting regular dividend payments
subject 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 and lead to a reduction in the current
discount to NAV. The Board is pleased to declare an interim dividend of 1.0p per
Ordinary Share to be paid on 13 November 2009 to Shareholders on the Register at
16 October 2009.
The Company's Ordinary Shares continue to trade at a significant discount to
NAV, the discount having widened during the recent adverse market conditions.
The Board is, therefore, considering the re-commencement of the share buy-back
programme with the aim of improving the market in the Company's shares. The
share price of the Company is at odds with the underlying quality of the highly
diversified private company and AIM portfolios, and the Board believes that a
structured buy-back programme should assist in this regard.
The Company paid dividends totalling 3.2p to Ordinary Shareholders during the
year ended 31 July 2009. This represents a yield of 4.0% on the Ordinary Shares
based on their net cost after initial tax relief. Based on the mid-market price
of 28p at 31 July 2009, the equivalent yield is 11.4%. The yields are tax free
and are, therefore, equivalent to 15.2% to a higher-rate taxpayer.
Investment activity
During the six-month period ended 31 July 2009, two new unlisted investments
were completed and a total of GBP719,000 was invested. At the period end, the
portfolio stood at 68 unlisted and AIM/PLUS quoted investments at a total cost
of GBP15.2 million.
The following investments have been completed during the period:
+---------------+----------+--------------------------+---------+----------------------------+
| Investment | Date | Activity | Cost | Website |
| | | |GBP'000 | |
+---------------+----------+--------------------------+---------+----------------------------+
| Unlisted | | | | |
+---------------+----------+--------------------------+---------+----------------------------+
| Adler & Allan | July | Provider of services for | 75 | www.adlerandallan.co.uk |
| Holdings | 2009 | the handling and | | |
| | | disposal of liquid | | |
| | | waste. | | |
+---------------+----------+--------------------------+---------+----------------------------+
| Dalglen | June | Provider of services to | 293 | www.wtr.uk.com |
| (1150) | 2009 | the energy sector | | |
| (trading as | | specialising in pipeline | | |
| Walker | | repairs. | | |
| Technical | | | | |
| Resources) | | | | |
+---------------+----------+--------------------------+---------+----------------------------+
| Lawrence | March | Operator of material | 70 | www.lawrenceskiphire.co.uk |
| Recycling & | 2009 | recycling facility. | | |
| Waste | | | | |
| Management | | | | |
+---------------+----------+--------------------------+---------+----------------------------+
| Martel | March | Manufacturer of compact, | 7 | www.martelinstruments.com |
| Instruments | 2009 | hand-held printers and | | |
| Holdings | | display devices. | | |
+---------------+----------+--------------------------+---------+----------------------------+
| Westway | June | Provider of design, | 274 | www.westwaycooling.co.uk |
| Cooling | 2009 | installation and | | |
| | | maintenance services on | | |
| | | air-conditioning and | | |
| | | associated building | | |
| | | services plant. | | |
+---------------+----------+--------------------------+---------+----------------------------+
| Total investment | 719 | |
+---------------+----------+--------------------------+---------+----------------------------+
Aberdeen Growth VCT I has co-invested with Aberdeen Growth Opportunities VCT,
Aberdeen Growth Opportunities VCT 2, Aberdeen Income and Growth VCT, Gateway
VCT, Ortus VCT (formerly Guinness Flight Venture Capital Trust) and Talisman
First 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 relatively few realisations during the period driven to a large
extent by the prevailing economic conditions. In particular, there has been
limited liquidity in the AIM market which has curtailed active trading of the
AIM portfolio, although there has been some signs of liquidity returning in the
latter part of the reporting period and limited trading in AIM stocks has been
possible more recently. We traded out of three holdings during the period;
Optare and Relax Group where the stock had gone out of favour and losses arose;
and the remaining holding in Concateno, which proved a very successful
investment generating a gain of over 27% for the Company since first purchasing
the holding in 2006.
The FTSE AIM All-share index increased over the period by 34.0% in a reversal of
the falls experienced last year. In comparison, the value of the Company's
portfolio increased by 14.0% over the period. However, this statistic is not
representative of the underlying performance of the AIM portfolio as a whole.
The Company has not invested in the more volatile sectors of AIM and
consequently did not suffer from the large falls seen in the AIM indices in
2008. The underlying performance of the businesses in the AIM portfolio, with
few exceptions, remains sound and this is expected to continue. As more
liquidity returns to the AIM market, it is expected that share prices will
recover further, although the timing is uncertain.
Realisations
The table below gives details of realisations during the reporting period:
+--------------------+----------+--------------+----------+----------+----------+
| | Date | Complete/ | Cost of | Sales | Realised |
| | first | partial exit | shares | proceeds | gain/ |
| | invested | | disposed | GBP'000 | (loss) |
| | | | of | | GBP'000 |
| | | | GBP'000 | | |
+--------------------+----------+--------------+----------+----------+----------+
| Unlisted | | | | | |
+--------------------+----------+--------------+----------+----------+----------+
| Energy Services | 2007 | Complete | 348 | 348 | - |
| Investment Company | | | | | |
| (ESIC) | | | | | |
+--------------------+----------+--------------+----------+----------+----------+
| Lawrence Recycling | 2009 | Partial | 107 | 107 | - |
| & Waste Management | | | | | |
+--------------------+----------+--------------+----------+----------+----------+
| Total unlisted | | | 455 | 455 | - |
+--------------------+----------+--------------+----------+----------+----------+
| | | | | | |
+--------------------+----------+--------------+----------+----------+----------+
| AIM/PLUS | | | | | |
+--------------------+----------+--------------+----------+----------+----------+
| Avanti | 2007 | Partial | 56 | 93 | 37 |
| Communications | | | | | |
| Group | | | | | |
+--------------------+----------+--------------+----------+----------+----------+
| Brookwell | 2008 | Partial | 4 | 2 | (2) |
+--------------------+----------+--------------+----------+----------+----------+
| Concateno | 2006 | Complete | 183 | 230 | 47 |
+--------------------+----------+--------------+----------+----------+----------+
| Optare | 2007 | Complete | 26 | 7 | (19) |
+--------------------+----------+--------------+----------+----------+----------+
| Relax Group | 2006 | Complete | 51 | 9 | (42) |
+--------------------+----------+--------------+----------+----------+----------+
| Total AIM/PLUS | | | 320 | 341 | 21 |
+--------------------+----------+--------------+----------+----------+----------+
| | | | | | |
+--------------------+----------+--------------+----------+----------+----------+
| Total | | | 775 | 796 | 21 |
+--------------------+----------+--------------+----------+----------+----------+
Principal 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. In order to reduce the exposure to investment risk, the
Company has invested in a broadly-based portfolio of investments in unlisted and
AIM/PLUS quoted companies in the United Kingdom. The Company remains compliant
with the regulations governing venture capital trusts and the Manager closely
monitors the position of the Company to ensure that it complies with the various
tests at all times.
Manager and Company Secretary
On 9 June 2009, the senior members of the Private Equity Division at Aberdeen
Asset Managers (Aberdeen) formed Maven Capital Partners UK LLP (Maven) and
completed a management buy-out. This team was previously wholly responsible for
the management of all Aberdeen VCTs and continues in that role with
substantially the same staff, who operate from a network of offices across the
UK. There will be no change in the level of investment management,
administrative and company secretarial services which are provided and the
Company has, therefore, novated the investment management agreement to Maven.
VAT recovery
Discussions continue with Aberdeen regarding the recovery of VAT paid on
management fees up to 30 September 2008. Aberdeen is in negotiation with
HM Revenue & Customs and the Board and Maven, as Manager, will seek early
settlement of the amounts due.
VCT qualifying status
The VCT qualifying status of your Company is reviewed regularly by your Board
and monitored on a continuous basis by the Manager to ensure that all of the
criteria required to maintain VCT status are being achieved.
Outlook
In general, the performance of the quoted markets has been volatile and,
notwithstanding recent increases in market indices generally, the Manager
believes that conditions will remain fragile for some time. Opportunities to
invest in companies seeking to achieve an IPO on the AIM market continue to be
limited and little change is expected in the short term. Over the next twelve
months, the Manager intends to take profit opportunities wherever possible with
the medium term objective of increasing the proportion of unlisted assets within
the portfolio with an emphasis on a paid yield. Private company assets are
available at more attractive entry multiples than the recent past and the
Manager continues to utilise its national network to acquire suitable assets
with attractive yields. This approach will leave the Company less exposed to
fluctuations in quoted markets and, over time, may be expected to improve the
revenue available for distribution to Shareholders.
Maven Capital Partners UK LLP
Manager
22 September 2009
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| ABERDEEN GROWTH VCT I PLC |
+--------------------------------------------------------------------------------------------------+
| Summary of Investment Changes |
+--------------------------------------------------------------------------------------------------+
| For the six months ended 31 July 2009 |
+--------------------------------------------------------------------------------------------------+
| | | | | | |
+-------------------+---------------------+-----------------+----------------+----------+----------+
| | Valuation | Net | Appreciation/ | Valuation |
| | 31 January 2009 | investment/ |(depreciation) | 31 July 2009 |
| | |(disinvestment) | | |
+-------------------+---------------------+-----------------+----------------+---------------------+
| | GBP'000 | % | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Unlisted | | | | | | |
| investments | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Equities | 2,485 | 20.5 | 8 | 50 | 2,543 | 21.5 |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Preference shares | 79 | 0.7 | - | - | 79 | 0.7 |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Loan stock | 6,307 | 52.1 | 256 | (244) | 6,319 | 53.4 |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| | 8,871 | 73.3 | 264 | (194) | 8,941 | 75.6 |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| AIM/PLUS | | | | | | |
| investments | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Equities | 1,493 | 12.3 | (341) | 211 | 1,363 | 11.5 |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Listed | | | | | | |
| investments | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Fixed income | 525 | 4.3 | 1 | (2) | 524 | 4.4 |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Total investments | 10,889 | 89.9 | (76) | 15 | 10,828 | 91.5 |
| | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Other net assets | 1,220 | 10.1 | (205) | - | 1,015 | 8.5 |
| | | | | | | |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
| Net assets | 12,109 | 100.0 | (281) | 15 | 11,843 | 100.0 |
+-------------------+-----------+---------+-----------------+----------------+----------+----------+
+-------------------------------------------+-----------+----------+--------+--------+----------+
| ABERDEEN GROWTH VCT I PLC |
+-----------------------------------------------------------------------------------------------+
| Investment Portfolio Summary |
+-----------------------------------------------------------------------------------------------+
| As at 31 July 2009 |
+-----------------------------------------------------------------------------------------------+
| | | | | | % of |
| | | | | | equity |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| | | | % of | % of | held |
| | | | | | by |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| | Valuation | Cost | total | equity | other |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Investment | GBP'000 | GBP'000 | assets | held | clients* |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Unlisted | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Cash Bases (formerly Deckflat) | 1,000 | 500 | 8.4 | 16.5 | 11.9 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Funeral Services Partnership | 788 | 647 | 6.7 | 4.6 | 25.3 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| PSP/AHC (Dalglen 1148) | 695 | 695 | 5.9 | 11.1 | 63.9 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Oliver Kay Holdings | 521 | 458 | 4.4 | 2.9 | 17.1 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Homelux Nenplas | 518 | 242 | 4.4 | 5.5 | 39.5 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Llanllyr Water Company | 500 | 500 | 4.2 | 42.4 | 7.5 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Martel Instruments Holdings | 490 | 490 | 4.1 | 7.9 | 30.8 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Camwatch | 468 | 468 | 4.0 | 7.6 | 36.3 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Cyclotech | 460 | 249 | 3.9 | 3.4 | 16.6 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Essential Viewing Systems | 439 | 488 | 3.7 | 15.7 | 25.1 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Steminic | 405 | 405 | 3.4 | 5.8 | 32.1 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Adler & Allan Holdings | 374 | 374 | 3.2 | 1.3 | 5.8 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Transys Holdings | 346 | 448 | 2.9 | 5.2 | 66.6 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Dalglen (1150) (trading as Walker | 293 | 293 | 2.5 | 6.3 | 56.8 |
| Technical Resources) | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Westway Cooling | 274 | 274 | 2.3 | 2.3 | 19.8 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Lawrence Recycling & Waste Management | 250 | 250 | 2.1 | 3.2 | 46.8 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Training For Travel Group | 227 | 199 | 1.9 | 2.3 | 27.7 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Nessco Group Holdings | 174 | 174 | 1.5 | 2.3 | 35.5 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| TC Communications Holdings | 149 | 149 | 1.3 | 3.1 | 32.2 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Enpure Holdings | 137 | 100 | 1.2 | 0.4 | 4.4 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| PLM Dollar Group | 119 | 119 | 1.0 | 1.4 | 28.8 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Countcar | 84 | 12 | 0.7 | 4.1 | 22.5 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| PSCA International | 78 | 78 | 0.7 | - | - |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Driver Hire Investments Group | 53 | 127 | 0.4 | 0.7 | 5.1 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| IRW Systems | 45 | 90 | 0.4 | 21.2 | 8.9 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Other unlisted investments | 54 | 3,076 | 0.4 | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Total unlisted investments | 8,941 | 10,905 | 75.6 | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| AIM/PLUS | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Avanti Communications Group | 238 | 125 | 2.0 | 0.2 | 0.5 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Litcomp | 225 | 250 | 1.9 | - | 4.9 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| AMZ Holdings (formerly Amazing Holdings) | 174 | 251 | 1.5 | 0.8 | 1.4 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| System C Healthcare | 170 | 189 | 1.4 | 0.4 | 1.0 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Melorio | 101 | 98 | 0.9 | 0.3 | 2.5 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Hasgrove | 56 | 97 | 0.5 | 0.3 | 1.4 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| OPG Power Ventures | 39 | 41 | 0.3 | 0.1 | 0.5 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Tangent Communications | 36 | 98 | 0.3 | 0.4 | 0.8 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Software Radio Technology | 32 | 408 | 0.3 | 1.3 | 1.3 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Managed Support Services (formerly | 32 | 180 | 0.3 | 0.2 | 0.6 |
| Worthington Nichols Group) | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Mount Engineering | 27 | 35 | 0.2 | 0.2 | 2.3 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Praesepe (formerly Aldgate Capital) | 27 | 49 | 0.2 | 0.1 | 0.9 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Work Group | 25 | 251 | 0.2 | 1.2 | 2.1 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Brulines Group | 24 | 31 | 0.2 | 0.1 | 0.3 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Formation Group | 24 | 83 | 0.2 | 0.2 | 1.0 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Plastics Capital | 18 | 74 | 0.2 | 0.3 | 3.4 |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Other AIM/PLUS investments | 115 | 2,072 | 0.9 | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Total AIM/PLUS investments | 1,363 | 4,332 | 11.5 | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Listed fixed income | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Treasury 4.75% 7/6/2010 | 524 | 499 | 4.4 | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| Total investments | 10,828 | 15,736 | 91.5 | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| | | | | | |
+-------------------------------------------+-----------+----------+--------+--------+----------+
| *Other clients of Maven Capital Partners UK LLP. |
+-------------------------------------------+-----------+----------+--------+--------+----------+
+------------------------+--------------+--------------+-------------+
| ABERDEEN GROWTH VCT I PLC |
+--------------------------------------------------------------------+
| Income Statement |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| |Six months ended 31 July 2009 (unaudited) |
+------------------------+-------------------------------------------+
| | Revenue | Capital | Total |
+------------------------+--------------+--------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Gains/(losses) on | - | 15 | 15 |
| investments | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Income from | 229 | - | 229 |
| investments | | | |
+------------------------+--------------+--------------+-------------+
| Other income | 9 | - | 9 |
+------------------------+--------------+--------------+-------------+
| Investment management | (15) | (135) | (150) |
| fees | | | |
+------------------------+--------------+--------------+-------------+
| Other expenses | (99) | - | (99) |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 124 | (120) | 4 |
| ordinary activities | | | |
| before taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Tax on ordinary | (12) | 12 | - |
| activities | | | |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 112 | (108) | 4 |
| ordinary activities | | | |
| after taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Earnings per share | 0.50 | (0.48) | 0.02 |
| (pence) | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
+------------------------+--------------+--------------+-------------+
| ABERDEEN GROWTH VCT I PLC |
+--------------------------------------------------------------------+
| Income Statement |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| |Six months ended 31 July 2008 (unaudited) |
+------------------------+-------------------------------------------+
| | |
+------------------------+-------------------------------------------+
| | | | |
| | Revenue | Capital | Total |
+------------------------+--------------+--------------+-------------+
| | | | |
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Gains/(losses) on | - | (1,062) | (1,062) |
| investments | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Income from | 335 | - | 335 |
| investments | | | |
+------------------------+--------------+--------------+-------------+
| Other income | 8 | - | 8 |
+------------------------+--------------+--------------+-------------+
| Investment management | (23) | (204) | (227) |
| fees | | | |
+------------------------+--------------+--------------+-------------+
| Other expenses | (105) | - | (105) |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 215 | (1,266) | (1,051) |
| ordinary activities | | | |
| before taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Tax on ordinary | (38) | 38 | - |
| activities | | | |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 177 | (1,228) | (1,051) |
| ordinary activities | | | |
| after taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Earnings per share | 0.79 | (5.46) | (4.67) |
| (pence) | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
+------------------------+--------------+--------------+-------------+
| ABERDEEN GROWTH VCT I PLC |
+--------------------------------------------------------------------+
| Income Statement |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| | Year ended 31 January 2009 (audited) |
+------------------------+-------------------------------------------+
| | Revenue | Capital | Total |
+------------------------+--------------+--------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Gains/(losses) on | - | (3,124) | (3,124) |
| investments | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Income from | 679 | - | 679 |
| investments | | | |
+------------------------+--------------+--------------+-------------+
| Other income | 19 | - | 19 |
+------------------------+--------------+--------------+-------------+
| Investment management | (40) | (357) | (397) |
| fees | | | |
+------------------------+--------------+--------------+-------------+
| Other expenses | (314) | - | (314) |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 344 | (3,481) | (3,137) |
| ordinary activities | | | |
| before taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Tax on ordinary | (66) | 66 | - |
| activities | | | |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 278 | (3,415) | (3,137) |
| ordinary activities | | | |
| after taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Earnings per share | 1.24 | (15.19) | (13.95) |
| (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. |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| The accompanying Notes are an integral part of the Financial |
| Statements. |
+------------------------+--------------+--------------+-------------+
+-------------------------------+----------------+--------------+----------------+
| ABERDEEN GROWTH VCT I PLC |
+--------------------------------------------------------------------------------+
| Reconciliation of Movements in Shareholders' Funds |
+--------------------------------------------------------------------------------+
| | | | |
+-------------------------------+----------------+--------------+----------------+
| | Six months | Six months | Year ended |
| | ended | ended | 31 January |
| | 31 July 2009 | 31 July | 2009 |
| | | 2008 | |
+-------------------------------+----------------+--------------+----------------+
| | (unaudited) | (unaudited) | (audited) |
+-------------------------------+----------------+--------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+----------------+--------------+----------------+
| | | | |
+-------------------------------+----------------+--------------+----------------+
| Opening Shareholders' funds | 12,109 | 15,695 | 15,695 |
+-------------------------------+----------------+--------------+----------------+
| Total profit/(loss) for the | 4 | (1,051) | (3,137) |
| period | | | |
+-------------------------------+----------------+--------------+----------------+
| Dividends paid - revenue | (270) | (337) | (337) |
+-------------------------------+----------------+--------------+----------------+
| Dividends paid - capital | - | (112) | (112) |
+-------------------------------+----------------+--------------+----------------+
| Closing Shareholders' funds | 11,843 | 14,195 | 12,109 |
+-------------------------------+----------------+--------------+----------------+
| | | | |
+-------------------------------+----------------+--------------+----------------+
| The accompanying Notes are an integral part of the Financial Statements. |
+-------------------------------+----------------+--------------+----------------+
+--------------------------------+------------------------+----------------------+-------------------------+
| ABERDEEN GROWTH VCT I PLC |
+----------------------------------------------------------------------------------------------------------+
| Balance Sheet |
+----------------------------------------------------------------------------------------------------------+
| | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | 31 |
| | 31 July | 31 July | January |
+--------------------------------+------------------------+----------------------+-------------------------+
| | 2009 | 2008 | 2009 |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | |
| | (unaudited) | (unaudited) | (audited) |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | |
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Fixed assets | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Investments at fair value | 10,828 | 13,330 | 10,889 |
| through profit or loss | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Current assets | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Debtors | 602 | 445 | 521 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Cash and overnight deposits | 451 | 450 | 733 |
+--------------------------------+------------------------+----------------------+-------------------------+
| | 1,053 | 895 | 1,254 |
| | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Creditors | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Amounts falling due within one | (38) | (30) | (34) |
| year | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Net current assets | 1,015 | 865 | 1,220 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Net assets | 11,843 | 14,195 | 12,109 |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Capital and reserves | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Called up share capital | 2,248 | 2,248 | 2,248 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Share premium | 10,535 | 10,535 | 10,535 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Capital reserves - realised | (4,291) | (3,692) | (4,188) |
+--------------------------------+------------------------+----------------------+-------------------------+
| Capital reserves - unrealised | (4,908) | (3,212) | (4,903) |
+--------------------------------+------------------------+----------------------+-------------------------+
| Special distributable reserve | 7,830 | 7,830 | 7,830 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Capital redemption reserve | 212 | 212 | 212 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Revenue reserve | 217 | 274 | 375 |
+--------------------------------+------------------------+----------------------+-------------------------+
| Equity Shareholders' funds | 11,843 | 14,195 | 12,109 |
+--------------------------------+------------------------+----------------------+-------------------------+
| | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| Net Asset Value per Ordinary | 52.7 | 63.1 | 53.9 |
| Share (pence) | | | |
+--------------------------------+------------------------+----------------------+-------------------------+
| |
+----------------------------------------------------------------------------------------------------------+
| The accompanying Notes are an integral part of the Financial Statements. |
+--------------------------------+------------------------+----------------------+-------------------------+
+-------------------------------------+---------------+----------------+--------------+
| ABERDEEN GROWTH VCT I PLC |
+-------------------------------------------------------------------------------------+
| Cash Flow Statement |
+-------------------------------------------------------------------------------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | Six months | Year ended |
| | Six onths | ended | |
| | ended | | |
+-------------------------------------+---------------+----------------+--------------+
| | 31 July 2009 | 31 July 2008 | 31 January |
| | | | 2009 |
+-------------------------------------+---------------+----------------+--------------+
| | (unaudited) | (unaudited) | (audited) |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+---------------+----------------+--------------+
| Operating activities | | | |
+-------------------------------------+---------------+----------------+--------------+
| Investment income received | 164 | 341 | 601 |
+-------------------------------------+---------------+----------------+--------------+
| Deposit interest received | 9 | 7 | 19 |
+-------------------------------------+---------------+----------------+--------------+
| Investment management fees paid | (150) | (227) | (397) |
+-------------------------------------+---------------+----------------+--------------+
| Secretarial fees paid | (42) | (43) | (86) |
+-------------------------------------+---------------+----------------+--------------+
| Directors' expenses paid | (19) | (29) | (76) |
+-------------------------------------+---------------+----------------+--------------+
| Other cash payments | (41) | (49) | (155) |
+-------------------------------------+---------------+----------------+--------------+
| Net cash outflow from operating | (79) | - | (94) |
| activities | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| Financial investment | | | |
+-------------------------------------+---------------+----------------+--------------+
| Purchase of investments | (719) | (1,961) | (2,396) |
+-------------------------------------+---------------+----------------+--------------+
| Sale of investments | 786 | 2,724 | 3,536 |
+-------------------------------------+---------------+----------------+--------------+
| Net cash inflow from financial | 67 | 763 | 1,140 |
| investment | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| Equity dividends paid | (270) | (449) | (449) |
+-------------------------------------+---------------+----------------+--------------+
| Net cash (outflow)/inflow before | (282) | 314 | 597 |
| financing | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| Financing | | | |
+-------------------------------------+---------------+----------------+--------------+
| Repurchase of Ordinary Shares | - | - | - |
+-------------------------------------+---------------+----------------+--------------+
| Net cash outflow from financing | - | - | - |
+-------------------------------------+---------------+----------------+--------------+
| (Decrease)/increase in cash | (282) | 314 | 597 |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| The accompanying Notes are an integral part of the Financial Statements. |
+-------------------------------------+---------------+----------------+--------------+
Aberdeen Growth VCT I PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 July 2009 and the six
months ended 31 July 2008 comprises non-statutory accounts within the meaning of
the Companies Act 2006. 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 31 January 2009.
The results for the year ended 31 January 2009 are extracted from the full
accounts for that year, which received an unqualified report from the Auditors
and have been filed with the Registrar of Companies.
2. Movement in reserves
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| | Share | Capital | Capital | Special | Capital | Revenue |
| | premium | reserves | reserves |distribut-able |redemption | reserve |
| | | - | - | reserve | reserve | |
| | | realised |unrealised | | | |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP000 | GBP'000 |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| At 31 January 2009 | 10,535 | (4,188) | (4,903) | 7,830 | 212 | 375 |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| Profit on sales of | - | 20 | - | - | - | - |
| investments | | | | | | |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| Net decrease in | - | - | (5) | - | - | - |
| value of | | | | | | |
| investments | | | | | | |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| Investment | - | (135) | - | - | - | - |
| management fees | | | | | | |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| Dividends paid | - | - | - | - | - | (270) |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| Tax effect of | - | 12 | - | - | - | - |
| capital items | | | | | | |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| Profit on ordinary | - | - | - | - | - | 112 |
| activities after | | | | | | |
| taxation | | | | | | |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
| As at 31 July 2009 | 10,535 | (4,291) | (4,908) | 7,830 | 212 | 217 |
+--------------------+-----------+-----------+------------+----------------+------------+----------+
3. Returns per Ordinary Share
The returns per Ordinary Share are based on the following figures:
+------------------------------+----------------+
| | Six months |
| | ended |
+------------------------------+----------------+
| | 31 July 2009 |
+------------------------------+----------------+
| | GBP'000 |
+------------------------------+----------------+
| | |
+------------------------------+----------------+
| Weighted average number of | 22,483,497 |
| Ordinary Shares in issue | |
+------------------------------+----------------+
| Revenue return | GBP112,000 |
+------------------------------+----------------+
| Capital return | (GBP108,000) |
+------------------------------+----------------+
Other information
The Net Asset Value per Ordinary Share has been calculated using the number of
Ordinary Shares in issue at 31 July 2009 of 22,483,497.
A summary of investment changes for the six months under review and an
investment portfolio summary as at 31 July 2009 are included above.
A full copy of the Interim Report and Financial Statements will be printed and
issued to Shareholders.
Copies of this announcement will be available to the public at the office of
Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the
registered office of the Company, One Bow Churchyard, Cheapside, London.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge:
* the Financial Statements for the six months ended 31 July 2009 have been
prepared in accordance with applicable accounting standards, the Companies Act
2006 and the 2009 Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies' ('the SORP');
* 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 ending 31 January 2010; 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
therein.
By order of the Board
Maven Capital Partners UK LLP
Secretary
22 September 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUUPUBUPBGAP