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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Abdn.Gwth.Vct 1 | LSE:AGV | London | Ordinary Share | GB0030367451 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 2353E Aberdeen Growth VCT1 PLC 24 September 2008 Aberdeen Growth VCT I PLC Interim Announcement for the six months ended 31 July 2008 (unaudited) The Directors announce the unaudited Interim Management Report for the six months ended 31 July 2008. This statement covers a period when equity markets generally have seen a downward trend in the face of tighter conditions for credit and with many commentators predicting little growth in the UK economy in the immediate future. Prices are likely to remain volatile given these economic conditions. Your Company has a significant exposure to AIM and the results for the period reflect the conditions in that market to a large extent. * NAV total return of 75.02p per share (pps) at period end, down 5.9% over the six-month period; the AIM All-share Index fell by 15.1% for the same period. * NAV at period end of 63.1pps. * Realised gains on the disposal of unlisted holdings of £586,000 equivalent to 2.6pps. Performance The NAV total return at 31 July 2008 was 75.02pps, a decrease of 5.9% over the equivalent figure at January 2008. The Net Asset Value (NAV) per Ordinary Share at 31 July 2008, after payment of the final dividend of 1.5pps in respect of the year ended January 2008, was 63.1pps compared with 69.8pps at 31 January 2008. Dividends The Company paid dividends totalling 4.0p to Shareholders in respect of the year ended 31 January 2008; this represents a yield of 5.0% based on their net cost after initial tax relief. The yield is tax free and is, therefore, equivalent to a yield of 6.7% from a listed equity for a higher rate taxpayer. The Board is not intending to pay an interim dividend in respect of the current year. VCT qualifying status The VCT qualifying status of your Company is monitored on a continuous basis to ensure that all of the criteria required to maintain VCT status are being achieved. Investment activity During the period ended 31 July 2008, five new unlisted and AIM investments were completed and a total of £942,000 was invested, of which £773,000 was in unlisted companies and £169,000 was in AIM quoted companies. At the period end, the portfolio stood at 73 unlisted and AIM/PLUS investments at a total cost of £15.6 million. The following investments have been completed during the period: Investment Date Activity Cost £'000 Website Unlisted Broomco (4136) July 2008 Provider of CCTV and 52 no website available air conditioning services. Essential Viewing Systems July 2008 Provider of video 57 ww.essential- streaming software. viewing.com MoneyPlus Group July 2008 Provider of debt 64 www.moneyplusgroup. management services co.uk to individuals. Nessco Group Holdings June 2008 Provider of 174 www.nessco.co.uk telecommunication services. PSCA International May 2008 Producer of 78 www.publicservice. publications aimed co.uk at public sector officials. TC Communications Holdings May 2008 Provider of 149 www. marketing and tccommunications.co. communications uk services. Training For Travel Group April 2008 Provider of 199 www. assessment, tuition trainingfortravel. and training in co.uk travel services. Total unlisted investment 773 AIM Brookwell June 2008 Close-ended 22 www. investment company brookwelllimited.com established to acquire AIM quoted and listed securities from financial institutions. OPG Power Ventures May 2008 Developer, owner and 49 www.opgpower.org manager of power generation plants in India. Optare July 2008 Bus manufacturer and 49 www.elcb.co.uk low emission technology group. Praesepe July 2008 Pursuer of 49 www.aldgatecapital. acquisition and com consolidation opportunities in the low-stake, high-volume gaming sector in the United Kingdom and Europe. Total AIM investment 169 Total investment 942 Aberdeen Growth VCT I has co-invested with Aberdeen Income and Growth VCT, Aberdeen Growth Opportunities VCT, Aberdeen Growth Opportunities VCT 2, Talisman First Venture Capital Trust, Gateway VCT and Guinness Flight Venture Capital Trust in some or all of the above transactions and is expected to continue to do so with these as well as other clients of the Manager. The advantage is that, together, the funds are able to underwrite a wider range and size of transaction than would be the case on a stand alone basis. Portfolio developments There were two significant realisations from the unlisted investment portfolio during the period. The investment in ID Support Services Holdings was sold generating a gain of £283,000 which is a return, including the interest received during the life of the investment, of around 1.8 times the cost of £433,000 over the fifteen-month holding period. The holdings in PSCA International were also sold for proceeds of £563,000 resulting in a gain of £303,000. Over the life of the investment, including the income received and earlier repayments of loan stock, a total return of 2.2 times the original cost of £376,000 was achieved. The first partial realisation was from Lime Investments which had been set up as an investment vehicle with an entrepreneur well known to Aberdeen Asset Managers to seek acquisitions in the food sector; however, none has been completed within the timescales allowed by the VCT legislation and the company repaid the amount invested in loan stock together with a commercial yield and will be wound up. This will return the equity investment to the Company in due course. In addition, during the reporting period, the second partial realisation was from Homelux Nenplas, which repaid part of its loan stock at par ahead of its repayment schedule while a modest recovery was received from the administration of Transrent Holdings. Conditions on AIM continued to be volatile during the reporting period and there were few opportunities to actively trade the portfolio. However, net realised gains of £122,000 were generated from actively traded stocks during the period. A number of non-core holdings were sold to an active investor who will aggregate the holdings from a number of managers and seek to realise them at higher values than could be achieved individually. The FTSE AIM All-share index decreased over the period by 15.1% and has now fallen by over 30% since July 2007; in comparison the performance of the Company's portfolio showed a decline of 24.1% for the six-month period. The underlying performance of the businesses in the AIM portfolio remains sound and is expected to remain so. It is anticipated that this will be reflected in positive share price movements when market conditions improve, although the timing of any recovery remains uncertain. Realisations The table below gives details of realisations during the reporting period: Date first invested Complete/ partial Cost of shares Sales proceeds Realised gain/ exit disposed of £'000 (loss) £'000 £'000 Unlisted Homelux Nenplas Holdings 2006 Partial 81 81 - ID Support Services 2007 Complete 433 716 283 Lime Investments 2007 Partial 359 359 - PSCA International 2002 Partial 260 563 303 Transrent Holdings 2000 Partial 13 13 - Total unlisted 1,146 1,732 586 AIM Citel Technologies 2001 Complete 950 4 (946) Cohort 2006 Complete 77 113 36 Fountains 2004 Complete 82 94 12 Imprint 2005 Complete 204 78 (126) Optare 2007 Partial 40 109 69 Synarbor 2004 Complete 192 22 (170) Others 46 49 3 Total AIM 1,591 469 (1,122) Total 2,737 2,201 (536) 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 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. Constitution of the Board On 16 July 2008, the Company announced the resignation from the Board of Martin Gilbert, as part of a re-organisation of his business commitments. His place on the Board was taken by Bill Nixon, Head of the Growth Capital team at the Private Equity Division of Aberdeen Asset Managers Limited and who had served as an Alternate Director to Mr Gilbert since 1 November 2005. The Board wishes to record its gratitude to Mr Gilbert for the contribution and support that he has provided during the time he served as a Director. Outlook The performance of the quoted markets generally has been volatile and it appears that these conditions will prevail for some time given the general economic conditions and uncertainty which currently exist and which are expected to continue. Opportunities to invest in companies seeking to achieve an IPO on AIM have, therefore, been limited and little change is expected in the short term. The majority of the assets in the invested portfolio are in well managed private companies whose values are not directly affected by short term fluctuations in the quoted markets. This portfolio is still relatively young, but is maturing and a number of successful realisations may be possible which will result in a continuing need to re-invest the proceeds in due course in accordance with the VCT Regulations. ABERDEEN GROWTH VCT I PLC Summary of Investment Changes For the six months ended 31 July 2008 Valuation Net investment/ Appreciation/ Valuation 31 January 2008 (disinvestment) (depreciation) 31 July 2008 £'000 % £'000 £'000 £'000 £'000 Unlisted investments Equities 3,211 20.5 (622) 241 2,830 19.9 Preference shares 105 0.7 (25) (1) 79 0.6 Loan stock 6,673 42.5 (312) (398) 5,963 42.0 9,989 63.7 (959) (158) 8,872 62.5 AIM/PLUS investments Equities 4,667 29.7 (300) (901) 3,466 24.4 Listed investments Fixed income 500 3.2 495 (3) 992 7.0 Total investments 15,156 96.6 (764) (1,062) 13,330 93.9 Other net assets 539 3.4 326 - 865 6.1 Net assets 15,695 100.0 (438) (1,062) 14,195 100.0 ABERDEEN GROWTH VCT I PLC Investment Portfolio Summary As at 31 July 2008 % of equity % of % of held by Valuation Cost total equity other Investment £'000 £'000 assets held clients* Unlisted Cash Bases 1,000 500 7.1 16.5 11.9 Funeral Services Partnership 773 647 5.5 4.6 25.3 MoneyPlus Group 615 615 4.3 11.1 63.9 Homelux Nenplas 518 242 3.7 5.5 39.5 Transys Holdings 514 448 3.6 5.2 66.6 Llanllyr Water Company 500 500 3.5 42.4 7.5 Martel Instruments Holdings 482 482 3.4 6.8 26.5 Camwatch 468 468 3.3 7.2 35.4 Oliver Kay Holdings 458 458 3.2 2.9 17.1 Essential Viewing Systems 439 488 3.1 15.7 25.1 Energy Services Investment 348 348 2.5 13.3 66.7 Company MS Industrial Services 338 338 2.4 5.8 39.3 Cyclotech 304 249 2.1 3.4 16.6 Adler & Allan Holdings 299 299 2.1 1.3 39.7 IRW Systems 202 90 1.4 21.2 36.3 Training For Travel Group 199 199 1.4 2.3 27.7 Nessco Group Holdings 174 174 1.2 2.3 35.5 Palgrave Brown (Holdings) 167 96 1.2 1.9 49.6 Countcar 160 12 1.1 4.1 22.5 TC Communications Holdings 149 149 1.1 3.1 32.2 Enpure Holdings 137 100 1.0 0.4 79.2 Driver Hire Investments Group 124 127 0.9 0.7 44 PLM Dollar Group 119 119 0.8 1.4 29.5 Buildstore 105 105 0.7 0.6 6.8 PSCA International 78 78 0.5 - - Broomco (4136) 52 52 0.4 0.4 1.8 Lime Investments 49 49 0.3 15.6 64.4 Other unlisted investments 101 3,255 0.7 8,872 10,687 62.5 AIM Axeon 357 396 2.5 1.7 2.0 Litcomp 312 250 2.2 - 4.9 Software Radio Technology 298 408 2.1 1.3 1.3 Concateno 289 183 2.0 0.4 2.1 Strategic Retail 285 350 2.0 1.0 3.1 AMZ Holdings 190 251 1.3 0.8 1.4 Avanti Communications Group 188 181 1.3 0.4 1.0 Optare 154 109 1.1 1.1 8.9 Neuropharm Group 131 100 0.9 0.2 0.5 Work Group 131 251 0.9 1.2 2.1 Brulines Group 112 93 0.8 0.3 0.9 System C Healthcare 105 189 0.8 0.4 1.0 Craneware 84 53 0.6 0.3 1.9 Melorio 82 98 0.6 0.3 2.5 Hasgrove 78 97 0.6 0.4 1.6 Formation Group 76 83 0.5 0.2 1.0 Individual Restaurant Company 62 100 0.4 0.2 0.8 Plastics Capital 55 74 0.4 0.3 3.4 Praesepe 55 49 0.4 1.2 10.6 Hexagon Human Capital 47 73 0.3 0.2 0.5 Managed Support Services 39 180 0.3 0.4 1.2 OPG Power Ventures 37 41 0.3 0.1 0.5 Cello Group 36 53 0.3 0.1 0.9 Mount Engineering 32 35 0.2 0.2 2.3 Tangent Communications 32 98 0.2 0.5 0.9 Essentially Group 31 49 0.2 0.2 2.8 St Helen's Capital 30 38 0.2 0.9 3.9 Sport Media Group 29 138 0.2 0.5 0.6 Others 109 854 0.8 3,466 4,874 24.4 Listed fixed income Treasury 4% 7/3/09 248 250 1.8 Treasury 4.75% 7/6/10 501 499 3.5 Treasury 5.75% 31/12/09 243 246 1.7 992 995 7.0 Total investments 13,330 16,556 93.9 *Other clients of the Aberdeen Asset Management Group. ABERDEEN GROWTH VCT I PLC Income Statement Six months ended 31 July 2008 (unaudited) Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - (1,062) (1,062) Income from investments 335 - 335 Other income 8 - 8 Investment management fees (23) (204) (227) Other expenses (105) - (105) Profit/(loss) on ordinary 215 (1,266) (1,051) activities before taxation Tax on ordinary activities (38) 38 - Profit/(loss) on ordinary 177 (1,228) (1,051) activities after taxation Earnings per share (pence) 0.8 (5.5) (4. 7) ABERDEEN GROWTH VCT I PLC Income Statement Six months ended 31 July 2007 (unaudited) Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - 719 719 Income from investments 346 - 346 Other income 28 - 28 Investment management fees (25) (222) (247) Other expenses (113) - (113) Profit/(loss) on ordinary 236 497 733 activities before taxation Tax on ordinary activities (41) 41 - Profit/(loss) on ordinary 195 538 733 activities after taxation Earnings per share (pence) 0.9 2.4 3.3 ABERDEEN GROWTH VCT I PLC Income Statement Year ended 31 January 2008 (audited) Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - (406) (406) Income from investments 761 - 761 Other income 37 - 37 Investment management fees (50) (449) (499) Other expenses (237) - (237) Profit/(loss) on ordinary 511 (855) (344) activities before taxation Tax on ordinary activities (115) 115 - Profit/(loss) on ordinary 396 (740) (344) activities after taxation Earnings per share (pence) 1.8 (3.3) (1.5) 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 ended Six months ended 31 July 2008 31 July 2007 Year ended 31 January 2008 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Opening Shareholders' funds 15,695 16,601 16,601 Total (loss)/profit for the (1,051) 733 (344) period Repurchase and cancellation of - - - shares Dividends paid - revenue (337) (113) (112) Dividends paid - capital (112) - (450) Closing Shareholders' funds 14,195 17,221 15,695 The accompanying Notes are an integral part of the Financial Statements. ABERDEEN GROWTH VCT I PLC Balance Sheet 31 July 31 July 31 January 2008 2007 2008 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assets Investments at fair value 13,330 15,990 15,156 through profit or loss Current assets Debtors 445 688 440 Cash and overnight deposits 450 577 136 895 1,265 576 Creditors Amounts falling due within one (30) (34) (37) year Net current assets 865 1,231 539 Net assets 14,195 17,221 15,695 Capital and reserves Called up share capital 2,248 2,248 2,248 Share premium 10,535 10,535 10,535 Capital reserves - realised (3,692) (1,862) (2,992) Capital reserves - unrealised (3,212) (2,536) (2,684) Special distributable reserve 7,830 8,392 7,942 Capital redemption reserve 212 212 212 Revenue reserve 274 232 434 Equity Shareholders' funds 14,195 17,221 15,695 Net Asset Value per Ordinary 63.1 76.6 69.8 Share (pence) The accompanying Notes are an integral part of the Financial Statements. ABERDEEN GROWTH VCT I PLC Cash Flow Statement Six months ended Six months ended Year ended 31 July 2008 31 July 2007 31 January 2008 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities Investment income received 341 293 601 Deposit interest received 7 28 56 Investment management fees (227) (247) (499) paid Secretarial fees paid (43) (35) (71) Directors' expenses paid (29) (30) (77) Other cash payments (49) (58) (97) Net cash outflow from - (49) (87) operating activities Financial investment Purchase of investments (1,961) (5,530) (7,628) Sale of investments 2,724 2,269 4,413 Net cash inflow/(outflow) from 763 (3,261) 3,215 financial investment Equity dividends paid (449) (113) (562) Net cash inflow/(outflow) 314 (3,423) (3,864) before financing Financing Repurchase of Ordinary Shares - - - Net cash outflow from - - - financing Increase/(decrease) in cash 314 (3,423) (3,864) 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 2008 and the six months ended 31 July 2007 comprises non-statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 January 2008. The results for the year ended 31 January 2008 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 reserves - Capital reserves - Special Capital redemption Revenue reserve premium realised unrealised distribut-able reserve reserve £'000 £'000 £'000 £'000 £000 £'000 At 31 January 2008 10,535 (2,992) (2,684) 7,942 212 434 Losses on sales of investments - (534) - - - - Net decrease in value of - - (528) - - - investments Investment management fees - (204) - - - - Dividends paid - - - (112) - (337) Tax effect of capital items - 38 - - - - Profit on ordinary activities - - - - - 177 after taxation As at 31 July 2008 10,535 (3,692) (3,212) 7,830 212 274 3. Returns per Ordinary Share The returns per Ordinary Share are based on the following figures: Six months ended 31 July 2008 £'000 Weighted average number of Ordinary Shares in issue 22,483,497 Revenue return £177,000 Capital return (£1,228,000) Other information The Net Asset Value per Ordinary Share has been calculated using the number of Ordinary Shares in issue at 31 July 2008 of 22,483,497. A summary of investment changes for the six months under review and an investment portfolio summary as at 31 July 2008 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 Aberdeen Asset Management PLC, 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 2008 have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (the SORP) issued in December 2005; * the Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months, of the year ending 31 January 2009; 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. On behalf of the Board ABERDEEN ASSET MANAGEMENT PLC SECRETARY 24 September 2008 This information is provided by RNS The company news service from the London Stock Exchange END IR EZLFLVKBBBBD
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