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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Abdn.Gwth.Opps | LSE:AGW | London | Ordinary Share | GB0031153769 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMAGW
RNS Number : 2797W
Aberdeen Growth Opps VCT PLC
24 July 2009
Aberdeen Growth Opportunities VCT PLC
Interim results for the six months ended 31 May 2009
Chairman's Statement
I am pleased to present the Half Yearly Report for your Company for the period
to 31 May 2009. The general decline in financial markets reached its nadir in
early March, since when some recovery has been evident and the markets have
recently been trading uncertainly within a relatively narrow range. With over
80% by value of the portfolio invested in unlisted companies, your Company has
continued to provide stable performance over the reporting period and there are
signs of trade buyers re-emerging in response to lower valuations. There are
also signs of improving investor confidence in the AIM market, which was so
badly affected during the downturn, enabling the disposal of certain holdings.
Conditions for our investee companies have continued to be challenging during
the reporting period, and your Directors have considered it prudent to provide
against the balance of two unlisted investments, Buildstore and Sanastro. We
have also reduced our valuations of Countcar and Transys in response to lower
earnings expectations. However, the majority of our investments are trading well
and we have been able to increase some valuations, in particular, 33% uplift in
Silkwater Holdings (Cyclotech), a provider of specialist equipment to the oil
and gas industry. Difficult markets provide good opportunities for investment
and we have been able to invest GBP744,000 in unlisted companies during the
period, the majority in Lawrence Recycling and Waste Management. Going forward,
your Board will be seeking to increase the proportion of unlisted investments in
the portfolio. Further investments have been made since the period end.
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 these and other, less significant, changes in the portfolio is
that NAV Total Return per Ordinary Share at 31 May 2009 was 93.83p, a decrease
of 0.82p or 0.9% over the equivalent figure at November 2008.
The Net Asset Value (NAV) per Ordinary share at 31 May 2009, after payment of
the final dividend of 2.7p in respect of the year ended November 2008, was
76.88p compared with 80.4p at 30 November 2008.
C Share conversion
The C shares were converted to new Ordinary Shares on 28 February 2009 in
accordance with the provisions in the Articles and, as intimated in the 2008
Annual Report, share certificates were issued during March 2009 for the new
holdings.
Dividend policy
The Board is pursuing a dividend policy of targeting 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. The Board
believes 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 is pleased to declare an interim dividend
of 1.5p per Ordinary Share to be paid on 25 August 2009 to Shareholders on the
Register at 24 July 2009.
The Company's shares continue to trade at a significant discount to NAV, the
discount having widened during the recent adverse market conditions. Your Board
is, therefore, considering the recommencement 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 2.7p to Ordinary Shareholders in respect of
the year ended 30 November 2008; this represents a yield of 4.5% on the Ordinary
Shares based on their net cost after initial tax relief. Based on the mid market
price at 31 May 2009, the equivalent yield is 7.7%. The yield is tax free and
is, therefore, equivalent to 10.3% for a higher rate taxpayer.
Manager
On 9 June 2009, the senior Private Equity team at Aberdeen Asset Managers formed
Maven Capital Partners UK LLP and completed a management buy-out. This team was
previously wholly responsible for the management of all Aberdeen VCTs. The Board
has ascertained that Maven Capital Partners employs largely the same team as
previously, operating from a network of offices across the UK, and that there
should be no change in the level of investment management, administrative and
company secretarial services provided, with which the Board remains satisfied.
The Company has, therefore, novated the investment management agreement to
Maven.
VAT recovery
Discussions continue with Aberdeen Asset Managers (AAM) regarding the recovery
of VAT paid on management fees up to 30 September 2008. AAM is in negotiation
with HMRC and your Board and Maven, as Manager, will seek early settlement of
the amounts due. The sum of GBP193,200 was taken to account as at 30 November
2008 as a conservative estimate 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.
Gregor Michie
Chairman
24 July 2009
Investment Manager's Review
Investment activity
During the period ended 31 May 2009, one new unlisted investment was completed
and a total of GBP0.8 million was invested. At the period end, the portfolio
stood at 77 unlisted and AIM investments at a total cost of GBP20.1 million.
Since 31 May 2009, two further new investments have been made at a cost of
GBP1,087,000.
Investment Activity
The following investments have been completed during the period.
+---------------+--------------+---------------------+------------+----------------------------+
| Investment | Date | Activity |Investment | Website |
| | | | cost | |
| | | | GBP'000 | |
+---------------+--------------+---------------------+------------+----------------------------+
| Unlisted | | | | |
+---------------+--------------+---------------------+------------+----------------------------+
| Lawrence | January 2009 | Operator of | 622 | www.lawrenceskiphire.co.uk |
| Recycling and | | material recycling | | |
| Waste | | facility | | |
| Management | | | | |
+---------------+--------------+---------------------+------------+----------------------------+
| Steminic | December | Provider of | 112 | www.msis.uk.com |
| | 2008 | industrial cleaning | | |
| | | and waste | | |
| | | management services | | |
| | | to the oil and | | |
| | | industrial sectors | | |
+---------------+--------------+---------------------+------------+----------------------------+
| Others | | | 10 | |
+---------------+--------------+---------------------+------------+----------------------------+
| Total | | | 744 | |
| unlisted | | | | |
| investment | | | | |
+---------------+--------------+---------------------+------------+----------------------------+
| Total | | | 18 | |
| AIM/PLUS | | | | |
| investment | | | | |
+---------------+--------------+---------------------+------------+----------------------------+
| Total | | | 762 | |
+---------------+--------------+---------------------+------------+----------------------------+
Aberdeen Growth Opportunities VCT has co-invested with Aberdeen Income and
Growth VCT, Aberdeen Growth Opportunities VCT 2, Aberdeen Growth VCT I, Gateway
VCT, 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 sign 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 two holdings during the quarter;
Invocas, where we had realised early gains but more recently had seen the stock
go out of favour. Nevertheless an overall gain was achieved from the investment.
We also realised our remaining holding in Craneware which proved a most
successful investment generating a gain of over 60% for the Company in a little
over a year since first purchasing the holding.
The FTSE AIM All-share index increased over the period by 30.3% in a reversal of
the falls experienced last year. In comparison, the value of the Company's
portfolio increased by 2.0% 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.
The table below gives details of realisations during the reporting period.
Investments realised
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| | Date |Complete/partial | Cost of |Value at | Sales | Realised | Gain/(loss) |
| | first | exit | shares | 30 |proceeds |gain/(loss) |over November |
| |invested | |disposed |November | | | 2008 value |
| | | | of | 2008 | | | |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| | | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| Unlisted | | | | | | | |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| Lime | 2007 | Complete | 74 | 74 | 75 | 1 | 1 |
| Investments | | | | | | | |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| Others | | | 172 | - | - | (172) | - |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| | | | 246 | 74 | 75 | (171) | 1 |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| AIM | | | | | | | |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| Craneware | 2007 | Complete | 74 | 119 | 121 | 47 | 2 |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| Invocas | 2006 | Complete | 84 | 16 | 25 | (59) | 9 |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| Others | | | 14 | 7 | 6 | (8) | (1) |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| | | | 172 | 142 | 152 | (20) | 10 |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
| Total | | | 418 | 216 | 227 | (191) | 11 |
+---------------+----------+------------------+----------+----------+----------+-------------+---------------+
Outlook
In general, the performance of the quoted markets has been volatile and
notwithstanding recent increases in market indices generally we believe
conditions will remain fragile for some time. Opportunities to invest in
companies seeking to achieve an IPO on the AIM market continued 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 private equity assets within the
portfolio with emphasis on a paid yield. Private company assets are available at
more attractive entry multiples than at any time since the establishment of your
Company 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
24 July 2009
Summary of Investment Changes
For the six months ended 31 May 2009
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| | Valuation 30 November | Net | Appreciation/ | Valuation 31 |
| | 2008 | investment/ | (depreciation) | May 2009 |
| | | (disinvestment) | | |
+-----------------+---------------------------+-----------------+----------------+-------------------+
| | GBP000 | % | GBP000 | GBP000 | GBP000 | % |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Listed fixed | 4,569 | 20.7 | (1,971) | 4 | 2,602 | 12.3 |
| income | | | | | | |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| AIM/PLUS | 3,179 | 14.4 | (134) | 64 | 3,109 | 14.7 |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Unlisted | | | | | | |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Equities | 3,211 | 14.6 | 8 | (242) | 2,977 | 14.1 |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Preference | 73 | 0.3 | - | 1 | 74 | 0.4 |
| shares | | | | | | |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Loan stocks | 10,092 | 45.7 | 661 | (81) | 10,672 | 50.5 |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Total | 21,124 | 95.7 | (1,436) | (254) | 19,434 | 92.0 |
| investments | | | | | | |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Net current | 946 | 4.3 | 736 | - | 1,682 | 8.0 |
| assets | | | | | | |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
| Net assets | 22,070 | 100.0 | (700) | (254) | 21,116 | 100.0 |
+-----------------+------------+--------------+-----------------+----------------+---------+---------+
Investment Portfolio Summary
As at 31 May 2009
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Investment Portfolio Summary | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| as at 31 May 2009 | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Investment |Valuation | Cost | % of | % of | % of |
| | | | total | equity | equity |
| | | | assets | held | held by |
| | | | | | other |
| | | | | | clients* |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Unlisted | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Funeral Services Partnership | 1,030 | 846 | 4.9% | 6.0% | 23.9% |
| Limited | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| PSP/AHC (Dalglen 1148 Limited) | 980 | 980 | 4.6% | 15.5% | 59.5% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Training For Travel Group Limited | 824 | 721 | 3.9% | 8.3% | 21.7% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Homelux Nenplas Limited | 758 | 354 | 3.6% | 8.0% | 37.0% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Cyclotech Limited | 736 | 398 | 3.5% | 5.4% | 14.6% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Oliver Kay Holdings Limited | 720 | 632 | 3.4% | 4.0% | 16.0% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Armannoch Investments Limited | 700 | 700 | 3.3% | 50.7% | 29.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Valkyrie Capital Limited | 700 | 700 | 3.3% | 50.7% | 29.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Steminic Limited | 673 | 673 | 3.2% | 9.6% | 28.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Martel Instruments Holdings Limited | 671 | 671 | 3.2% | 10.9% | 27.9% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Atlantic Foods Group Limited | 664 | 522 | 3.1% | 2.9% | 5.9% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Camwatch Limited | 650 | 650 | 3.1% | 10.6% | 33.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Lawrence Recycling & Waste | 622 | 622 | 2.9% | 7.9% | 42.1% |
| Management Limited | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Nessco Group Holdings Limited | 572 | 572 | 2.7% | 7.5% | 30.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Energy Services Investment Company | 547 | 547 | 2.6% | 20.9% | 59.1% |
| (ESIC) Limited | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Cash Bases Limited (formerly | 500 | 250 | 2.4% | 8.3% | 20.2% |
| Deckflat Limited) | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Transys Holdings Limited | 500 | 647 | 2.4% | 7.5% | 64.2% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| TC Communications Holdings Limited | 473 | 473 | 2.2% | 9.8% | 25.5% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Adler & Allan Holdings Limited | 424 | 424 | 2.0% | 1.9% | 39.1% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Enpure Holdings Limited | 274 | 200 | 1.3% | 0.9% | 78.7% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Essential Viewing Systems Limited | 188 | 209 | 0.9% | 6.7% | 34.1% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Countcar Limited | 117 | 17 | 0.6% | 5.7% | 20.9% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Llanllyr Water Company Limited | 100 | 100 | 0.5% | 7.5% | 42.4% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| I D Support Services Group Limited | 72 | 72 | 0.3% | 0.5% | 1.7% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| PLM Dollar Group Limited | 50 | 50 | 0.2% | 0.6% | 29.1% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Others | 178 | 2,086 | 0.9% | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Total unlisted | | 14,116 | 65.0% | | |
| | 13,723 | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| AIM/PLUS | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Melorio Plc | 583 | 394 | 2.8% | 1.3% | 1.6% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Concateno plc | 475 | 438 | 2.2% | 0.8% | 1.6% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Animalcare Group Plc (formerly | 335 | 245 | 1.6% | 2.3% | 2.3% |
| Ritchey Plc) | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Betbrokers Plc | 242 | 264 | 1.1% | 0.7% | 1.2% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Avanti Communications Group Plc | 217 | 151 | 1.0% | 0.3% | 1.1% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Praesepe Plc (formerly Aldgate | 145 | 246 | 0.7% | 0.5% | 0.5% |
| Capital Plc) | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Mount Engineering plc | 143 | 161 | 0.7% | 0.9% | 1.6% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Plastics Capital Plc | 106 | 355 | 0.5% | 1.3% | 2.4% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| DM PLC | 85 | 132 | 0.4% | 0.6% | 0.7% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Hasgrove plc | 81 | 123 | 0.4% | 0.4% | 1.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Litcomp plc | 67 | 151 | 0.3% | 4.9% | - |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Essentially Group PLC | 64 | 231 | 0.3% | 0.9% | 1.7% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Formation Group PLC | 62 | 147 | 0.3% | 0.4% | 0.9% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| OPG Power Ventures PLC | 57 | 81 | 0.3% | 0.1% | 0.4% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Managed Support Services Plc | 55 | 300 | 0.3% | 0.3% | 0.5% |
| (formerly WNG Plc) | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Neutrahealth plc | 32 | 89 | 0.2% | 0.6% | 1.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Datong PLC | 31 | 151 | 0.1% | 0.9% | 1.1% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Optare Plc (formerly Darwen Group | 30 | 123 | 0.1% | 0.6% | 0.6% |
| plc) | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Brulines Group plc | 25 | 31 | 0.1% | 0.1% | 0.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Work Group PLC | 25 | 201 | 0.1% | 0.9% | 2.3% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Tangent Communications PLC | 24 | 79 | 0.1% | 0.4% | 1.0% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Universe Group PLC | 24 | 67 | 0.1% | 0.8% | 1.8% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Software Radio Technology PLC | 24 | 273 | 0.1% | 0.9% | 1.7% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Relax Group Plc (formerly | 22 | 51 | 0.1% | 0.1% | 0.3% |
| Debts.co.uk plc) | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Individual Restaurant Company plc | 22 | 124 | 0.1% | 0.3% | 0.8% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Cello Group Plc | 20 | 54 | 0.1% | 0.1% | 0.9% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Smart Identity plc | 20 | 50 | 0.1% | 1.3% | 4.0% |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Others | 93 | 1,268 | 0.5% | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Total AIM/PLUS | 3,109 | 5,980 | 14.7% | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Listed fixed income | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Treasury 5.75% 31 Dec 2009 | 2,602 | 2,544 | 12.3% | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| | | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
| Total | | 22,640 | 92.0% | | |
| | 19,434 | | | | |
+-------------------------------------+-----------+-----------+-----------+-----------+-----------+
*Other clients of Maven Capital Partners UK LLP.
+--------------------------------------------------+-------------+------------+---------------+
| Aberdeen Growth Opportunities VCT PLC |
+---------------------------------------------------------------------------------------------+
| Income statement |
+---------------------------------------------------------------------------------------------+
| For the six months ended 31 May 2009 (unaudited) |
+---------------------------------------------------------------------------------------------+
| | Revenue | Capital | Total |
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------------+-------------+------------+---------------+
| Losses on investments | - | (254) | (254) |
+--------------------------------------------------+-------------+------------+---------------+
| Income from investments | 430 | - | 430 |
+--------------------------------------------------+-------------+------------+---------------+
| Investment management fees | (54) | (216) | (270) |
+--------------------------------------------------+-------------+------------+---------------+
| Other expenses | (113) | - | (113) |
+--------------------------------------------------+-------------+------------+---------------+
| Net return/(loss) on ordinary activities before | 263 | (470) | (207) |
| taxation | | | |
+--------------------------------------------------+-------------+------------+---------------+
| Tax on ordinary activities | (51) | 45 | (6) |
+--------------------------------------------------+-------------+------------+---------------+
| Return attributable to equity shareholders | 212 | (425) | (213) |
+--------------------------------------------------+-------------+------------+---------------+
| Return per Ordinary Share (pence) | 0.77 | (1.55) | (0.78) |
+--------------------------------------------------+-------------+------------+---------------+
| 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 | Total |
| | Shares | Shares | |
+-----------------------------+--------------+------------------+----------------+
| | GBP000 | GBP000 | GBP000 |
+-----------------------------+--------------+------------------+----------------+
| Opening Shareholders funds | 7,830 | 14,240 | 22,070 |
+-----------------------------+--------------+------------------+----------------+
| Movements in the period | | | |
+-----------------------------+--------------+------------------+----------------+
| C Ordinary Share conversion | 14,240 | (14,240) | - |
| into Ordinary Shares | | | |
+-----------------------------+--------------+------------------+----------------+
| Total return for the period | (213) | - | (213) |
+-----------------------------+--------------+------------------+----------------+
| Dividends paid - revenue | (741) | - | (741) |
+-----------------------------+--------------+------------------+----------------+
| Closing Shareholders funds | 21,116 | - | 21,116 |
+-----------------------------+--------------+------------------+----------------+
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Aberdeen Growth Opportunities VCT PLC |
+----------------------------------------------------------------------------------------------------------------+
| Income statement |
+----------------------------------------------------------------------------------------------------------------+
| For the six months ended 31 May 2008 (unaudited) |
+----------------------------------------------------------------------------------------------------------------+
| | Ordinary Shares | C Ordinary Shares | Total |
+----------------------+-----------------------------+-----------------------------+-----------------------------+
| |Revenue |Capital | Total |Revenue |Capital | Total |Revenue |Capital | Total |
| |GBP'000 |GBP'000 |GBP'000 |GBP'000 |GBP'000 |GBP'000 |GBP'000 |GBP'000 |GBP'000 |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| (Losses)/gains on | - | (311) | (311) | - | 559 | 559 | - | 248 | 248 |
| investments | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Income from | 179 | - | 179 | 340 | - | 340 | 519 | - | 519 |
| investments | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Other income | 13 | - | 13 | 14 | - | 14 | 27 | - | 27 |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Investment | (29) | (118) | (147) | (44) | (174) | (218) | (73) | (292) | (365) |
| management fees | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Other expenses | (45) | - | (45) | (60) | - | (60) | (105) | - | (105) |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Net return/(loss) on | 118 | (429) | (311) | 250 | 385 | 635 | 368 | (44) | 324 |
| ordinary activities | | | | | | | | | |
| before taxation | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Tax on ordinary | (21) | 34 | 13 | (46) | 33 | (13) | (67) | 67 | - |
| activities | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Return attributable | 97 | (395) | (289) | 204 | 418 | 622 | 301 | 23 | 324 |
| to equity | | | | | | | | | |
| shareholders | | | | | | | | | |
+----------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Earnings per | 0.99 | (4.05) | (3.06) | 1.36 | 2.80 | 4.16 | | | |
| Ordinary Share | | | | | | | | | |
| (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 | Total |
| | Shares | | |
+-----------------------------------+-------------------+----------------------+-----------------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------+-------------------+----------------------+-----------------------+
| Opening Shareholders' funds | 10,001 | 14,538 | 24,539 |
+-----------------------------------+-------------------+----------------------+-----------------------+
| Movements in the period |
+------------------------------------------------------------------------------------------------------+
| Total return for the period | (298) | 622 | 324 |
+-----------------------------------+-------------------+----------------------+-----------------------+
| Dividends paid - revenue | (171) | (329) | (500) |
+-----------------------------------+-------------------+----------------------+-----------------------+
| Closing Shareholders' funds | 9,532 | 14,831 | 24,363 |
+-----------------------------------+-------------------+----------------------+-----------------------+
| Aberdeen Growth Opportunities VCT PLC |
+------------------------------------------------------------------------------------------------------------+
| Income statement |
+------------------------------------------------------------------------------------------------------------+
| For the year ended 30 November 2008 (audited) |
+------------------------------------------------------------------------------------------------------------+
| | Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Loss on | - | (2,103) | (2,103) | - | (201) | (201) | - | (2,304) | (2,304) |
| investments | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Income from | 403 | - | 403 | 702 | - | 702 | 1,105 | - | 1,105 |
| investments | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Other income | 23 | - | 23 | 20 | - | 20 | 43 | - | 43 |
| | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Investment | (37) | (147) | (184) | (63) | (252) | (315) | (100) | (399) | (499) |
| management fees | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Other expenses | (139) | - | (139) | (135) | - | (135) | (274) | - | (274) |
| | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Net | 250 | (2,250) | (2,000) | 524 | (453) | 71 | 774 | (2,703) | (1,929) |
| return/(loss) on | | | | | | | | | |
| ordinary | | | | | | | | | |
| activities | | | | | | | | | |
| before taxation | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Tax on ordinary | (47) | 47 | - | (99) | 59 | (40) | (146) | 106 | (40) |
| activities | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Return | 203 | (2,203) | (2,000) | 425 | (394) | 31 | 628 | (2,597) | (1,969) |
| attributable to | | | | | | | | | |
| equity | | | | | | | | | |
| shareholders | | | | | | | | | |
+------------------+---------+---------+---------+---------+---------+---------+---------+---------+---------+
| Return per | 2.08 | (22.61) | (20.53) | 2.84 | (2.63) | 0.21 | | | |
| Ordinary Share | | | | | | | | | |
| (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 |
+----------------------------+-----------+------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+-----------+------------+--------------+
| Opening Shareholders' | 10,001 | 14,538 | 24,539 |
| funds | | | |
+----------------------------+-----------+------------+--------------+
| Movements in the year | | | |
+----------------------------+-----------+------------+--------------+
| Total profit/(loss) for | (2,000) | 31 | (1,969) |
| the year | | | |
+----------------------------+-----------+------------+--------------+
| Dividends paid - revenue | (171) | (329) | (500) |
+----------------------------+-----------+------------+--------------+
| Closing Shareholders' | 7,830 | 14,240 | 22,070 |
| funds | | | |
+----------------------------+-----------+------------+--------------+
+------------------------+--------+------+------+----+------+------+------+----+-------+----+------+-------+----+----------+
| Aberdeen Growth Opportunities VCT PLC |
+--------------------------------------------------------------------------------------------------------------------------+
| Balance Sheet | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| As at 31 May 2009 | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| | 31 | 31 May 2008 | 31 November 2008 |
| | May 2009 | | |
+------------------------+---------------+-------------------------------------+-------------------------------------------+
| | (unaudited) | (unaudited) | (audited) |
+------------------------+---------------+-------------------------------------+-------------------------------------------+
| | | Ordinary | C | | Ordinary | C | |
| | | | Ordinary | | | Ordinary | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| | | Shares | Shares | Total | Shares | Shares | Total |
| | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Fixed assets | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Investments | 19,434 | 8,757 | 14,103 | 22,860 | 7,408 | 13,716 | 21,124 |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Current assets | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Debtors | 920 | 707 | 700 | 1,407 | 358 | 556 | 914 |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Cash and overnight | 1,025 | 163 | 199 | 362 | 102 | 40 | 142 |
| deposits | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| | 1,945 | 870 | 899 | 1,769 | 460 | 596 | 1,056 |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Creditors | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Amounts falling due | (263) | (95) | (171) | (266) | (38) | (72) | (110) |
| within one year | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Net current assets | 1,682 | 775 | 728 | 1,503 | 422 | 524 | 946 |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Net assets | 21,116 | 9,532 | 14,831 | 24,363 | 7,830 | 14,240 | 22,070 |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Capital and reserves | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Called up share | 2,746 | 974 | 1,495 | 2,469 | 974 | 1,495 | 2,469 |
| capital | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Share premium | 17,119 | 4,685 | 12,711 | 17,396 | 4,685 | 12,711 | 17,396 |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Distributable reserve | 3,648 | 3,648 | - | 3,648 | 3,648 | - | 3,648 |
| | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Capital redemption | 73 | 73 | - | 73 | 73 | - | 73 |
| reserve | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Capital reserves - | 311 | 993 | (536) | 457 | 1,027 | (358) | 669 |
| realised | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Capital reserves - | (3,194) | (1,112) | 817 | (295) | (2,954) | (173) | (3,127) |
| unrealised | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Revenue reserve | 413 | 271 | 344 | 615 | 377 | 565 | 942 |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Equity Shareholders' | 21,116 | 9,532 | - | 9,532 | 7,830 | - | 7,830 |
| funds | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Rights of C | - | - | 14,831 | 14,831 | - | 14,240 | 14,240 |
| Shareholders | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Equity shareholders | 21,116 | 9,532 | 14,831 | 24,363 | 7,830 | 14,240 | 22,070 |
| funds and rights of C | | | | | | | |
| Shareholders | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| Net Asset Value per | 76.9 | 97.8 | 99.2 | | 80.4 | 95.2 | |
| Ordinary Share (pence) | | | | | | | |
+------------------------+---------------+-----------+-------------+-----------+------------+--------------+---------------+
| |
| Aberdeen Growth Opportunities VCT PLC |
+--------------------------------------------------------------------------------------------------------------------------+
| Cash Flow Statement |
+--------------------------------------------------------------------------------------------------------------------------+
| | Six | | Six | | | Year | |
| | months | | months | | | ended | |
| | ended | | ended | | | 30 | |
| | 31 May | | 31 May | | | November | |
| | 2009 | | 2008 | | | 2008 | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| |(unaudited) | |(unaudited) | | | (audited) | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| | | Ordinary | C | | Ordinary | C | |
| | | | Ordinary | | | Ordinary | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| | | Shares | Shares | Total | Shares | Shares | Total |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Operating activities | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Investment income received | 426 | 163 | 252 | 415 | 374 | 559 | 933 |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Deposit interest received | 1 | 15 | 17 | 32 | 25 | 21 | 46 |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Investment management fees | (270) | (129) | (187) | (316) | (328) | (500) | (828) |
| paid | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Secretarial fees paid | (42) | (16) | (22) | (38) | (42) | (60) | (102) |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Cash paid to and on behalf | (37) | (14) | (19) | (33) | (25) | (34) | (59) |
| of Directors | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Other cash payments | 125 | (36) | (44) | (80) | (51) | (106) | (157) |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Net cash inflow/(outflow) | 203 | (17) | (3) | (20) | (47) | (120) | (167) |
| from operating activities | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Taxation | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Corporation tax | 7 | 13 | (13) | - | - | - | - |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Financial investment | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Purchase of investments | (762) | (1,808) | (6,647) | (8,455) | (2,790) | (7,947) | (10,737) |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Sale of investments | 2,175 | 1,631 | 5,868 | 7,499 | 2,595 | 7,113 | 9,708 |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Net cash inflow/(outflow) | 1,413 | (177) | (779) | (956) | (195) | (834) | (1,029) |
| from financial investment | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Equity dividends paid | (741) | (171) | (329) | (500) | (171) | (329) | (500) |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Net cash inflow/(outflow) | 882 | (352) | (1,124) | (1,476) | (413) | (1,283) | (1,696) |
| before financing | | | | | | | |
+---------------------------------+-------------+-----------+-------------+------------+-----------+------------+----------+
| Increase/(decrease) in cash | 882 | (352) | (1,124) | (1,476) | (413) | (1,283) | (1,696) |
| | | | | | | | |
+------------------------+--------+------+------+----+------+------+------+----+-------+----+------+-------+----+----------+
Aberdeen Growth Opportunities VCT PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the 6 months ended 31 May 2009 and the six months
ended 31 May 2008 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 30 November 2008.
2. Statement of changes in equity
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| | Called | Share | Distributable | Capital | Capital | Capital | Revenue | Total |
| | up | premium | reserve | redemption | reserve | reserve | reserve | |
| | share | account | | reserve | - | - | | |
| | capital | | | | realised | unrealised | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Ordinary | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| shares | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| At 30 | | | | | | | | |
| November 2008 | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Ordinary | 974 | 4,685 | 3,648 | 73 | 1,027 | (2,954) | 377 | 7,830 |
| Shares | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| C Ordinary | 1,495 | 12,711 | - | - | (358) | (173) | 565 | 14,240 |
| Shares | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| | 2,469 | 17,396 | 3,648 | 73 | 669 | (3,127) | 942 | 22,070 |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Conversion of | 277 | (277) | - | - | - | - | - | - |
| C Ordinary | | | | | | | | |
| Shares | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Loss on sale | - | - | - | - | (187) | - | - | (187) |
| of | | | | | | | | |
| investments | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Movement in | - | | - | - | - | (67) | - | (67) |
| unrealised | | | | | | | | |
| depreciation | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Investment | - | - | - | - | (216) | - | - | (216) |
| management | | | | | | | | |
| fees | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Tax effect of | - | - | - | - | 45 | - | - | 45 |
| capital items | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Dividends | - | - | - | - | - | - | (741) | (741) |
| paid | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| Retained net | - | - | - | - | - | - | 212 | 212 |
| revenue for | | | | | | | | |
| the period | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
| At 31 May | 2,746 | 17,119 | 3,648 | 73 | 311 | (3,194) | 413 | 21,116 |
| 2009 | | | | | | | | |
+---------------+---------+---------+---------------+------------+----------+------------+---------+---------+
On 28 February 2009 the C Ordinary Shares converted into Ordinary Shares at a
conversion ratio of 1.185.
3. Returns per Ordinary Share and C Ordinary Share
+--------------------------+--------------+--+--------------+--+------------------+
| Ordinary Shares | Six months | | Six months | | Year ended |
| | ended | | ended | |30 November 2008 |
| | 31 May 2009 | | 31 May 2008 | | GBP'000 |
| | GBP'000 | | GBP'000 | | |
+--------------------------+--------------+--+--------------+--+------------------+
| The return per Ordinary Share is |
| based on the following figures: |
+---------------------------------------------------------------------------------+
| Revenue return | 212 | | 97 | | 203 |
+--------------------------+--------------+--+--------------+--+------------------+
| Capital return | (425) | | (395) | | (2,203) |
+--------------------------+--------------+--+--------------+--+------------------+
| Total return | (213) | | (298) | | (2,000) |
+--------------------------+--------------+--+--------------+--+------------------+
| |
+---------------------------------------------------------------------------------+
| Weighted average number | 27,465,383 | | 9,744,243 | | 9,744,243 |
| of | | | | | |
| Ordinary Shares in issue | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| Revenue return per | 0.77p | | 0.99p | | 2.08p |
| Ordinary Share | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| Capital return per | (1.55p) | | (4.05p) | | (22.61) |
| Ordinary Share | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| Return per Ordinary | (0.78) | | (3.06p) | | (20.53p) |
| Share | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| |
+---------------------------------------------------------------------------------+
| The Net Asset Value per Ordinary Share has been calculated using the number of |
| shares in issue |
| at 31 May 2009 of 27,465,383. |
+--------------------------+--------------+--+--------------+--+------------------+
+--------------------------+--------------+--+--------------+--+------------------+
| |
+---------------------------------------------------------------------------------+
| C Ordinary Shares | 6 months | | 6 months | | Year ended |
| | ended | | ended | |30 November 2008 |
| | 31 May 2009 | | 31 May 2008 | | GBP'000 |
| | GBP'000 | | GBP'000 | | |
+--------------------------+--------------+--+--------------+--+------------------+
| The return per C Ordinary Share is |
| based on the following figures: |
+---------------------------------------------------------------------------------+
| Revenue return | - | | 240 | | 425 |
+--------------------------+--------------+--+--------------+--+------------------+
| Capital return | - | | 418 | | (394) |
+--------------------------+--------------+--+--------------+--+------------------+
| Total return | - | | 622 | | 31 |
+--------------------------+--------------+--+--------------+--+------------------+
| | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| Weighted average number | - | | 14,954,494 | | 14,954,494 |
| of | | | | | |
| C Ordinary Shares in | | | | | |
| issue | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| Revenue return per C | - | | 1.36p | | 2.84p |
| Ordinary Share | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| Capital return per C | - | | 2.80p | | (2.63p) |
| Ordinary Share | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| Return per C Ordinary | - | | 4.16p | | 0.21p |
| Share | | | | | |
+--------------------------+--------------+--+--------------+--+------------------+
| The Net Asset Value per C Ordinary Share has been calculated using the number |
| of shares in issue at 30 November 2008 of 14,954,494. |
+--------------------------+--------------+--+--------------+--+------------------+
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.
The Interim Report and Financial Statements will be printed and sent to
Shareholders.
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
* The financial statements have been prepared in accordance with applicable
accounting standards and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" 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
* 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
to them.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
24 July 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUURWMUPBGAC
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