RNS Number:9025Q
Aberdeen Growth Opps VCT PLC
07 February 2007
Aberdeen Growth Opportunities VCT PLC
Preliminary Announcement
I am delighted to report a successful year for your company. Among the
highlights are:
#15 million raised in the C Ordinary share issue
Ordinary share NAV at year end of 104.8p per share (pps) up 8.1% over the year
Ordinary share total return 109.8pps at year end
4 successful exits from unlisted companies during the year generating gains of
13.7pps
Net realised gains from AIM stocks of 4.5pps for the year
Dividends declared of 4.5p per Ordinary share and 1.0 p per C Ordinary share
These highlights relate almost entirely to the Ordinary Share portfolio;
however, the new C Ordinary Share portfolio has already achieved modest realised
gains from AIM stocks, which are showing an increase of more than 11% compared
to cost.
Performance
The Net Asset Value (NAV) per Ordinary share at 30 November 2006, before payment
of a dividend in respect of the year then ended, was 104.8p compared with 96.9p
at 30 November 2005 restated for the new Accounting Standards adopted this year.
The increase in NAV of 8.1% compares with an increase in the FTSE AIM Index
which rose by 0.7% over the same period. The effect of paying the proposed
dividends will be to reduce the NAV to 100.3p.
The NAV per C Ordinary Share at 30 November 2006 was 96.0p which compares with
95.0p immediately after launch expenses. The effect of paying the proposed
dividend will be to reduce the NAV to 95.0p
The most important measure for a VCT is the total return, calculated by adding
income and capital dividends paid over the relevant period to the current NAV.
The Total Return per Ordinary Share at 30 November 2006 was 109.8pps, an
increase of 9.9% over the equivalent figure at November 2005, while for the C
Ordinary Share portfolio it was 96.0pps which compares with 95.0pps immediately
after launch.
Dividends - Ordinary Shares
It was stated in the Company's Prospectus that dividends, if any, would be small
until such times as capital realisations occurred. The Board is pleased to
announce an interim dividend of 4.5p per Ordinary share in respect of the year
ended 30 November 2006, to be paid on 30 March 2007 to shareholders on the
register on 23 February 2007. The dividend is comprised of 0.5p from revenue and
4.0p from the realised gains made on investments to date. The Board does not
intend to propose a final dividend in respect of the year ended 30 November
2006. All dividends are paid tax free to shareholders and a net dividend of
4.5p is equivalent to a yield of 7.5% to a higher rate taxpayer. The yield rises
to 9.4% if the initial income tax relief of 20% is taken into account. Since the
Company's launch, Ordinary shareholders will have received 9.5p per share in tax
free dividends.
Dividends - C Ordinary Shares
As with the Ordinary shares, in the early years of the C Ordinary share
portfolio dividends are likely to be small until such times as capital
realisations occur The Board is declaring a revenue dividend of 1.0p per C share
to be paid concurrently with the Ordinary share dividend.
Investment Strategy
The strategy for both the Ordinary share pool and the C Ordinary share pool is
to continue building a diversified portfolio of unlisted and AIM investments
which offer excellent prospects for capital gains in the medium and longer term,
while maintaining VCT qualifying status.
Investment Activity
During the year ended 30 November 2006, twenty-one new unlisted and AIM
investments were completed. A total of #4.1 million was invested of which #2.4
million was from the Original pool and #1.7 million was from the C share pool.
At the year end, the portfolio stood at 57 unlisted and AIM investments with
an investment cost of #8.5 million. Since 30 November 2006, two further new
unlisted investments have been made at a cost of #1.3 million, of which #512,000
was made from the original pool and #781,000 from the C share pool.
The following are the largest new investments completed during the year:-
Investment Date Activity Investment Cost
Website
#'000
Original C Share
Pool Pool
Unlisted
Buildstore Sep 2006 Online services to the 98
www.buildstore.co.uk
self build sector.
Enpure Nov 2006 Project engineering in the 100 100 www.enpure.co.uk
water and waste water
sector.
Homelux Nenplas May 2006 Manufacturer of tile trims 199 274 www.homelux.co.uk
and other wet room
furnishing accessories.
Styles & Wood Dec 2005 Provider of store fit-out 200
www.stylesandwood.co.uk
and refurbishment
programmes to the UK
retail sector.
AIM
Brulines Oct 2006 Monitoring systems for 67 33
www.brulines.co.uk
public houses.
Concateno Oct 2006 Testing services for 98 148 www.concateno.com
alcohol and drugs for
employers.
Fairground Jun 2006 Gaming 148
www.fairgroundgaming.com
Gaming
Hasgrove Nov 2006 Communication services for 74 49 www.hasgrove.com
public relations.
Gold Frost March 2006 Developer of kosher food 151 No website
available
products
Interactive April 2006 Digital media content 175 No website
available
World provider.
Invocas March 2006 Insolvency practitioner 172 www.invocas.com
Litcomp March 2006 National supplier of 150
www.legal-reports.co.uk
medical reports in support
of legal actions.
Velosi Aug 2006 Quality control services 136 www.velosi.com
to the oil and gas sector.
Work Group Feb UK recruitment service 200 www.workcomms.com
provider.
2006
Worthington Jun 2006 Installation and 99 148
www.worthington-nicholls.com
Nicholls maintenance of air
conditioning systems.
Aberdeen Growth Opportunities VCT has co-invested with Aberdeen Development
Capital, Aberdeen Growth VCT I, Aberdeen Growth Opportunities VCT 2, Talisman
First Venture Capital Trust and Murray VCT 4 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 of these arrangements is that your fund is
able to underwrite a wider range and size of transaction than would be the case
on a standalone basis.
Portfolio Developments
Aberdeen Growth Opportunities VCT is continuing to build a diversified portfolio
of unlisted and AIM investments with good growth prospects and, therefore, the
opportunity to generate capital gains in the medium and longer term.
Significant gains were achieved from four unlisted investments during the course
of the year. Travel Class was sold for proceeds of #562,000 compared to a cost
of #225,000. Bond Aviation Solutions was sold to an Indian investment company
realising #507,000 generating a gain of #207,000. Styles & Wood achieved a
listing on the London Stock Exchange and proceeds of #799,000, providing a gain
of #599,000 over cost. Vibration Technology was sold to a major seismic
exploration company 13 months after the investment was completed, generating a
gain of #189,000 from proceeds of #339,000. In each case the holding period has
been shorter than would normally be the case for an unlisted investment (ranging
from 11 to 13 months) with cash multiples of 1.7x to 4.0x the original cost. The
holding in Original Shoe was sold for cost following an approach to the majority
shareholder.
The AIM portfolio continued to be actively traded when the opportunity arose; a
significant market correction occurred in May 2006 from which the market is
still recovering. The total gain arising on the AIM portfolio for the year was
#183,000 of which #155,000 arose on the Original pool and #28,000 on the C Share
pool. The AIM 100 Index has fallen over the course of the year by 7.4% whereas
the performance of the Company's portfolio is significantly better; the Original
Pool and the C Share pool achieved an uplift of 3.2% and 11.5% respectively.
In contrast with the realised gains mentioned above, (further details in the
table overleaf) net unrealised losses of #398,000 arose on the original pool of
investments, compared to valuations as at the November 2005. The total
unrealised losses of #497,000 were partially offset by unrealised gains of
#100,000 from AIM investments. The major reductions in value were on Albanet
(#172,000), Inovas (#115,000) and Transrent (#359,000), all of which ceased
trading during the year or shortly after the year end, and on Sanastro
(#128,000) where trading has fallen significantly below expectations. On the
positive side, the valuation of Cash Bases (#250,000) was increased due to
rising profits and earlier than expected repayment of debt. The valuation of EIG
(Investments) was increased by #214,000 in anticipation of the contracted sale
of that holding in January 2007.
Investments in the unlisted portfolio are generally trading well but, where
there is underperformance, particular attention is paid to those companies by
the Manager to effect an improvement and protect the value of the investment.
Major realisations during the financial year
Date first Complete/ Cost of shares Sales
Realised gain/
invested partial exit disposed of proceeds
(loss)
#'000 #'000
#'000
Original Pool
Unlisted
Bond Aviation 2005 Complete 300 507
207
Original Shoe 2005 Complete 300 300
-
Styles & Wood 2005 Complete 200 799
599
Travel Class 2005 Complete 225 562
337
Vibration Technology 2005 Complete 150 339
189
Others 48
48
Total unlisted 1,175 2,555
1,380
AIM
Avanti Screenmedia 2004 Partial 53 75
22
Axeon 2003 Partial 90 139
49
Billing Services Group 2006 Complete 131 68
(63)
Imagesound 2004 Complete 68 25
(43)
Invocas 2006 Partial 46 78
32
Legend Communications 2004 Complete 100 51
(49)
Software Radio Technology 2005 Partial 27 48
21
Tanfield 2004 Partial 83 177
94
Zetar 2005 Partial 65 87
22
Others 543 613
70
Total AIM 1,206 1,361
155
Total 2,381 3,916
1,535
C Share Pool
AIM
Invocas 2006 Partial 40 68
28
C Share Issue
The Board announced proposals in November 2005 to raise up to #15 million
(before the deduction of expenses) in a C share issue. I am pleased to say that
#14.95 million was raised in the issue.
The Directors believe that the C shares benefit all shareholders in the Company,
as the original pool approaches full investment, by reducing the total expense
ratio, increasing the spread of risk across a larger number of investments, and
offering the opportunity to make larger investments. Also, following
consolidation of the C shares the increase in the number of Ordinary shares in
issue will improve their liquidity in the secondary market.
The Future
Following the disposals which occurred during the year, the manager is now
seeking to rebuild the unlisted portfolio within the Ordinary share pool while
investing the proceeds of the C share in a similar, diversified portfolio of
good quality smaller companies. The outlook for new investments remains positive
with a steady flow of both unquoted and AIM opportunities available for
consideration. The Manager has a number of attractive investment opportunities
under negotiation.
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
INCOME STATEMENT
For the year ended 30 November 2006
Ordinary shares 'C' Ordinary shares
Total
Revenue Capital Total Revenue Capital Total Revenue
Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
#'000 #'000
Gains on investments - 1,061 1,061 - 115 115 -
1,176 1,176
Income from investments 241 - 241 386 - 386 627
- 627
Other income 21 - 21 21 - 21 42
- 42
Investment management (54) (216) (270) (52) (207) (259) (106)
(423) (529)
fees
Other expenses (107) - (107) (100) - (100) (207)
- (207)
_______ _______ _______ _______ _______ _______ _______
_______ _______
Net return/(loss) on 101 845 946 255 (92) 163 356
753 1,109
ordinary activities
before taxation
Tax on ordinary (20) 27 7 (46) 39 (7) (66)
66 -
activities
_______ _______ _______ _______ _______ _______ _______
_______ _______
Return attributable to 81 872 953 209 (53) 156 290
819 1,109
shareholders
_______ _______ _______ _______ _______ _______ _______
_______ _______
Return per Ordinary share 0.82 8.88 9.70 1.69 (0.43) 1.26 2.51
8.45 10.96
(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 SHARES 'C' ORDINARY
TOTAL
SHARES
#'000 #'000
#'000
Opening Shareholders' funds (restated) 9,623 -
9,623
Movements in the year
Total profit/(loss) for the period 953 156
1,109
Net proceeds of issue of shares - 14,206
14,206
Repurchase and cancellation of shares (167) -
(167)
Dividends paid - revenue (50) -
(50)
Dividends paid - capital (149) -
(149)
_____________ _____________
_____________
Closing Shareholders' funds 10,210 14,362
24,572
_____________ _____________
_____________
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
INCOME STATEMENT (restated)
For the year ended 30 November 2005
Ordinary shares 'C' Ordinary shares
Total
Revenue Capital Total Revenue Capital Total Revenue
Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
#'000 #'000
Gains on investments - 443 443 - - - -
443 443
Income from investments 322 - 322 - - - 322
- 322
Other income 23 - 23 - - - 23
- 23
Investment management fees (56) (224) (280) - - - (56)
(224) (280)
Other expenses (202) - (202) - - - (202)
- (202)
_______ _______ _______ _______ _______ _______ _______
_______ _______
Net return/(loss) on 87 219 306 - - - 87
219 306
ordinary activities
before taxation
Tax on ordinary activities (12) 12 - - - - (12)
12 -
_______ _______ _______ _______ _______ _______ _______
_______ _______
Return attributable to 75 231 306 - - - 75
231 306
shareholders
_______ _______ _______ _______ _______ _______ _______
_______ _______
Return per Ordinary share 0.74 2.27 3.01 - - - 0.74
2.27 3.01
(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 SHARES 'C' ORDINARY
TOTAL
SHARES
#'000 #'000
#'000
Opening Shareholders' funds 9,751 -
9,751
(restated)
Movements in the year
Total profit/(loss) for the period 306 -
306
Net proceeds of issue of shares 10 -
10
Repurchase and cancellation of shares (342) -
(342)
Dividends paid - revenue (102) -
(102)
Dividends paid - capital - -
-
_____________ _____________
_____________
Closing Shareholders' funds 9,623 -
9,623
_____________ _____________
_____________
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
BALANCE SHEET
As at 30 November 2006
30 November 2006 30 November 2005
(restated)
Ordinary 'C' Total Ordinary 'C'
Total
shares Ordinary shares Ordinary
shares shares
#'000 #'000 #'000 #'000 #'000
#'000
Investments at fair value
through profit or loss 7,169 13,913 21,082 8,167 -
8,167
Current assets
Debtors 407 136 543 376 -
376
Cash and overnight deposits 2,729 487 3,216 1,253 -
1,253
________ ________ ________ ________ ________
________
3,136 623 3,759 1,629 -
1,629
Creditors: amounts falling due within (95) (174) (269) (173) -
(173)
one year
________ ________ ________ ________ ________
________
Net current assets 3,041 449 3,490 1,456 -
1,456
________ ________ ________ ________ ________
________
Total net assets 10,210 14,362 24,572 9,623 -
9,623
________ ________ ________ ________ ________
________
Capital and reserves
Called up share capital 974 1,495 2,469 993 -
993
Share premium 4,685 12,711 17,396 4,685 -
4,685
Distributable reserve 3,648 - 3,648 3,815 -
3,815
Capital redemption reserve 73 - 73 54 -
54
Capital reserve - realised 800 (140) 660 (400) -
(400)
Capital reserve - unrealised (140) 87 (53) 337 -
337
Revenue reserve 170 209 379 139 -
139
________ ________ ________ ________ ________
________
Shareholders' funds 10,210 14,362 24,572 9,623 -
9,623
________ ________ ________ ________ ________
________
Net asset value per ordinary share 104.8 96.0 96.9 -
96.9
(pence)
________ ________ ________ ________ ________
________
ABERDEEN GROWTH OPPORTUNITIES VCT PLC
CASH FLOW STATEMENT
For the year ended 30 November 2006
Year ended Year
ended
30 November 2006 30
November 2005
Ordinary 'C' Total
Ordinary
shares Ordinary
shares
shares
#'000 #'000 #'000
#'000
Operating activities
Investment income received 188 260 448
261
Deposit interest received 20 20 40
25
Investment management fees paid (272) (158) (430)
(273)
Secretarial fees paid (53) (20) (73)
(60)
Cash paid to and on behalf of Directors (45) (19) (64)
(66)
Other cash payments (75) (4) (103)
(77)
________ ________ ________
________
Net cash (outflow)/inflow from operating activities (237) 79 (182)
(190)
Taxation
Corporation tax - - -
3
Financial investment
Purchase of investments (2,169) (15,368) (17,537)
(5,095)
Sale of investments 4,248 1,570 5,842
2,007
________ ________ ________
________
2,079 (13,798) (11,695)
(3,085)
Equity dividends paid (199) - (199)
(102)
________ ________ ________
________
Net cash inflow/(outflow) before financing 1,643 (13,719) (12,076)
(3,377)
Financing
Issue of ordinary shares - 14,206 14,206
10
Share repurchases (167) - (167)
(345)
________ ________ ________
________
Net cash (outflow)/inflow from financing (167) 14,206 14,039
(335)
________ ________ ________
________
Increase/(decrease)/ in cash 1,476 487 1,963
(3,712)
________ ________ ________
________
Restatement for Adoption of new UK Accounting Standards
During the year to 30 November 2006 the Company became subject to new Financial
Reporting Standards issued as part of the programme to converge UK Generally
Accepted Accounting Practice (UK GAAP) with International Accounting Standards.
As a result of this, the results for the year ended 30 November 2005 have been
restated to reflect the changes of accounting practice in relation to the
following:
- investments are measured initially at cost and recognised at trade date; and
- for financial assets acquired, the cost is the fair value of the
consideration. Subsequent to initial recognition, investments are valued at
fair value. For listed and AIM quoted investments this is deemed to be bid
market prices sourced from The London Stock Exchange. Unlisted investments are
valued by the Directors at fair value through profit and loss, in line with the
guidelines of the International Private Equity and Venture Capital Valuation
Guidelines.
In accordance with FRS 21 - Events after the Balance Sheet Date, dividends are
not accrued in the Financial Statements unless they have been declared before
the Balance Sheet date. Final dividends are, therefore, recognised in the
period in which they are declared and paid. As a result of this change, the
Financial Statements for the year ended 30 November have been restated.
The impact of these changes is shown as follows:
Reconciliation of Balance Sheet at 30 November 2004
As previously Effect of As
restated
reported change in 30
November 2004
30 November 2004 policy
#'000
#'000 #'000
Investments at fair value through profit 4,852 (69)
4,783
and loss
Current assets
Debtors 149 -
149
Cash and overnight deposits 4,965 -
4,965
___________ ___________
___________
5,114 -
5,114
Creditors
Amounts falling due within one year (250) 104
(146)
___________ ___________
___________
Net current assets 4,864 104
4,968
___________ ___________
___________
Net assets 9,716 35
9,751
___________ ___________
___________
Capital and reserves
Called up share capital 1,038 -
1,038
Share premium account 4,676 -
4,676
Capital Reserve - realised (498) -
(498)
Capital Reserve - unrealised 273 (69)
204
Distributable reserve 4,157 -
4,157
Capital redemption reserve 8 -
8
Revenue Reserve 62 104
166
___________ ___________
___________
Equity Shareholders' funds 9,716 35
9,751
___________ ___________
___________
Net Asset Value per Ordinary share 93.6
94.0
(pence)
___________ ___________
___________
Reconciliation of Balance Sheet at 30 November 2005
As previously Effect of change As
restated
reported in policy 30
November 2005
30 November 2005 #'000
#,000.
#'000
Investments at fair value through profit 8,294 (127)
8,167
and loss
Current assets
Debtors
376 -
376
Cash and overnight deposits 1,253 -
1,253
___________ ___________
___________
1,629 -
1,629
Creditors
Amounts falling due within one year
(223) 50
(173)
___________ ___________
___________
Net current assets 1,406 50
1,456
___________ ___________
___________
Net assets 9,700 (77)
9,623
___________ ___________
___________
Capital and reserves
Called up share capital 993 -
993
Share premium account 4,685 -
4,685
Capital Reserve - realised (400) -
(400)
Capital Reserve - unrealised 464 (127)
337
Distributable reserve 3,815 -
3,815
Capital redemption reserve 54 -
54
Revenue Reserve 89 50
139
___________ ___________
___________
Equity Shareholders' funds 9,700 (77)
9,623
___________ ___________
___________
Net Asset Value per Ordinary share (pence) 97.6
96.9
Year
ended
30 November
2005
#000
Reconciliation of the Statement of Total Return to the Income Statement
Total transfer to reserve per original reported Statement of Total Return
316
Add year to 30 November 2005 final dividend on ordinary shares
48
Change from mid to bid basis at 30 November 2004
69
Change from mid to bid basis at 30 November 2005
(127)
___________
Return on ordinary activities after tax per Income Statement
306
___________
Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes
For the year ended 30 November 2006
ORDINARY SHARES
Valuation Net investment Appreciation
Valuation
30 November 2005 (disinvestment) (depreciation) 30
November 2006
(restated)
#'000 % #'000 #'000
#'000 %
Unlisted investments
Equities 1,566 16.3 (1,615) 1,438
1,389 13.6
Preference shares 200 2.1 (1) (100)
99 1.0
Loan stocks 2,468 25.6 (2) (518)
1,948 19.1
________ ________ ________ ________
________ ________
4,234 44.0 (1,618) 820
3,436 33.7
Listed Investments
Unit Trusts 712 7.4 (207) 4
509 5.0
AIM Investments 3,221 33.5 (234) 237
3,224 31.5
________ ________ ________ ________
________ ________
3,933 40.9 (441) 241
3,733 36.5
________ ________ ________ ________
________ ________
Total investments 8,167 84.9 (2,059) 1,061
7,169 70.2
________ ________ ________ ________
________ ________
Other net assets 1,456 15.1 1,585 -
3,041 29.8
________ ________ ________ ________
________ ________
Total assets 9,623 100.0 (474) 1,061
10,210 100.0
________ ________ ________ ________
________ ________
Aberdeen Growth Opportunities VCT PLC
Summary of Investment Changes during the period
For the year ended 30 November 2006
'C' ORD SHARES
Net proceeds Net investment Appreciation
Valuation
of share issue * (disinvestment) (depreciation) 30
November 2006
#'000 % #'000 #'000 #'000
%
Unlisted investments
Equities - - 29 - 29
0.2
Loan stocks - - 345 - 345
2.4
________ ________ ________ ________ ________
________
- - 374 - 374
2.6
Listed Investments
Fixed Income - - 11,127 (65) 11,062
77.0
Unit Trusts - - 1,000 - 1,000
7.0
AIM Investments - - 1,297 180 1,477
10.3
________ ________ ________ ________ ________
________
- - 13,424 115 13,539
94.3
________ ________ ________ ________ ________
________
Total investments - - 13,798 115 13,913
96.9
________ ________ ________ ________ ________
________
Other net assets 14,206 100% (13,757) - 449
3.1
________ ________ ________ ________ ________
________
Total assets 14,206 100% 41 115 14,362
100.0
________ ________ ________ ________ ________
________
* After issue expenses of #747,701 which were equivalent to 5% of monies
raised.
Aberdeen Growth Opportunities VCT PLC
Ordinary Shares
Investment Portfolio Summary
As at 30 November 2006
% of
% of %
of Equity
Bookcost Valuation
Equity held
Total
held by other
#'000 #'000 Assets by
fund clients
Unlisted Investments
EIG (Investments) Insurance provider and
Limited broker. 301 535 5.2%
0.2% 1.3%
Cash Bases Limited Design and manufacture of
(formerly Deckflat customised cash drawers. 250 500 4.9%
8.3% 20.2%
Limited)
Money Plus Group Debt Management 300 300 2.9%
6.0% 24.9%
Riverdale Publishing Publisher of greeting cards
Limited 114 219 2.1%
7.4% 57.6%
Homelux Nenplas Limited Extruder of plastic tiling
trims and related products 199 199 1.9%
3.4% 41.6%
Palgrave Brown Manufacture and distribution
(Holdings) Limited of specialist timber 150 179 1.8%
1.1% 48.3%
products for the
housebuilding and builders'
merchant sectors.
Essential Viewing Video streaming software
Systems Limited 177 177 1.7%
7.9% 41.5%
FFC (UK) Limited Design and manufacture of
office furniture 150 150 1.5%
7.5% 30.0%
Oled-T Limited - Developer of flat panel
(previously Elam T) display technologies 150 150 1.5%
3.5% 15.0%
Sanastro Financial publishing house
275 147 1.4%
3.5% 9.6%
PSCA International Producer of publications
Limited aimed at public sector 138 138 1.4%
1.6% 21.6%
officials
RMS Europe Provider of stevedoring and
ships agency services 116 138 1.4%
1.3% 26.8%
Driver Hire Supplier of temporary
drivers. 100 100 1.0%
0.6% 39.1%
Enpure Limited Integrated process
engineering in the portable 100 100 1.0%
0.4% 79.2%
water, waste water and
municipal solid waste
markets
Llanllyr Water Company Extraction and bottling of
Limited spring water 100 100 1.0%
7.5% 42.4%
Buildstore Limited Services to self build
homeowners 98 98 1.0%
0.8% 9.2%
IRW Systems Limited Design, building and
management of bespoke 45 92 0.9%
8.9% 48.6%
software and network
solutions.
Enterprise Food Group Supply management service. - 50 0.5%
1.5% 15.7%
Holdings
PLM Dollar Group Limited On-shore helicopter services
50 50 0.5%
0.6% 30.3%
Amgas Limited Manufacturer of flammable
gas sensors 100 14 0.1%
0.4% 4.1%
Transrent Holdings Rent and sales of truck
Limited trailers 359 - 0.0%
0.8% 35.6%
Albanet Network Services and
Software 172 - 0.0%
7.0% 38.4%
Enterprise Food Group Supply chain and management - - 0.0%
- -
Limited services in the bakery
sector
Inovas IP rights for fixed asset
management applications, 116 - 0.0%
9.2% 50.8%
linking moving data such as
video to positional
references
Kingsley Cards Limited Manufacturer and distributor
of greetings cards 250 - 0.0%
3.1% 24.4%
________ ________ ________
________ ________
3,810 3,436 33.7%
AIM Investments
Software Radio Provider of wireless
Technology PLC technology products and 260 504 4.9%
1.4% 2.8%
services
Avanti Screenmedia Plc Provider of in-store media
services to the retail and 171 290 2.8%
0.5% 1.8%
leisure sector.
Tanfield Group PLC Technical solutions and
manufacturing group 57 262 2.6%
0.3% 1.0%
Axeon Developer of semiconductor
intellectual properties 247 237 2.3%
2.0% 6.0%
specifically geared to the
automotive industry.
Worthington Nicholls plc Installation and maintenance
of of air conditioning 100 210 2.1%
0.3% 1.6%
systems in the hotel and
retail markets.
Work Group PLC Provider of recruitment
services. 201 195 1.9%
1.0% 2.6%
Zetar plc Manufacturer of
confectionary. 69 169 1.7%
0.4% 1.0%
Gold Frost Limited Designer, developer &
distributor of kosher food 130 115 1.1%
0.7% 0.7%
products.
Datong Electronics PLC Producer of devices that
enable government 151 114 1.1%
0.9% 1.1%
intelligence and defence
agencies covertly to track
vehicles and mobile phones.
Concateno plc Provider of services for the
testing of employees for 98 108 1.1%
0.4% 2.7%
drugs and alcohol.
Inspicio plc Provider of testing,
inspection and conformity 70 104 1.0%
0.1% 0.2%
services.
Strategic Retail plc Trading as "Fads" -
decorating specialist. 117 96 0.9%
0.4% 4.8%
Cello Group Plc A consolidator of niche
businesses in the marketing 79 95 0.9%
0.3% 1.7%
and media services industry.
Fountains Plc Land management and related
outsourced services in the 102 83 0.8%
0.5% 2.2%
UK and North America
Hasgrove plc Provider of communication
services in public 74 80 0.8%
0.3% 1.9%
relations, public affairs,
graphic design, advertising
and on-line marketing.
Brulines (Holdings) plc Provider of data systems
that monitor the 67 78 0.8%
0.2% 1.0%
through-flow of beer in
pubs.
Neutrahealth plc Manufacturer and distributor
of nutraceutical products. 92 77 0.8%
0.9% 2.1%
Air Music and Media Leading UK producer and
supplier of low-priced 150 70 0.7%
0.4% -
entertainment products to
the international market.
Invocas PLC Provider of services to
individuals and corporates 45 61 0.6%
0.3% 0.4%
requiring insolvency advice.
Careforce Group plc Provider of domiciliary care
services, primarily caring 55 52 0.5%
0.4% 0.9%
for the elderly and infirm
in their own homes
MTI Wireless Edge Developer & manufacturer of
Limited sophisticated antennas & 41 47 0.5%
0.2% 0.3%
antenna systems for fixed
broadband wireless
communications.
Debts.co.uk plc Provider of personal debt
solutions 51 44 0.4%
0.1% 0.3%
Litcomp plc National supplier of medical
reports in support of legal 81 44 0.4%
2.9% 2.5%
actions.
Public Recruitment Group A leading specialist in
Plc public sector staffing in 133 34 0.3%
0.3% 1.7%
healthcare and education
Spectrum Interactive Operator of payphones and
internet terminals in both 97 34 0.3%
0.3% 1.3%
the UK and Germany
Asfare Manufacture and supply of
equipment for the Emergency 17 21 0.2%
0.6% 2.8%
Services
Award International The sourcing and delivery of
Holdings PLC merchandising materials for 100 - 0.0%
3.1% 15.4%
major blue chip customers
Elevation Events Group Events management and
plc corporate hospitality. 150 - 0.0%
2.5% 8.1%
________ ________ ________
________ ________
3,005 3,224 31.5%
Unit Trust
Aberdeen Global Fixed 485 509 5.0%
- -
Interest Opportunities
Fund
________ ________ ________
________ ________
485 509 5.0%
________ ________ ________
________ ________
Total Investments 7,300 7,169 70.2%
________ ________ ________
________ ________
Aberdeen Growth Opportunities VCT PLC
'C' Ordinary Share Pool
Investment Portfolio Summary
As at 30 November 2006
% of
% of %
of Equity
Bookcost Valuation
Equity held
Total
held by other
#'000 #'000 Assets by
fund clients
Unlisted Investments
Homelux Nenplas Limited Extruder of plastic tiling
trims and related products 274 274 1.9%
4.7% 40.3%
Enpure Limited Integrated process engineering
in the portable water, waste 100 100 0.7%
0.4% 79.2%
water and municipal solid
waste markets
________ ________ ________
374 374 2.6%
AIM Investments
Zetar plc Manufacturer of confectionery. 276 384 2.7%
0.8% 0.6%
Worthington Nicholls plc Installation and maintenance
of air conditioning systems in 150 314 2.2%
0.5% 1.4%
the hotel and retail markets.
Interactive World PLC Digital media content provider 177 196 1.3%
0.6% 0.8%
Concateno plc Provider of services for the
testing of employees for drugs 148 161 1.1%
0.6% 2.5%
and alcohol.
Velosi plc Provider of quality assurance
and quality control services 136 128 0.9%
0.4% 0.4%
to the oil and gas sector.
Leadcom Integrated Telecommunication network
Solutions services and solutions. 98 78 0.5%
0.1% -
Invocas PLC Provider of services to
individuals and corporates 39 53 0.4%
0.2% 0.4%
requiring insolvency advice.
Hasgrove plc Provider of communication
services in public relations, 49 53 0.4%
0.2% 2.0%
public affairs, graphic
design, advertising and
on-line marketing.
Brulines (Holdings) plc Provider of data systems that
monitor the through-flow of 33 39 0.3%
0.1% 1.2%
beer in pubs.
Litcomp plc National supplier of medical
reports in support of legal 71 38 0.3%
2.5% 2.9%
actions.
Fairground Gaming An investment company in the
Holdings plc online gaming sector. 149 33 0.2%
0.5% 0.8%
________ ________ ________
1,326 1,477 10.3%
Listed Fixed Income
Treasury 4% 07/03/09 3,854 3,820 26.6%
Treasury 4.5% 2007 3,400 3,394 23.6%
Treasury 5% 07/03/08 3,872 3,848 26.8%
________ ________ ________
11,126 11,062 77.0%
Unit Trust
Aberdeen Global Fixed
Interest Opportunities 1,000 1,000 7.0%
Fund
________ ________ ________
1,000 1,000 7.0%
________ ________ ________
Total investments 13,826 13,913 96.9%
________ ________ ________
Notes:
Returns per Ordinary share have been calculated using the weighted average
number of shares in issue during the period of 9,822,544 (2005 - 10,170,995).
The Net Asset Value per Ordinary share has been calculated using the number of
shares in issue at 30 November 2006 of 9,744,243 (2005 - 9,934,243).
Returns per C Ordinary share have been calculated using the weighted average
number of shares in issue during the period of 12,389,359. The Net Asset Value
per C Ordinary share has been calculated using the number of shares in issue at
30 November 2006 of 14,954,494.
The results for the year ended 30 November 2006, which are subject to audit
clearance, will be filed with the Register of Companies and a full copy of the
Annual Report and Financial Statements will be printed and issued to
Shareholders.
The financial information contained within this Preliminary Announcement does
not constitute the Company's statutory financial statements as defined in
Section 240 of the Companies Act 1985. The statutory financial statements for
the year ended 30 November 2005 contain an audit report which was unqualified
and did not contain statements under Sections 237(2) or (3) of the Companies Act
1985, and have been delivered to the Registrar of Companies.
Copies of this announcement will be available to the public at the office of
Aberdeen Asset Managers Limited, 123 St Vincent Street, Glasgow and at the
registered office of the Company, One Bow Churchyard, London.
By Order of the Board
ABERDEEN ASSET MANAGEMENT PLC
SECRETARIES
7 February 2007
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SSAFMWSWSEIE
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