New Century AIM VCT plc
For the six months to 31 August 2008
Chairman's Statement
Shareholders will be well aware of the financial turmoil over the past six months and this has had a heavy bearing
on the smaller company sector, particularly AIM. As a result, I regret to say that the net asset value per share has
declined from 115p to 89p. Qualifying investments as a percentage minimum of total cost amounted to 78.6%, ie well above
the 70% requirement for VCTs. Income from securities amounts to 86.3% of the total, thus meeting the requirement that
the bulk of income must be derived from securities. Since the end of August, AIM shares have continued to decline and as at the 12th November, the net asset value of
your fund had fallen to 65.3p per share. There are now signs that the market is beginning to stabilise and with most of
the fund's holdings and their ratings at very low levels, we are optimistic for the future. John Brice resigned as Chairman on 28th August due to heavy work commitments overseas. On behalf of the board, I
would like to thank John for his valuable contribution over the past three years. Geoffrey Charles Gamble
Chairman
2008
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