TIDMAIGV
RNS Number : 2860B
Aberdeen Income & Growth VCT PLC
23 October 2009
Aberdeen Income and Growth VCT PLC
Interim Announcement for the six months ended 31 August 2009 (unaudited)
The Directors announce the Interim Results of the above Company for the six
months ended 31 August 2009.
Investment Manager's review
The general decline in worldwide financial markets continued until early March
2009, but since then some recovery has been evident and the markets have made
steady progress. With almost 75% by value of the NAV invested in unlisted
companies which are not subject to the same variations as the quoted markets,
the Company has continued to provide comparatively good performance over the
reporting period with the NAV total return down by only 0.5% since February
2009. There are some early signs of trade buyers re-emerging in a few sectors
together with indications of an improvement in the AIM market.
Trading conditions for the investee companies have continued to be reasonable
during the reporting period; however, the Directors have considered it prudent
to reduce the valuations of a small number of holdings in response to lower
earnings forecasts. In contrast, the majority of our investments are trading in
line with expectations and the Board has been able to increase some valuations,
in particular, a 33% uplift in Silkwater Holdings (Cyclotech), a provider of
specialist equipment to the oil and gas industry. The amount of new investment
has been relatively modest during the period at GBP1.7 million, the vast
majority in two new yielding unlisted investee companies. Going forward, the
Board intends that an increased proportion of the portfolio is in unlisted
investments each paying a significant level of yield which will support the
continuing payment of dividends to Shareholders. The Company has cash resources
available to take advantage of new opportunities and for additional investment
in the existing portfolio of unlisted companies.
Performance
The net effect of the developments noted above and other, less significant,
changes in the portfolio is that NAV total return per Ordinary Share at 31
August 2009 was 94.9p, down from 95.4p at 28 February 2009.
The Net Asset Value (NAV) per Ordinary Share at 31 August 2009, after payment of
the final dividend of 2p in respect of the year ended 28 February 2009, was
60.8p compared with 63.3p at 28 February 2009.
Dividend policy
The Board believes that a policy of paying regular dividends, combined with
continuing sound performance, should stimulate the secondary market in the
Company's shares and lead to a reduction in the current discount to NAV. The
Board is pleased to declare an interim dividend of 1.0p per Ordinary Share to be
paid on 11 December 2009 to Shareholders on the Register at 13 November 2009.
The Company paid dividends totalling 3.0p to Ordinary Shareholders in respect of
the year ended 28 February 2009. This represents a yield of 3.75% on the
Ordinary Shares based on their net cost after initial tax relief. Based on the
mid-market price of 37.5p at 31 August 2009, the equivalent yield is 8.0%. The
yields are tax free and are, therefore, equivalent to 10.7% to a higher-rate
taxpayer.
Share Buy-backs
The Company's Ordinary Shares continue to trade at a significant discount to
NAV, the discount having widened during the recent adverse market conditions.
The Board is, therefore, making modest market purchases of shares from time to
time 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/PLUS portfolios, and the Board believes that
this buy-back programme should assist in this regard.
Investment activity
During the six-month period ended 31 August 2009, two new unlisted investments
were completed and a total of GBP1,733,000 was invested. At the period end, the
portfolio stood at 67 unlisted and AIM/PLUS quoted investments at a total cost
of GBP25.8 million.
The following investments have been completed during the period:
+-------------+------------+-----------------------+------------+----------------------------+
| Investment | Date | Activity | Investment | Website |
| | | | cost | |
| | | | GBP'000 | |
+-------------+------------+-----------------------+------------+----------------------------+
| Unlisted | | | | |
+-------------+------------+-----------------------+------------+----------------------------+
| Adler & | July 2009 | Provider of services | 124 | www.adlerandallan.co.uk |
| Allan | | for the handling and | | |
| Holdings | | disposal of liquid | | |
| | | waste. | | |
+-------------+------------+-----------------------+------------+----------------------------+
| Dalglen | June 2009 | Provider of services | 527 | www.wtr.uk.com |
| (1150) | | to the energy sector, | | |
| (trading as | | specialising in | | |
| Walker | | pipeline repairs. | | |
| Technical | | | | |
| Resources) | | | | |
+-------------+------------+-----------------------+------------+----------------------------+
| Lawrence | March 2009 | Operator of material | 181 | www.lawrenceskiphire.co.uk |
| Recycling | | recycling facility. | | |
| and Waste | | | | |
| Management | | | | |
+-------------+------------+-----------------------+------------+----------------------------+
| Martel | March 2009 | Manufacturer of | 12 | www.martelinstruments.com |
| Instruments | | compact, hand-held | | |
| Holdings | | printers and display | | |
| | | devices. | | |
+-------------+------------+-----------------------+------------+----------------------------+
| Transys | August | Provider of | 292 | www.transysprojects.ltd.uk |
| Holdings | 2009 | engineering services | | |
| | | to the rail industry. | | |
+-------------+------------+-----------------------+------------+----------------------------+
| MC440 | June 2009 | Provider of design, | 597 | www.westwaycooling.co.uk |
| (trading as | | installation and | | |
| Westway | | maintenance services | | |
| Cooling) | | on air-conditioning | | |
| | | and associated | | |
| | | building services | | |
| | | plant. | | |
+-------------+------------+-----------------------+------------+----------------------------+
| Total investment | | 1,733 | |
+-------------+------------+-----------------------+------------+----------------------------+
Since 31 August 2009, one further new investment has been made at a cost of
GBP6,000.
Aberdeen Income and Growth VCT has co-invested with Aberdeen Growth
Opportunities VCT, Aberdeen Growth Opportunities VCT 2, Aberdeen Growth VCT I,
Gateway VCT, Ortus VCT (formerly Guinness Flight Venture Capital
Trust) and Talisman First Venture Capital Trust, in some or all of the above
transactions and is expected to continue to do so with these as well as other
clients of the Manager. The advantage is that, together, the funds are able to
underwrite a wider range and size of transaction than would be the case on a
stand alone basis.
Portfolio developments
There were relatively few realisations during the period, driven to a large
extent by the prevailing economic conditions. In particular, there has been
limited liquidity in the AIM market which has curtailed active trading of that
portfolio, although there have been some signs of liquidity returning in the
latter part of the reporting period and limited trading in AIM stocks has been
possible more recently. We traded out of two holdings during the period; Optare,
where the stock has gone out of favour and losses arose; and Concateno which
proved a very successful investment, generating a gain of over 27% for the
Company since first purchasing the holding in 2006. During the period, Voxsurf
was struck off the Register and the holding is, therefore, shown as realised at
a significant loss. However, the investment had previously been fully provided
for and the NAV was, therefore, unaffected.
The FTSE AIM All-share index increased by 52.4% over the six months to 31 August
2009, in a reversal of the falls experienced last year. In comparison, the value
of the Company's AIM/PLUS portfolio increased by 23.0% over the period. However,
this statistic is not representative of the underlying performance of the
AIM/PLUS 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/PLUS 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 of this is uncertain.
Investments realised
The table below gives details of realisations during the reporting period.
+----------------------+----------+------------+------------+----------+----------+
| | Year | Complete/ | Cost of | Sales | Realised |
| | first | partial | shares | proceeds | gain/ |
| | invested | exit | disposed | GBP'000 | (loss) |
| | | | of | | GBP'000 |
| | | | GBP'000 | | |
+----------------------+----------+------------+------------+----------+----------+
| Unlisted | | | | | |
+----------------------+----------+------------+------------+----------+----------+
| Energy Services | 2007 | Complete | 745 | 745 | - |
| Investment Company | | | | | |
| (ESIC) | | | | | |
+----------------------+----------+------------+------------+----------+----------+
| House of Dorchester | 2002 | Partial | 76 | 76 | - |
+----------------------+----------+------------+------------+----------+----------+
| Transys Holdings | 2007 | Partial | 242 | 242 | - |
+----------------------+----------+------------+------------+----------+----------+
| Voxsurf1 | 2000 | Complete | 750 | - | (750) |
+----------------------+----------+------------+------------+----------+----------+
| Total unlisted | | | 1,813 | 1,063 | (750) |
| disposals | | | | | |
+----------------------+----------+------------+------------+----------+----------+
| | | | | | |
+----------------------+----------+------------+------------+----------+----------+
| AIM | | | | | |
+----------------------+----------+------------+------------+----------+----------+
| Animalcare Group | 2008 | Partial | 2 | 3 | 1 |
+----------------------+----------+------------+------------+----------+----------+
| Avanti | 2007 | Partial | 210 | 318 | 108 |
| Communications Group | | | | | |
+----------------------+----------+------------+------------+----------+----------+
| Brookwell | 2008 | Partial | 36 | 15 | (21) |
+----------------------+----------+------------+------------+----------+----------+
| Concateno | 2006 | Complete | 332 | 404 | 72 |
+----------------------+----------+------------+------------+----------+----------+
| Optare | 2007 | Complete | 26 | 7 | (19) |
+----------------------+----------+------------+------------+----------+----------+
| Total AIM disposals | | | 606 | 747 | 141 |
+----------------------+----------+------------+------------+----------+----------+
| | | | | | |
+----------------------+----------+------------+------------+----------+----------+
| Total disposals | | | 2,419 | 1,810 | (609) |
+----------------------+----------+------------+------------+----------+----------+
1 The realisation of the previously recognised loss did not affect the movement
in Net Asset Value over the six months ended 31 July 2009.
Principal risks and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company
in the second half of its financial year; these are unchanged from those it
faced at the start of the year, being the risks involved in investment in small
and unquoted companies. In order to reduce the exposure to investment risk, the
Company has invested in a broadly-based portfolio of holdings in unlisted and
AIM/PLUS quoted companies in the United Kingdom. The Company remains compliant
with the regulations governing venture capital trusts and the Manager closely
monitors the position of the Company to ensure that it complies with the various
tests at all times.
Constitution of the Board
Being mindful of the requirements of the Combined Code in relation to the impact
that an extended period of service may have on directors' independence, and of
the guidance offered by the AIC in this regard, the Board has conducted a review
of its composition and is actively considering succession planning. Advisers
will be appointed in due course and, other than for a short-term handover
period, it is intended that the total number of Directors will remain at four.
Shareholders will be advised of any proposed changes to the constitution of the
Board as soon as any formal decisions have been taken.
As required under Company Law, any new Directors to be appointed will stand for
re-election at the first Annual General Meeting following their appointment.
Manager and Company Secretary
On 9 June 2009, the senior members of the Private Equity Division at Aberdeen
Asset Managers (Aberdeen) formed Maven Capital Partners UK LLP (Maven) and
completed a management buy-out. This team was previously wholly responsible for
the management of all Aberdeen VCTs and continues in that role with
substantially the same staff who operate from a network of offices across the
UK. There will be no change in the level of investment management,
administrative and company secretarial services which are provided and the
Company has, therefore, novated the investment management agreement to Maven.
VAT recovery
Discussions continue with Aberdeen regarding the recovery of VAT paid on
investment management fees up to 30 September 2008. Aberdeen is in negotiation
with HMRC and the Board and Maven, as Manager, will seek early settlement of the
amounts due.
VCT qualifying status
The VCT qualifying status of your Company is reviewed regularly by your Board
and monitored on a continuous basis by the Manager to ensure that all of the
criteria required to maintain VCT status are being achieved.
Outlook
In general, the performance of the quoted markets has been volatile and,
notwithstanding recent increases in market indices generally, we believe
conditions will remain fragile for some time. Opportunities to invest in
companies seeking to achieve an IPO on AIM continue to be limited and little
change is expected in the short term. Over the next twelve months, the Manager
intends to take profit opportunities as liquidity permits from the AIM/PLUS
portfolio. Realisations from the unlisted portfolio may also arise but these are
much less predictable, although also much more significant in terms of the
amounts involved. The Board has a medium term objective of increasing the
proportion of unlisted assets within the portfolio with an emphasis on a paid
yield; the achievement of this will depend in the short term on the timing of
realisations from both elements of the portfolio. Private company assets are
available at more attractive entry multiples than in the recent past and the
Manager continues to utilise its national network to acquire suitable assets
with attractive yields. This approach will leave the Company less exposed to
fluctuations in the quoted markets and, over time, may improve the revenue
available for distribution to Shareholders.
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Aberdeen Income and Growth VCT PLC |
+----------------------------------------------------------------------------------------------------+
| Summary of Investment Changes |
+----------------------------------------------------------------------------------------------------+
| For the six months ended 31 August 2009 |
+----------------------------------------------------------------------------------------------------+
| | | | | | |
+--------------------+---------------------+-----------------+----------------+-----------+----------+
| | Valuation | Net | Appreciation/ | Valuation |
| | 28 February | investment/ |(depreciation) | 31 August 2009 |
| | 2009 |(disinvestment) | | |
+--------------------+---------------------+-----------------+----------------+----------------------+
| | GBP'000 | % | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
| | | | | | | |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Unlisted | | | | | | |
| investments | | | | | | |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Equities | 3,910 | 17.5 | 36 | 185 | 4,131 | 19.2 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Preference shares | 1,363 | 6.1 | - | (301) | 1,062 | 4.9 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Loan stock | 10,619 | 47.5 | 634 | (719) | 10,534 | 49.0 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| | 15,892 | 71.1 | 670 | (835) | 15,727 | 73.1 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| | | | | | | |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| AIM/PLUS | | | | | | |
| investments | | | | | | |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Equities | 2,019 | 9.0 | (747) | 463 | 1,735 | 8.1 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| | | | | | | |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Listed investments | | | | | | |
| | | | | | | |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Fixed income | 2,921 | 13.1 | (18) | (40) | 2,863 | 13.3 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Total investments | 20,832 | 93.2 | (95) | (412) | 20,325 | 94.5 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| | | | | | | |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Other net assets | 1,539 | 6.8 | (366) | - | 1,173 | 5.5 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
| Net assets | 22,371 | 100.0 | (461) | (412) | 21,498 | 100.0 |
+--------------------+-----------+---------+-----------------+----------------+-----------+----------+
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Aberdeen Income and Growth VCT PLC |
+---------------------------------------------------------------------------------------------------+
| Investment Portfolio Summary |
+---------------------------------------------------------------------------------------------------+
| As at 31 August 2009 |
+---------------------------------------------------------------------------------------------------+
| | Valuation | Cost | % of | % of | % of |
| | | | net | equity | equity |
| | | | | | held |
| | | | | | by |
| | | | | | other |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Investment | GBP'000 | GBP'000 | assets | held | clients1 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Unlisted | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| House of Dorchester | 1,649 | 834 | 7.7 | 44.2 | - |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Transys Holdings | 1,600 | 2,771 | 7.4 | 31.7 | 40.1 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Funeral Services Partnership | 1,119 | 970 | 5.2 | 6.9 | 23.0 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Oliver Kay Holdings | 895 | 771 | 4.2 | 4.9 | 15.1 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Silkwater Holdings (trading as Cyclotech) | 839 | 348 | 3.9 | 4.8 | 15.3 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Homelux Nenplas | 838 | 391 | 3.9 | 8.9 | 36.1 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Dalglen 1148 (trading as PSP/AHC) | 825 | 1,075 | 3.8 | 17.5 | 57.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Martel Instruments Holdings | 807 | 807 | | 13.1 | 25.6 |
| | | | 3.7 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Camwatch | 786 | 786 | | 12.8 | 24.7 |
| | | | 3.6 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Atlantic Foods Group | 664 | 522 | 3.1 | 2.9 | 5.9 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Steminic | 656 | 656 | 3.1 | 9.3 | 28.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Lawrence Recycling & Waste Management | 647 | 647 | 3.0 | 8.2 | 41.8 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Adler & Allan Holdings | 623 | 623 | 2.9 | 2.2 | 4.7 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| MC440 (trading as Westway Cooling) | 597 | 597 | 2.8 | 4.9 | 17.1 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Dalglen (1150) (trading as Walker | 527 | 527 | 2.5 | 11.3 | 51.7 |
| Technical Resources) | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Training For Travel Group | 510 | 446 | 2.4 | 5.1 | 24.9 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Nessco Group Holdings | 472 | 472 | 2.2 | 6.2 | 31.6 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| ELE Advanced Technologies | 471 | 192 | 2.2 | 11.3 | - |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| PLM Dollar Group | 402 | 402 | 1.9 | 4.7 | 25.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| TC Communications Holdings | 199 | 199 | 0.9 | 4.1 | 31.2 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| PSCA International | 154 | 154 | 0.7 | - | - |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Countcar | 143 | 21 | 0.7 | 6.9 | 19.6 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Enpure Holdings | 137 | 100 | 0.6 | 0.4 | 4.1 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Other unlisted investments | 167 | 6,449 | | | |
| | | | 0.7 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Total | 15,727 | 20,760 | 73.1 | | |
| unlisted | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| AIM/PLUS | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| System C Healthcare | 282 | 311 | 1.3 | 0.5 | 0.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Animalcare Group (formerly Ritchey) | 212 | 146 | 1.0 | 1.3 | 3.2 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| AMZ Holdings (formerly Amazing Holdings) | 170 | 251 | 0.8 | 0.8 | 1.4 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Avanti Communications Group | 119 | 73 | 0.6 | 0.1 | 0.2 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Melorio | 118 | 98 | 0.5 | 0.3 | 2.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Cello Group | 118 | 310 | 0.5 | 0.8 | 0.3 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Hasgrove | 101 | 168 | 0.5 | 0.6 | 1.1 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| OPG Power Ventures | 95 | 81 | 0.4 | 0.1 | 0.4 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Plastics Capital | 70 | 281 | 0.3 | 1.0 | 2.7 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Betbrokers | 60 | 132 | 0.3 | 0.4 | 1.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Tangent Communications | 45 | 98 | 0.2 | 0.4 | 0.8 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Brookwell | 45 | 100 | 0.2 | - | - |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Neutrahealth | 33 | 91 | 0.2 | 0.6 | 1.3 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Brulines Group | 32 | 37 | | 0.1 | 0.3 |
| | | | 0.2 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Leisure & Gaming | 29 | 314 | 0.1 | 0.3 | 0.3 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Mount Engineering | 26 | 35 | 0.1 | 0.2 | 2.3 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Neuropharm Group | 23 | 100 | 0.1 | 0.2 | 0.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Formation Group | 22 | 105 | 0.1 | 0.3 | 1.0 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Praesepe (formerly Aldgate Capital) | 22 | 49 | 0.1 | 0.1 | 0.9 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| SDI Group | 21 | 96 | 0.1 | 0.2 | 0.4 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Individual Restaurant Company | 18 | 133 | 0.1 | 0.2 | 0.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Spectrum Interactive | 18 | 209 | 0.1 | 0.7 | 0.9 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Essentially Group | 17 | 49 | 0.1 | 0.2 | 2.5 |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Other AIM/PLUS investments | 39 | 1,790 | 0.2 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Total AIM/PLUS | 1,735 | 5,057 | 8.1 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Listed fixed income | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Treasury 5.75% 31/12/09 | 1,623 | 1,605 | 7.5 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Treasury 4.75% 7/6/10 | 1,240 | 1,214 | 5.8 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Total listed fixed income | 2,863 | 2,819 | 13.3 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| Total investments | 20,325 | 28,636 | | | |
| | | | 94.5 | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| | | | | | |
+----------------------------------------------+-----------+----------+---------+--------+----------+
| 1Other clients of Maven Capital Partners UK LLP. |
+----------------------------------------------+-----------+----------+---------+--------+----------+
+------------------------+--------------+--------------+-------------+
| Aberdeen Income and Growth VCT PLC |
+--------------------------------------------------------------------+
| Income Statement |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| | Six months ended 31 August 2009 |
| | (unaudited) |
+------------------------+-------------------------------------------+
| | Revenue | Capital | Total |
+------------------------+--------------+--------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Investment income and | 586 | - | 586 |
| deposit interest | | | |
+------------------------+--------------+--------------+-------------+
| Investment management | (32) | (127) | (159) |
| fees | | | |
+------------------------+--------------+--------------+-------------+
| Other expenses | (85) | - | (85) |
+------------------------+--------------+--------------+-------------+
| Losses on investments | - | (412) | (412) |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 469 | (539) | (70) |
| ordinary activities | | | |
| before taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Tax on ordinary | (127) | 35 | (92) |
| activities | | | |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 342 | (504) | (162) |
| ordinary activities | | | |
| after taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Earnings per share | 0.97 | (1.43) | (0.46) |
| (pence) | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
+------------------------+--------------+--------------+-------------+
| Aberdeen Income and Growth VCT PLC |
+--------------------------------------------------------------------+
| Income Statement |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| | Six months ended 31 August 2008 |
| | (unaudited) |
+------------------------+-------------------------------------------+
| | Revenue | Capital | Total |
+------------------------+--------------+--------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Investment income and | 870 | - | 870 |
| deposit interest | | | |
+------------------------+--------------+--------------+-------------+
| Investment management | (31) | (122) | (153) |
| fees | | | |
+------------------------+--------------+--------------+-------------+
| Other expenses | (86) | - | (86) |
+------------------------+--------------+--------------+-------------+
| Losses on investments | - | (719) | (719) |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 753 | (841) | (88) |
| ordinary activities | | | |
| before taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Tax on ordinary | (205) | 37 | (168) |
| activities | | | |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 548 | (804) | (256) |
| ordinary activities | | | |
| after taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Earnings per share | 1.5 | (2.2) | (0.7) |
| (pence) | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
+------------------------+--------------+--------------+-------------+
| Aberdeen Income and Growth VCT PLC |
+--------------------------------------------------------------------+
| Income Statement |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| | Year ended 28 February 2009 (audited) |
+------------------------+-------------------------------------------+
| | Revenue | Capital | Total |
+------------------------+--------------+--------------+-------------+
| | GBP'000 | GBP'000 | GBP'000 |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Investment income and | 1,509 | - | 1,509 |
| deposit interest | | | |
+------------------------+--------------+--------------+-------------+
| Investment management | (62) | (250) | (312) |
| fees | | | |
+------------------------+--------------+--------------+-------------+
| Other expenses | (204) | - | (204) |
+------------------------+--------------+--------------+-------------+
| Losses on investments | - | (3,000) | (3,000) |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 1,243 | (3,250) | (2,007) |
| ordinary activities | | | |
| before taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Tax on ordinary | (176) | (46) | (222) |
| activities | | | |
+------------------------+--------------+--------------+-------------+
| Profit/(loss) on | 1,067 | (3,296) | (2,229) |
| ordinary activities | | | |
| after taxation | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| Earnings per share | 3.0 | (9.3) | (6.3) |
| (pence) | | | |
+------------------------+--------------+--------------+-------------+
| | | | |
+------------------------+--------------+--------------+-------------+
| A Statement of Total Recognised Gains and Losses has not been |
| prepared, as all gains and losses are recognised in the Income |
| Statement. |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| All items in the above statement are derived from continuing |
| operations. The Company has only one class of business and derives |
| its income from investments made in shares, securities and bank |
| deposits. |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| The total column of this statement is the Profit and Loss Account |
| of the Company. |
+--------------------------------------------------------------------+
| |
+--------------------------------------------------------------------+
| The accompanying Notes are an integral part of the Financial |
| Statements. |
+------------------------+--------------+--------------+-------------+
+-------------------------------+----------------+--------------+----------------+
| Aberdeen Income and Growth VCT PLC |
+--------------------------------------------------------------------------------+
| Reconciliation of movements in Shareholders' funds |
+--------------------------------------------------------------------------------+
| | | | |
+-------------------------------+----------------+--------------+----------------+
| | Six months | Six months | Year ended |
| | ended | ended | 28 February |
| | 31 August 2009 | 31 August | 2009 |
| | | 2008 | |
+-------------------------------+----------------+--------------+----------------+
| | (unaudited) | (unaudited) | (audited) |
+-------------------------------+----------------+--------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------+----------------+--------------+----------------+
| | | | |
+-------------------------------+----------------+--------------+----------------+
| Opening Shareholders' funds | 22,371 | 25,802 | 25,802 |
+-------------------------------+----------------+--------------+----------------+
| Total loss for the year | (162) | (256) | (2,229) |
+-------------------------------+----------------+--------------+----------------+
| Repurchase and cancellation | (4) | - | (32) |
| of shares | | | |
+-------------------------------+----------------+--------------+----------------+
| Dividends paid - revenue | (707) | (816) | (1,170) |
+-------------------------------+----------------+--------------+----------------+
| Closing Shareholders' funds | 21,498 | 24,730 | 22,371 |
+-------------------------------+----------------+--------------+----------------+
| | | | |
+-------------------------------+----------------+--------------+----------------+
| The accompanying Notes are an integral part of the Financial Statements. |
+-------------------------------+----------------+--------------+----------------+
+--------------------------------+----------------+---------------+----------------+
| Aberdeen Income and Growth VCT PLC |
+----------------------------------------------------------------------------------+
| Balance Sheet |
+----------------------------------------------------------------------------------+
| | | | |
+--------------------------------+----------------+---------------+----------------+
| | 31 August | 31 August | 28 February |
+--------------------------------+----------------+---------------+----------------+
| | 2009 | 2008 | 2009 |
+--------------------------------+----------------+---------------+----------------+
| | (unaudited) | (unaudited) | (audited) |
+--------------------------------+----------------+---------------+----------------+
| | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------+----------------+---------------+----------------+
| Fixed assets | | | |
+--------------------------------+----------------+---------------+----------------+
| Investments at fair value | 20,325 | 23,761 | 20,832 |
| through profit or loss | | | |
+--------------------------------+----------------+---------------+----------------+
| | | | |
+--------------------------------+----------------+---------------+----------------+
| Current assets | | | |
+--------------------------------+----------------+---------------+----------------+
| Debtors | 1,000 | 652 | 802 |
+--------------------------------+----------------+---------------+----------------+
| Cash and overnight deposits | 514 | 659 | 1,110 |
+--------------------------------+----------------+---------------+----------------+
| | 1,514 | 1,311 | 1,912 |
+--------------------------------+----------------+---------------+----------------+
| | | | |
+--------------------------------+----------------+---------------+----------------+
| Creditors | | | |
+--------------------------------+----------------+---------------+----------------+
| Amounts falling due within one | 341 | 342 | 373 |
| year | | | |
+--------------------------------+----------------+---------------+----------------+
| | | | |
+--------------------------------+----------------+---------------+----------------+
| Net current assets | 1,173 | 969 | 1,539 |
+--------------------------------+----------------+---------------+----------------+
| Net assets | 21,498 | 24,730 | 22,371 |
+--------------------------------+----------------+---------------+----------------+
| | | | |
+--------------------------------+----------------+---------------+----------------+
| Capital and reserves | | | |
+--------------------------------+----------------+---------------+----------------+
| Called up share capital | 3,535 | 3,546 | 3,535 |
+--------------------------------+----------------+---------------+----------------+
| Share premium account | 17,235 | 17,235 | 17,235 |
+--------------------------------+----------------+---------------+----------------+
| Realised capital reserve | (1,269) | 2,445 | (568) |
+--------------------------------+----------------+---------------+----------------+
| Unrealised capital reserve | (7,636) | (8,354) | (7,833) |
+--------------------------------+----------------+---------------+----------------+
| Capital redemption reserve | 350 | 339 | 350 |
+--------------------------------+----------------+---------------+----------------+
| Profit and loss account | 9,283 | 9,519 | 9,652 |
+--------------------------------+----------------+---------------+----------------+
| Net assets attributable to | 21,498 | 24,730 | 22,371 |
| Ordinary Shareholders | | | |
+--------------------------------+----------------+---------------+----------------+
| | | | |
+--------------------------------+----------------+---------------+----------------+
| Net Asset Value per Ordinary | 60.8 | 69.7 | 63.3 |
| Share (pence) | | | |
+--------------------------------+----------------+---------------+----------------+
| |
+----------------------------------------------------------------------------------+
| The accompanying Notes are an integral part of the Financial Statements. |
+--------------------------------+----------------+---------------+----------------+
+-------------------------------------+---------------+----------------+--------------+
| Aberdeen Income and Growth VCT PLC |
+-------------------------------------------------------------------------------------+
| Cash Flow Statement |
+-------------------------------------------------------------------------------------+
| | Six months | Six months | Year ended |
+-------------------------------------+---------------+----------------+--------------+
| | ended | ended | 28 February |
| | 31 August | 31 August 2008 | 2009 |
| | 2009 | | |
+-------------------------------------+---------------+----------------+--------------+
| | (unaudited) | (unaudited) | (audited) |
+-------------------------------------+---------------+----------------+--------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------------------+---------------+----------------+--------------+
| Operating activities | | | |
+-------------------------------------+---------------+----------------+--------------+
| Investment income received | 415 | 850 | 1,314 |
+-------------------------------------+---------------+----------------+--------------+
| Deposit interest received | - | 10 | 23 |
+-------------------------------------+---------------+----------------+--------------+
| Investment management fees paid | (239) | (77) | (232) |
+-------------------------------------+---------------+----------------+--------------+
| Secretarial fees paid | (43) | (14) | (44) |
+-------------------------------------+---------------+----------------+--------------+
| Directors' fees and expenses paid | (30) | (30) | (60) |
+-------------------------------------+---------------+----------------+--------------+
| Other cash payments | (65) | (42) | (74) |
+-------------------------------------+---------------+----------------+--------------+
| Net cash inflow from operating | 38 | 697 | 927 |
| activities | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| Taxation | | | |
+-------------------------------------+---------------+----------------+--------------+
| Corporation tax | - | - | (43) |
+-------------------------------------+---------------+----------------+--------------+
| | - | - | (43) |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| Financial investment | | | |
+-------------------------------------+---------------+----------------+--------------+
| Purchase of investments | (1,733) | (3,899) | (5,349) |
+-------------------------------------+---------------+----------------+--------------+
| Sale of investments | 1,810 | 4,405 | 6,505 |
+-------------------------------------+---------------+----------------+--------------+
| Net cash inflow from financial | 77 | 506 | 1,156 |
| investment | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| Equity dividends paid | (707) | (816) | (1,170) |
+-------------------------------------+---------------+----------------+--------------+
| Net cash (outflow)/inflow before | (592) | 387 | 870 |
| financing | | | |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| Financing | | | |
+-------------------------------------+---------------+----------------+--------------+
| Purchase of Ordinary Shares | (4) | - | (32) |
+-------------------------------------+---------------+----------------+--------------+
| Net cash outflow from financing | (4) | - | (32) |
+-------------------------------------+---------------+----------------+--------------+
| (Decrease)/increase in cash | (596) | 387 | 838 |
+-------------------------------------+---------------+----------------+--------------+
| | | | |
+-------------------------------------+---------------+----------------+--------------+
| The accompanying Notes are an integral part of the Financial Statements. |
+-------------------------------------+---------------+----------------+--------------+
Aberdeen Income and Growth VCT PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 August 2009 and the six
months ended 31 August 2008 comprises non-statutory accounts within the meaning
of the Companies Act 2006. The financial information contained in this statement
has been prepared on the basis of the accounting policies set out in the Annual
Report and Financial Statements for the year ended 28 February 2009.
The results for the year ended 28 February 2009 are extracted from the full
accounts for that year, which received an unqualified report from the Auditors
and have been filed with the Registrar of Companies.
2. Movement in reserves
+----------------------------+-----------+-----------+------------+------------+----------+
| | Share | Realised | Unrealised | Capital | Profit |
| | premium | capital | capital | redemption | and |
| | account | reserve | reserve | reserve | loss |
| | | | | | account |
+----------------------------+-----------+-----------+------------+------------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+-----------+-----------+------------+------------+----------+
| At 28 February 2009 | 17,235 | (568) | (7,833) | 350 | 9,652 |
+----------------------------+-----------+-----------+------------+------------+----------+
| Losses on sales of | - | (609) | - | - | - |
| investments | | | | | |
+----------------------------+-----------+-----------+------------+------------+----------+
| Net increase in value of | - | - | 197 | - | - |
| investments | | | | | |
+----------------------------+-----------+-----------+------------+------------+----------+
| Investment management fees | - | (127) | - | - | - |
+----------------------------+-----------+-----------+------------+------------+----------+
| Dividends paid | - | - | - | - | (707) |
+----------------------------+-----------+-----------+------------+------------+----------+
| Tax effect of capital | - | 35 | - | - | - |
| items | | | | | |
+----------------------------+-----------+-----------+------------+------------+----------+
| Repurchase and | - | - | - | - | (4) |
| cancellation of shares | | | | | |
+----------------------------+-----------+-----------+------------+------------+----------+
| Profit on ordinary | - | - | - | - | 342 |
| activities after taxation | | | | | |
+----------------------------+-----------+-----------+------------+------------+----------+
| As at 31 August 2009 | 17,235 | (1,269) | (7,636) | 350 | 9,283 |
+----------------------------+-----------+-----------+------------+------------+----------+
3. Returns per Ordinary Share
The returns per Ordinary Share are based on the following figures:
+------------------------------+----------------+
| | Six months |
| | ended |
+------------------------------+----------------+
| | 31 August 2009 |
+------------------------------+----------------+
| | GBP'000 |
+------------------------------+----------------+
| Weighted average number of | 35,353,006 |
| Ordinary Shares in issue | |
+------------------------------+----------------+
| Revenue return | GBP342,000 |
+------------------------------+----------------+
| Capital return | (GBP504,000) |
+------------------------------+----------------+
Other information
The Net Asset Value per Ordinary Share has been calculated using the number of
Ordinary Shares in issue at 31 August 2009 of 35,345,071.
A summary of investment changes for the six months under review and an
investment portfolio summary as at 31 August 2009 are included above.
A full copy of the Interim Report and Financial Statements will be printed and
issued to Shareholders.
Copies of this announcement will be available to the public at the office of
Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow G2 5NW and at the
registered office of the Company, 5th Floor, 9-13 St Andrew Street, London EC4A
3AF.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge:
* the Financial Statements for the six months ended 31 August 2009 have been
prepared in accordance with applicable accounting standards and with the
Statement of Recommended Practice 'Financial Statements of Investment Trust
Companies' ('the SORP') issued in December 2005;
* the Interim Management Report includes a fair review of the information required
by DTR 4.2.7R in relation to the indication of important events during the first
six months, and of the principal risks and uncertainties facing the Company
during the second six months, of the year ending 28 February 2010; and
* the Interim Management Report includes adequate disclosure of the information
required by DTR 4.2.8R in relation to related party transactions and any changes
therein.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
23 October 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUGWUUUPBUBW
Aberdeen I&G V (LSE:AIGV)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Aberdeen I&G V (LSE:AIGV)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
