ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company")
(TSX:AAB) is pleased to announce that it has released its financial
results for the third quarter of 2013, ended October 31, 2012. For
more information please see the Company's Condensed Interim
Financial Statements and Management's Discussion and Analysis
("MD&A") posted on SEDAR at www.sedar.com.
As at October 31, 2012, Aberdeen's Shareholders' Equity (or Net
Asset Value, "NAV") was $73.9 million, or $0.86 per share.
Aberdeen's shareholders' equity increased by $2.6 million from
$71.3 million at the end of Q2 2013. The increase in shareholders'
equity was due to the performance of Aberdeen's equity investment
portfolio in the third quarter, which increased $3.7 million or
5.2% to $75.3 million, primarily as a result of the successful
listing transaction of Premier Royalty, which triggers a conversion
in the Company's Premier Royalty debenture (the "Debenture"). The
converted value is reflected below under "Loans", and this asset
will be moved into the Company's equity investment portfolio next
quarter as the Company converted the Debenture into and now hold
common stock and warrants of Premier Royalty (as set out in the
Company's press release dated 10 December 2012 entitled "Aberdeen
Converts Convertible Debenture Into Common Shares and Warrants of
Premier Royalty Corporation" and filed on SEDAR.
In the third quarter of 2013, the stock market performance for
small capitalization mining and resource stocks continued to be
weak. On a year-over-year basis, Aberdeen's shareholders' equity
decreased by $40.1 million. Note that the reference to
shareholders' equity is similar to previous references to Net Asset
Value or "NAV" by Aberdeen.
October 31, 2012 January 31, 2012 October 31, 2012
Shares
outstanding 86,272,302 86,100,139 86,872,139
$ $/Shares $ $/Shares $ $/Shares
-------------------------------------------------------------
Cash on hand 1,118,673 0.01 7,372,118 0.09 7,384,383 0.09
Investments
Publicly
traded 31,082,470 0.360 51,916,759 0.603 59,280,908 0.682
Private 13,831,781 0.160 16,325,377 0.190 17,624,515 0.203
Non-trading
warrants
Intrinsic
value 100,650 0.001 1,915,000 0.022 2,757,980 0.032
Option
value 841,105 0.010 2,170,214 0.025 471,610 0.005
-------------------------------------------------------------
941,755 0.011 4,085,214 0.047 3,229,590 0.037
-------------------------------------------------------------
Portfolio
Investments 45,856,006 0.532 72,327,350 0.840 80,135,013 0.922
Loans /
Preferred
Shares 28,310,109 0.328 3,459,778 0.040 12,588,729 0.145
-------------------------------------------------------------
Total 75,284,788 0.873 83,159,246 0.966 100,108,125 1.152
-------------------------------------------------------------
-------------------------------------------------------------
Aberdeen reported net earnings of $3.8 million or $0.04 per
basic share for the three months ended October 31, 2012 on total
revenue of $6.1 million. Revenue was comprised of $5.6 million from
net investment gains and $0.5 million from interest income,
dividends and advisory services fees. For the three months ending
October 31, 2011, Aberdeen reported net earnings of $(8.7) million
or $(0.10) per share on total revenue of $(8.5) million ($(9.4)
million from net investment losses, $0.7 million from royalties,
$0.2 million from interest income and advisory service fees).
For the nine months ended October 31, 2012, Aberdeen reported
net earnings of $(22.3) million or $(0.26) per basic share on total
revenue of $(19.3) million. Revenue was comprised of $(20.9)
million from net investment losses, $0.6 million in royalty revenue
and $1.0 million from interest income, dividends and advisory
services fees. For the nine months ending October 31, 2011,
Aberdeen reported net earnings of $(20.2) million or $(0.23) per
share on total revenue of $(20.7) million ($(23.0) million from net
investment losses, $1.8 million from royalties, $0.5 million from
interest income and advisory service fees).
On September 30, 2012, the Company made its second semi-annual
dividend of one cent per share. The Company believes that the
dividend policy sends a message to the market that Aberdeen's
business model is sustainable and generates significant free cash
flow. Aberdeen will continue to prioritize making strategic
investments in early stage resource companies, while seeking to
return capital to its shareholders.
Normal Course Issuer Bid ("NCIB")
During the nine months ending October 31, 2012, 727,800 common
shares were purchased for cancellation at an average cost of $0.44.
Subsequent to October 31, 2012, the Company has purchased an
additional 277,700 common shares at an average cost of $0.32.
Aberdeen expects to continue to purchase shares over the remainder
of the fiscal year, depending on market conditions and other
investment opportunities that may be available.
Q3 Conference Call
The Company plans to host a conference call this morning,
December 18, 2012 at 10:30 AM (EST). To participate in the call
please dial:
International: +1 416 340 2216
Toll Free North America: 866 226 1792
Toronto Area: 416 340 2216
To register and listen to the webcast of the call, please go to
Aberdeen's website at www.aberdeeninternational.ca. A webcast play
back recording will remain on the Company's website after the
completion of the call.
About Aberdeen International Inc.:
Aberdeen is a publicly traded global investment and merchant
banking company focused on small cap companies in the resource
sector. Aberdeen will seek to acquire significant equity
participation in pre-IPO and/or early stage public resource
companies with undeveloped or undervalued high-quality resources.
Aberdeen will focus on companies that: (i) are in need of
managerial, technical and financial resources to realize their full
potential; (ii) are undervalued in foreign capital markets; and/or
(iii) operate in jurisdictions with moderate local political risk.
Aberdeen will seek to provide value-added managerial and board
advisory services to companies. The Corporation's intention will be
to optimize the return on its investment over a 24 to 36 month
investment time frame.
For additional information, please visit our website at
www.aberdeeninternational.ca and follow us on Facebook and Twitter:
AberdeenAAB.
Cautionary Notes
With respect to all statements herein relating to Premier
Royalty, its business and its prospects, Aberdeen has relied solely
upon the public disclosure of Premier Royalty.
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the future financial or operating
performance of the Company, valuations of investments, proposed
transactions and investments, investment philosophy and liabilities
and commitments. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: financing not being available at desired prices;
general business, economic, competitive, political and social
uncertainties; general other risks of the mining industry and
investment industry. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Contacts: Aberdeen International Inc. Mike McAllister Manager,
Investor Relations +1 416-309-2134info@aberdeeninternational.ca
Aberdeen International Inc. David Stein President and Chief
Executive Officer +1 416-861-5812dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
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