Last checked at 
7 Aug 2009 12:16
Aberdeen Growth Opportunities VCT 2 PLC
Interim results
The Directors announce the unaudited interim results for the six months ended 30 June 2009.
Investment Manager's Review
The general decline in worldwide financial markets appears to have reached the bottom in early March, since when some recovery has been evident. With almost 80% by value of the portfolio invested in unlisted companies, and therefore not subject to movements in the quoted markets, the Company has continued to provide stable performance over the reporting period, achieving a modest increase in NAV Total Return. There are some early signs of trade buyers re-emerging in some sectors together with indications of improving investor confidence in the AIM market, which was so badly affected during the downturn.
Trading conditions for the investee companies have continued to be reasonable during the reporting period. 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 Directors have considered it prudent to reduce the valuations of Countcar and Transys in response to lower earnings expectations. We have also been able to invest just over £1 million in the period, the vast majority in three new yielding unlisted investee companies with modest bank debt. Going forward, the Board wishes to see an increased proportion of unlisted investments in the portfolio 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 changes noted above and other, less significant, changes in the portfolio is that NAV Total Return per Ordinary Share at 30 June 2009 was 98.3p, an increase of 3.0p or 3.1% over the equivalent figure at December 2008. The NAV Total Return per S Share at 30 June 2009 was 99.45p, an increase of 1.7p or 1.7% over the equivalent figure at December 2008.
The Net Asset Value (NAV) per Ordinary share at 30 June 2009, after payment of the final dividend of 1.3p in respect of the year ended December 2008, was 86.5p compared with 84.8p at 31 December 2008. The Net Asset Value (NAV) per S share at 30 June 2009, after payment of the final dividend of 1.8p in respect of the year ended December 2008, was 95.4p compared with 95.5p at 30 December 2008.
Dividend policy
The Board is pursuing a dividend policy of targeting regular annual dividend payments subject to maintaining the NAV at around 100p per share in the longer term and, of course, to the availability of distributable reserves. The Board believes that this policy, combined with continuing sound performance, should stimulate the secondary market in the Company's shares leading to a reduction in the current discount to NAV. The Board is pleased to declare an interim dividend of 1.0p per Ordinary Share and 1.0p per S Share to be paid on 25 September 2009 to Shareholders on the Register at 28 August 2009.
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, considering the recommencement of the share buy-back programme with the aim of improving the market in the Company's shares. The share price of the Company is at odds with the underlying quality of the highly diversified private company and AIM portfolios, and the Board believes that a structured buy-back programme should assist in this regard.
The Company paid dividends totalling 2.3p to Ordinary Shareholders in respect of the year ended 31 December 2008 and 2.8p to S Shareholders. This represents a yield of 3.8% on the Ordinary Shares and 4.0% on the S Shares based on their net cost after initial tax relief. Based on the mid market price at 30 June 2009, the equivalent yields are 5.7% and 4.5%. The yields are tax free and are, therefore, equivalent to 7.6% and 6.0% for a higher rate taxpayer.
Investment activity
During the period ended 30 June 2009, two new unlisted investments were completed and a total of £1.03 million was invested. At the period end, the portfolio stood at 61 unlisted and AIM investments at a total cost of £10.9 million.
Since 30 June 2009, two further new investments have been made at a cost of £135,801.
The following investments have been completed during the period.
| Investment | Date | Activity | Investment cost £'000 | Website | |
| Original pool | S Share Pool | ||||
| Unlisted | |||||
| Dalglen 1150 (Walker Technical Resources) | June 2009 | Energy service sector business specialising in pipeline repairs. | 249 | 99 | www.wtr.uk.com |
| Lawrence Recycling and Waste Management | January 2009 | Operator of material recycling facility. | 224 | 149 | www.lawrenceskiphire.co.uk |
| Martel Instruments Holdings | March 2009 | Manufacturer of compact, handheld printers and display devices. | 3 | www.martelinstruments.com | |
| MC440 (Westway Cooling) | June 2009 | Provider of design, installation and maintenance services on air-conditioning and associated building services plant. | 149 | 149 | www.westwaycooling.co.uk |
| Total Unlisted investment | 625 | 397 | |||
| AIM / PLUS | |||||
| DM | April 2009 | Direct marketing group specialising in gathering consumer data for use in direct marketing campaigns. | 4 | 3 | www.dmplc.com |
| Total AIM / PLUS investment | 4 | 3 | |||
| Total | 629 | 400 | |||
Aberdeen Growth Opportunities VCT 2 has co-invested with Aberdeen Income and Growth VCT, Aberdeen Growth Opportunities VCT, Aberdeen Growth VCT I, Gateway VCT, Guinness Flight Venture Capital Trust and Talisman First Venture Capital Trust, in some or all of the above transactions and is expected to continue to do so with these as well as other clients of the Manager. The advantage is that, together, the funds are able to underwrite a wider range and size of transaction than would be the case on a stand alone basis.
Portfolio developments
There were relatively few realisations during the period driven to a large extent by the prevailing economic conditions. In particular, there has been limited liquidity in the AIM market which has curtailed active trading of the AIM portfolio, although there 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 sold two holdings during the quarter; Invocas, where we had realised early gains but more recently had seen the stock go out of favour. Nevertheless an overall gain was achieved from the investment. We also realised our remaining holding in Craneware which proved a very successful investment generating a gain of over 60% for the Company in a little over a year since first purchasing the holding.
The FTSE AIM All-share index increased over the period by 30.3% in a reversal of the falls experienced last year. In comparison, the value of the Company's portfolio increased by 2.0% over the period. However, this statistic is not representative of the underlying performance of the AIM portfolio as a whole. The Company has not invested in the more volatile sectors of AIM and consequently did not suffer from the large falls seen in the AIM indices in 2008. The underlying performance of the businesses in the AIM portfolio, with few exceptions, remains sound and this is expected to continue. As more liquidity returns to the AIM market, it is expected that share prices will recover further, although the timing is uncertain.
Investments realised
The table below gives details of realisations during the reporting period.
| Ordinary Share Pool | S Share Pool | |||||||||
| Date first invested | Complete/ Partial Exit | Cost of shares disposed of | Sales Proceeds | Realised Gain/ Loss | Realised Gain/ Loss over December 2008 Valuation | Cost of shares disposed of | Sales Proceeds | Realised Gain/ Loss | Realised Gain/ Loss over December 2008 Valuation | |
|
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Unlisted | ||||||||||
| Energy Services Investment Company | 2007 | Complete | 248 | 248 | - | - | 100 | 100 | - | - |
| 248 | 248 | - | - | 100 | 100 | - | - | |||
| AIM | ||||||||||
| Concateno | 2006 | Complete | 176 | 199 | 23 | 46 | 50 | 40 | (10) | 9 |
| Craneware | 2007 | Complete | 3 | 5 | 2 | - | 1 | 2 | 1 | - |
| Optare | 2007 | Partial | 7 | 2 | (5) | (1) | 7 | 2 | (5) | (1) |
| 186 | 206 | 20 | 45 | 58 | 44 | (14) | 8 | |||
| Total | 434 | 454 | 20 | 45 | 158 | 144 | (14) | 8 | ||
Manager
On 9 June 2009, the senior team of the Private Equity Division at Aberdeen Asset Managers formed Maven Capital Partners UK LLP and completed a management buy-out. This team was previously wholly responsible for the management of all Aberdeen VCTs and continues in that role with substantially the same members 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 Asset Managers (AAM) regarding the recovery of VAT paid on management fees up to 30 September 2008. AAM 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 the AIM market 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 wherever possible with the medium term objective of increasing the proportion of unlisted assets within the portfolio with emphasis on a paid yield. Private company assets are available at more attractive entry multiples than at any time since the establishment of the Company and the Manager continues to utilise its national network to acquire suitable assets with attractive yields. This approach will leave the Company less exposed to fluctuations in quoted markets and, over time, may be expected to improve the revenue available for distribution to Shareholders.
Maven Capital Partners UK LLP
Manager
7 August 2009
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
INCOME STATEMENT
For the six months ended 30 June 2009 (unaudited)
| Ordinary Shares | S Ordinary Shares | TOTAL | |||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Gains on invesments | - | 219 | 219 | - | 80 | 80 | - | 299 | 299 |
| Income from investments | 117 | - | 117 | 76 | - | 76 | 193 | - | 193 |
| Other income | 6 | - | 6 | 2 | - | 2 | 8 | - | 8 |
| Investment management fees | (11) | (44) | (55) | (8) | (30) | (38) | (19) | (74) | (93) |
| Other expenses | (51) | - | (51) | (38) | - | (38) | (89) | - | (89) |
| Profit on ordinary activities | 61 | 175 | 236 | 32 | 50 | 80 | 93 | 225 | 318 |
| before taxation | |||||||||
| Tax on ordinary activities | (6) | 6 | - | (3) | 3 | - | (9) | 9 | - |
| Profit on ordinary activities after taxation | 55 | 181 | 236 | 29 | 53 | 82 | 84 | 234 | 318 |
| Earnings per share (pence) | 0.7 | 2.3 | 3.0 | 0.6 | 1.0 | 1.6 | 1.3 | 3.3 | 4.6 |
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
For the six months ended 30 June 2009
| Ordinary Shares | S Ordinary Shares | TOTAL | |
| £'000 | £'000 | £'000 | |
| Opening Shareholders' funds | 6,647 | 4,750 | 11,397 |
| Total profit for year | 236 | 82 | 318 |
| Dividends paid - revenue | (102) | (89) | (191) |
| Dividends paid - capital | - | - | - |
| Closing Shareholders' funds | 6,781 | 4,743 | 11,524 |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
INCOME STATEMENT
For the six months ended 30 June 2008 (audited)
| Ordinary Shares |
S Ordinary Shares | TOTAL | |||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| (Losses)/gains on investments | - | (157) | (157) | - | 112 | 112 | - | (45) | (45) |
| Income from investments | 158 | - | 158 | 115 | - | 115 | 273 | - | 273 |
| Other income | 5 | - | 5 | 4 | - | 4 | 9 | - | 9 |
| Investment management fees | (19) | (76) | (95) | (11) | (46) | (57) | (30) | (122) | (152) |
| Other expenses | (59) | - | (59) | (36) | - | (36) | (95) | - | (95) |
| Profit/(loss) on ordinary activities before taxation | 85 | (233) | (148) | 72 | 66 | 138 | 157 | (167) | (10) |
| Tax on ordinary activities | (15) | 15 | - | (13) | 13 | - | (28) | 28 | - |
| Profit/(loss) on ordinary activities after taxation | 70 | (218) | (148) | 59 | 79 | 138 | 129 | (139) | (10) |
| Earnings per share (pence) | 0.9 | (2.8) | (1.9) | 1.2 | 1.6 | 2.8 | 2.1 | (1.2) | 0.9 |
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
For the six months ended 30 June 2008
| Ordinary Shares | S Ordinary Shares | TOTAL | |
| £'000 | £'000 | £'000 | |
| Opening Shareholders' funds | 8,221 | 4,831 | 13,052 |
| Total (loss)/profit for six months | (148) | 138 | (10) |
| Dividends paid - revenue | (118) | (62) | (180) |
| Dividends paid - capital | - | - | - |
| Closing Shareholders' funds | 7,955 | 4,907 | 12,862 |
The accompanying notes are an integral part of the financial statements.
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
INCOME STATEMENT
For the year ended 31 December 2008 (audited)
| Ordinary Shares | S Ordinary Shares | TOTAL | |||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Losses on investments | - | (1,459) | (1,459) | - | (42) | (42) | - | (1,501) | (1,501) |
| Income from investments | 335 | - | 335 | 244 | - | 244 | 579 | - | 579 |
| Other income | 11 | - | 11 | 5 | - | 5 | 16 | - | 16 |
| Investment management fees | (20) | (82) | (102) | (15) | (61) | (76) | (35) | (143) | (178) |
| Other expenses | (151) | - | (151) | (85) | - | (85) | (236) | - | (236) |
| Profit/(loss) on ordinary activities before taxation | 175 | (1,541) | (1,366) | 149 | (103) | 46 | 324 | (1,644) | (1,320) |
| Tax on ordinary activities | (29) | 17 | (12) | (28) | 13 | (15) | (57) | 30 | (27) |
| Profit/(loss) on ordinary activities after taxation | 146 | (1,524) | (1,378) | 121 | (90) | 31 | 267 | (1,614) | (1,347) |
| Earnings per share (pence) | 1.9 | (19.4) | (17.5) | 2.4 | (1.8) | 06 | 4.3 | (21.2) | (16.9) |
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
For the year ended 31 December 2008
| Ordinary Shares | S Ordinary Shares | TOTAL | |
| £'000 | £'000 | £'000 | |
| Opening Shareholders' funds | 8,221 | 4,831 | 13,052 |
| Total (loss)/profit for year | (1,378) | 31 | (1,347) |
| Dividends paid - revenue | (118) | (62) | (180) |
| Dividends paid - capital | (78) | (50) | (128) |
| Closing Shareholders' funds | 6,647 | 4,750 | 11,397 |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
BALANCE SHEET
As at 30 June 2009
| 30 June 2009 | 30 June 2008 | 31 December 2008 | ||||||||
| (unaudited) | (unaudited) | (audited) | ||||||||
| Ordinary | S Ord | Ordinary | S Ord | Ordinary | S Ord | |||||
| Shares | Shares | Total | Shares | Shares | Total | Shares | Shares | Total | ||
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
| Fixed assets | ||||||||||
| Investments at fair value through profit or loss | 6,193 | 3,857 | 10,050 | 7,651 | 4,781 | 12,432 | 6,200 | 4,579 | 10,779 | |
| Current assets | ||||||||||
| Debtors | 241 | 103 | 344 | 230 | 95 | 325 | 216 | 115 | 331 | |
| Cash and overnight deposits | 422 | 864 | 1,286 | 99 | 43 | 142 | 276 | 90 | 366 | |
| 663 | 967 | 1,630 | 329 | 138 | 467 | 492 | 205 | 697 | ||
| Creditors: amounts falling due within one year | (75) | (81) | (156) | (25) | (12) | (37) | (45) | (34) | (79) | |
| Net current assets | 588 | 886 | 1,474 | 304 | 126 | 430 | 447 | 171 | 618 | |
| Total net assets | 6,781 | 4,743 | 11,524 | 7,955 | 4,907 | 12,862 | 6,647 | 4,750 | 11,397 | |
| Capital and reserves | ||||||||||
| Called up share capital | 784 | 497 | 1,281 | 784 | 497 | 1,281 | 784 | 497 | 1,281 | |
| Share premium | - | 4,227 | 4,227 | - | 4,227 | 4,227 | - | 4,227 | 4,227 | |
| Distributable reserve | 6,660 | - | 6,660 | 6,660 | - | 6,660 | 6,660 | - | 6,660 | |
| Capital reserves - realised | 1,033 | (52) | 981 | 937 | 12 | 949 | 1,049 | (12) | 1,037 | |
| Capital reserves - unrealised | (1,877) | (5) | (1,882) | (578) | 97 | (481) | (2,074) | (98) | (2,172) | |
| Revenue reserve | 181 | 76 | 257 | 152 | 74 | 226 | 228 | 136 | 364 | |
| Net assets attributable to Ordinary Shareholders | 6,781 | 4,743 | 11,524 | 7,955 | 4,907 | 12,862 | 6,647 | 4,750 | 11,397 | |
| Net asset value per ordinary share (pence) | 86.5 | 95.4 |
| 101.5 | 98.7 |
| 84.8 | 95.5 |
| |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
CASH FLOW STATEMENT
For the six months ended 30 June 2009
| Six months to 30 June 2009 | Six months to 30 June 2008 | Year to 31 December 2008 | |||||||
| (unaudited) | (unaudited) | (audited) | |||||||
| Ordinary | S Ord | Ordinary | S Ord | Ordinary | S Ord | ||||
| Shares | Shares | Total | Shares | Shares | Total | Shares | Shares | Total | |
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Operating activities | |||||||||
| Investment income received | 107 | 93 | 200 | 119 | 104 | 223 | 267 | 207 | 474 |
| Deposit interest received | 6 | 2 | 8 | 6 | 5 | 11 | 12 | 6 | 18 |
| Investment management fees paid | (16) | (10) | (26) | (126) | (76) | (202) | (141) | (101) | (242) |
| Secretarial fees paid | (11) | (8) | (19) | (38) | (20) | (58) | (62) | (34) | (96) |
| Cash paid to and on behalf of Directors | (19) | (14) | (33) | (19) | (10) | (29) | (53) | (31) | (84) |
| Other cash payments/receipts | (45) | 6 | (39) | (39) | (19) | (58) | (61) | (24) | (85) |
| Net cash inflow/(outflow) from operating activities | 22 | 69 | 91 | (97) | (16) | (113) | (38) | 23 | (15) |
| Taxation | |||||||||
| Corporation tax | - | - | - | - | - | - | - | - | - |
| Financial investment | |||||||||
| Purchase of investments | (629) | (400) | (1,029) | (809) | (2,281) | (3,090) | (1,516) | (2,709) | (4,225) |
| Sale of investments | 855 | 1,194 | 2,049 | 679 | 2,095 | 2,774 | 1,582 | 2,581 | 4,163 |
| Net cash inflow/(outflow) from financial investment | 226 | 794 | 1,020 | (130) | (186) | (316) | 66 | (128) | (62) |
| Equity dividends paid | (102) | (89) | (191) | (118) | (62) | (180) | (196) | (112) | (308) |
| Net cash inflow/(outflow) before financing | 146 | 774 | 920 | (345) | (264) | (609) | (168) | (217) | (385) |
| Financing | |||||||||
| Issue of ordinary shares | - | - | - | - | - | - | - | - | - |
| Expense of share issue | - | - | - | - | - | - | - | - | - |
| Net cash inflow from financing | - | - | - | - | - | - | - | - | - |
| Increase/(decrease) in cash | 146 | 774 | 920 | (345) | (264) | (609) | (168) | (217) | (385) |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
Notes to the Financial Statements
1. Accounting Policies
The financial information for the six months ended 30 June 2009 and the six months ended 30 June 2008 comprises non-statutory accounts within the meaning of section 240 of the Companies Act 1985. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report and Financial Statements for the year ended 31 December 2008.
The results for the year ended 31 December 2008 are extracted from the full accounts for that year, which received an unqualified report from the Auditors and have been files wit the Registrar of Companies.
| 2. | Capital | Capital | |||
| reserves | reserves | Revenue | Distributable | ||
| Movement in reserves | realised | unrealised | reserve | reserve | |
| ORDINARY SHARES | £'000 | £'000 | £'000 | £'000 | |
| As at 31 December 2008 | 1,049 | (2,074) | 228 | 6,660 | |
| Gains on sales of investments | 22 | - | - | - | |
| Increase in unrealised appreciation | - | 197 | - | - | |
| Investment management fees | (44) | - | - | - | |
| Dividends paid | - | - | (102) | - | |
| Tax effect of capital items | 6 | - | - | - | |
| Retained net revenue for period | - | - | 55 | - | |
| As at 30 June 2009 | 1,033 | (1,877) | 181 | 6,660 | |
| Capital | Capital | Share | |||
| reserves | reserves | Revenue | Premium | ||
| Movement in reserves | realised | unrealised | reserve | account | |
| S ORDINARY SHARES | £'000 | £'000 | £'000 | £'000 | |
| As at 31 December 2008 | (12) | (98) | 136 | 4,227 | |
| Losses on sales of investments | (13) | - | - | - | |
| Increase in unrealised appreciation | - | 93 | - | - | |
| Investment management fees | (30) | - | - | - | |
| Dividends paid | - | - | (89) | - | |
| Tax effect of capital items | 3 | - | - | - | |
| Retained net revenue for period | - | - | 29 | - | |
| As at 30 June 2009 | (52) | (5) | 76 | 4,227 | |
| 3. | Six months ended | ||||
| Returns per ordinary share | 30 June 2009 | ||||
| ORDINARY SHARES | |||||
| The returns per share have been based on the following figures: | |||||
| Weighted average number of ordinary shares | 7,835,163 | ||||
| Revenue Return | £ | 55,000 | |||
| Capital Return | £ | 181,000 | |||
| S ORDINARY SHARES | |||||
| The returns per share have been based on the following figures: | |||||
| Weighted average number of ordinary shares | 4,972,459 | ||||
| Revenue Return | £ | 29,000 | |||
| Capital Return | £ | 53,000 | |||
A summary of investment changes for the period under review and an investment portfolio summary as at 30 June 2009 are attached.
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 registered office of the Company, 149 St Vincent Street, Glasgow, G2 5NW.
By Order of the Board
MAVEN CAPITAL PARTNERS UK LLP, SECRETARY
7 August 2009
ABERDEEN GROWTH OPPORTUNITIES VCT 2
ORDINARY SHARES - SUMMARY OF INVESTMENT CHANGES
For the period ended 30 June 2009
| Valuation | Net investment | Appreciation | Valuation | |||
| 31 December 2008 | (disinvestment) | (depreciation) | 30 June 2009 | |||
| £'000 | % | £'000 | £'000 | £'000 | % | |
| Unlisted investments | ||||||
| Equities | 1,103 | 16.6 | 36 | 6 | 1,145 | 16.9 |
| Preference | 20 | 0.3 | - | - | 20 | 0.3 |
| Loan stocks | 3,442 | 51.8 | 340 | (31) | 3,751 | 55.3 |
| 4,565 | 68.7 | 376 | (25) | 4,916 | 72.5 | |
| AIM investments | ||||||
| Equities | 1,233 | 18.5 | (202) | 246 | 1,277 | 18.8 |
| Listed investments | ||||||
| Fixed income | 402 | 6.0 | (400) | (2) | - | - |
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| Total investments | 6,200 | 93.2 | (226) | 219 | 6,193 | 91.3 |
| Other net assets | 447 | 6.8 | 141 | - | 588 | 8.7 |
| Total Assets | 6,647 | 100.0 | (85) | 219 | 6,781 | 100.0 |
ABERDEEN GROWTH OPPORTUNITIES VCT 2
S ORDINARY SHARES - SUMMARY OF INVESTMENT CHANGES
For the period ended 30 June 2009
| Valuation | Net investment | Appreciation | Valuation | |||
| 31 December 2008 | (disinvestment) | (depreciation) | 30 June 2009 | |||
| £'000 | % | £'000 | £'000 | £'000 | % | |
| Unlisted investments | ||||||
| Equities | 325 | 6.8 | 28 | (13) | 340 | 7.2 |
| Preference | 2 | - | - | - | 2 | - |
| Loan stocks | 1,530 | 32.2 | 271 | (20) | 1,781 | 37.6 |
| 1,857 | 39.0 | 299 | (33) | 2,123 | 44.8 | |
| AIM investments | ||||||
| Equities | 512 | 10.8 | (42) | 124 | 594 | 12.5 |
| Listed investments | ||||||
| Fixed income | 2,210 | 46.5 | (1,059) | (11) | 1,140 | 24.0 |
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| Total investments | 4,579 | 96.3 | (802) | 80 | 3,857 | 81.3 |
| Other net assets | 171 | 3.7 | 715 | - | 886 | 18.7 |
| Total Assets | 4,750 | 100.0 | (87) | 80 | 4,743 | 100.0 |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 30 June 2009
| Investment Name |
| Ordinary Pool |
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| S Share Pool |
| % of equity held | % of equity held by |
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| Valuation | Cost | % of total assets | Valuation | Cost | % of total assets | by Fund | other clients |
| Unlisted Investments |
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| Silkwater Holdings (trading as Cyclotech) | 460 | 249 | 6.8% | 184 | 99 | 3.9% | 4.8% | 15.2% |
| Funeral Services Partnership | 364 | 298 | 5.4% | 151 | 124 | 3.2% | 3.0% | 26.9% |
| Dalglen 1148 (formerly Money Plus) | 316 | 316 | 4.7% | 158 | 158 | 3.3% | 7.6% | 67.4% |
| Camwatch | 261 | 261 | 3.8% | 149 | 149 | 3.1% | 3.4% | 40.4% |
| Lawrence Recycling and Waste Management | 224 | 224 | 3.3% | 149 | 149 |
| 4.8% | 45.2% |
| Training For Travel Group | 170 | 149 | 2.5% | 199 | 174 | 4.2% | 3.7% | 26.3% |
| Armannoch Investments | 225 | 225 | 3.3% | 125 | 125 | 2.6% | 25.3% | 54.7% |
| Valkyrie Capital | 225 | 225 | 3.3% | 125 | 125 | 2.6% | 25.3% | 54.7% |
| Dalglen 1150 (Walker Technical Resources) | 249 | 249 | 3.7% | 99 | 99 | 2.1% | 7.4% | 55.6% |
| Nessco Group Holdings | 124 | 124 | 1.8% | 199 | 199 | 4.2% | 4.2% | 33.6% |
| Steminic (MS Industrial Services ) | 220 | 220 | 3.2% | 101 | 101 | 2.1% | 4.5% | 33.3% |
| Homelux Nenplas | 319 | 149 | 4.7% |
| - | - | 3.4% | 41.6% |
| Transys Holdings | 192 | 249 | 2.8% | 115 | 149 | 2.4% | 4.6% | 67.2% |
| MC 440 (Westway Cooling) | 149 | 149 | 2.2% | 149 | 149 |
| 2.4% | 19.6% |
| TC Communications Holdings | 159 | 159 | 2.3% | 99 | 99 | 2.1% | 5.4% | 29.9% |
| Atlantic Foods Group | 253 | 199 | 3.7% |
| - | - | 1.1% | 7.7% |
| Oliver Kay Holdings | 238 | 209 | 3.5% |
| - | - | 1.3% | 18.7% |
| Martel Instruments Holdings | 227 | 227 | 3.3% |
| - | - | 3.7% | 35.1% |
| Adler & Allan Holdings | 150 | 150 | 2.2% | 75 | 75 | 1.6% | 1.0% | 40.0% |
| Essential Viewing Systems | 158 | 184 | 2.3% |
| - | - | 5.6% | 35.2% |
| Enpure Holdings | 137 | 100 | 2.0% |
| - | - | 0.4% | 79.2% |
| Countcar | 40 | 6 | 0.6% | 23 | 3 | 0.5% | 3.1% | 23.5% |
| Others | 56 | 838 | 0.8% | 23 | 44 | 0.5% |
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|
| 4,916 | 5,159 | 72.5% | 2,123 | 2,021 | 38.5% |
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| AIM/PLUS |
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| Melorio | 214 | 148 | 3.2% | 130 | 90 | 2.7% | 50.3% | 2.1% |
| Betbrokers | 60 | 66 | 0.9% | 121 | 132 | 2.6% | 0.6% | 1.3% |
| Animalcare Group (formerly Ritchey) |
| - | - | 173 | 100 | 3.6% | 0.9% | 3.7% |
| System C Healthcare | 136 | 150 | 2.0% |
| - | - | 0.3% | 1.0% |
| Mount Engineering | 85 | 124 | 1.3% | 24 | 35 | 0.5% | 70.2% | 1.6% |
| AMZ Holdings (formerly Amazing Holdings) | 100 | 151 | 1.5% |
| - | - | 0.5% | 1.7% |
| Litcomp | 90 | 100 | 1.3% |
| - | - | 0.0% | 4.9% |
| DM | 53 | 83 | 0.8% | 26 | 41 | 0.5% | 0.6% | 0.8% |
| OPG Power Ventures | 38 | 41 | 0.6% | 38 | 41 | 0.8% | 0.2% | 0.4% |
| Avanti Communications Group | 75 | 69 | 1.1% |
| - | - | 0.1% | 1.3% |
| Plastics Capital | 53 | 197 | 0.8% | 14 | 50 | 0.3% | 0.9% | 2.8% |
| Praesepe (formerly Aldgate Capital) | 29 | 49 | 0.4% | 30 | 50 | 0.6% | 0.2% | 0.8% |
| Essentially Group | 33 | 135 | 0.5% | 12 | 49 | 0.3% | 0.6% | 2.0% |
| Hambledon Mining | 37 | 83 | 0.5% |
| - | - | 0.2% | 0.1% |
| Formation Group PLC | 17 | 49 | 0.3% | 17 | 49 | 0.4% | 0.2% | 1.0% |
| Neutrahealth plc | 34 | 89 |
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| Universe Group | 32 | 100 | 0.5% |
| - | - | 1.2% | 1.4% |
| Datong | 31 | 151 | 0.5% |
| - | - | 0.9% | 1.1% |
| Hasgrove | 31 | 49 | 0.5% |
| - | - | 0.2% | 1.5% |
| Others | 129 | 1077 |
| 9 | 95 |
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|
|
|
| 1,277 | 2,911 | 16.4% | 594 | 732 | 12.3% |
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| Listed Fixed Income |
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|
|
|
|
| Treasury 5.75% 31/12/09 | - | - | - | 1,140 | 1,109 | 24.0% |
|
|
|
| 0 | 0 | 0.0% | 1,140 | 1,109 | 24.0% |
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| Total | 6,193 | 8,070 | 93.2% | 3,857 | 3,862 | 96.3% |
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