Maven I&g 4 Regulatory News (MAV4)

12 Sep 2007 14:56

Aberdeen Grwth Opp VCT2 PLC12 September 2007 Aberdeen Growth Opportunities VCT 2 PLC Interim results The Directors announce the unaudited interim results for the six months ended 30June 2007. S Share issue We are pleased to be able to report that the Company successfully raised £5million in the S Share issue, increasing the size of the overall capital base byapproximately 60% without a corresponding increase in costs. This means that thecost base will be defrayed over a larger fund size thereby improving theefficiency of the Company. Performance Total Return (NAV plus dividends paid) from the Ordinary shares rose over thesix months ended 30 June 2007 by 2.9% to 117.5p per share. The NAV per Ordinary share at 30 June 2007 was 111.5p, compared with 112.2p at31 December 2006, following the payment of dividends of 3.5p and 0.5p in January2007 and May 2007 respectively, which brought the total of dividends paid todate to 6.0p per share. The Net Asset Value (NAV) per S share at 30 June 2007 was 95.3p per sharecompared with 95.0p immediately after launch and settlement of expenses. There is no venture capital trust index with which to compare the performance ofthe Company; however, the value of the AIM portfolio held by the Ordinary Sharepool rose by 15.1% over the six month period, which compares with an increase inthe AIM All-share Index of 15.3% over the same period. Unlisted investments held by Aberdeen Growth Opportunities VCT 2 are valued inaccordance with the International Private Equity and Venture Capital ValuationGuidelines. Investments which are quoted or traded on the Alternative InvestmentMarket (AIM) or a recognised stock exchange are valued at their bid price. Dividends The Company paid dividends totalling 4.0p to Ordinary shareholders during thesix months to 30 June 2007. In recognition of the further realised capital gainsof 3.8p per share made during the reporting period, which are shown in a tableat the end of this review, the Board declares an interim dividend of 2.0ppayable on 24 October 2007 to holders of Ordinary shares on the register on 21September 2007. The Board is not proposing to pay a dividend on the S shares atthis early stage. Co-investment Aberdeen Growth Opportunities VCT 2 has co-invested with other funds managed bythe Aberdeen Asset Management Group in a number of investments and is expectedto continue to do so. The advantage of this arrangement is that by investingtogether, the funds are able to underwrite a wider range and size of transactionthan would be the case on a stand-alone basis. In addition, the Manager's staffco-investment scheme has continued to co-invest alongside the Company in eachinvestment made during the period. Details of the scheme were contained in theAnnual Report for 2006. Regulatory changes The overall VCT market declined by approximately two thirds in the year to April2007 which reflects the changes to the VCT regulations announced in the last twoBudgets. For funds raised after April 2006, new restrictions on the size ofcompany in which VCTs can invest where those investments are to be treated asqualifying were introduced. The regulations introduced in the 2007 Budget areparticularly onerous in this regard, focussing on the maximum number of staffthat can be employed in addition to placing a limit on the amount which can beraised under venture capital schemes by the investee company. However, those new2007 regulations do not affect the money raised originally by the Company, northe bulk of the S Share money which was raised before 5 April 2007 but will beapplied to the relatively small amount raised after that date. Investment activity We are pleased to report an exceptionally strong period of new investmentactivity. During the six-months to 30 June 2007, nine new unlisted investmentswere made by the Ordinary Share portfolio, with the S Share pool alsoparticipating in five of those investments, and ten AIM investments with the SShare pool investing in seven of those companies. A total of £2.8 million wasinvested during the six month period by the Ordinary share pool and £0.7 millionby the S Share pool. At 30 June 2007, the investment portfolio of the Originalpool consisted of forty-eight active unlisted and AIM investments having a totalcost of £6.1 million and the portfolio of the S Share pool consisted of fifteeninvestments having a total cost of £714,000. The following new investments were made during the reporting period. Investment Date Activity Investment cost Website £'000 Original S Share pool PoolUnlisted Adler & Allan Jun-07 Handling transport, 150 75 www.adlerandallan.co.uk clean-up and disposal of oil and sewage-based waste Camwatch Mar-07 Provider of CCTV 211 www.cctv-monitoring.net monitoring and installation services Crossco (982) Jan-07 Production of hand held 224 www.martelinstruments.com(Martel Instruments) printers and terminals Cyclotech May-07 Provider of services to 249 99 www.cyclotech.com the energy sector Funeral Services Mar-07 Operator of funeral 239 100Partnership director businesses ID Support Services Mar-07 Installation and 204 50 www.id-group.co.uk maintenance of CCTV security systems, air conditioning and industrial refrigeration systems for UK leisure and retail businesses Lime Investments Mar-07 Company formed to 199 acquire branded premium-end or niche food and beverage businesses MS Industrial Services Apr-07 Provider of industrial 184 84 www.msis.uk.com cleaning and waste management services to the oil and industrial sectors Oliver Kay Holdings Jan-07 Distributor of fresh 209 www.oliverkayproduce.co.uk produce to the On-trade catering industry Other 6 3 Total Unlisted investment 1,875 411 AIM Bglobal Apr-07 Provider of "smart 52 25 www.bglobalmetering.com meters" (automatic meter reading and automatic meter management) allowing the remote reading of electricity and gas meters Concateno Dec 06, Jan Provider of services for 91 51 www.concateno.com 07 and Mar the testing of employees 07 for drugs and alcohol DM Apr-07 Provider of marketing 100 50 www.dmplc.com services gathering consumer data for use in direct marketing campaigns Eleco Dec-06 Manufacturer of precast www.elecoplc.co.uk concrete products, metal roofing and cladding products and panels for interiors eXpansys Apr-07 Seller of mobile and 100 25 www.expansys.com wireless technology products over the internet Formation Group Jun-07 Provider of wealth 50 50 www.formationgroupplc.com management and related professional servicesMount Engineering Jun-07 Manufacturer, stockist 172 49 www.mountengineering.com and distributor of engineering products for oil, gas water and power markets Pressure Technologies Jun-07 Niche designer and 148 www.neuropharm.co.uk manufacturer of high pressure seamless steel gas cylinders SDI Group Jun-07 Design, building and 25 25 www.sdigroup.com support of automated warehouse handling systems St Helen's Capital Apr-07 Provider of corporate 26 www.sthelenscapital.com advisory services. Universe Group Apr-07 Provider of managed 100 www.universe-group.co.uk services and payment solutions to the petrol retail sector Other 28 49 Total AIM investment 892 324 Total 2,767 735 Portfolio developments Unlisted investments Following the four successful realisations during 2006 which resulted in thepayment of the capital dividend in January 2007 to Ordinary shareholders, onefurther realisation from the Ordinary Share pool has occurred in the reportingperiod as shown in the table immediately following this review. The sale of the holding in EIG (Investments) was successfully completed inJanuary 2007 approximately 15 months after completion of the investment,resulting in a gain of £251,000. During the reporting period nine new substantial unlisted investments have beenadded to the portfolio. We are pleased to note that each has traded in line withor ahead of their business plan since investment; however, it is likely to besome time before these investments reach a level of maturity which enablesprofitable exits to be negotiated. AIM investments The AIM portfolio has continued to be actively managed during the reportingperiod resulting in net realised gains over cost of £50,000 on the Ordinaryshare pool and £4,000 on the very early trades by the S Share pool; details ofthese transactions can be found in the table following this review. In addition to the realised gains shown below, unrealised gains over thevaluations as at December 2006 amounting to £360,000 on the Ordinary pool and£19,000 on the S Share pool were achieved during the period with the gains wellspread across the portfolio of investments. The shares which achieved thelargest gains were Amazing Holdings (£41,000), Axeon (£49,000), Concateno(£83,000), Litcomp (£50,000) and Neutrahealth (£34,000) in the Ordinary Shareportfolio and Concateno (£9,000) and Formation Group (£7,000) in the S Sharepool. There were no significant reductions in value during the period other thanthe value of Worthington Nicholls in the S Share pool which fell by £15,000following a trading statement which did not meet market expectations late in thereporting period. The Ordinary Share AIM portfolio has achieved an increase of15.1% for the six month period which compares to the increase in the AIMAll-share Index of 15.3% for the same period while the value of the AIMportfolio in the S Share portfolio has increased by 8.9% since its inception. Outlook During the first half 2007, the Company has raised c £5 million in the S Shareissue and both investment pools have subsequently invested in a number of newtransactions which offer significant medium term return potential. 2006 had seena number of profitable exits from the original pool at a relatively early stageof the Company's life. By contrast, the first half of 2007 has seen a verystrong momentum of new investments. The strategy applied by the Manager is to use its extensive UK network toidentify suitable private companies and invest the majority of the portfolio inprivate equity transactions which offer growth and a healthy running yield, intandem with an actively managed AIM business primarily focused on new companiesseeking an IPO on the AIM market. AIM investments are traded out as soon asmarket liquidity permits, providing the opportunity for early capital gains ifthe company proves attractive to retail investors post IPO. Going forward, theManager believes that this dual approach on AIM and private equity provides theoptimum return model for VCT investors. The following table shows all sales from the investment portfolio made by theCompany during the reporting period. Ordinary Share Pool S Share Pool Date first Complete/ Cost of Sales Realised Cost of Sales Realised invested Partial shares Proceeds Gain/Loss shares Proceeds Gain/Loss Exit disposed disposed of of £'000 £'000 £'000 £'000 £'000 £'000Unlisted EIG (Investments) 251 502 251 AIM AT Communications 34 36 2Concateno 14 21 7 1 1 0Eleco 99 115 16eXpansys 66 80 14 16 20 4Fairground Gaming 75 20 (55)Individual Restaurant 15 22 7MTI Wireless 41 53 12Velosi 100 128 28Worthington Nicholls Group 8 27 19Others 23 23 0 5 5 0 475 525 50 22 26 4 Total 726 1,027 301 22 26 4 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC INCOME STATEMENT For the six months ended 30 June 2007 (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 investments - 254 254 - 11 11 - 265 265 Income from investments 168 - 168 39 - 39 207 - 207 Other income 22 - 22 12 - 12 34 - 34 Investment management fees (20) (81) (101) (5) (21) (26) (25) (102) (127) Other expenses (80) - (80) (24) - (24) (104) - (104) Profit/(loss) on ordinary activities before taxation 90 173 263 22 (10) 12 112 163 275 Tax on ordinary activities (16) 16 - (4) 4 - (20) 20 - Profit/(loss) on ordinary activities after taxation 74 189 263 18 (6) 12 92 183 275 Earnings per share (pence) 0.9 2.4 3.3 0.5 (0.2) 0.3 1.4 2.2 3.6 A Statement of Total Recognised Gains and Losses has not been prepared, as allgains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. TheCompany has only one class of business and derives its income from investmentsmade in shares, securities and bank deposits. The total column of this statement is the Profit and Loss Account of theCompany. Reconciliation of movements in Shareholders' Funds Ordinary 'S' Ordinary Shares TOTAL Shares £'000 £'000 £'000 Opening Shareholders' funds 8,789 - 8,789Total profit for year 263 12 275Net proceeds of issue of shares - 4,232 4,232Dividends paid - revenue (39) - (39)Dividends paid - capital (274) - (274)Closing Shareholders' funds 8,739 4,244 12,983 The accompanying notes are an integral part of the financial statements. ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC INCOME STATEMENT For the six months ended 30 June 2006 (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 investments - 243 243 - - - - 243 243 Income from investments 152 - 152 - - - 152 - 152 Other income 4 - 4 - - - 4 - 4 Investment management fees (14) (56) (70) - - - (14) (56) (70) Other expenses (83) - (83) - - - (83) - (83) Profit on ordinary activities before taxation 59 187 246 - - - 59 187 246 Tax on ordinary activities (10) 10 - - - - (10) 10 - Profit on ordinary activities after taxation 49 197 246 - - - 49 197 246 Earnings per share (pence) 0.6 2.5 3.1 - - - 0.6 2.5 3.1 A Statement of Total Recognised Gains and Losses has not been prepared, as allgains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. TheCompany has only one class of business and derives its income from investmentsmade in shares, securities and bank deposits. The total column of this statement is the Profit and Loss Account of theCompany. Reconciliation of movements in Shareholders' Funds Ordinary 'S' Ordinary TOTAL Shares Shares £'000 £'000 £'000 Opening Shareholders' funds 7,634 - 7,634Total profit for year 246 - 246Net proceeds of issue of shares - - -Closing Shareholders' funds 7,880 - 7,880 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 2006 (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 Gains on investments - 1,304 1,304 - - - - 1,304 1,304 Income from investments 309 - 309 - - - 309 - 309 Other income 17 - 17 - - - 17 - 17 Investment management fees (21) (84) (105) - - - (21) (84) (105) Other expenses (213) - (213) - - - (213) - (213) Profit on ordinary activities before taxation 92 1,220 1,312 - - - 92 1,220 1,312 Tax on ordinary activities (14) 14 - - - - (14) 14 - Profit on ordinary activities after taxation 78 1,234 1,312 - - - 78 1,234 1,312 Earnings per share (pence) 1.0 15.7 16.7 - - - 1.0 15.7 16.7 A Statement of Total Recognised Gains and Losses has not been prepared, as allgains and losses are recognised in the Income Statement. All items in the above statement are derived from continuing operations. TheCompany has only one class of business and derives its income from investmentsmade in shares, securities and bank deposits. The total column of this statement is the Profit and Loss Account of theCompany. Reconciliation of movements in Shareholders' Funds Ordinary Shares 'S' Ordinary TOTAL Shares £'000 £'000 £'000 Opening Shareholders' funds 7,634 - 7,634Total profit for year 1,312 - 1,312Dividends paid - capital (157) - (157)Closing Shareholders' funds 8,789 - 8,789 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC BALANCE SHEET As at 30 June 2007 30 June 2007 30 June 2006 31 December 2006 (unaudited) (unaudited) (audited) Ordinary 'S' Ord Ordinary 'S' Ord S' Ord Ordinary 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 8,072 3,679 11,751 7,320 - 7,320 8,109 - 8,109 Current assets Debtors 241 55 296 230 - 230 263 - 263 Cash and overnight deposits 485 541 1,026 445 - 445 503 - 503 726 596 1,322 675 - 675 766 - 766 Creditors: amounts falling duewithin one year (59) (31) (90) (115) - (115) (86) - (86) Net current assets 667 565 1,232 560 - 560 680 - 680 Total net assets 8,739 4,244 12,983 7,880 - 7,880 8,789 - 8,789 Capital and reservesCalled up share capital 784 446 1,230 784 - 784 784 - 784 Share premium - 3,786 3,786 6,660 - 6,660 - - - Distributable reserve 6,660 - 6,660 - - - 6,660 - 6,660 Capital reserves - realised 1,099 (13) 1,086 293 - 293 1,121 - 1,121 Capital reserves - unrealised 63 7 70 74 - 74 126 - 126 Revenue reserve 133 18 151 69 - 69 98 - 98 Net assets attributable to ordinary shareholders 8,739 4,244 12,983 7,880 - 7,880 8,789 - 8,789Net asset value per ordinary share (pence) 111.5 95.3 100.6 - 112.2 - ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC CASH FLOW STATEMENT For the six months ended 30 June 2007 Six months to 30 June 2007 Six months to 30 June 2006 Year to 31 December 2006 (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 £'000Operating activities Investment income received 189 - 189 87 - 87 245 - 245 Deposit interest received 26 10 36 4 - 4 15 - 15 Investment management fees (130) (26) (156) (47) - (47) (81) - (81) paid Secretarial fees paid (39) (8) (47) (31) - (31) (61) - (61) Cash paid to and on behalf of Directors (14) (5) (19) (14) - (14) (93) - (93) Other cash payments (54) (11) (65) (48) - (48) (93) - (93) Net cash outflow from operating activities (22) (40) (62) (49) - (49) (68) - (68) TaxationCorporation tax - - - - - - - - - Financial investment Purchase of investments (4,717) (3,677) (8,394) (1,037) - (1,037) (3,288) - (3,288) Sale of investments 5,034 26 5,060 1,130 - 1,130 3,615 - 3,615 Net cash inflow/(outflow) from financial investment 317 (3,651) (3,334) 93 - 93 327 - 327 Equity dividends paid (313) - (313) - - - (157) - (157) Net cash (outflow)/inflow before financing (18) (3,691) (3,709) 44 - 44 102 - 102 Financing Issue of ordinary shares - 4,455 4,455 - - - - - - Expense of share issue - (223) (223) - - - - - - Net cash inflow from financing - 4,232 4,232 - - - - - - (Decrease)/increase in cash (18) 541 523 44 - 44 102 - 102 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC Notes to the Financial Statements 1. Accounting Policies The financial information for the six months ended 30 June 2007 and the sixmonths ended 30 June2006 comprises non-statutory accounts within the meaning ofsection 240 of the Companies Act 1985. The financial information contained inthis report has been prepared on the basis of the accounting policies set out inthe Annual Report and Financial Statements for the year ended 31 December 2006.The results for the year ended 31 December 2006 are extracted from the fullaccounts for that year, which received an unqualified report from the Auditorsand have been filed with the Registrar of Companies. Capital Capital reserves reserves Revenue Distributable2. Movement in reserves realised unrealised reserve reserve ORDINARY SHARES £'000 £'000 £'000 £'000 As at 31 December 2006 1,121 126 98 6,660 Gains on sales of investments 317 - - - Decrease in unrealised appreciation - (63) - - Investment management fees (81) - - - Dividends paid (274) - (39) - Tax effect of capital items 16 - - - Retained net revenue for period - - - 74 As at 30 June 2007 1,099 63 133 6,660 Capital Capital reserves reserves Revenue Share Premium Movement in reserves realised unrealised reserve account 'S' ORDINARY SHARES £'000 £'000 £'000 £'000 As at 31 December 2006 - - - - Issue of shares - - - 4,009 Expense of share issue - - - (223) Gains on sales of investments 4 - - - Increase in unrealised appreciation - 7 - - Investment management fees (21) - - - Tax effect of capital items 4 - - - Retained net revenue for period - - 18 - As at 30 June 2007 (13) 7 18 3,786 3. The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report. The results for the year ended 31 August 2001 are abridged from the full accounts for that year, which received an unqualified report from the auditors and have been filed with the Registrar of Companies. Returns per ordinary share Six months ended 30 June 2007 ORDINARY SHARES The returns per share have been based on the following figures: Weighted average number of Ordinary shares 7,835,163 Revenue return £ 74,000 Capital return £ 189,000 'S' ORDINARY SHARES The returns per share have been based on the following figures: Weighted average number of S Ordinary shares 3,430,090 Revenue return £ 18,000 Capital return £ (6,000) A summary of investment changes for the period under review and an investmentportfolio summary as at 30 June 2007 are attached. A full copy of the Interim Report and Financial Statements will be printed andissued to shareholders. Copies of this announcement will be available to the public at the registeredoffice of the Company, 149 St Vincent Street, Glasgow, G2 5NW. By Order of the Board ABERDEEN ASSET MANAGEMENT PLC, SECRETARY 23 August 2007 ABERDEEN GROWTH OPPORTUNITIES VCT 2SUMMARY OF INVESTMENT CHANGES For the period ended 30 June 2007 Valuation Net investment Appreciation Valuation 31 December 2006 (disinvestment) (depreciation) 30 June 2007 £'000 % £'000 £'000 £'000 %Unlisted investmentsEquities 734 8.4 (60) (39) 635 7.3 Preference 67 0.8 (36) - 31 0.4Loan stocks 916 10.4 1,470 (107) 2,279 26.1 1,717 19.6 1,374 (146) 2,945 33.8 AIM investmentsEquities 2,369 27.0 365 416 3,150 36.0 Listed investmentsFixed income 2,983 33.9 (1,006) - 1,977 22.6 Unit trusts 1,040 11.8 (1,024) (16) - - Total investments 8,109 92.3 (291) 254 8,072 92.4 Other net assets 680 7.7 (13) - 667 7.6 Total Assets 8,789 100.0 (304) 254 8,739 100.0 ABERDEEN GROWTH OPPORTUNITIES VCT 2 'S' SUMMARY OF INVESTMENT CHANGES For the period ended 30 June 2007 Valuation Net investment Appreciation Valuation 31 December 2006 (disinvestment) depreciation) 30 June 2007 £'000 % £'000 £'000 £'000 %Unlisted investmentsEquities - - 41 - 41 1.0 Preference - - 4 - 4 0.1 Loan stocks - - 366 - 366 8.6 - - 411 - 411 9.7 AIM investmentsEquities - - 299 18 317 7.5 Listed investmentsFixed income - - 2,958 (7) 2,951 69.5 Unit Trusts - - - - - -Total investments - - 3,668 11 3,679 86.7 Other net assets - - 565 - 565 13.3 Total Assets - - 4,233 11 4,244 100.0 ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC INVESTMENT PORTFOLIO SUMMARY As at 30 June 2006 ORDINARY SHARES % of equity % of % of held by Book cost Valuation total equity otherInvestment Nature of Business £'000 £'000 assets held clients UnlistedHomelux Nenplas Extruder of plastic tiling trims 199 314 3.6% 3.4% 41.6% and related products MoneyPlus Group Manages agreements and repayment 225 304 3.5% 4.5% 26.4% plans for credit card holders Cyclotech Provider of services to the energy 248 248 2.8% 3.4% 16.6% sector Funeral Services Operator of funeral directors 239 239 2.7% 3.6% 46.5%Partnership Crossco (982) (Martel Manufacturer of compact handheld 224 224 2.6% 3.2% 30.2%Instruments) printers and display devices Camwatch Provider of CCTV monitoring and 211 211 2.4% 4.0% 39.5% installation services Oliver Kay Supplier of fresh produce to the on 209 209 2.4% 1.3% 18.7% trade catering industry in the UK ID Support Services Installation and maintenance of 204 204 2.4% 2.2% 31.2% CCTV security systems, air conditioning and refrigeration systemsLime Investments Shell company set up to acquire 199 199 2.3% 7.6% 72.4% branded premium end or niche food and beverage businessesMS Industrial Services Provider of industrial cleaning and 184 184 2.1% 3.1% 41.9% waste management services to the oil and industrial sectors Essential Viewing Systems Developer of an advanced delivery 155 155 1.8% 9.5% 39.9% technology for video over mobile telephonesAdler & Allan Handling, transport, clean-up and 150 150 1.7% 0.7% 40.3% disposal of oil and sewage based wasteEnpure Provider of process engineering and 100 100 1.1% 0.4% 79.2% project management services Buildstore Services to self-build homeowners 98 98 1.1% 0.6% 7.0% Oled-T Developer of flat panel display 167 84 1.0% 3.9% 14.7% technologies Riverdale Publishing Publisher of greeting cards 91 16 0.2% 1.1% 10.6% Countcar Provider of tool, plant hire and 6 6 0.1% 2.0% 24.6% hydraulic products and services to industrial sectorsKingsley Cards Greetings card distributor 200 - - 2.5% 25.0% 3,109 2,945 33.8% AIMConcateno Provider of services for the 176 288 3.3% 0.3% 2.1% testing of employees for drugs and alcoholWorthington Nicholls Group Installer and maintainer of air 110 226 2.6% 0.2% 1.3% conditioning units in the hotel and retail marketsSoftware Radio Technology Digital wireless communication 131 217 2.5% 0.5% 2.6% development business Hambledon Mining Exploration and mining of precious 105 186 2.1% 0.2% 0.1% metals in Kazakhstan Litcomp National supplier of medical 100 185 2.1% 0.0% 4.9% reports in the support of legal actionsMount Engineering Manufacturer, stockist and 172 172 2.0% 1.4% 3.0% distributor of engineering products for oil, gas, water and power marketsAmazing Holdings Leisure and hotel developer 151 159 1.8% 0.5% 1.7% Pressure Technologies Niche designer and manufacturer of 148 158 1.8% 0.9% 0.0% high pressure seamless steel gas cylindersWork Group Provider of recruitment services 151 154 1.8% 0.7% 2.6% Axeon Developer of semi conductor 112 145 1.7% 0.8% 7.2% intellectual property rights Datong Electronics Producer of tracker devices to 151 126 1.4% 0.9% 1.1% track vehicles and mobile phones AT Communications Group Leading communications integrator 107 110 1.3% 0.4% 0.8% Imprint Provider of a result and search 153 105 1.2% 0.1% 0.4% service DM Direct marketing group specialising 96 102 1.1% 0.4% 1.1% in gathering consumer data for use in direct marketing campaignsNeutrahealth Provider of BioCare products to 89 102 1.1% 0.6% 1.3% health practitioners and specialist retailersUniverse Group Provider of managed services and 100 100 1.1% 1.2% 1.4% payment solutions to the petrol retail sectorSystem C Healthcare Provider of information services 150 88 1.0% 0.3% 1.0% and IT systems to the healthcare sector Gold Frost Designer, developer and distributor 86 76 0.9% 0.5% 0.9% of kosher food products Individual Restaurant Restaurant operator 47 73 0.8% 0.1% 1.1%Company Hasgrove Provider of communication services 49 66 0.8% 0.2% 2.0% in public relations Avanti Screenmedia Provider of screens and media 69 61 0.7% 0.1% 1.4% advertising Formation Group Provider of wealth management and 50 60 0.7% 0.1% 1.3% related professional services Bglobal Provider of smart meters, allowing 46 52 0.6% 0.2% 0.5% the remote reading of electricity and gas meters, and data managementeXpansys Re-seller of mobile and wireless 34 39 0.4% 0.1% 0.2% technology products over the internetSt Helen's Capital Provider of corporate advisory 26 35 0.4% 1.2% 8.1% services SDI Group Specialists in the design, build 25 25 0.3% 0.1% 0.9% and support of automated warehouse handling systemsSpectrum Interactive Provider of payphones and internet 98 20 0.2% 0.3% 1.3% access throughout the UK. Leisure & Gaming Online gaming operator 87 14 0.2% 0.1% 0.5% Award International Cash shell with the intention to 3 6 0.1% 1.3% 30.4%Holdings list on the PLUS market with a view to acquiring a trading businessElevation Events Group Integrated events management and 100 - - 1.7% 8.9% corporate hospitality 2,922 3,150 36.0% LISTED FIXED INCOMETreasury 7.25% 2007 1,006 1,005 11.5% - - Treasury 4.0% 2009 972 972 11.1% - - 1,978 1,977 22.6% - - TOTAL 8,009 8,072 92.4% - - S ORDINARY SHARES % of equity % of % of held by Book cost Valuation total equity otherInvestment Name Nature of Business £'000 £'000 assets held clients UnlistedAdler & Allan Handling, transport, clean-up and 75 75 1.8% 0.3% 40.7% disposal of oil and sewage based wasteCountcar Provider of tool, plant hire and 3 3 0.1% 1.1% 25.5% hydraulic products and services to industrial sectorsCyclotech Provider of services to the energy 99 99 2.3% 1.4% 18.6% services Funeral Services Operator of funeral directors 100 100 2.3% 1.5% 48.6%Partnership ID Support Services Installation and maintenance of 50 50 1.2% 0.5% 32.8% CCTV security systems, air conditioning and refrigeration systemsMS Industrial Services Provider of industrial cleaning and 84 84 2.0% 1.4% 43.6% waste management services to the oil and industrial sectors 411 411 9.7% AIMAward International Cash shell with the intention to 3 6 0.1% 1.3% 30.4%Holdings list on the PLUS market with a view to acquiring a trading business Bglobal Provider of smart meters, allowing 23 25 0.6% 0.2% 0.5% the remote reading of electricity and gas meters, and data managementConcateno Provider of services for the 50 59 1.4% 0.3% 2.1% testing of employees for drugs and alcoholDM Direct marketing group specialising 48 51 1.2% 0.4% 1.1% in gathering consumer data for use in direct marketing campaignseXpansys Re-seller of mobile and wireless 9 10 0.2% 0.1% 0.2% technology products over the internetFormation Group Provider of wealth management and 50 60 1.4% 0.1% 1.3% related professional services Mount Engineering Manufacturer, stockist and 49 49 1.2% 1.4% 3.0% distributor of engineering products for oil, gas, water and power marketsSDI Group Specialists in the design, build 25 25 0.6% 0.1% 0.9% and support of automated warehouse handling systemsWorthington Nicholls Group Installer and maintainer of air 46 32 0.8% 0.2% 1.3% conditioning units in the hotel and retail markets 303 317 7.5% LISTED FIXED INCOMETreasury 4.0% 2009 1,463 1,458 34.3% - -Treasury 5.0% 2008 1,495 1,493 35.2% - - 2,958 2,951 69.5% - - TOTAL 3,672 3,679 86.7% - - This information is provided by RNS The company news service from the London Stock Exchange