Last checked at 
14 Aug 2008 11:31
Aberdeen Growth Opportunities VCT 2 PLC
Interim results
The Directors announce the unaudited interim results for the six months ended 30 June 2008.
We are pleased to report on a period of stable performance for your Company at a time when equity markets generally have seen a downward trend and prices are likely to remain volatile given the prevailing economic conditions.
Total Return on Ordinary Shares 111.0p per share at period end, down 1.7% over the period
Total Return on S Shares 99.95p per share at period end, up 2.8% over the period
NAVs at period end of 101.5p per Ordinary Share 98.7p per S Share
Realised gains on AIM stocks equivalent to 0.4p per Ordinary Share and 1.5p per S Share
Performance
The Total Return per Ordinary Share at 30 June 2008 was 111.0p per share, a decrease of 1.7% over the equivalent figure at December 2007, while for the S Share pool it was 99.95p compared with 97.2p at the end of December 2007, an increase of 2.8%.
The Net Asset Value (NAV) per Ordinary share at 30 June 2008, after payment of the final dividend of 1.5p in respect of the year ended December 2007, was 101.5p compared with 104.9p at 31 December 2007.
The NAV per S Share at 30 June 2008 was 98.7p after payment of the final dividend of 1.25p in respect of the year ended 31 December 2007, compared with 97.2p at the year end.
Dividends
The Company paid dividends totalling 3.5p to Ordinary Shareholders in respect of the year ended 31 December 2007; this represents a yield of 5.8% on the Ordinary Shares based on their net cost after initial tax relief. The yield is tax free and is therefore equivalent to a yield of 7.7% from a listed equity for a higher rate taxpayer.
The Company paid an initial dividend of 1.25p to S Shareholders in respect of the year ended 31 December 2007. Since this portfolio is still in its investment phase, dividends are likely to be lower and more variable until its investments mature. However, the payment of this dividend earlier than for the first dividend paid to the Ordinary Shareholders does demonstrate the benefit of spreading the cost base over a larger fund size.
The Board declares interim dividends of 1.0p, payable on 17 October 2008 to holders of Ordinary shares and S Ordinary shares on the registers at 19 September 2008.
Since the Company's launch, and after receipt of the interim dividend now declared, holders of Ordinary shares will have received 10.5p in tax-free dividends, which is equivalent to 14.0p in dividends from a taxed equity investment. Taking the 40% initial tax relief into account, the cost of investment was 60p per share and, in three and a half years, shareholders will have received back the equivalent of 23% of their initial net cost of investment.
After payment of the interim dividend, holder of S Ordinary shares will have received 2.25p in tax-free dividends equivalent to 3.0p from a taxed equity investment. If the initial tax relief of 30% is taken into account, the cost of investment was 70p per share, of which the equivalent of 4.3% has been paid back to shareholders in dividends.
VCT Qualifying Status
The VCT qualifying status of your Company is monitored on a continuous basis to ensure that all of the criteria required to maintain VCT status are being achieved. The Company must achieve a level of 70% on the combined Original and S Share pools by December 2009 to maintain qualifying status. The Company is well placed to achieve this and in fact could do so before December 2008 assuming deals under consideration actually complete.
Investment Activity
During the period ended 30 June 2008, seven new unlisted and AIM investments were completed and a total of £1.7 million was invested of which £819,000 was from the Original pool and £884,000 was from the S Share pool. At the period end, the portfolio stood at 60 unlisted and AIM investments at a total cost of £9.9 million. Since 30 June 2008, 2 further new investments have been made at a cost of £200,000.
The following investments have been completed during the period.
| Investment | Date | Activity | Investment cost £'000 | Website | |
| Original pool | S Share Pool | ||||
| Unlisted | |||||
| Atlantic Foods | Feb-08 | Value -added food services supplier. | 199 | - | www atlanticfoods.co.uk |
| Camwatch | Mar-08 | Provider of CCTV monitoring and installation services. | 50 | 149 | www.camwatch.co.uk |
| MoneyPlus | Jun-08 | Provider of debt management services to individuals. | 10 | 4 | www.moneyplusgroup.co.uk |
| Nessco | Jun-08 | Telecommunication services provider. | 124 | 199 | www.nessco.co.uk |
| Riverdale Publishing | Jun-08 | Publisher of greeting cards. | 10 | - | www.riverdalepublishing.co.uk |
| TC Communications | May-08 | Marketing and communications services agency. | 159 | 99 | www.tccommunications.co.uk |
| Training For Travel | Apr-08 | Provision of assessment, tuition and or training in travel services. | 149 | 174 | No website available |
| Total Unlisted investment |
701
|
625
| |||
| AIM / PLUS | |||||
| Animalcare | Jan-08 | Markets and sells a wide range of pharmaceutical and other premium products and services to vets and vet wholesalers. | - | 100 | www.animalcare.co.uk |
| Betbrokers | Mar-08 | Provider of independent betting brokerage services. | 55 | 110 | www.betbrokers.com |
| Brookwell | Jun-08 | Close-ended investment company established to acquire AIM Securities and Listed Securities from financial institutions. | 14 | - | www.brookwelllimited.com |
| OPG Power Ventures | May-08 | Develops, owns and manages power generation plants in India. | 49 | 49 | www.opgpower.org |
| Total AIM / PLUS investment | 118 | 259 | |||
| Total | 819 | 884 |
Aberdeen Growth Opportunities VCT 2 has co-invested with Aberdeen Income and Growth VCT, Aberdeen Growth VCT I, Aberdeen Growth Opportunities VCT, Talisman First Venture Capital Trust, Gateway VCT and Guinness Flight 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
The table below gives details of all realisations during the reporting period. There were two partial realisations from the unlisted investment portfolio during the period and a major realisation after the period end. The first partial realisation was from Lime Investments which had been set up as an investment vehicle with an entrepreneur well known to Aberdeen Asset Managers to seek acquisitions in the food sector; however, none has been completed within the timescales allowed by the VCT legislation and the company repaid the amount invested in loan stock together with a commercial yield and will be wound up. This will return the equity investment to the Company in due course. In addition during the reporting period, the second partial realisation was from Homelux which repaid part of its loan stock at par ahead of its repayment schedule.
Since the period end, the investment in ID Support Services has been sold at the holding value generating a gain of £184,000 split between the two pools which is a return, including the interest received during the life of the investment, of c1.8 times the cost of £254,000 over the fifteen month holding period.
Conditions in the AIM market continued to be testing during the reporting period and there were few opportunities to actively trade the portfolio. However, net realised gains of £34,000 were generated for the Original Pool and gains of £74,000 were achieved for the S Share pool during the period.
The FTSE AIM All-share index decreased over the period by 8.4% and has now fallen by over 20% since June 2007; in comparison the performance of the Company's portfolio varied significantly with the Original Pool showing a decline of 3.8% and the S Share pool an increase of 24.3% for the period. The reason for this divergence is related to the differences in the constituent holdings of the two portfolios with the newer investments performing relatively better than the older holdings, thus favouring the S Share pool. The underlying performance of the businesses in the AIM portfolio remains sound and is expected to remain so. It is anticipated that this will be reflected in positive share price movements when market conditions improve, although the timing is uncertain.
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. The Company remains compliant with the regulations governing venture capital trusts. The Manager closely monitors the position of the Company to ensure that it complies with the various tests at all times. In order to reduce the exposure to investment risk, the Company has reinvested in a broadly-based portfolio of investments in unlisted and AIM-quoted companies in the United Kingdom.
Outlook
The performance of the quoted markets generally has been volatile and it appears that these conditions will prevail for some time. Opportunities to invest in companies seeking to achieve an IPO on the AIM Market have therefore been limited and little change is expected in the short term.
The majority of the assets in the invested portfolio are in well managed private companies whose values are not directly affected by short term fluctuations in the quoted markets. This portfolio is still relatively young but is maturing and a number of successful realisations may be possible which will result in a continuing need to re-invest the proceeds in due course in accordance with the VCT Regulations.
The following table shows all sales from the investment portfolio made by the Company during the reporting period.
| Ordinary Shares | S Shares | |||||||
| Date first invested | Complete/ Partial Exit | Cost of shares disposed of | Sales Proceeds | Realised Gain/Loss | Cost of shares disposed of | Sales Proceeds | Realised Gain/Loss | |
|
|
|
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| Unlisted | ||||||||
| Homelux Nenplas | 2006 | Partial | 50 | 50 | - | - | - | - |
| Lime Investments | 2007 | Partial | 175 | 175 | - | - | - | - |
| 225 | 225 | - | - | - | - | |||
| AIM / PLUS | ||||||||
| AT Communications | 2005 | Complete | 20 | 14 | (6) | - | - | - |
| Craneware | 2007 | Partial | 29 | 47 | 18 | 10 | 15 | 5 |
| Darwen | 2007 | Partial | 60 | 163 | 103 | 40 | 109 | 69 |
| Expansys | 2007 | Complete | 31 | 6 | (25) | 8 | 2 | (6) |
| Imprint | 2005 | Complete | 153 | 58 | (95) | - | - | - |
| Mount Engineering | 2007 | Partial | 48 | 55 | 7 | 14 | 16 | 2 |
| Pressure Technologies | 2007 | Complete | 95 | 124 | 29 | - | - | - |
| Other | 25 | 28 | 3 | 16 | 20 | 4 | ||
| 461 | 495 | 34 | 88 | 162 | 4 | |||
| Total | 686 | 720 | 34 | 88 | 162 | 74 | ||
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
INCOME STATEMENT
For the six months ended 30 June 2008 (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 | |
| (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 | 85 | (233) | (148) | 72 | 66 | 138 | 157 | (167) | (10) |
| before taxation | |||||||||
| 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
| Ordinary Shares | S Ordinary Shares | TOTAL | |
| £'000 | £'000 | £'000 | |
| Opening Shareholders' funds | 8,221 | 4,831 | 13,052 |
| Total (loss)/profit for year | (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 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 | 90 | 173 | 263 | 22 | (10) | 12 | 112 | 163 | 275 |
| before taxation | |||||||||
| 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 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
| Ordinary Shares | S Ordinary Shares | TOTAL | |
| £'000 | £'000 | £'000 | |
| Opening Shareholders' funds | 8,789 | - | 8,789 |
| Total profit for year | 263 | 12 | 275 |
| Net proceeds of issue of shares | - | 4,232 | 4,232 |
| Dividends 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 year ended 31 December 2007 (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 | - | (120) | (120) | - | 69 | 69 | - | (51) | (51) |
| Income from investments | 334 | - | 334 | 145 | - | 145 | 479 | - | 479 |
| Other income | 28 | - | 28 | 27 | - | 27 | 55 | - | 55 |
| Investment management fees | (37) | (148) | (185) | (14) | (56) | (70) | (51) | (204) | (255) |
| Other expenses | (155) | - | (155) | (64) | - | (64) | (219) | - | (219) |
| Profit/(loss) on ordinary activities before taxation | 170 | (268) | (98) | 94 | 13 | 107 | 264 | (255) | 9 |
| Tax on ordinary activities | (29) | 29 | - | (17) | 17 | - | (46) | 46 | - |
| Profit/(loss) on ordinary activities after taxation | 141 | (239) | (98) | 77 | 30 | 107 | 218 | (209) | 9 |
| Earnings per share (pence) | 1.8 | (3.1) | (1.3) | 1.8 | 0.7 | 2.5 | 3.6 | (2.4) | 1.2 |
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
| Ordinary Shares | S Ordinary Shares | TOTAL | |
| £'000 | £'000 | £'000 | |
| Opening Shareholders' funds | 8,789 | - | 8,789 |
| Total (loss)/profit for year | (98) | 107 | 9 |
| Net proceeds of issue of shares | - | 4,724 | 4,724 |
| Dividends paid - revenue | (39) | - | (39) |
| Dividends paid - capital | (431) | - | (431) |
| Closing Shareholders' funds | 8,221 | 4,831 | 13,052 |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
BALANCE SHEET
As at 30 June 2008
| 30 June 2008 | 30 June 2007 | 31 December 2007 | ||||||||
| (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 | 7,651 | 4,781 | 12,432 | 8,072 | 3,679 | 11,751 | 7,714 | 4,494 | 12,208 | |
| Current assets | ||||||||||
| Debtors | 230 | 95 | 325 | 241 | 55 | 296 | 152 | 72 | 224 | |
| Cash and overnight deposits | 99 | 43 | 142 | 485 | 541 | 1,026 | 444 | 307 | 751 | |
| 329 | 138 | 467 | 726 | 596 | 1,322 | 596 | 379 | 975 | ||
| Creditors: amounts falling due within one year | (25) | (12) | (37) | (59) | (31) | (90) | (89) | (42) | (131) | |
| Net current assets | 304 | 126 | 430 | 667 | 565 | 1,232 | 507 | 337 | 844 | |
| Total net assets | 7,955 | 4,907 | 12,862 | 8,739 | 4,244 | 12,983 | 8,221 | 4,831 | 13,052 | |
| Capital and reserves | ||||||||||
| Called up share capital | 784 | 497 | 1,281 | 784 | 446 | 1,230 | 784 | 497 | 1,281 | |
| Share premium | - | 4,227 | 4,227 | - | 3,786 | 3,786 | - | 4,227 | 4,227 | |
| Distributable reserve | 6,660 | - | 6,660 | 6,660 | - | 6,660 | 6,660 | - | 6,660 | |
| Capital reserves - realised | 937 | 12 | 949 | 1,099 | (13) | 1,086 | 965 | (32) | 933 | |
| Capital reserves - unrealised | (578) | 97 | (481) | 63 | 7 | 70 | (388) | 62 | (326) | |
| Revenue reserve | 152 | 74 | 226 | 133 | 18 | 151 | 200 | 77 | 277 | |
| Net assets attributable to Ordinary Shareholders | 7,955 | 4,907 | 12,862 | 8,739 | 4,244 | 12,983 | 8,221 | 4,831 | 13,052 | |
| Net asset value per ordinary share (pence) | 101.5 | 98.7 |
| 111.5 | 95.3 |
| 104.9 | 97.2 |
| |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
CASH FLOW STATEMENT
For the six months ended 30 June 2008
| Six months to 30 June 2008 | Six months to 30 June 2007 | Year to 31 December 2007 | |||||||
| (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 | 119 | 104 | 223 | 189 | - | 189 | 297 | 56 | 353 |
| Deposit interest received | 6 | 5 | 11 | 26 | 10 | 36 | 36 | 25 | 61 |
| Investment management fees paid | (126) | (76) | (202) | (130) | (26) | (156) | (183) | (51) | (234) |
| Secretarial fees paid | (38) | (20) | (58) | (39) | (8) | (47) | (48) | (13) | (61) |
| Cash paid to and on behalf of Directors | (19) | (10) | (29) | (14) | (5) | (19) | (39) | (12) | (51) |
| Other cash payments | (39) | (19) | (58) | (54) | (11) | (65) | (63) | (18) | (81) |
| Net cash outflow from operating activities | (97) | (16) | (113) | (22) | (40) | (62) | - | (13) | (13) |
| Taxation | |||||||||
| Corporation tax | - | - | - | - | - | - | - | - | - |
| Financial investment | |||||||||
| Purchase of investments | (809) | (2,281) | (3,090) | (4,717) | (3,677) | (8,394) | (6,407) | (4,459) | (10,866) |
| Sale of investments | 679 | 2,095 | 2,774 | 5,034 | 26 | 5,060 | 6,818 | 55 | 6,873 |
| Net cash (outflow)/inflow from financial investment | (130) | (186) | (316) | 317 | (3,651) | (3,334) | 411 | (4,404) | (3,993) |
| Equity dividends paid | (118) | (62) | (180) | (313) | - | (313) | (470) | - | (470) |
| Net cash (outflow)/inflow before financing | (345) | (264) | (609) | (18) | (3,691) | (3,709) | (59) | (4,417) | (4,476) |
| Financing | |||||||||
| Issue of ordinary shares | - | - | - | - | 4,455 | 4,455 | - | 4,972 | 4,972 |
| Expense of share issue | - | - | - | - | (223) | (223) | - | (248) | (248) |
| Net cash inflow from financing | - | - | - | - | 4,232 | 4,232 | - | 4,724 | 4,724 |
| (Decrease)/increase in cash | (345) | (264) | (609) | (18) | 541 | 523 | (59) | 307 | 248 |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
Notes to the Financial Statements
1. Accounting Policies
The financial information for the six months ended 30 June 2008 and the six months ended 30 June 2007 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 2007.
| 2. | Capital | Capital | |||
| reserves | reserves | Revenue | Distributable | ||
| Movement in reserves | realised | unrealised | reserve | reserve | |
| ORDINARY SHARES | £'000 | £'000 | £'000 | £'000 | |
| As at 31 December 2007 | 965 | (388) | 200 | 6,660 | |
| Gains on sales of investments | 33 | - | - | - | |
| Decrease in unrealised appreciation | - | (190) | - | - | |
| Investment management fees | (76) | - | - | - | |
| Dividends paid | - | - | (118) | - | |
| Tax effect of capital items | 15 | - | - | - | |
| Retained net revenue for period | - | - | 70 | - | |
| As at 30 June 2008 | 937 | (578) | 152 | 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 2007 | (32) | 62 | 77 | 4,227 | |
| Gains on sales of investments | 77 | - | - | - | |
| Increase in unrealised appreciation | - | 35 | - | - | |
| Investment management fees | (46) | - | - | - | |
| Dividends paid | - | - | (62) | - | |
| Tax effect of capital items | 13 | - | - | - | |
| Retained net revenue for period | - | - | 59 | - | |
| As at 30 June 2008 | 12 | 97 | 74 | 4,227 | |
| 3. | Six months ended | ||||
| Returns per ordinary share | 30 June 2008 | ||||
| ORDINARY SHARES | |||||
| The returns per share have been based on the following figures: | |||||
| Weighted average number of ordinary shares | 7,835,163 | ||||
| Revenue Return | £ | 70,000 | |||
| Capital Return | £ | 218,000 | |||
| 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 | £ | 59,000 | |||
| Capital Return | £ | 79,000 | |||
A summary of investment changes for the period under review and an investment portfolio summary as at 30 June 2008 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
ABERDEEN ASSET MANAGEMENT PLC, SECRETARY
14 August 2008
ABERDEEN GROWTH OPPORTUNITIES VCT 2
ORDINARY SHARES - SUMMARY OF INVESTMENT CHANGES
For the period ended 30 June 2008
| Valuation | Net investment | Appreciation | Valuation | |||||
| 31 December 2007 | (disinvestment) | (depreciation) | 30 June 2008 | |||||
| £'000 | % | £'000 | £'000 | £'000 | % | |||
| Unlisted investments | ||||||||
| Equities | 1,061 | 12.9 | 75 | (27) | 1,109 | 13.9 | ||
| Preference | 31 | 0.4 | 1 | - | 32 | 0.4 | ||
| Loan stocks | 2,942 | 35.8 | 390 | (151) | 3,181 | 40.0 | ||
| 4,034 | 49.1 | 466 | (178) | 4,322 | 54.3 | |||
| AIM investments | ||||||||
| Equities | 3,083 | 37.5 | (377) | 27 | 2,733 | 34.4 | ||
| Listed investments | ||||||||
| Fixed income | 597 | 7.3 | 5 | (6) | 596 | 7.5 | ||
| Unit trusts | - | - | - | - | - | - | ||
| Total investments | 7,714 | 93.9 | 94 | (157) | 7,651 | 96.2 | ||
| Other net assets | 507 | 6.1 | (203) | - | 304 | 3.8 | ||
| Total Assets | 8,221 | 100.0 | (109) | (157) | 7,955 | 100.0 | ||
ABERDEEN GROWTH OPPORTUNITIES VCT 2
S ORDINARY SHARES - SUMMARY OF INVESTMENT CHANGES
For the period ended 30 June 2008
| Valuation | Net investment | Appreciation | Valuation | |||
| 31 December 2007 | (disinvestment) | depreciation) | 30 June 2008 | |||
| £'000 | % | £'000 | £'000 | £'000 | % | |
| Unlisted investments | ||||||
| Equities | 236 | 4.9 | 64 | (6) | 294 | 6.0 |
| Preference | 4 | 0.1 | 1 | - | 5 | 0.1 |
| Loan stocks | 812 | 16.8 | 561 | (89) | 1,284 | 26.2 |
| 1,052 | 21.8 | 626 | (95) | 1,583 | 32.3 | |
| AIM investments | ||||||
| Equities | 450 | 9.3 | 98 | 245 | 793 | 16.2 |
| Listed investments | ||||||
| Fixed income | 2,992 | 61.9 | (549) | (38) | 2,405 | 49.0 |
| Unit Trusts | - | - | - | - | - | - |
| Total investments | 4,494 | 93.0 | 175 | 112 | 4,781 | 97.5 |
| Other net assets | 337 | 7.0 | (211) | - | 126 | 2.5 |
| Total Assets | 4,831 | 100.0 | (36) | 112 | 4,907 | 100.0 |
ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC
INVESTMENT PORTFOLIO SUMMARY
As at 30 June 2008
| Ordinary shares | S Ordinary shares | % of equity | ||||||
| % of | % of | % of | held by | |||||
| Book cost | Valuation | total | Book cost | Valuation | total | equity | other | |
| Investment | £'000 | £'000 | assets | £'000 | £'000 | assets | held | clients |
| Unlisted |
|
|
| |||||
| Money Plus Group Limited | 340 | 260 | 4.3% | 129 | 129 | 2.6% | 5.9% | 33.2% |
| Transys Holdings Limited | 285 | 249 | 3.6% | 171 | 149 | 3.5% | 4.6% | 65.3% |
| ID Support Services Holdings Ltd | 352 | 204 | 4.4% | 86 | 50 | 1.8% | 2.7% | 29.4% |
| Silkwater Holdings (trading as Cyclotech) | 304 | 249 | 3.8% | 121 | 99 | 2.5% | 4.8% | 14.1% |
| Funeral Services Partnership Limited | 298 | 298 | 3.7% | 124 | 124 | 2.5% | 3.0% | 25.2% |
| Camwatch Limited | 261 | 261 | 3.3% | 149 | 149 | 3.0% | 9.8% | 34.6% |
| Energy Services Investment Company (ESIC) Limited | 248 | 248 | 3.1% | 99 | 99 | 2.0% | 13.3% | 68.4% |
| Training For Travel Group Limited | 149 | 149 | 1.9% | 174 | 174 | 3.5% | 3.7% | 24.7% |
| Nessco Group Holdings Limited | 124 | 124 | 1.6% | 199 | 199 | 4.2% | 4.2% | 32.0% |
| Homelux Nenplas Limited | 319 | 149 | 4.0% | - | - | - | 3.4% | 41.6% |
| Steminic (trading as MS Industrial Services Ltd) | 184 | 184 | 2.3% | 84 | 84 | 1.7% | 4.5% | 40.1% |
| TC Communications Holdings | 159 | 159 | 2.0% | 99 | 99 | 2.0% | 5.4% | 29.9% |
| Adler & Allan Holdings Limited | 150 | 150 | 1.9% | 75 | 75 | 1.5% | 1.0% | 38.7% |
| Martel Instruments Holdings Limited | 224 | 224 | 2.8% | - | - | - | 3.2% | 30.2% |
| Oliver Kay Holdings Limited | 209 | 209 | 2.6% | - | - | - | 1.3% | 18.7% |
| Atlantic Foods Group Limited | 199 | 199 | 2.5% | - | - | - | 1.1% | 7.7% |
| Enpure Holdings Limited | 137 | 100 | 1.7% | - | - | - | 0.4% | 79.2% |
| Essential Viewing Systems Limited | 122 | 162 | 1.5% | - | - | - | 9.5% | 39.9% |
| Buildstore Limited | 105 | 105 | 1.3% | - | - | - | 0.6% | 6.8% |
| Countcar | 77 | 6 | 1.0% | 43 | 3 | 0.9% | 3.1% | 23.7% |
| Others | 76 | 736 | 1.0% | 30 | 36 | 0.6% |
|
|
|
| 4,322 | 4,425 | 54.3% | 1,583 | 1,469 | 32.3% |
|
|
| AIM / PLUS |
|
|
| |||||
| Darwen Group Plc | 213 | 89 | 2.7% | 142 | 60 | 2.9% | 2.0% | 2.7% |
| Concateno plc | 225 | 176 | 2.8% | 46 | 50 | 0.9% | 0.4% | 1.1% |
| Craneware plc | 183 | 114 | 2.3% | 60 | 47 | 1.2% | 0.8% | 0.3% |
| Plastics Capital Plc | 177 | 197 | 2.2% | 45 | 50 | 0.9% | 0.9% | 2.1% |
| Melorio Plc | 118 | 148 | 1.5% | 72 | 90 | 1.5% | 0.8% | 0.9% |
| Mount Engineering plc | 131 | 124 | 1.6% | 38 | 35 | 0.8% | 0.9% | 1.0% |
| Litcomp plc | 155 | 100 | 1.9% | - | - | - | - | 4.9% |
| Betbrokers Plc | 51 | 55 | 0.6% | 103 | 110 | 2.1% | 0.6% | 0.8% |
| Axeon plc | 128 | 106 | 1.6% | - | - | - | 0.4% | 3.2% |
| DM PLC | 84 | 79 | 1.1% | 42 | 40 | 0.9% | 0.6% | 0.1% |
| Essentially Group PLC | 92 | 135 | 1.2% | 33 | 49 | 0.7% | 0.7% | 1.8% |
| Software Radio Technology PLC | 122 | 138 | 1.5% | - | - | - | 0.4% | 2.2% |
| Amazing Holdings PLC | 118 | 151 | 1.5% | - | - | - | 0.5% | 1.7% |
| Datong PLC | 116 | 151 | 1.5% | - | - | - | 0.9% | 1.1% |
| Animalcare Group Plc | - | - | - | 100 | 100 | 2.0% | 0.9% | 3.7% |
| Formation Group PLC | 50 | 49 | 0.6% | 50 | 49 | 1.0% | 0.2% | 0.2% |
| OPG Power Ventures | 47 | 41 | 0.6% | 47 | 41 | 1.0% | 0.2% | - |
| System C Healthcare plc | 89 | 150 | 1.1% | - | - | - | 0.3% | 1.0% |
| Work Group PLC | 86 | 151 | 1.1% | - | - | - | 0.7% | 2.6% |
| Hambledon Mining PLC | 81 | 83 | 1.0% | - | - | - | 0.2% | 0.1% |
| Avanti Communications Group Plc | 76 | 69 | 1.0% | - | - | - | 0.1% | 1.3% |
| Smart Identity plc | 70 | 72 | 0.9% | - | - | - | 1.9% | 3.4% |
| Universe Group PLC | 68 | 100 | 0.9% | - | - | - | 1.2% | 1.4% |
| Neutrahealth plc | 63 | 89 | 0.8% | - | - | - | 0.6% | 1.3% |
| Hasgrove plc | 48 | 49 | 0.6% | - | - | - | 0.2% | 1.8% |
| Individual Restaurant Company plc | 31 | 47 | 0.4% | - | - | - | 0.1% | 0.9% |
| St Helen's Capital PLC | 28 | 26 | 0.4% | - | - | - | 0.6% | 4.2% |
| Others | 83 | 523 | 1.0% | 15 | 74 | 0.3% |
|
|
| 2,733 | 3,212 | 34.4% | 793 | 795 | 16.2% |
|
| |
| Listed Fixed Income |
|
|
|
|
| |||
| Treasury 5.75% Dec 2009 | - | - | - | 1,362 | 1,388 | 27.7% |
|
|
| Treasury 4% 07/03/09 | 596 | 593 | 7.5% | 1,043 | 1,040 | 21.3% |
|
|
|
| 596 | 593 | 7.5% | 2,405 | 2,428 | 49.0% |
|
|
|
|
|
|
|
|
|
|
| |
| Total | 7,651 | 8,230 | 96.2% | 4,781 | 4,692 | 97.5% |
|
|