4 Jul 2008 16:15
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AberdeenΒ Income and GrowthΒ VCT PLCΒ ("the Company")
Interim Management StatementΒ -Β Quarter ended 31 MayΒ 2008
ThisΒ Interim Management Statement,Β for theΒ quarterΒ endedΒ 31Β MayΒ 2008, is provided in accordance with Rule 4.3 of the Disclosure and TransparencyΒ Rules of the UK Listing AuthorityΒ andΒ also includes relevant informationΒ in respect of the period from 1Β JuneΒ 2008Β toΒ the date ofΒ issue.Β ThisΒ Statement has been prepared solely to provide additional informationΒ in orderΒ to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules, and should not be relied on by Shareholders,Β or any other party,Β for any other purpose.
FinancialΒ highlights
Net Asset Value* ("NAV") ofΒ 73.2pΒ per shareΒ atΒ 31 May 2008Β compared to 72.8p per share atΒ 29 February 2008.
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FinalΒ dividendΒ ofΒ 2.3p per shareΒ to beΒ paidΒ onΒ 25Β JulyΒ 2008, bringing total dividend payment for the year ended 29 February 2008 to 5.8p, equivalent to a yield of 7.7% from an equity investment to a higher-rate taxpayer who subscribed at launch and, if the initial tax relief of 20% is taken into account, the effective annual yield rises to 9.7%. On the current mid-market price ofΒ 40.5p, the equivalent yield from an equity investment to a higher-rate taxpayer would beΒ 19.1%.
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*The NAVΒ is unaudited andΒ reflects theΒ closingΒ bid priceΒ of quoted securitiesΒ atΒ 31Β MayΒ 2008. Unlisted companies areΒ normallyΒ valued on a six-monthly basis and the NAV incorporates the Directors'Β valuationΒ of unlistedΒ investmentsΒ asΒ atΒ 29 February 2008.Β
InvestmentsΒ and Disposals
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During the quarter endedΒ 31Β MayΒ 2008,Β investmentsΒ totallingΒ Β£1,008,000 were madeΒ inΒ threeΒ unlistedΒ and twoΒ AIM quoted companies.
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DuringΒ theΒ same period, a combination of partial and complete disposals ofΒ sevenΒ AIM quoted investments generated aggregate proceeds of Β£257,000 against cost of Β£350,000 and included the sale of the holding in Citel Technologies where a loss of Β£165,000 was realised; however, the fall in the value of this investment had previously been recognised and there was no resulting impact on the Company's NAV. In addition,Β aΒ combination of partial and complete disposalsΒ ofΒ fiveΒ unlisted investments generated proceeds of Β£1,887,000 against cost of Β£1,283,000 with theΒ gain arising from the sale of PSCA InternationalΒ and having previously recognised in the NAV.
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There were no other material transactions during the period under review.Β
RecentΒ developmentsΒ
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BetweenΒ 31 May 2008Β and the date of this statement,Β investmentsΒ totallingΒ Β£798,000Β were made inΒ threeΒ unlistedΒ companiesΒ andΒ oneΒ AIM quotedΒ company.
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DuringΒ the same post quarter-end period,Β disposalsΒ ofΒ oneΒ unlistedΒ investmentΒ andΒ eightΒ AIM quoted investmentsΒ generatedΒ aggregateΒ proceeds of Β£1,556,000Β against cost of Β£1,832,000. TheseΒ included theΒ disposal of a number of AIM quoted holdingsΒ where there was deemed to be little chance of a recovery in value andΒ whereΒ an aggregate realisedΒ ofΒ loss Β£776,000 had previously been recognised. Therefore,Β there wasΒ no resulting impact on the Company's NAVΒ and certain of these holdingsΒ were exchanged forΒ new sharesΒ inΒ an independent close-ended investment company that has been established to acquire quoted securities from financial institutions.Β Also includedΒ in the post quarter end disposals,Β was the sale of the unlisted investment in IΒ D Support Services Holdings whichΒ generated proceeds of Β£1,234,000Β against cost of Β£746,000Β and an investment of Β£89,000 in a new company, which is included in the figure quoted above, with the gain already having been recognised.
Other than described aboveΒ and changes inΒ theΒ value of investments quoted on regulated markets,Β theΒ Board is not aware of anyΒ material events during the period from 1Β MarchΒ toΒ 31Β MayΒ 2008,Β or in theΒ period from 1Β JuneΒ 2008Β to the date of this announcement, which would haveΒ hadΒ a material impact on the financial position of the Company.
Issued on behalf of the Board
Aberdeen Asset ManagementΒ PLC, Secretary
4Β July 2008
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