Maven Grwth 3 Regulatory News (MIG3)

6 Feb 2008 11:51

Aberdeen Growth Opps VCT PLC06 February 2008 Aberdeen Growth Opportunities VCT PLC I am pleased to report on another successful year for your company. Among thehighlights are: • Total Return on Ordinary shares 115.1p per share (pps) at year end up 4.8% over the year • Net asset value (NAV) of Ordinary shares at year end of 102.6pps • Total Return on C Shares 99.2pps at year end up 3.3% over the year • NAV of C Share at year end of 97.2p • 3 successful exits from unlisted companies during the year generating net gains of 4.0p per Ordinary share • Net realised gains from AIM stocks of 6.8p per Ordinary share and 1.2p per C share for the year • Dividends declared or proposed of 4.75p per Ordinary share and 3.2p per C share in respect of the year Performance The Total Return per Ordinary Share at 30 November 2007 was 115.1pps, anincrease of 4.8% over the equivalent figure at November 2006, while for the CShare pool it is 99.2pps compared with 96.0pps a year previously, an increase of3.3%. The most important measure for a VCT is the total return being the longterm record of dividend payments out of income and capital gains combined withthe current NAV. In the short term, the NAV on its own is a less importantmeasure of the performance as the underlying investments are long-term in natureand not readily realisable. The Net Asset Value (NAV) per Ordinary share at 30 November 2007, before paymentof the proposed dividend in respect of the year then ended, was 102.6p afterpayment of dividends totalling 7.5p. compared with 104.8p at 30 November 2006. The NAV per C Share at 30 November 2007 was 97.2p, an increase of 1.3% over theprevious year after paying dividends of 2.0p during the year. The effect of paying the proposed dividends of 1.75p per share on the Originalpool and 2.2p on the C Shares will be to reduce the NAV to 100.85p and 95.0prespectively. The VCT qualifying status of your Company is monitored on a continuous basis,and I am pleased to confirm that all tests continue to be met. Dividend policy In the Interim Report the Board intimated an enhanced dividend policy. In viewof the growing maturity of the unlisted investments in the Ordinary Shareportfolio and the capital gains that have been achieved to date, the Board hasdecided to target annual dividend payments of either 4p per Ordinary Share or50% of the uplift in NAV, whichever is the greater, subject to maintaining theNAV at around 100p per share in the longer term and, of course, to theavailability of distributable reserves. It is the intention of the Board thatthis policy, combined with continuing sound performance, should stimulate thesecondary market in the Company's shares leading to a reduction in the currentdiscount to NAV. The Board also examined the practicalities of introducing adividend re-investment programme for Shareholders who wish to increase theirholding in the Company and decided that Shareholders could gain access to theCompany's shares on better terms in the current market through their ownbrokers. A limited number of shares is currently available in the market forpurchase. Shareholders acquiring shares through the market will not qualify forfront-end tax relief but all dividends received, out of capital or income, arefree of tax to UK taxpayers. As regards the C Ordinary Share portfolio, since it is still in its investmentphase dividends are likely to be more variable until it achieves critical massand is merged with the Ordinary Share portfolio in April 2009. However, it ispleasing to note at this stage that the performance of the C Ordinary Shareportfolio remains ahead of that of the Ordinary Share portfolio at thecomparable stage in its development. The Company paid an interim dividend of 3.0p to Ordinary Shareholders and 1.0pto C Shareholders on 24 August 2007. The Board is now proposing a final dividendof 1.75 per Ordinary Share and 2.2p per C Ordinary Share, both to be paid on 30April 2008 to shareholders on the register on 28 March 2008. The total dividendsin respect of the year of 4.75p and 3.2p represent a yield of 5.9% and 5.3% onthe Ordinary and C Shares respectively based on their net cost after initial taxrelief. Based on the mid market price at 30 November 2007 the equivalent yieldis 6.6% and 3.2%. The yield is tax free and is therefore equivalent to 8.8% and4.3% from a UK equity for a higher rate taxpayer. Investment Strategy The strategy for both the Ordinary share pool and the C share pool remains tobuild a diversified portfolio of unlisted and AIM investments which offer stronggrowth prospects and therefore the opportunity for capital gains in the mediumto longer term, while maintaining VCT qualifying status. The Company does notcurrently utilise gearing in making its investments but the Board may elect totake advantage on a selective basis of its ability to borrow up to 10% of NetAsset Value in pursuit of the investment strategy. Portfolio Developments There were three further successful exits from companies in the Ordinary Sharepool unlisted portfolio during the course of the year and one exit where arealised loss was incurred although this had been foreseen and a suitableprovision made in earlier periods. The net gain from these realisations amountedto 4.0p per share. Net realised gains amounting to 6.8p per Ordinary Share and 1.2p per C Sharewere also achieved from the AIM portfolios over the year. Further details of allof these gains are given later in this report. The Company's AIM holdingsappreciated in value by 31% during the first half of the year, compared with anincrease of 19% in the FTSE AIM All-share index. Since then, however, stockmarkets generally have declined and the FTSE AIM All-share index has fallen overthe second half by 13.1% as the effects of credit crises and fears of recessionhave taken their toll. For the full year, the Ordinary Share AIM portfolioachieved an uplift of 11.6% and the C Share pool a modest reduction of 0.7%compared to an increase in the FTSE AIM All-share index of 3.4% over the sameperiod. At the year end the split by value of unquoted and AIM holdings was 63:37 forthe Ordinary shares and 73:27 for the C shares. Investment Activity During the year ended 30 November 2007, twenty-eight significant unlisted andAIM investments were completed and a total of £9.5 million was invested of which£4.0 million was from the Ordinary Share pool and £5.5 million was from the CShare pool. At the year end, the portfolio stood at 71 unlisted and AIMinvestments at a total cost of £15.3 million. Since 30 November 2007, threefurther new investments and one follow-on investment have been made at a totalcost of £1.7 million. The following new investments have been completed during the year. Investment Date Activity Investment cost Website £'000 Original C Share pool PoolUnlistedAdler & Allan Jun-07 Handling and disposal of 175 249 liquid wasteCamwatch Mar-07 Provider of CCTV 257 393 www.cctv-monitoring.net monitoring and installation servicesSilkwater Holdings May-07 Provider of services to 149 249 www.cyclotech.com(trading as Cyclotech) the energy sectorEnergy Services Nov-07 Shell company set up to 149 398Investment Co provide services to the energy sectorFuneral Services Mar-07 Operator of funeral 348 497Partnership directorsID Support Services Mar-07 CCTV security and air 259 348 www.id-group.co.uk conditioning systemsLime Investments Mar-07 Shell company set up to 273 348 acquire branded premium-end or niche food and beverage businessesMartel Instruments Jan-07 Manufacturer of compact, 264 398 handheld printers and display devicesSteminic (trading as MS Apr-07 Provider of industrial 223 338 www.msis.uk.comIndustrial Services) cleaning and waste management services to the oil and industrial sectorsOliver Kay Holdings Jan-07 Supplier of fresh produce 249 383 www.oliverkayproduce.co.uk to the on-trade catering industry in the UKRiverdale Publishing Apr-07 Publisher of greeting 217 cardsOther 94 10 Total Unlisted investment 2,657 3,611 AIM/PLUSAvanti Communications Apr 07 Provides satellite 151 services in Europe using leased satellite capacityConcateno Jun 07 Provider of services for 27 209 the testing of employees for drugs and alcoholCraneware Sep 07 Provider of billing and 65 100 auditing software for use in the US healthcare marketDarwen Sep 07 Bus manufacturer and low 100 149 emission technology groupDM Apr 07 Direct marketing group 134 specialising in gathering consumer data for use in direct marketing campaignsEleco Dec 07 Manufacturer of precast 158 concrete products, metal roofing and cladding products and panels for interiorsEssentially Group Jul 07 Sports marketing, media 49 49 management and professional services groupFormation Group Jun 07 Provider of wealth 66 86 management and related professional servicesHexagon Human Capital Feb 07 Provider of executive 99 search and recruitment servicesIndividual Restaurant Jun 07 Restaurant operator 82 62CompanyK3 Business Technology Mar 07 Business application 120Group software resellerMelorio Oct 07 UK provider of onsite 99 296 assessment and training within the construction industryMount Engineering Jun 07 Manufacturer, stockist 123 49 and distributor of engineering products for oil, gas, power, water and general industrial marketsNeuropharm May 07 Pharmaceutical company 100Software Radio Technology Nov 07 Provider of wireless 38 technology products and servicesTangent Communications Feb 07 Digital printing and 79 marketing services companyUniverse Group Apr 07 Provider of managed 67 services and payment solutions to the petrol retail sectorOther 202 226Total AIM/PLUS investment 1,280 1,705Total 3,937 5,316 Aberdeen Growth Opportunities VCT has co-invested with Aberdeen DevelopmentCapital, Aberdeen Growth VCT I, Aberdeen Growth Opportunities VCT 2, TalismanFirst Venture Capital Trust, Aberdeen Income and Growth VCT and Guinness FlightVenture Capital Trust in some or all of the above transactions and is expectedto continue to do so with these as well as other clients of the Manager. Theadvantage is that, together, the funds are able to underwrite a wider range andsize of transaction than would be the case on a stand alone basis. Portfolio Developments Following a number of successful realisations during 2006, further realisationsfrom the Ordinary Share pool have occurred in the reporting period as shown inthe table immediately following this review. While these realisationscontributed to the increase in Total Return, the effect was to deplete theinvested portfolio of the Ordinary Share pool. During the reporting period tennew substantial unlisted investments and 18 new AIM investments have been addedin rebuilding the portfolio. We are pleased to note that all of the unlistedinvestments have traded in line with or ahead of their business plan sinceinvestment; however, it is likely to be some time before these investments reacha level of maturity which enables profitable exits to be negotiated. The holding in Amgas was sold and incurred a loss compared to the cost of theinvestment; however, the valuation of the holding had been written down inearlier periods in anticipation of such an outcome and a small loss of c£10,000was incurred on disposal. In contrast, the sale of the investment in EIG(Investments) was successfully completed in January 2007 approximately 15 monthsafter first investing resulting in a gain of £280,000 during the reportingperiod; since then deferred consideration has been paid which increases the gainon the investment by a further £24,000. The sale of Enterprise Food Groupcompleted during the period; the final sale in a series of individual disposalswhich has resulted in a total gain on the investment of £114,000, including thegain of £67,000 achieved in the period. This compares to the original cost ofthe investment of £150,000. Palgrave Brown repaid all of its loan capital at paramounting to £135,000 while capitalising the accrued redemption premium into aloan stock carrying the same terms as that repaid. Finally RMS Europe was soldachieving a gain of £103,000 on the original cost of £116,000. The AIM portfolio continued to be actively traded when the opportunity arose,recognising the more unstable conditions which prevailed in the second half ofthe year. Net gains of £669,000 were generated for the Ordinary Share pool and again of £176,000 for the C Share pool over the year. The FTSE AIM All-shareindex has increased over the year by 3.4%; the overall performance of theCompany's portfolio is significantly better than the market with the OrdinaryShare pool showing an uplift of 11.6% while the C Share pool showed a decline of0.7% for the year. In addition to the realised gains mentioned above, details of which can be foundin the table below, unrealised gains compared to valuations at November 2006totalling £42,000 arose on the original pool of investments. In the unlistedportfolio, unrealised gains on Homelux Nenplas (£177,000), Money Plus (£106,000)and PSCA (£116,000) reflecting improving prospects for those companies wereoffset by reductions in the value of Riverdale Publishing (£327,000), and Oled-T(£159,000). In the AIM portfolio gains on Axeon (£185,000) and Tanfield(£85,000) were partially offset by reductions in the market value of WorthingtonNicholls (£187,000). The most significant valuation changes were an unrealised gain on HomeluxNenplas (£243,000) and a reduction in the value of Worthington Nicholls(£281,000) which also affected the C Share pool. New management is beinginstalled at Worthington Nicholls and some improvement is expected. Investments in the unlisted portfolio are generally trading well but where thereis underperformance particular attention is paid to those companies by theManager to effect an improvement and protect the value of the investment. Outlook The pipeline of new private company investments remains healthy, withsignificant mergers and acquisitions activity currently in evidence on the backof impending changes in Capital Gains Tax legislation, which is motivating someowners of private companies to sell. Conversely, opportunities to invest in theAIM market are reduced; recent volatility has seen fewer new IPOs in the earlypart of 2008 and we expect this trend to continue for the immediate future.Overall, the level of new investment activity remains positive with asignificant number of new transactions in process across the Manager's networkof UK offices. Ordinary Share Pool C Share Pool Date first Complete/ Cost of Sales Realised Cost of Sales Realised Gain invested Partial Exit shares Proceeds Gain/ shares Proceeds /Loss disposed (Loss) disposed of of £'000 £'000 £'000 £'000 £'000 £'000UnlistedAmgas 2003 Complete 100 16 (84)EIG (Investments) 2005 Complete 301 604 303Enterprise Food 2005 Complete 67 67Group HoldingsPalgrave Brown 2002 Partial 135 135(Holdings) RMS Europe 2004 Complete 116 219 103 652 1,041 389 AIMAir Music & Media 2004 Complete 150 35 (115)Assetco 2003 Complete 16 31 15Avanti Screenmedia 2004 Complete 171 171 0Axeon 2003 Partial 51 97 46Bglobal 2007 Complete 25 27 2 35 38 3Careforce Group 2004 Complete 55 79 24Cello Group 2004 Partial 26 38 12DM 2007 Partial 8 10 2Eleco 2006 Complete 158 184 26Fairground Gaming 2006 Complete 149 39 (110)HoldingsFountains 2004 Partial 47 43 (4)Hexagon Human 2007 Partial 26 30 4CapitalInspicio 2005 Complete 71 124 53K3 Business 2007 Complete 120 154 34technology GroupLeadcom Integrated 2006 Complete 98 70 (28)SolutionsMTI Wireless Edge 2006 Complete 41 53 12Software Radio 2005 Partial 25 44 19TechnologySport Media Group 2006 Partial 40 49 9Tanfield 2004 Partial 51 513 462Velosi 2006 Complete 136 174 38Zetar 2005 Complete 69 188 119 276 417 141Other 73 93 20 98 159 61 897 1,566 669 1,118 1,294 176 Unit TrustAberdeen Global 2004 Complete 485 506 21 1,000 994 (6)Fixed InterestOpportunities 485 506 21 1,000 994 (6) Total 2,034 3,113 1,079 2,118 2,288 170 ABERDEEN GROWTH OPPORTUNITIES VCT PLC INCOME STATEMENT For the year ended 30 November 2007 Ordinary shares 'C' Ordinary shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 457 457 - 334 334 - 791 791 Income from investments 392 - 392 698 - 698 1,090 - 1,090 Other income 41 - 41 21 - 21 62 - 62 Investment management fees (59) (235) (294) (82) (331) (413) (141) (566) (707) Other expenses (102) - (102) (136) - (136) (238) - (238) Net return on ordinary 272 222 494 501 3 504 773 225 998activities before taxation Tax on ordinary activities (48) 76 28 (91) 63 (28) (139) 139 - Return attributable to 224 298 522 410 66 476 634 364 998equity shareholders Return per Ordinary share 2.30 3.06 5.36 2.74 0.44 3.18(pence) 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 'C' ORDINARY SHARES SHARES TOTAL £'000 £'000 £'000Opening Shareholders' funds 10,210 14,362 24,572 Movements in the yearTotal profit for the year 522 476 998Dividends paid - revenue (49) (150) (199)Dividends paid - capital (682) (150) (832) Closing Shareholders' funds 10,001 14,538 24,539 ABERDEEN GROWTH OPPORTUNITIES VCT PLC INCOME STATEMENT For the year ended 30 November 2006 Ordinary shares 'C' Ordinary shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 1,061 1,061 - 115 115 - 1,176 1,176 Income from investments 241 - 241 386 - 386 627 - 627 Other income 21 - 21 21 - 21 42 - 42 Investment management fees (54) (216) (270) (52) (207) (259) (106) (423) (529) Other expenses (107) - (107) (100) - (100) (207) - (207) Net return/(loss) on 101 845 946 255 (92) 163 356 753 1,109ordinary activities before taxation Tax on ordinary activities (20) 27 7 (46) 39 (7) (66) 66 - Return attributable to 81 872 953 209 (53) 156 290 819 1,109equity shareholders Return per Ordinary share 0.82 8.88 9.70 1.69 (0.43) 1.26 2.51 8.45 10.96(pence) 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 'C' ORDINARY ORDINARY SHARES TOTAL SHARES £'000 £'000 £'000 Opening Shareholders' funds 9,623 - 9,623 Movements in the periodTotal profit for the period 953 156 1,109Net proceeds of issue of shares - 14,206 14,206Repurchase and cancellation of (167) - (167)shares Dividends paid - revenue (50) - (50)Dividends paid - capital (149) - (149) Closing Shareholders' funds 10,210 14,362 24,572 Reconciliation of movements in Shareholders' Funds ABERDEEN GROWTH OPPORTUNITIES VCT PLCBALANCE SHEETAs at 30 November 2007 30 November 2007 30 November 2006 Ordinary 'C' Total Ordinary 'C' Total shares Ordinary shares Ordinary shares shares £'000 £'000 £'000 £'000 £'000 £'000Fixed assetsInvestments at fair value through profitand loss 9,318 13,123 22,441 7,169 13,913 21,082 Current assets Debtors 263 256 519 407 136 543Cash and overnight deposits 515 1,323 1,838 2,729 487 3,216 778 1,579 2,357 3,136 623 3,759Creditors: amounts falling due within oneyear (95) (164) (259) (95) (174) (269)Net current assets 683 1,415 2,098 3,041 449 3,490Total net assets 10,001 14,538 24,539 10,210 14,362 24,572 Capital and reservesCalled up share capital 974 1,495 2,469 974 1,495 2,469Share premium 4,685 12,711 17,396 4,685 12,711 17,396Distributable reserve 3,648 - 3,648 3,648 - 3,648 Capital redemption reserve 73 - 73 73 - 73 Capital reserve - realised 1,038 (411) 627 800 (140) 660Capital reserve - unrealised (762) 274 (488) (140) 87 (53) Revenue reserve 345 469 814 170 209 379 Equity shareholders' interest 10,001 14,538 24,539 10,210 14,362 24,572 Net asset value per ordinary share 102.6 97.2 104.8 96.0(pence) ABERDEEN GROWTH OPPORTUNITIES VCT PLC CASH FLOW STATEMENT For the year ended 30 November 2007 Year ended Year ended 30 November 2007 30 November 2006 Ordinary 'C' Total Ordinary 'C' Total shares Ordinary shares Ordinary shares shares £'000 £'000 £'000 £'000 £'000 £'000Operating activitiesInvestment income received 361 596 957 188 260 448Deposit interest received 41 20 61 20 20 40Investment management fees paid (297) (420) (717) (272) (158) (430)Secretarial fees paid (28) (40) (68) (53) (20) (73)Cash paid to and on behalf of (32) (45) (77) (45) (19) (64)DirectorsOther cash payments (10) (71) (81) (75) (28) (103)Net cash inflow/(outflow) from 35 40 75 (237) 55 (182)operating activities TaxationCorporation tax 7 (7) - - - - Financial investmentPurchase of investments (4,638) (7,809) (12,447) (2,169) (15,368) (17,537)Sale of investments 3,113 8,912 12,025 4,248 1,594 5,842Net cash (outflow)/inflow from (1,525) 1,103 (422) 2,079 (13,774) (11,695)financial investment Equity dividends paid (731) (300) (1,031) (199) - (199) Net cash (outflow)/inflow before (2,214) 836 (1,378) 1,643 (13,719) (12,076)financing FinancingIssue of ordinary shares - - - - 14,206 14,206 Share repurchases - - - (167) - (167) Net cash (outflow)/inflow from - - - (167) 14,206 14,039financing (Decrease)/increase in cash (2,214) 836 (1,378) 1,476 487 1,963 Aberdeen Growth Opportunities VCT PLC Summary of Investment Changes For the year ended 30 November 2007 ORDINARY SHARES Valuation Net Appreciation Valuation investment 30 November 2006 (disinvestment) (depreciation) 30 November 2007 £'000 % £'000 £'000 £'000 % Listed InvestmentsFixed Income - - 800 - 800 8.0Unit Trusts 509 5.0 (507) (2) - - AIM Investments 3,224 31.5 (389) 328 3,163 31.6 Unlisted investmentsEquities 1,389 13.6 23 276 1,688 16.9Preference shares 99 1.0 (42) (2) 55 0.6Loan stocks 1,948 19.1 1,807 (143) 3,612 36.1 Total investments 7,169 70.2 1,692 457 9,318 93.2 Other net assets 3,041 29.8 (2,358) - 683 6.8 Total assets 10,210 100.0 (666) 457 10,001 100.0 Aberdeen Growth Opportunities VCT PLC Summary of Investment Changes during the period For the year ended 30 November 2007 'C' ORDINARY SHARES Valuation Net investment Appreciation Valuation 30 November 2006 (disinvestment) (depreciation) 30 November 2007 £'000 % £'000 £'000 £'000 % Listed Investments Fixed Income 11,062 77.0 (4,293) 35 6,804 46.8 Unit Trusts 1,000 7.0 (994) (6) - - AIM Investments 1,477 10.3 263 (11) 1,729 11.9 Unlisted investments Equities 29 0.2 533 284 846 5.8 Preference Shares - - 52 - 52 0.4 Loan stocks 345 2.4 3,315 32 3,692 25.4 Total investments 13,913 96.9 (1,124) 334 13,123 90.3 Other net assets 449 3.1 966 - 1,415 9.7 Total assets 14,362 100.0 (158) 334 14,538 100.0 Aberdeen Growth Opportunities VCT plc Ordinary Shares Investment Portfolio Summary As at 30 November 2007 Investment Name Ordinary C Share % of % of Pool Pool equity equity held held by other clients Valuation Cost % of Valuation Cost % of total total assets assetsUnlisted Nature Of BusinessInvestmentsCash Bases Limited Manufacturer of 500 250 5.0% 8.3% 20.2%(formerly Deckflat customised cashLimited) drawersMoney Plus Group Debt management 406 300 4.0% 6.0% 24.9%Limited services to individualsHomelux Nenplas Manufacturer of 376 199 3.7% 517 274 3.6% 8.10% 36.9%Limited plastic tiling trims and related productsFuneral Services Operator of funeral 348 348 3.5% 497 497 3.4% 6.10% 23.9%Partnership Limited directorsID Support Services CCTV security and 319 259 3.2% 430 348 3.0% 6.40% 26.9%Holdings Ltd air conditioning systemsLime Investments Shell company set 273 273 2.7% 348 348 2.4% 23.80% 69.6%Limited up to acquire branded premium-end or niche food and beverage businessesMartel Instruments Manufacturer of 264 264 2.6% 398 398 2.8% 9.30% 24.0%Holdings Limited compact, handheld printers and display devicesCamwatch Limited Provider of CCTV 257 257 2.6% 393 393 2.7% 12.20% 31.2% monitoring and installation servicesPSCA International Producer of 254 138 2.5% 1.6% 21.6%Limited publications aimed at public sector officialsOliver Kay Holdings Supplier of fresh 249 249 2.5% 383 383 2.6% 4% 16.0%Limited produce to the on-trade catering industry in the UKSteminic (trading Provider of 223 223 2.2% 338 338 2.3% 9.60% 35.4%as MS Industrial industrial cleaningServices Ltd) and waste management services to the oil and industrial sectorsAdler & Allan Handling and 175 175 1.7% 249 249 1.7% 1.90% 39.1%Holdings Limited disposal of liquid wasteSilkwater Holdings Provider of 149 149 1.5% 249 249 1.7% 5.40% 14.6%(trading as services to theCyclotech) energy sectorEnergy Services Provider of 149 149 1.5% 398 398 2.8% 20.90% 59.1%Investment Company services to the(ESIC) Limited energy sectorPalgrave Brown Manufacturer of 148 57 1.5% 1.2% 50.4%(Holdings) Limited specialist timber productsSanastro plc Financial 147 275 1.5% 3.5% 9.6% publishing houseEssential Viewing Video streaming 139 185 1.4% 7.9% 41.5%Systems Limited softwareFFC (UK) Limited Manufacturer of 135 150 1.3% 9.0% 31.0% office furnitureDriver Hire Supplier of 116 119 1.2% 0.6% 44.1%Investments Group temporary driversLimitedRiverdale Publisher of 109 332 1.1% 6.8% 65.7%Publishing Limited greeting cardsBuildstore Limited Services to self 105 105 1.0% 0.6% 7.1% build homeownersLlanllyr Water Extraction and 100 100 1.0% 7.5% 42.4%Company Limited bottling of spring waterEnpure Holdings Process engineering 100 100 1.0% 100 100 0.7% 0.80% 78.8%Limited and project managementDarwen Group plc Bus manufacturer 100 100 1.0% 149 149 0.9% 7% 14.6% and low emission technology groupIRW Systems Limited Design, build and 92 45 1.0% 8.9% 48.6% management of bespoke software and network solutionsPLM Dollar Group On-shore helicopter 50 50 0.6% 0.6% 30.3%Limited servicesOthers 72 1135 0.8% 141 151 0.9% 5,355 5,986 53.6% 4,590 4,275 31.6% Ordinary C Share % of % of Pool Pool equity equity held held by other clients Valuation Cost % of Valuation Cost % of total total assets assetsAIM/PLUSSoftware Radio Provider of 417 273 4.2% 0.9% 1.7%Technology PLC wireless technology products and servicesAxeon plc Developer of 374 197 3.7% 0.9% 2.8% semiconductor intellectual property specifically geared to the automotive industryWork Group PLC Provider of 187 201 1.9% 0.9% 2.3% recruitment servicesAvanti Provides satellite 166 151 1.7% 0.3% 1.1%Communications telecommunicationsGroup Plc services in Europe using leased satellite capacityConcateno plc Provider of 165 124 1.6% 390 315 2.7% 0.80% 1.6% services for the testing of employees for drugs and alcoholNeuropharm Group Pharmaceutical 143 100 1.4% 0.2% 0.5%plc companyTanfield Group PLC Manufacturer of 136 13 1.4% - 0.1% zero emission vehicles and powered access platformsDatong PLC Producer of devices 124 151 1.2% 0.9% 1.1% that enable government intelligence and defence agencies to covertly track vehicles and mobile phonesDM PLC Direct marketing 122 126 0.8% 0.60% 0.9% group specialising in gathering consumer data for use in direct marketing campaignsSport Media Group Digital media 119 138 0.8% 0.50% 0.6%PLC (formerly content providerInteractive World)Mount Engineering Manufacturer, 116 123 1.2% 46 49 0.3% 1% 2.2%plc stockist and distributor of engineering products for oil, gas, power, water and general industrial marketsMelorio Plc UK provider of 108 98 1.1% 325 296 2.2% 1.20% 1.6% onsite assessment and training within the construction industryStrategic Retail Retailer of home 96 117 1.0% 0.3% 3.7%plc decorating productsNeutrahealth plc Manufacturer and 82 89 0.8% 0.6% 1.3% distributor of nutraceutical productsIndividual Restaurant operator 81 78 0.8% 49 47 0.3% 0.30% 0.9%Restaurant CompanyplcHasgrove plc Provider of 79 73 0.8% 54 49 0.4% 0.50% 1.5% communication services in public relations, public affairs, graphic design, advertising and on-line marketingTangent Digital printing 74 79 0.7% 0.4% 1.0%Communications PLC and marketing services companyCraneware plc Provider of billing 73 62 0.7% 112 96 0.8% 0.80% 1.7% and auditing software for use in the US healthcare marketLitcomp plc National supplier 72 81 0.7% 63 71 0.4% 4.90% of medical reports in support of legal actionsHexagon Human Provider of 70 72 0.7% 0.2% 0.5%Capital PLC executive search and recruitment servicesGold Frost Limited Producer of kosher 69 130 0.7% 0.7% 0.7% food productsFormation Group PLC Provider of wealth 67 66 0.7% 87 86 0.6% 0.40% 1.0% management and related professional servicesBrulines (Holdings) Provider of 65 63 0.6% 33 32 0.2% 0.30% 0.9%plc management information systems for draught alcoholic drinksCello Group Plc Marketing and media 64 54 0.6% 0.1% 0.9% services companyUniverse Group PLC Provider of managed 57 67 0.4% 0.80% 1.8% services and payment solutions to the petrol retail sectorFountains Land management and 57 55 0.6% 0.3% 1.2% related outsourced services in the UK and North AmericaEssentially Group Sports marketing, 44 49 0.4% 44 49 0.3% 0.60% 1.8%PLC media management and professional services groupSt Helen's Capital Provider of 41 26 0.4% 61 38 0.4% 2.90% 6.4%PLC corporate advisory servicesWorthington Installation and 34 118 0.3% 50 177 0.3% 0.50% 1.0%Nicholls Group PLC maintenance of air conditioning units in the hotel and retail marketsInvocas PLC Provider of 32 45 0.3% 28 39 0.2% 0.20% 0.1% services to individuals and corporates requiring insolvency adviceSynarbor PLC Provider of 30 127 0.3% 0.2% 1.0%(formerly Public temporary staff toRecruitment Group) the public sectorSmart Identity plc Software developer 28 25 0.3% 28 25 0.2% 6.60% 20.0% of identity management solutionsSDI Group PLC Specialist in the 25 25 0.2% 50 49 0.3% 0.30% 0.7% design, build and support of automated warehouse handling systems within the retail distribution sectorOthers 44 420 0.5% 11 14 0.1% 3,162 3,285 31.6% 1,729 1,763 11.9% Listed Fixed IncomeInvestmentsTreasury 5% 07/03/ 2,848 2,853 19.6%08Treasury 4% 07/03/ 2,731 2,732 18.8%09Treasury 7.25% 07/ 1,225 1,226 8.4%12/2007Treasury 7.25% 07/ 800 800 8.0%12/2007 800 800 8.0% 6,804 6,811 46.8% Total 9,318 10,071 93.2% 13,123 12,849 90.3% This preliminary announcement is prepared on the basis of the accountingpolicies as stated in the previous year's financial statement. Returns per Ordinary share have been calculated using the weighted averagenumber of shares in issue during the period of 9,744,243 (2006 - 9,822,544). TheNet Asset Value per Ordinary share has been calculated using the number ofshares in issue at 30 November 2007 of 9,744,243 (2006 - 9,744,243). Returns per C Ordinary share have been calculated using the weighted averagenumber of shares in issue during the period of 14,954,494 (2006 - 12,389,359).The Net Asset Value per C Ordinary share has been calculated using the number ofshares in issue at 30 November 2007 of 14,954,494 (2006 - 14,954,494). The financial information set out in the announcement does not constitute thecompany's statutory accounts for the years ended 30 November 2006 or 2007. Thefinancial information for the year ended 30 November 2006 is derived from thestatutory accounts for that year which have been delivered to the Registrar ofCompanies. The auditors reported on those accounts; their report was unqualifiedand did not contain a statement under s237(2) or (3) Companies Act 1985. Theaudit of the statutory accounts for the year ended 30 November 2007 is not yetcomplete. These accounts will be finalised on the basis of the financialinformation presented by the directors in this preliminary announcement and willbe delivered to the Registrar of Companies following the company's annualgeneral meeting. Whilst the financial information included in this preliminary announcement hasbeen computed in accordance with United Kingdom Generally Accepted AccountingPractice (UK GAAP), this announcement does not itself contain sufficientinformation to comply with UK GAAP. The Company expect to publish full financialstatements that comply with UK GAAP. Copies of this announcement will be available to the public at the office ofAberdeen Asset Managers Limited, 149 St Vincent Street, Glasgow and at theregistered office of the Company, One Bow Churchyard, London. By Order of the Board ABERDEEN ASSET MANAGEMENT PLC SECRETARIES 6 February 2008 This information is provided by RNS The company news service from the London Stock Exchange