Maven Grwth 3 Regulatory News (MIG3)

7 Feb 2007 17:13

Aberdeen Growth Opps VCT PLC07 February 2007 Aberdeen Growth Opportunities VCT PLCPreliminary Announcement I am delighted to report a successful year for your company. Among thehighlights are: £15 million raised in the C Ordinary share issue Ordinary share NAV at year end of 104.8p per share (pps) up 8.1% over the year Ordinary share total return 109.8pps at year end 4 successful exits from unlisted companies during the year generating gains of13.7pps Net realised gains from AIM stocks of 4.5pps for the year Dividends declared of 4.5p per Ordinary share and 1.0 p per C Ordinary share These highlights relate almost entirely to the Ordinary Share portfolio;however, the new C Ordinary Share portfolio has already achieved modest realisedgains from AIM stocks, which are showing an increase of more than 11% comparedto cost. Performance The Net Asset Value (NAV) per Ordinary share at 30 November 2006, before paymentof a dividend in respect of the year then ended, was 104.8p compared with 96.9pat 30 November 2005 restated for the new Accounting Standards adopted this year.The increase in NAV of 8.1% compares with an increase in the FTSE AIM Indexwhich rose by 0.7% over the same period. The effect of paying the proposeddividends will be to reduce the NAV to 100.3p. The NAV per C Ordinary Share at 30 November 2006 was 96.0p which compares with95.0p immediately after launch expenses. The effect of paying the proposeddividend will be to reduce the NAV to 95.0p The most important measure for a VCT is the total return, calculated by addingincome and capital dividends paid over the relevant period to the current NAV.The Total Return per Ordinary Share at 30 November 2006 was 109.8pps, anincrease of 9.9% over the equivalent figure at November 2005, while for the COrdinary Share portfolio it was 96.0pps which compares with 95.0pps immediatelyafter launch. Dividends - Ordinary Shares It was stated in the Company's Prospectus that dividends, if any, would be smalluntil such times as capital realisations occurred. The Board is pleased toannounce an interim dividend of 4.5p per Ordinary share in respect of the yearended 30 November 2006, to be paid on 30 March 2007 to shareholders on theregister on 23 February 2007. The dividend is comprised of 0.5p from revenue and4.0p from the realised gains made on investments to date. The Board does notintend to propose a final dividend in respect of the year ended 30 November2006. All dividends are paid tax free to shareholders and a net dividend of4.5p is equivalent to a yield of 7.5% to a higher rate taxpayer. The yield risesto 9.4% if the initial income tax relief of 20% is taken into account. Since theCompany's launch, Ordinary shareholders will have received 9.5p per share in taxfree dividends. Dividends - C Ordinary Shares As with the Ordinary shares, in the early years of the C Ordinary shareportfolio dividends are likely to be small until such times as capitalrealisations occur The Board is declaring a revenue dividend of 1.0p per C shareto be paid concurrently with the Ordinary share dividend. Investment Strategy The strategy for both the Ordinary share pool and the C Ordinary share pool isto continue building a diversified portfolio of unlisted and AIM investmentswhich offer excellent prospects for capital gains in the medium and longer term,while maintaining VCT qualifying status. Investment Activity During the year ended 30 November 2006, twenty-one new unlisted and AIMinvestments were completed. A total of £4.1 million was invested of which £2.4million was from the Original pool and £1.7 million was from the C share pool.At the year end, the portfolio stood at 57 unlisted and AIM investments withan investment cost of £8.5 million. Since 30 November 2006, two further newunlisted investments have been made at a cost of £1.3 million, of which £512,000was made from the original pool and £781,000 from the C share pool. The following are the largest new investments completed during the year:- Investment Date Activity Investment Cost Website £'000 Original C Share Pool PoolUnlisted Buildstore Sep 2006 Online services to the 98 www.buildstore.co.uk self build sector.Enpure Nov 2006 Project engineering in the 100 100 www.enpure.co.uk water and waste water sector.Homelux Nenplas May 2006 Manufacturer of tile trims 199 274 www.homelux.co.uk and other wet room furnishing accessories.Styles & Wood Dec 2005 Provider of store fit-out 200 www.stylesandwood.co.uk and refurbishment programmes to the UK retail sector. AIM Brulines Oct 2006 Monitoring systems for 67 33 www.brulines.co.uk public houses.Concateno Oct 2006 Testing services for 98 148 www.concateno.com alcohol and drugs for employers.Fairground Jun 2006 Gaming 148 www.fairgroundgaming.comGamingHasgrove Nov 2006 Communication services for 74 49 www.hasgrove.com public relations.Gold Frost March 2006 Developer of kosher food 151 No website available productsInteractive April 2006 Digital media content 175 No website availableWorld provider.Invocas March 2006 Insolvency practitioner 172 www.invocas.comLitcomp March 2006 National supplier of 150 www.legal-reports.co.uk medical reports in support of legal actions.Velosi Aug 2006 Quality control services 136 www.velosi.com to the oil and gas sector.Work Group Feb UK recruitment service 200 www.workcomms.com provider. 2006Worthington Jun 2006 Installation and 99 148 www.worthington-nicholls.comNicholls maintenance of air conditioning systems. Aberdeen Growth Opportunities VCT has co-invested with Aberdeen DevelopmentCapital, Aberdeen Growth VCT I, Aberdeen Growth Opportunities VCT 2, TalismanFirst Venture Capital Trust and Murray VCT 4 in some or all of the abovetransactions and is expected to continue to do so with these as well as otherclients of the Manager. The advantage of these arrangements is that your fund isable to underwrite a wider range and size of transaction than would be the caseon a standalone basis. Portfolio Developments Aberdeen Growth Opportunities VCT is continuing to build a diversified portfolioof unlisted and AIM investments with good growth prospects and, therefore, theopportunity to generate capital gains in the medium and longer term. Significant gains were achieved from four unlisted investments during the courseof the year. Travel Class was sold for proceeds of £562,000 compared to a costof £225,000. Bond Aviation Solutions was sold to an Indian investment companyrealising £507,000 generating a gain of £207,000. Styles & Wood achieved alisting on the London Stock Exchange and proceeds of £799,000, providing a gainof £599,000 over cost. Vibration Technology was sold to a major seismicexploration company 13 months after the investment was completed, generating again of £189,000 from proceeds of £339,000. In each case the holding period hasbeen shorter than would normally be the case for an unlisted investment (rangingfrom 11 to 13 months) with cash multiples of 1.7x to 4.0x the original cost. Theholding in Original Shoe was sold for cost following an approach to the majorityshareholder. The AIM portfolio continued to be actively traded when the opportunity arose; asignificant market correction occurred in May 2006 from which the market isstill recovering. The total gain arising on the AIM portfolio for the year was£183,000 of which £155,000 arose on the Original pool and £28,000 on the C Sharepool. The AIM 100 Index has fallen over the course of the year by 7.4% whereasthe performance of the Company's portfolio is significantly better; the OriginalPool and the C Share pool achieved an uplift of 3.2% and 11.5% respectively. In contrast with the realised gains mentioned above, (further details in thetable overleaf) net unrealised losses of £398,000 arose on the original pool ofinvestments, compared to valuations as at the November 2005. The totalunrealised losses of £497,000 were partially offset by unrealised gains of£100,000 from AIM investments. The major reductions in value were on Albanet(£172,000), Inovas (£115,000) and Transrent (£359,000), all of which ceasedtrading during the year or shortly after the year end, and on Sanastro(£128,000) where trading has fallen significantly below expectations. On thepositive side, the valuation of Cash Bases (£250,000) was increased due torising profits and earlier than expected repayment of debt. The valuation of EIG(Investments) was increased by £214,000 in anticipation of the contracted saleof that holding in January 2007. Investments in the unlisted portfolio are generally trading well but, wherethere is underperformance, particular attention is paid to those companies bythe Manager to effect an improvement and protect the value of the investment. Major realisations during the financial year Date first Complete/ Cost of shares Sales Realised gain/ invested partial exit disposed of proceeds (loss) £'000 £'000 £'000Original PoolUnlistedBond Aviation 2005 Complete 300 507 207Original Shoe 2005 Complete 300 300 -Styles & Wood 2005 Complete 200 799 599Travel Class 2005 Complete 225 562 337Vibration Technology 2005 Complete 150 339 189Others 48 48Total unlisted 1,175 2,555 1,380 AIMAvanti Screenmedia 2004 Partial 53 75 22Axeon 2003 Partial 90 139 49Billing Services Group 2006 Complete 131 68 (63)Imagesound 2004 Complete 68 25 (43)Invocas 2006 Partial 46 78 32Legend Communications 2004 Complete 100 51 (49)Software Radio Technology 2005 Partial 27 48 21Tanfield 2004 Partial 83 177 94Zetar 2005 Partial 65 87 22Others 543 613 70Total AIM 1,206 1,361 155 Total 2,381 3,916 1,535 C Share PoolAIMInvocas 2006 Partial 40 68 28 C Share Issue The Board announced proposals in November 2005 to raise up to £15 million(before the deduction of expenses) in a C share issue. I am pleased to say that£14.95 million was raised in the issue. The Directors believe that the C shares benefit all shareholders in the Company,as the original pool approaches full investment, by reducing the total expenseratio, increasing the spread of risk across a larger number of investments, andoffering the opportunity to make larger investments. Also, followingconsolidation of the C shares the increase in the number of Ordinary shares inissue will improve their liquidity in the secondary market. The Future Following the disposals which occurred during the year, the manager is nowseeking to rebuild the unlisted portfolio within the Ordinary share pool whileinvesting the proceeds of the C share in a similar, diversified portfolio ofgood quality smaller companies. The outlook for new investments remains positivewith a steady flow of both unquoted and AIM opportunities available forconsideration. The Manager has a number of attractive investment opportunitiesunder negotiation. 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 1,176Income from investments 241 - 241 386 - 386 627 - 627Other income 21 - 21 21 - 21 42 - 42Investment management (54) (216) (270) (52) (207) (259) (106) (423) (529)feesOther expenses (107) - (107) (100) - (100) (207) - (207) _______ _______ _______ _______ _______ _______ _______ _______ _______Net return/(loss) on 101 845 946 255 (92) 163 356 753 1,109ordinary activitiesbefore taxation Tax on ordinary (20) 27 7 (46) 39 (7) (66) 66 -activities _______ _______ _______ _______ _______ _______ _______ _______ _______Return attributable to 81 872 953 209 (53) 156 290 819 1,109shareholders _______ _______ _______ _______ _______ _______ _______ _______ _______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 ORDINARY SHARES 'C' ORDINARY TOTAL SHARES £'000 £'000 £'000Opening Shareholders' funds (restated) 9,623 - 9,623 Movements in the yearTotal profit/(loss) for the period 953 156 1,109Net proceeds of issue of shares - 14,206 14,206Repurchase and cancellation of shares (167) - (167)Dividends paid - revenue (50) - (50)Dividends paid - capital (149) - (149) _____________ _____________ _____________Closing Shareholders' funds 10,210 14,362 24,572 _____________ _____________ _____________ ABERDEEN GROWTH OPPORTUNITIES VCT PLC INCOME STATEMENT (restated) For the year ended 30 November 2005 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 - 443 443 - - - - 443 443 Income from investments 322 - 322 - - - 322 - 322Other income 23 - 23 - - - 23 - 23Investment management fees (56) (224) (280) - - - (56) (224) (280)Other expenses (202) - (202) - - - (202) - (202) _______ _______ _______ _______ _______ _______ _______ _______ _______Net return/(loss) on 87 219 306 - - - 87 219 306ordinary activitiesbefore taxation Tax on ordinary activities (12) 12 - - - - (12) 12 - _______ _______ _______ _______ _______ _______ _______ _______ _______Return attributable to 75 231 306 - - - 75 231 306shareholders _______ _______ _______ _______ _______ _______ _______ _______ _______Return per Ordinary share 0.74 2.27 3.01 - - - 0.74 2.27 3.01(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 SHARES 'C' ORDINARY TOTAL SHARES £'000 £'000 £'000 Opening Shareholders' funds 9,751 - 9,751(restated) Movements in the yearTotal profit/(loss) for the period 306 - 306Net proceeds of issue of shares 10 - 10Repurchase and cancellation of shares (342) - (342)Dividends paid - revenue (102) - (102)Dividends paid - capital - - - _____________ _____________ _____________Closing Shareholders' funds 9,623 - 9,623 _____________ _____________ _____________ ABERDEEN GROWTH OPPORTUNITIES VCT PLC BALANCE SHEET As at 30 November 2006 30 November 2006 30 November 2005 (restated) Ordinary 'C' Total Ordinary 'C' Total shares Ordinary shares Ordinary shares shares £'000 £'000 £'000 £'000 £'000 £'000Investments at fair valuethrough profit or loss 7,169 13,913 21,082 8,167 - 8,167 Current assetsDebtors 407 136 543 376 - 376Cash and overnight deposits 2,729 487 3,216 1,253 - 1,253 ________ ________ ________ ________ ________ ________ 3,136 623 3,759 1,629 - 1,629Creditors: amounts falling due within (95) (174) (269) (173) - (173)one year ________ ________ ________ ________ ________ ________Net current assets 3,041 449 3,490 1,456 - 1,456 ________ ________ ________ ________ ________ ________Total net assets 10,210 14,362 24,572 9,623 - 9,623 ________ ________ ________ ________ ________ ________Capital and reservesCalled up share capital 974 1,495 2,469 993 - 993Share premium 4,685 12,711 17,396 4,685 - 4,685Distributable reserve 3,648 - 3,648 3,815 - 3,815Capital redemption reserve 73 - 73 54 - 54Capital reserve - realised 800 (140) 660 (400) - (400)Capital reserve - unrealised (140) 87 (53) 337 - 337Revenue reserve 170 209 379 139 - 139 ________ ________ ________ ________ ________ ________Shareholders' funds 10,210 14,362 24,572 9,623 - 9,623 ________ ________ ________ ________ ________ ________Net asset value per ordinary share 104.8 96.0 96.9 - 96.9(pence) ________ ________ ________ ________ ________ ________ ABERDEEN GROWTH OPPORTUNITIES VCT PLC CASH FLOW STATEMENT For the year ended 30 November 2006 Year ended Year ended 30 November 2006 30 November 2005 Ordinary 'C' Total Ordinary shares Ordinary shares shares £'000 £'000 £'000 £'000Operating activitiesInvestment income received 188 260 448 261Deposit interest received 20 20 40 25Investment management fees paid (272) (158) (430) (273)Secretarial fees paid (53) (20) (73) (60)Cash paid to and on behalf of Directors (45) (19) (64) (66)Other cash payments (75) (4) (103) (77) ________ ________ ________ ________Net cash (outflow)/inflow from operating activities (237) 79 (182) (190) TaxationCorporation tax - - - 3 Financial investmentPurchase of investments (2,169) (15,368) (17,537) (5,095)Sale of investments 4,248 1,570 5,842 2,007 ________ ________ ________ ________ 2,079 (13,798) (11,695) (3,085) Equity dividends paid (199) - (199) (102) ________ ________ ________ ________Net cash inflow/(outflow) before financing 1,643 (13,719) (12,076) (3,377) FinancingIssue of ordinary shares - 14,206 14,206 10Share repurchases (167) - (167) (345) ________ ________ ________ ________Net cash (outflow)/inflow from financing (167) 14,206 14,039 (335) ________ ________ ________ ________Increase/(decrease)/ in cash 1,476 487 1,963 (3,712) ________ ________ ________ ________ Restatement for Adoption of new UK Accounting Standards During the year to 30 November 2006 the Company became subject to new FinancialReporting Standards issued as part of the programme to converge UK GenerallyAccepted Accounting Practice (UK GAAP) with International Accounting Standards.As a result of this, the results for the year ended 30 November 2005 have beenrestated to reflect the changes of accounting practice in relation to thefollowing: - investments are measured initially at cost and recognised at trade date; and - for financial assets acquired, the cost is the fair value of theconsideration. Subsequent to initial recognition, investments are valued atfair value. For listed and AIM quoted investments this is deemed to be bidmarket prices sourced from The London Stock Exchange. Unlisted investments arevalued by the Directors at fair value through profit and loss, in line with theguidelines of the International Private Equity and Venture Capital ValuationGuidelines. In accordance with FRS 21 - Events after the Balance Sheet Date, dividends arenot accrued in the Financial Statements unless they have been declared beforethe Balance Sheet date. Final dividends are, therefore, recognised in theperiod in which they are declared and paid. As a result of this change, theFinancial Statements for the year ended 30 November have been restated. The impact of these changes is shown as follows: Reconciliation of Balance Sheet at 30 November 2004 As previously Effect of As restated reported change in 30 November 2004 30 November 2004 policy £'000 £'000 £'000 Investments at fair value through profit 4,852 (69) 4,783and loss Current assetsDebtors 149 - 149Cash and overnight deposits 4,965 - 4,965 ___________ ___________ ___________ 5,114 - 5,114CreditorsAmounts falling due within one year (250) 104 (146) ___________ ___________ ___________Net current assets 4,864 104 4,968 ___________ ___________ ___________Net assets 9,716 35 9,751 ___________ ___________ ___________Capital and reservesCalled up share capital 1,038 - 1,038Share premium account 4,676 - 4,676Capital Reserve - realised (498) - (498)Capital Reserve - unrealised 273 (69) 204Distributable reserve 4,157 - 4,157Capital redemption reserve 8 - 8Revenue Reserve 62 104 166 ___________ ___________ ___________Equity Shareholders' funds 9,716 35 9,751 ___________ ___________ ___________Net Asset Value per Ordinary share 93.6 94.0(pence) ___________ ___________ ___________ Reconciliation of Balance Sheet at 30 November 2005 As previously Effect of change As restated reported in policy 30 November 2005 30 November 2005 £'000 £,000. £'000 Investments at fair value through profit 8,294 (127) 8,167and loss Current assetsDebtors 376 - 376Cash and overnight deposits 1,253 - 1,253 ___________ ___________ ___________ 1,629 - 1,629 CreditorsAmounts falling due within one year (223) 50 (173) ___________ ___________ ___________Net current assets 1,406 50 1,456 ___________ ___________ ___________Net assets 9,700 (77) 9,623 ___________ ___________ ___________ Capital and reservesCalled up share capital 993 - 993Share premium account 4,685 - 4,685Capital Reserve - realised (400) - (400)Capital Reserve - unrealised 464 (127) 337Distributable reserve 3,815 - 3,815Capital redemption reserve 54 - 54Revenue Reserve 89 50 139 ___________ ___________ ___________Equity Shareholders' funds 9,700 (77) 9,623 ___________ ___________ ___________ Net Asset Value per Ordinary share (pence) 97.6 96.9 Year ended 30 November 2005 £000 Reconciliation of the Statement of Total Return to the Income StatementTotal transfer to reserve per original reported Statement of Total Return 316Add year to 30 November 2005 final dividend on ordinary shares 48Change from mid to bid basis at 30 November 2004 69Change from mid to bid basis at 30 November 2005 (127) ___________Return on ordinary activities after tax per Income Statement 306 ___________ Aberdeen Growth Opportunities VCT PLCSummary of Investment ChangesFor the year ended 30 November 2006 ORDINARY SHARES Valuation Net investment Appreciation Valuation 30 November 2005 (disinvestment) (depreciation) 30 November 2006 (restated) £'000 % £'000 £'000 £'000 %Unlisted investmentsEquities 1,566 16.3 (1,615) 1,438 1,389 13.6Preference shares 200 2.1 (1) (100) 99 1.0Loan stocks 2,468 25.6 (2) (518) 1,948 19.1 ________ ________ ________ ________ ________ ________ 4,234 44.0 (1,618) 820 3,436 33.7Listed InvestmentsUnit Trusts 712 7.4 (207) 4 509 5.0AIM Investments 3,221 33.5 (234) 237 3,224 31.5 ________ ________ ________ ________ ________ ________ 3,933 40.9 (441) 241 3,733 36.5 ________ ________ ________ ________ ________ ________Total investments 8,167 84.9 (2,059) 1,061 7,169 70.2 ________ ________ ________ ________ ________ ________Other net assets 1,456 15.1 1,585 - 3,041 29.8 ________ ________ ________ ________ ________ ________Total assets 9,623 100.0 (474) 1,061 10,210 100.0 ________ ________ ________ ________ ________ ________ Aberdeen Growth Opportunities VCT PLC Summary of Investment Changes during the period For the year ended 30 November 2006 'C' ORD SHARES Net proceeds Net investment Appreciation Valuation of share issue * (disinvestment) (depreciation) 30 November 2006 £'000 % £'000 £'000 £'000 % Unlisted investments Equities - - 29 - 29 0.2 Loan stocks - - 345 - 345 2.4 ________ ________ ________ ________ ________ ________ - - 374 - 374 2.6 Listed Investments Fixed Income - - 11,127 (65) 11,062 77.0 Unit Trusts - - 1,000 - 1,000 7.0 AIM Investments - - 1,297 180 1,477 10.3 ________ ________ ________ ________ ________ ________ - - 13,424 115 13,539 94.3 ________ ________ ________ ________ ________ ________ Total investments - - 13,798 115 13,913 96.9 ________ ________ ________ ________ ________ ________ Other net assets 14,206 100% (13,757) - 449 3.1 ________ ________ ________ ________ ________ ________ Total assets 14,206 100% 41 115 14,362 100.0 ________ ________ ________ ________ ________ ________ * After issue expenses of £747,701 which were equivalent to 5% of moniesraised. Aberdeen Growth Opportunities VCT PLC Ordinary Shares Investment Portfolio Summary As at 30 November 2006 % of % of % of Equity Bookcost Valuation Equity held Total held by other £'000 £'000 Assets by fund clientsUnlisted InvestmentsEIG (Investments) Insurance provider and Limited broker. 301 535 5.2% 0.2% 1.3%Cash Bases Limited Design and manufacture of (formerly Deckflat customised cash drawers. 250 500 4.9% 8.3% 20.2%Limited)Money Plus Group Debt Management 300 300 2.9% 6.0% 24.9%Riverdale Publishing Publisher of greeting cards Limited 114 219 2.1% 7.4% 57.6%Homelux Nenplas Limited Extruder of plastic tiling trims and related products 199 199 1.9% 3.4% 41.6%Palgrave Brown Manufacture and distribution (Holdings) Limited of specialist timber 150 179 1.8% 1.1% 48.3% products for the housebuilding and builders' merchant sectors.Essential Viewing Video streaming software Systems Limited 177 177 1.7% 7.9% 41.5%FFC (UK) Limited Design and manufacture of office furniture 150 150 1.5% 7.5% 30.0%Oled-T Limited - Developer of flat panel (previously Elam T) display technologies 150 150 1.5% 3.5% 15.0%Sanastro Financial publishing house 275 147 1.4% 3.5% 9.6%PSCA International Producer of publications Limited aimed at public sector 138 138 1.4% 1.6% 21.6% officialsRMS Europe Provider of stevedoring and ships agency services 116 138 1.4% 1.3% 26.8%Driver Hire Supplier of temporary drivers. 100 100 1.0% 0.6% 39.1%Enpure Limited Integrated process engineering in the portable 100 100 1.0% 0.4% 79.2% water, waste water and municipal solid waste marketsLlanllyr Water Company Extraction and bottling of Limited spring water 100 100 1.0% 7.5% 42.4%Buildstore Limited Services to self build homeowners 98 98 1.0% 0.8% 9.2%IRW Systems Limited Design, building and management of bespoke 45 92 0.9% 8.9% 48.6% software and network solutions.Enterprise Food Group Supply management service. - 50 0.5% 1.5% 15.7% Holdings PLM Dollar Group Limited On-shore helicopter services 50 50 0.5% 0.6% 30.3%Amgas Limited Manufacturer of flammable gas sensors 100 14 0.1% 0.4% 4.1%Transrent Holdings Rent and sales of truck Limited trailers 359 - 0.0% 0.8% 35.6%Albanet Network Services and Software 172 - 0.0% 7.0% 38.4%Enterprise Food Group Supply chain and management - - 0.0% - -Limited services in the bakery sectorInovas IP rights for fixed asset management applications, 116 - 0.0% 9.2% 50.8% linking moving data such as video to positional referencesKingsley Cards Limited Manufacturer and distributor of greetings cards 250 - 0.0% 3.1% 24.4% ________ ________ ________ ________ ________ 3,810 3,436 33.7% AIM InvestmentsSoftware Radio Provider of wireless Technology PLC technology products and 260 504 4.9% 1.4% 2.8% servicesAvanti Screenmedia Plc Provider of in-store media services to the retail and 171 290 2.8% 0.5% 1.8% leisure sector.Tanfield Group PLC Technical solutions and manufacturing group 57 262 2.6% 0.3% 1.0%Axeon Developer of semiconductor intellectual properties 247 237 2.3% 2.0% 6.0% specifically geared to the automotive industry.Worthington Nicholls plc Installation and maintenance of of air conditioning 100 210 2.1% 0.3% 1.6% systems in the hotel and retail markets.Work Group PLC Provider of recruitment services. 201 195 1.9% 1.0% 2.6%Zetar plc Manufacturer of confectionary. 69 169 1.7% 0.4% 1.0%Gold Frost Limited Designer, developer & distributor of kosher food 130 115 1.1% 0.7% 0.7% products.Datong Electronics PLC Producer of devices that enable government 151 114 1.1% 0.9% 1.1% intelligence and defence agencies covertly to track vehicles and mobile phones.Concateno plc Provider of services for the testing of employees for 98 108 1.1% 0.4% 2.7% drugs and alcohol.Inspicio plc Provider of testing, inspection and conformity 70 104 1.0% 0.1% 0.2% services.Strategic Retail plc Trading as "Fads" - decorating specialist. 117 96 0.9% 0.4% 4.8%Cello Group Plc A consolidator of niche businesses in the marketing 79 95 0.9% 0.3% 1.7% and media services industry.Fountains Plc Land management and related outsourced services in the 102 83 0.8% 0.5% 2.2% UK and North AmericaHasgrove plc Provider of communication services in public 74 80 0.8% 0.3% 1.9% relations, public affairs, graphic design, advertising and on-line marketing.Brulines (Holdings) plc Provider of data systems that monitor the 67 78 0.8% 0.2% 1.0% through-flow of beer in pubs.Neutrahealth plc Manufacturer and distributor of nutraceutical products. 92 77 0.8% 0.9% 2.1%Air Music and Media Leading UK producer and supplier of low-priced 150 70 0.7% 0.4% - entertainment products to the international market.Invocas PLC Provider of services to individuals and corporates 45 61 0.6% 0.3% 0.4% requiring insolvency advice.Careforce Group plc Provider of domiciliary care services, primarily caring 55 52 0.5% 0.4% 0.9% for the elderly and infirm in their own homesMTI Wireless Edge Developer & manufacturer of Limited sophisticated antennas & 41 47 0.5% 0.2% 0.3% antenna systems for fixed broadband wireless communications.Debts.co.uk plc Provider of personal debt solutions 51 44 0.4% 0.1% 0.3%Litcomp plc National supplier of medical reports in support of legal 81 44 0.4% 2.9% 2.5% actions.Public Recruitment Group A leading specialist in Plc public sector staffing in 133 34 0.3% 0.3% 1.7% healthcare and educationSpectrum Interactive Operator of payphones and internet terminals in both 97 34 0.3% 0.3% 1.3% the UK and GermanyAsfare Manufacture and supply of equipment for the Emergency 17 21 0.2% 0.6% 2.8% ServicesAward International The sourcing and delivery of Holdings PLC merchandising materials for 100 - 0.0% 3.1% 15.4% major blue chip customersElevation Events Group Events management and plc corporate hospitality. 150 - 0.0% 2.5% 8.1% ________ ________ ________ ________ ________ 3,005 3,224 31.5% Unit TrustAberdeen Global Fixed 485 509 5.0% - -Interest Opportunities Fund ________ ________ ________ ________ ________ 485 509 5.0% ________ ________ ________ ________ ________Total Investments 7,300 7,169 70.2% ________ ________ ________ ________ ________ Aberdeen Growth Opportunities VCT PLC'C' Ordinary Share PoolInvestment Portfolio SummaryAs at 30 November 2006 % of % of % of Equity Bookcost Valuation Equity held Total held by other £'000 £'000 Assets by fund clientsUnlisted InvestmentsHomelux Nenplas Limited Extruder of plastic tiling trims and related products 274 274 1.9% 4.7% 40.3%Enpure Limited Integrated process engineering in the portable water, waste 100 100 0.7% 0.4% 79.2% water and municipal solid waste markets ________ ________ ________ 374 374 2.6%AIM Investments Zetar plc Manufacturer of confectionery. 276 384 2.7% 0.8% 0.6%Worthington Nicholls plc Installation and maintenance of air conditioning systems in 150 314 2.2% 0.5% 1.4% the hotel and retail markets.Interactive World PLC Digital media content provider 177 196 1.3% 0.6% 0.8%Concateno plc Provider of services for the testing of employees for drugs 148 161 1.1% 0.6% 2.5% and alcohol.Velosi plc Provider of quality assurance and quality control services 136 128 0.9% 0.4% 0.4% to the oil and gas sector.Leadcom Integrated Telecommunication network Solutions services and solutions. 98 78 0.5% 0.1% -Invocas PLC Provider of services to individuals and corporates 39 53 0.4% 0.2% 0.4% requiring insolvency advice.Hasgrove plc Provider of communication services in public relations, 49 53 0.4% 0.2% 2.0% public affairs, graphic design, advertising and on-line marketing.Brulines (Holdings) plc Provider of data systems that monitor the through-flow of 33 39 0.3% 0.1% 1.2% beer in pubs.Litcomp plc National supplier of medical reports in support of legal 71 38 0.3% 2.5% 2.9% actions.Fairground Gaming An investment company in the Holdings plc online gaming sector. 149 33 0.2% 0.5% 0.8% ________ ________ ________ 1,326 1,477 10.3% Listed Fixed IncomeTreasury 4% 07/03/09 3,854 3,820 26.6%Treasury 4.5% 2007 3,400 3,394 23.6%Treasury 5% 07/03/08 3,872 3,848 26.8% ________ ________ ________ 11,126 11,062 77.0% Unit Trust Aberdeen Global Fixed Interest Opportunities 1,000 1,000 7.0%Fund ________ ________ ________ 1,000 1,000 7.0% ________ ________ ________Total investments 13,826 13,913 96.9% ________ ________ ________ Notes: Returns per Ordinary share have been calculated using the weighted averagenumber of shares in issue during the period of 9,822,544 (2005 - 10,170,995).The Net Asset Value per Ordinary share has been calculated using the number ofshares in issue at 30 November 2006 of 9,744,243 (2005 - 9,934,243). Returns per C Ordinary share have been calculated using the weighted averagenumber of shares in issue during the period of 12,389,359. The Net Asset Valueper C Ordinary share has been calculated using the number of shares in issue at30 November 2006 of 14,954,494. The results for the year ended 30 November 2006, which are subject to auditclearance, will be filed with the Register of Companies and a full copy of theAnnual Report and Financial Statements will be printed and issued toShareholders. The financial information contained within this Preliminary Announcement doesnot constitute the Company's statutory financial statements as defined inSection 240 of the Companies Act 1985. The statutory financial statements forthe year ended 30 November 2005 contain an audit report which was unqualifiedand did not contain statements under Sections 237(2) or (3) of the Companies Act1985, and have been delivered to the Registrar of Companies. Copies of this announcement will be available to the public at the office ofAberdeen Asset Managers Limited, 123 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 7 February 2007 This information is provided by RNS The company news service from the London Stock Exchange