Last checked at 
24 Jul 2009 16:48
Aberdeen Growth Opportunities VCT PLC
Interim results for the six months ended 31 May 2009
Chairman's Statement
I am pleased to present the Half Yearly Report for your Company for the period to 31 May 2009. The general decline in financial markets reached its nadir in early March, since when some recovery has been evident and the markets have recently been trading uncertainly within a relatively narrow range. With over 80% by value of the portfolio invested in unlisted companies, your Company has continued to provide stable performance over the reporting period and there are signs of trade buyers re-emerging in response to lower valuations. There are also signs of improving investor confidence in the AIM market, which was so badly affected during the downturn, enabling the disposal of certain holdings.
Conditions for our investee companies have continued to be challenging during the reporting period, and your Directors have considered it prudent to provide against the balance of two unlisted investments, Buildstore and Sanastro. We have also reduced our valuations of Countcar and Transys in response to lower earnings expectations. However, the majority of our investments are trading well and we have been able to increase some valuations, in particular, 33% uplift in Silkwater Holdings (Cyclotech), a provider of specialist equipment to the oil and gas industry. Difficult markets provide good opportunities for investment and we have been able to invest £744,000 in unlisted companies during the period, the majority in Lawrence Recycling and Waste Management. Going forward, your Board will be seeking to increase the proportion of unlisted investments in the portfolio. Further investments have been made since the period end.
The Company has cash resources available to take advantage of new opportunities and for additional investment in the existing portfolio of unlisted companies.
Performance
The net effect of these and other, less significant, changes in the portfolio is that NAV Total Return per Ordinary Share at 31 May 2009 was 93.83p, a decrease of 0.82p or 0.9% over the equivalent figure at November 2008.
The Net Asset Value (NAV) per Ordinary share at 31 May 2009, after payment of the final dividend of 2.7p in respect of the year ended November 2008, was 76.88p compared with 80.4p at 30 November 2008.
C Share conversion
The C shares were converted to new Ordinary Shares on 28 February 2009 in accordance with the provisions in the Articles and, as intimated in the 2008 Annual Report, share certificates were issued during March 2009 for the new holdings.
Dividend policy
The Board is pursuing a dividend policy of targeting annual dividend payments of either 4p per Ordinary Share or 50% of the uplift in NAV, whichever is the greater, subject to maintaining the NAV at around 100p per share in the longer term and, of course, to the availability of distributable reserves. The Board believes that this policy, combined with continuing sound performance, should stimulate the secondary market in the Company's shares leading to a reduction in the current discount to NAV. The Board is pleased to declare an interim dividend of 1.5p per Ordinary Share to be paid on 25 August 2009 to Shareholders on the Register at 24 July 2009.
The Company's shares continue to trade at a significant discount to NAV, the discount having widened during the recent adverse market conditions. Your Board is, therefore, considering the recommencement of the share buy-back programme with the aim of improving the market in the Company's shares. The share price of the Company is at odds with the underlying quality of the highly diversified private company and AIM portfolios, and the Board believes that a structured buy-back programme should assist in this regard.
The Company paid dividends totalling 2.7p to Ordinary Shareholders in respect of the year ended 30 November 2008; this represents a yield of 4.5% on the Ordinary Shares based on their net cost after initial tax relief. Based on the mid market price at 31 May 2009, the equivalent yield is 7.7%. The yield is tax free and is, therefore, equivalent to 10.3% for a higher rate taxpayer.
Manager
On 9 June 2009, the senior Private Equity team at Aberdeen Asset Managers formed Maven Capital Partners UK LLP and completed a management buy-out. This team was previously wholly responsible for the management of all Aberdeen VCTs. The Board has ascertained that Maven Capital Partners employs largely the same team as previously, operating from a network of offices across the UK, and that there should be no change in the level of investment management, administrative and company secretarial services provided, with which the Board remains satisfied. The Company has, therefore, novated the investment management agreement to Maven.
VAT recovery
Discussions continue with Aberdeen Asset Managers (AAM) regarding the recovery of VAT paid on management fees up to 30 September 2008. AAM is in negotiation with HMRC and your Board and Maven, as Manager, will seek early settlement of the amounts due. The sum of £193,200 was taken to account as at 30 November 2008 as a conservative estimate of the amounts due.
VCT qualifying status
The VCT qualifying status of your Company is reviewed regularly by your Board and monitored on a continuous basis by the Manager to ensure that all of the criteria required to maintain VCT status are being achieved.
Gregor Michie
Chairman
24 July 2009
Investment Manager's Review
Investment activity
During the period ended 31 May 2009, one new unlisted investment was completed and a total of £0.8 million was invested. At the period end, the portfolio stood at 77 unlisted and AIM investments at a total cost of £20.1 million.
Since 31 May 2009, two further new investments have been made at a cost of £1,087,000.
Investment Activity
The following investments have been completed during the period.
| Investment | Date | Activity | Investment cost £'000 | Website |
| Unlisted | ||||
| Lawrence Recycling and Waste Management | January 2009 | Operator of material recycling facility | 622 | www.lawrenceskiphire.co.uk |
| Steminic | December 2008 | Provider of industrial cleaning and waste management services to the oil and industrial sectors | 112 | www.msis.uk.com |
| Others | 10 | |||
| Total unlisted investment | 744 | |||
| Total AIM/PLUS investment | 18 | |||
| Total | 762 |
Aberdeen Growth Opportunities VCT has co-invested with Aberdeen Income and Growth VCT, Aberdeen Growth Opportunities VCT 2, Aberdeen Growth VCT I, Gateway VCT, Guinness Flight Venture Capital Trust and Talisman First 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
There were relatively few realisations during the period driven to a large extent by the prevailing economic conditions. In particular, there has been limited liquidity in the AIM market which has curtailed active trading of the AIM portfolio, although there has been some sign of liquidity returning in the latter part of the reporting period and limited trading in AIM stocks has been possible more recently. We traded out of two holdings during the quarter; Invocas, where we had realised early gains but more recently had seen the stock go out of favour. Nevertheless an overall gain was achieved from the investment. We also realised our remaining holding in Craneware which proved a most successful investment generating a gain of over 60% for the Company in a little over a year since first purchasing the holding.
The FTSE AIM All-share index increased over the period by 30.3% in a reversal of the falls experienced last year. In comparison, the value of the Company's portfolio increased by 2.0% over the period. However, this statistic is not representative of the underlying performance of the AIM portfolio as a whole. The Company has not invested in the more volatile sectors of AIM and consequently did not suffer from the large falls seen in the AIM indices in 2008. The underlying performance of the businesses in the AIM portfolio, with few exceptions, remains sound and this is expected to continue. As more liquidity returns to the AIM market, it is expected that share prices will recover further, although the timing is uncertain.
The table below gives details of realisations during the reporting period.
Investments realised
| Date first invested | Complete/partial exit | Cost of shares disposed of | Value at 30 November 2008 | Sales proceeds | Realised gain/(loss) | Gain/(loss) over November 2008 value | |
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| £'000 | £'000 | £'000 | £'000 | £'000 |
| Unlisted | |||||||
| Lime Investments | 2007 | Complete | 74 | 74 | 75 | 1 | 1 |
| Others | 172 | - | - | (172) | - | ||
| 246 | 74 | 75 | (171) | 1 | |||
| AIM | |||||||
| Craneware | 2007 | Complete | 74 | 119 | 121 | 47 | 2 |
| Invocas | 2006 | Complete | 84 | 16 | 25 | (59) | 9 |
| Others | 14 | 7 | 6 | (8) | (1) | ||
| 172 | 142 | 152 | (20) | 10 | |||
| Total | 418 | 216 | 227 | (191) | 11 |
Outlook
In general, the performance of the quoted markets has been volatile and notwithstanding recent increases in market indices generally we believe conditions will remain fragile for some time. Opportunities to invest in companies seeking to achieve an IPO on the AIM market continued to be limited and little change is expected in the short term. Over the next twelve months the Manager intends to take profit opportunities wherever possible with the medium term objective of increasing the proportion of private equity assets within the portfolio with emphasis on a paid yield. Private company assets are available at more attractive entry multiples than at any time since the establishment of your Company and the Manager continues to utilise its national network to acquire suitable assets with attractive yields. This approach will leave the Company less exposed to fluctuations in quoted markets and, over time, may be expected to improve the revenue available for distribution to Shareholders.
Maven Capital Partners UK LLP
Manager
24 July 2009
Summary of Investment Changes
For the six months ended 31 May 2009
| | Valuation 30 November 2008 | Net investment/ (disinvestment) | Appreciation/ (depreciation) | Valuation 31 May 2009 | ||
| | £’000 | % | £’000 | £’000 | £’000 | % |
| Listed fixed income | 4,569 | 20.7 | (1,971) | 4 | 2,602 | 12.3 |
| AIM/PLUS | 3,179 | 14.4 | (134) | 64 | 3,109 | 14.7 |
| Unlisted | | | | | | |
| Equities | 3,211 | 14.6 | 8 | (242) | 2,977 | 14.1 |
| Preference shares | 73 | 0.3 | - | 1 | 74 | 0.4 |
| Loan stocks | 10,092 | 45.7 | 661 | (81) | 10,672 | 50.5 |
| Total investments | 21,124 | 95.7 | (1,436) | (254) | 19,434 | 92.0 |
| Net current assets | 946 | 4.3 | 736 | - | 1,682 | 8.0 |
| Net assets | 22,070 | 100.0 | (700) | (254) | 21,116 | 100.0 |
Investment Portfolio Summary
As at 31 May 2009
| Investment Portfolio Summary |
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| as at 31 May 2009 |
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| Investment | Valuation | Cost | % of total assets | % of equity held | % of equity held by other clients* |
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| Unlisted |
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| Funeral Services Partnership Limited | 1,030 | 846 | 4.9% | 6.0% | 23.9% |
| PSP/AHC (Dalglen 1148 Limited) | 980 | 980 | 4.6% | 15.5% | 59.5% |
| Training For Travel Group Limited | 824 | 721 | 3.9% | 8.3% | 21.7% |
| Homelux Nenplas Limited | 758 | 354 | 3.6% | 8.0% | 37.0% |
| Cyclotech Limited | 736 | 398 | 3.5% | 5.4% | 14.6% |
| Oliver Kay Holdings Limited | 720 | 632 | 3.4% | 4.0% | 16.0% |
| Armannoch Investments Limited | 700 | 700 | 3.3% | 50.7% | 29.3% |
| Valkyrie Capital Limited | 700 | 700 | 3.3% | 50.7% | 29.3% |
| Steminic Limited | 673 | 673 | 3.2% | 9.6% | 28.3% |
| Martel Instruments Holdings Limited | 671 | 671 | 3.2% | 10.9% | 27.9% |
| Atlantic Foods Group Limited | 664 | 522 | 3.1% | 2.9% | 5.9% |
| Camwatch Limited | 650 | 650 | 3.1% | 10.6% | 33.3% |
| Lawrence Recycling & Waste Management Limited | 622 | 622 | 2.9% | 7.9% | 42.1% |
| Nessco Group Holdings Limited | 572 | 572 | 2.7% | 7.5% | 30.3% |
| Energy Services Investment Company (ESIC) Limited | 547 | 547 | 2.6% | 20.9% | 59.1% |
| Cash Bases Limited (formerly Deckflat Limited) | 500 | 250 | 2.4% | 8.3% | 20.2% |
| Transys Holdings Limited | 500 | 647 | 2.4% | 7.5% | 64.2% |
| TC Communications Holdings Limited | 473 | 473 | 2.2% | 9.8% | 25.5% |
| Adler & Allan Holdings Limited | 424 | 424 | 2.0% | 1.9% | 39.1% |
| Enpure Holdings Limited | 274 | 200 | 1.3% | 0.9% | 78.7% |
| Essential Viewing Systems Limited | 188 | 209 | 0.9% | 6.7% | 34.1% |
| Countcar Limited | 117 | 17 | 0.6% | 5.7% | 20.9% |
| Llanllyr Water Company Limited | 100 | 100 | 0.5% | 7.5% | 42.4% |
| I D Support Services Group Limited | 72 | 72 | 0.3% | 0.5% | 1.7% |
| PLM Dollar Group Limited | 50 | 50 | 0.2% | 0.6% | 29.1% |
| Others | 178 | 2,086 | 0.9% |
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| Total unlisted | 13,723 | 14,116 | 65.0% |
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| AIM/PLUS |
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| Melorio Plc | 583 | 394 | 2.8% | 1.3% | 1.6% |
| Concateno plc | 475 | 438 | 2.2% | 0.8% | 1.6% |
| Animalcare Group Plc (formerly Ritchey Plc) | 335 | 245 | 1.6% | 2.3% | 2.3% |
| Betbrokers Plc | 242 | 264 | 1.1% | 0.7% | 1.2% |
| Avanti Communications Group Plc | 217 | 151 | 1.0% | 0.3% | 1.1% |
| Praesepe Plc (formerly Aldgate Capital Plc) | 145 | 246 | 0.7% | 0.5% | 0.5% |
| Mount Engineering plc | 143 | 161 | 0.7% | 0.9% | 1.6% |
| Plastics Capital Plc | 106 | 355 | 0.5% | 1.3% | 2.4% |
| DM PLC | 85 | 132 | 0.4% | 0.6% | 0.7% |
| Hasgrove plc | 81 | 123 | 0.4% | 0.4% | 1.3% |
| Litcomp plc | 67 | 151 | 0.3% | 4.9% | - |
| Essentially Group PLC | 64 | 231 | 0.3% | 0.9% | 1.7% |
| Formation Group PLC | 62 | 147 | 0.3% | 0.4% | 0.9% |
| OPG Power Ventures PLC | 57 | 81 | 0.3% | 0.1% | 0.4% |
| Managed Support Services Plc (formerly WNG Plc) | 55 | 300 | 0.3% | 0.3% | 0.5% |
| Neutrahealth plc | 32 | 89 | 0.2% | 0.6% | 1.3% |
| Datong PLC | 31 | 151 | 0.1% | 0.9% | 1.1% |
| Optare Plc (formerly Darwen Group plc) | 30 | 123 | 0.1% | 0.6% | 0.6% |
| Brulines Group plc | 25 | 31 | 0.1% | 0.1% | 0.3% |
| Work Group PLC | 25 | 201 | 0.1% | 0.9% | 2.3% |
| Tangent Communications PLC | 24 | 79 | 0.1% | 0.4% | 1.0% |
| Universe Group PLC | 24 | 67 | 0.1% | 0.8% | 1.8% |
| Software Radio Technology PLC | 24 | 273 | 0.1% | 0.9% | 1.7% |
| Relax Group Plc (formerly Debts.co.uk plc) | 22 | 51 | 0.1% | 0.1% | 0.3% |
| Individual Restaurant Company plc | 22 | 124 | 0.1% | 0.3% | 0.8% |
| Cello Group Plc | 20 | 54 | 0.1% | 0.1% | 0.9% |
| Smart Identity plc | 20 | 50 | 0.1% | 1.3% | 4.0% |
| Others | 93 | 1,268 | 0.5% |
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| Total AIM/PLUS | 3,109 | 5,980 | 14.7% |
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| Listed fixed income |
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| Treasury 5.75% 31 Dec 2009 | 2,602 | 2,544 | 12.3% | ||
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| Total | 19,434 | 22,640 | 92.0% |
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*Other clients of Maven Capital Partners UK LLP.
| Aberdeen Growth Opportunities VCT PLC | |||
| Income statement | |||
| For the six months ended 31 May 2009 (unaudited) | |||
| Revenue £'000 | Capital £'000 | Total £'000 | |
| Losses on investments | - | (254) | (254) |
| Income from investments | 430 | - | 430 |
| Investment management fees | (54) | (216) | (270) |
| Other expenses | (113) | - | (113) |
| Net return/(loss) on ordinary activities before taxation | 263 | (470) | (207) |
| Tax on ordinary activities | (51) | 45 | (6) |
| Return attributable to equity shareholders | 212 | (425) | (213) |
| Return per Ordinary Share (pence) | 0.77 | (1.55) | (0.78) |
| 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 | C Ordinary Shares | Total |
| | £’000 | £’000 | £’000 |
| Opening Shareholders’ funds | 7,830 | 14,240 | 22,070 |
| Movements in the period | | | |
| C Ordinary Share conversion into Ordinary Shares | 14,240 | (14,240) | - |
| Total return for the period | (213) | - | (213) |
| Dividends paid – revenue | (741) | - | (741) |
| Closing Shareholders’ funds | 21,116 | - | 21,116 |
| Aberdeen Growth Opportunities VCT PLC | |||||||||
| Income statement | |||||||||
| For the six months ended 31 May 2008 (unaudited) | |||||||||
| Ordinary Shares | C Ordinary Shares | Total | |||||||
| Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | Revenue £'000 | Capital £'000 | Total £'000 | |
| (Losses)/gains on investments | - | (311) | (311) | - | 559 | 559 | - | 248 | 248 |
| Income from investments | 179 | - | 179 | 340 | - | 340 | 519 | - | 519 |
| Other income | 13 | - | 13 | 14 | - | 14 | 27 | - | 27 |
| Investment management fees | (29) | (118) | (147) | (44) | (174) | (218) | (73) | (292) | (365) |
| Other expenses | (45) | - | (45) | (60) | - | (60) | (105) | - | (105) |
| Net return/(loss) on ordinary activities before taxation | 118 | (429) | (311) | 250 | 385 | 635 | 368 | (44) | 324 |
| Tax on ordinary activities | (21) | 34 | 13 | (46) | 33 | (13) | (67) | 67 | - |
| Return attributable to equity shareholders | 97 | (395) | (289) | 204 | 418 | 622 | 301 | 23 | 324 |
| Earnings per Ordinary Share (pence) | 0.99 | (4.05) | (3.06) | 1.36 | 2.80 | 4.16 | |||
| 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 | C Ordinary Shares | Total | |||||||||||
| £'000 | £'000 | £'000 | |||||||||||
| Opening Shareholders' funds | 10,001 | 14,538 | 24,539 | ||||||||||
| Movements in the period | |||||||||||||
| Total return for the period | (298) | 622 | 324 | ||||||||||
| Dividends paid - revenue | (171) | (329) | (500) | ||||||||||
| Closing Shareholders' funds | 9,532 | 14,831 | 24,363 | ||||||||||
| Aberdeen Growth Opportunities VCT PLC | |||||||||||||
| Income statement | |||||||||||||
| For the year ended 30 November 2008 (audited) | |||||||||||||
| Revenue | Capital | Total | Revenue | Capital | Total | Revenue | Capital | Total | |||||
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| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||||
| Loss on investments | - | (2,103) | (2,103) | - | (201) | (201) | - | (2,304) | (2,304) | ||||
| Income from investments | 403 | - | 403 | 702 | - | 702 | 1,105 | - | 1,105 | ||||
| Other income | 23 | - | 23 | 20 | - | 20 | 43 | - | 43 | ||||
| Investment management fees | (37) | (147) | (184) | (63) | (252) | (315) | (100) | (399) | (499) | ||||
| Other expenses | (139) | - | (139) | (135) | - | (135) | (274) | - | (274) | ||||
| Net return/(loss) on ordinary activities before taxation | 250 | (2,250) | (2,000) | 524 | (453) | 71 | 774 | (2,703) | (1,929) | ||||
| Tax on ordinary activities | (47) | 47 | - | (99) | 59 | (40) | (146) | 106 | (40) | ||||
| Return attributable to equity shareholders | 203 | (2,203) | (2,000) | 425 | (394) | 31 | 628 | (2,597) | (1,969) | ||||
| Return per Ordinary Share (pence) | 2.08 | (22.61) | (20.53) | 2.84 | (2.63) | 0.21 |
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| 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 | C Ordinary | ||
| Shares | Shares | Total | |
| £'000 | £'000 | £'000 | |
| Opening Shareholders' funds | 10,001 | 14,538 | 24,539 |
| Movements in the year | |||
| Total profit/(loss) for the year | (2,000) | 31 | (1,969) |
| Dividends paid - revenue | (171) | (329) | (500) |
| Closing Shareholders' funds | 7,830 | 14,240 | 22,070 |
| Aberdeen Growth Opportunities VCT PLC | ||||||||||||||
| Balance Sheet | ||||||||||||||
| As at 31 May 2009 | ||||||||||||||
| 31 May 2009 | 31 May 2008 | 31 November 2008 | ||||||||||||
| (unaudited) | (unaudited) | (audited) | ||||||||||||
| Ordinary | C Ordinary | Ordinary | C Ordinary | |||||||||||
| Shares | Shares | Total | Shares | Shares | Total | |||||||||
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| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Fixed assets | ||||||||||||||
| Investments | 19,434 | 8,757 | 14,103 | 22,860 | 7,408 | 13,716 | 21,124 | |||||||
| Current assets | ||||||||||||||
| Debtors | 920 | 707 | 700 | 1,407 | 358 | 556 | 914 | |||||||
| Cash and overnight deposits | 1,025 | 163 | 199 | 362 | 102 | 40 | 142 | |||||||
| 1,945 | 870 | 899 | 1,769 | 460 | 596 | 1,056 | ||||||||
| Creditors |
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| Amounts falling due within one year | (263) | (95) | (171) | (266) | (38) | (72) | (110) | |||||||
| Net current assets | 1,682 | 775 | 728 | 1,503 | 422 | 524 | 946 | |||||||
| Net assets | 21,116 | 9,532 | 14,831 | 24,363 | 7,830 | 14,240 | 22,070 | |||||||
| Capital and reserves | ||||||||||||||
| Called up share capital | 2,746 | 974 | 1,495 | 2,469 | 974 | 1,495 | 2,469 | |||||||
| Share premium | 17,119 | 4,685 | 12,711 | 17,396 | 4,685 | 12,711 | 17,396 | |||||||
| Distributable reserve | 3,648 | 3,648 | - | 3,648 | 3,648 | - | 3,648 | |||||||
| Capital redemption reserve | 73 | 73 | - | 73 | 73 | - | 73 | |||||||
| Capital reserves - realised | 311 | 993 | (536) | 457 | 1,027 | (358) | 669 | |||||||
| Capital reserves - unrealised | (3,194) | (1,112) | 817 | (295) | (2,954) | (173) | (3,127) | |||||||
| Revenue reserve | 413 | 271 | 344 | 615 | 377 | 565 | 942 | |||||||
| Equity Shareholders' funds | 21,116 | 9,532 | - | 9,532 | 7,830 | - | 7,830 | |||||||
| Rights of C Shareholders | - | - | 14,831 | 14,831 | - | 14,240 | 14,240 | |||||||
| Equity shareholders funds and rights of C Shareholders | 21,116 | 9,532 | 14,831 | 24,363 | 7,830 | 14,240 | 22,070 | |||||||
| Net Asset Value per Ordinary Share (pence) | 76.9 | 97.8 | 99.2 | 80.4 | 95.2 | |||||||||
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Aberdeen Growth Opportunities VCT PLC | ||||||||||||||
| Cash Flow Statement | ||||||||||||||
| Six months ended 31 May 2009 | Six months ended 31 May 2008 |
| Year ended 30 November 2008 | |||||||||||
| (unaudited) |
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| (audited) |
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| Ordinary | C Ordinary | Ordinary | C Ordinary | |||||||||||
| Shares | Shares | Total | Shares | Shares | Total | |||||||||
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| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |||||||
| Operating activities | ||||||||||||||
| Investment income received | 426 | 163 | 252 | 415 | 374 | 559 | 933 | |||||||
| Deposit interest received | 1 | 15 | 17 | 32 | 25 | 21 | 46 | |||||||
| Investment management fees paid | (270) | (129) | (187) | (316) | (328) | (500) | (828) | |||||||
| Secretarial fees paid | (42) | (16) | (22) | (38) | (42) | (60) | (102) | |||||||
| Cash paid to and on behalf of Directors | (37) | (14) | (19) | (33) | (25) | (34) | (59) | |||||||
| Other cash payments | 125 | (36) | (44) | (80) | (51) | (106) | (157) | |||||||
| Net cash inflow/(outflow) from operating activities | 203 | (17) | (3) | (20) | (47) | (120) | (167) | |||||||
| Taxation | ||||||||||||||
| Corporation tax | 7 | 13 | (13) | - | - | - | - | |||||||
| Financial investment | ||||||||||||||
| Purchase of investments | (762) | (1,808) | (6,647) | (8,455) | (2,790) | (7,947) | (10,737) | |||||||
| Sale of investments | 2,175 | 1,631 | 5,868 | 7,499 | 2,595 | 7,113 | 9,708 | |||||||
| Net cash inflow/(outflow) from financial investment | 1,413 | (177) | (779) | (956) | (195) | (834) | (1,029) | |||||||
| Equity dividends paid | (741) | (171) | (329) | (500) | (171) | (329) | (500) | |||||||
| Net cash inflow/(outflow) before financing | 882 | (352) | (1,124) | (1,476) | (413) | (1,283) | (1,696) | |||||||
| Increase/(decrease) in cash | 882 | (352) | (1,124) | (1,476) | (413) | (1,283) | (1,696) | |||||||
Aberdeen Growth Opportunities VCT PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the 6 months ended 31 May 2009 and the six months ended 31 May 2008 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 30 November 2008.
2. Statement of changes in equity
| Called up share capital | Share premium account | Distributable reserve | Capital redemption reserve | Capital reserve - realised | Capital reserve - unrealised | Revenue reserve | Total | |
| Ordinary shares | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| At 30 November 2008 | ||||||||
| Ordinary Shares | 974 | 4,685 | 3,648 | 73 | 1,027 | (2,954) | 377 | 7,830 |
| C Ordinary Shares | 1,495 | 12,711 | - | - | (358) | (173) | 565 | 14,240 |
| 2,469 | 17,396 | 3,648 | 73 | 669 | (3,127) | 942 | 22,070 | |
| Conversion of C Ordinary Shares | 277 | (277) | - | - | - | - | - | - |
| Loss on sale of investments | - | - | - | - | (187) | - | - | (187) |
| Movement in unrealised depreciation | - | - | - | - | (67) | - | (67) | |
| Investment management fees | - | - | - | - | (216) | - | - | (216) |
| Tax effect of capital items | - | - | - | - | 45 | - | - | 45 |
| Dividends paid | - | - | - | - | - | - | (741) | (741) |
| Retained net revenue for the period | - | - | - | - | - | - | 212 | 212 |
| At 31 May 2009 | 2,746 | 17,119 | 3,648 | 73 | 311 | (3,194) | 413 | 21,116 |
On 28 February 2009 the C Ordinary Shares converted into Ordinary Shares at a conversion ratio of 1.185.
3. Returns per Ordinary Share and C Ordinary Share
| Ordinary Shares | Six months ended 31 May 2009 £'000 | Six months ended 31 May 2008 £'000 | Year ended 30 November 2008 £'000 | ||
| The return per Ordinary Share is based on the following figures: | |||||
| Revenue return | 212 | 97 | 203 | ||
| Capital return | (425) | (395) | (2,203) | ||
| Total return | (213) | (298) | (2,000) | ||
| Weighted average number of Ordinary Shares in issue | 27,465,383 | 9,744,243 | 9,744,243 | ||
| Revenue return per Ordinary Share | 0.77p | 0.99p | 2.08p | ||
| Capital return per Ordinary Share | (1.55p) | (4.05p) | (22.61) | ||
| Return per Ordinary Share | (0.78) | (3.06p) | (20.53p) | ||
| The Net Asset Value per Ordinary Share has been calculated using the number of shares in issue at 31 May 2009 of 27,465,383. | |||||
| C Ordinary Shares | 6 months ended 31 May 2009 £'000 | 6 months ended 31 May 2008 £'000 | Year ended 30 November 2008 £'000 | ||
| The return per C Ordinary Share is based on the following figures: | |||||
| Revenue return | - | 240 | 425 | ||
| Capital return | - | 418 | (394) | ||
| Total return | - | 622 | 31 | ||
| Weighted average number of C Ordinary Shares in issue | - | 14,954,494 | 14,954,494 | ||
| Revenue return per C Ordinary Share | - | 1.36p | 2.84p | ||
| Capital return per C Ordinary Share | - | 2.80p | (2.63p) | ||
| Return per C Ordinary Share | - | 4.16p | 0.21p | ||
| The Net Asset Value per C Ordinary Share has been calculated using the number of shares in issue at 30 November 2008 of 14,954,494. | |||||
Copies of this announcement will be available to the public at the office of Maven Capital Partners UK LLP, 149 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, Cheapside, London.
The Interim Report and Financial Statements will be printed and sent to Shareholders.
Directors' Responsibility Statement
We confirm that to the best of our knowledge:
The financial statements have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice "Financial Statements of Investment Trust Companies" issued in December 2005
The Interim Management Report includes a fair review of the information required by DTR 4.2.7R in relation to the indication of important events during the first six months, and of the principal risks and uncertainties facing the Company during the second six months of the year
The Interim Management Report includes adequate disclosure of the information required by DTR 4.2.8R in relation to related party transactions and any changes to them.
On behalf of the Board
Maven Capital Partners UK LLP
Secretary
24 July 2009