Maven Grwth 3 Regulatory News (MIG3)

25 Jul 2005 14:32

Aberdeen Growth Opps VCT PLC25 July 2005 Aberdeen Growth Opportunities VCT PLC Interim results The Directors announce the unaudited interim results for the six months ended 31May 2005. Investment activity During the six-months ended 31 May 2005, five new unquoted and seven new AIMinvestments were made at a total cost of £2.3 million. Forty-one unquoted andAIM investments having a total cost of £6.6 million had been completed as at 31May 2005. The following twelve investments, of which all except one are VCT qualifying,have been made since the publication of the Annual Report: Accuma Group plc* (March 2005) - £101,000: Accuma advises individuals on debtsolutions including Individual Voluntary Arrangements. The company raised £16.7million on its AIM placing. Augean plc* (December 2004) - £210,000: Augean was formed to acquire and managebusinesses in the UK water management and water supply sectors. The companyraised £100 million on its admission to AIM. Elevation Events Group plc* (May 2005) - £150,000: Elevation Events wasoriginally floated on AIM as Monkleigh in July 2004. In May 2005, it raised £3.7million to complete its first acquisition. FFC (UK) Limited (March 2005) - £200,000: FFC designs and manufactures officefurniture. Gladstone plc* (February 2005) - £175,000: Gladstone develops specialisedmembership software for the leisure industry. The company recently raised £2million to fund acquisitions. Inspicio plc* (April 2005) - £125,000: Inspicio has been formed to makeacquisitions in the international testing, inspection and performance conformitymarkets. The company raised £3 million from its AIM placing. Original Shoe Company Limited (May 2005) - £300,000: Original Shoe is a retailerof branded clothing and footwear. The company raised £2 million to finance anincrease in its retail outlets and geographic coverage. Sanastro plc (December 2004) - £275,000: Sanastro is a financial publishinghouse which acquired Laffertys Publishing as part of a £6.8 million developmentcapital financing led by Aberdeen Murray Johnstone Private Equity ("AMJPE"). Software Radio Technology (UK) Limited (March 2005) - £250,000: Software RadioTechnology is a leading edge digital wireless communication developmentbusiness. AMJPE participated in a syndicate of investors which provided £2million of working capital for the ongoing development of the business. Spectrum Interactive plc* (April 2005) - £117,000: Spectrum Interactive is thesecond largest operator of payphones in the UK. The company raised £3.7 millionon its admission to AIM. Travel Class Holdings Limited (February 2005) - £225,000: Travel Class providesactivity-based educational holidays for schoolchildren. The management buy-outof the business was led by AMJPE in February 2005, when a total of £1.25 millionwas raised from AMJPE clients. Zetar plc* (March 2005) - £150,000: Zetar acquired Kinnerton, one of the leadingindependent UK manufacturers of novelty and niche chocolate confectionery andfunded the acquisition from an AIM placing which raised £13.7 million. * Quoted on AIM Portfolio developments Aberdeen Growth Opportunities VCT is continuing to build a diversified portfolioof unlisted and AIM investments which offer excellent growth prospects and,therefore, the opportunity to generate capital gains in the medium and longerterm. Some of the private equity investments in the unlisted portfolio areshowing signs of increasing maturity and improving performance, with the resultthat exits in the short to medium term are in prospect. The AIM portfolio isbeing actively traded and partial realisations from some of these investmentshave resulted in capital gains of £212,000 being achieved during the six monthsended 31 May 2005. In the Company's prospectus, it was anticipated that the investment portfoliowould not comprise more than 20% in AIM stocks. In the Annual Report publishedin March 2005, it was explained that the Board had resolved to increase thislimit to 25% in view of the opportunities that were then available to theCompany for additional investment. In view of the growth and increasing maturityof the AIM market, and the performance of the Manager in this area, the Boardhas resolved to increase to a maximum of 30% the proportion of the portfoliothat may be invested in AIM quoted stocks. Investments within the unlisted portfolio are generally trading well, but wherethere is underperformance particular attention is being paid to those companiesby the Manager to effect an improvement and protect value. Market conditions Interest rate increases imposed to control inflation, in particular in thehousing market, have contributed to a significant downturn in retail sales whichis flowing through to GDP growth. Oil prices have been at relatively high levelsfor some time as the impact of supply and demand imbalances has been felt inincreased prices. Inflation forecasts for the medium term are being reduced onthe Bank of England's expectation that oil prices have now peaked. Manufacturingoutput is continuing to decline, although the construction sector remainsstrong. Net Asset Value The Net Asset Value (NAV) per share at 31 May 2005 was 96.7p per share ("pps")compared with 93.6pps as at 30 November 2004. The increase in NAV of 3.3%compares favourably with the FTSE Small Cap Index, which decreased by 6.0% overthe period, and the FTSE AIM Index, which decreased by 3.3%. Unquoted investments held by Aberdeen Growth Opportunities VCT are valued inaccordance with the British Venture Capital Association guidelines. Inaccordance with normal market practice, investments quoted on the AlternativeInvestment Market (AIM) or a recognised stock exchange are valued at theirmid-market closing prices, discounted where necessary to reflect any tradingrestrictions. Co-investment Aberdeen Growth Opportunities VCT has co-invested with other funds managed bythe Aberdeen Asset Management Group in a number of investments and is expectedto continue to do so. The advantage of this arrangement is that, together, thefunds are able to underwrite a wider range and size of transaction than wouldotherwise be the case on a stand-alone basis. Dividends and returns to date The Board does not intend to declare an interim dividend for the period ended 31May 2005. Since the Company's launch, most Shareholders will have received 3.0pps in taxfree dividends. The total return since launch will be 99.7pps, being the sum ofdividends paid plus current NAV. Outlook The outlook for new investments remains positive, with a steady flow of bothunquoted and AIM opportunities available for consideration by the Manager. Theprimary focus however, is to ensure that the Company continues to build, in ameasured fashion, a properly diversified portfolio of good quality smallercompany assets which will deliver sustained long term performance. Asset qualitywill not be sacrificed for short term growth in the qualifying investmentportfolio. ABERDEEN GROWTH OPPORTUNITIES VCT PLCStatement of Total Return (incorporating the Revenue Account*)for the six months ended 31 May 2005 Six months to 31 May 2005 (unaudited) Revenue Capital Total £'000 £'000 £'000 Gains on investments - 401 401 Income from investments 102 - 102Other income 11 - 11Investment management fees (28) (112) (140)Other expenses (99) - (99) Net return/(loss) on ordinary activities before (14) 289 275taxation Tax on ordinary activities - - - Return/(loss) attributable to equity Shareholders (14) 289 275Ordinary dividends on equity shares 1 - 1 Transfer to/(from) reserves (13) 289 276 Return per Ordinary share (pence) (0.13) 2.81 2.68 * The revenue column of this statement is the profitand loss account of the Company. ABERDEEN GROWTH OPPORTUNITIES VCT PLCStatement of Total Return (incorporating the Revenue Account*)for the six months ended 31 May 2005 Six months to 31 May 2004 (unaudited) Revenue Capital Total £'000 £'000 £'000 Gains on investments - 17 17 Income from investments 164 - 164Other income 5 - 5Investment management fees (26) (103) (129)Other expenses (100) (1) (101) Net return/(loss) on ordinary activities before 43 (87) (44)taxation Tax on ordinary activities (6) 6 - Return/(loss) attributable to equity Shareholders 37 (81) (44)Ordinary dividends on equity shares - - - Transfer to/(from) reserves 37 (81) (44) Return per Ordinary share (pence) 0.36 (0.78) (0.42) * The revenue column of this statement is the profitand loss account of the Company. ABERDEEN GROWTH OPPORTUNITIES VCT PLCStatement of Total Return (incorporating the Revenue Account*)for the six months ended 31 May 2005 Year ended 30 November 2004 (audited) Revenue Capital Total £'000 £'000 £'000 Gains on investments - 255 255 Income from investments 419 - 419Other income 21 - 21Investment management fees (52) (207) (259)Other expenses (209) - (209) Net return/(loss) on ordinary activities before 179 48 227taxation Tax on ordinary activities (29) 30 1 Return/(loss) attributable to equity Shareholders 150 78 228Ordinary dividends on equity shares (104) - (104) Transfer to/(from) reserves 46 78 124 Return per Ordinary share (pence) 1.44 0.75 2.19 * The revenue column of this statement is the profitand loss account of the Company. ABERDEEN GROWTH OPPORTUNITIES VCT PLC Balance Sheet As at 31 May 2005 31 May 2005 31 May 2004 30 November 2004 (unaudited) (unaudited) (audited) Notes £'000 £'000 £'000 Fixed assets Investments 7,227 9,429 4,852 Current assets Debtors 164 218 149 Cash and overnight deposits 2,615 73 4,965 2,779 291 5,114 CreditorsAmounts falling due within oneyear 152 120 250 Net current assets 2,627 171 4,864 9,854 9,600 9,716 Capital and reserves Called up share capital 1,019 1,046 1,038 Share premium 2 4,685 4,676 4,676 Distributable reserve 2 4,009 4,209 4,157 Capital redemption reserve 2 28 - 8 Capital reserve - realised 2 (398) (292) (498) Capital reserve - unrealised 2 462 (92) 273 Revenue reserve 2 49 53 62 Equity Shareholders' interest 9,854 9,600 9,716 Net Asset Value per Ordinary share(pence) 96.7 91.8 93.6 Gregor Michie, Director25 July 2005 ABERDEEN GROWTH OPPORTUNITIES VCT PLCCash Flow StatementFor the six months ended 31 May 2005 Six months to Six months to Year ended 31 May 2005 31 May 2004 30 November 2004 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Operating activities Investment income received 88 233 632 Deposit interest received 12 6 19 Investment management fees paid (132) (123) (252) Secretarial fees paid (30) (30) (61) Cash paid to and on behalf of Directors (35) (50) (81) Other cash payments (34) (23) (51) Net cash inflow from operating activities (131) 13 206 TaxationCorporation tax - 16 31 Financial investment Purchase of investments (2,433) (3,547) (5,413) Sale of investments 456 3,265 9,849 Net cash (outflow)/inflow from financial (1,977) (282) 4,436investment Equity dividends paid (94) (207) (207) Net cash (outflow)/inflow before financing (2,202) (460) 4,466 Financing Issue of Ordinary shares - 101 119 Share repurchases (148) - (52) Net cash (outflow)/inflow from financing (148) 101 67 (Decrease)/increase in cash (2,350) (359) 4,533 Notes to the Financial Statements 1. Accounting policiesThe financial information for the six months ended 31 May 2005 and the sixmonths ended 31 May 2004 comprises non-statutory accounts within the meaning ofSection 240 of the Companies Act 1985 and has been prepared on the basis of theaccounting policies set out in the Annual Report for the year ended 30 November2004. The results for the year ended 30 November 2004 are abridged from thefull accounts for that year, which received an unqualified report from theAuditors and have been filed with the Registrar of Companies. Share Capital Capital Capital premium Distributable redemption reserve reserve Revenue account reserve reserve realised unrealised reserve £'000 £'000 £'000 £'000 £'000 £'0002. Movement in reserves At 1 December 2004 4,676 4,157 8 (498) 273 62Increase in unrealised appreciation - - - - 227 - Investment management fees - - - (112) - -Issue of shares 9 - - - - -Share purchase and cancellation - (148) 20 - - -Transfer on disposal of investment - - - 38 (38) -Net losses on realisation of - - - 174 - -investments Retained net revenue for period - - - - - (13)As at 31 May 2005 4,685 4,009 28 (398) 462 49 3. Earnings per share Earnings per Ordinary share have been calculated using the weighted averagenumber of shares in issue during the period of 10,278,864. Net Asset Values perOrdinary share have been calculated using the number of shares in issue at 31May 2005 of 10,188,708. A summary of investment changes for the period under review and an investmentportfolio summary as at 31 May 2005 are attached. A full copy of the Interim Report and Financial Statements will be printed andissued to shareholders. Copies of this announcement will be available to the public at the office ofAberdeen Asset Management PLC, 123 St Vincent Street, Glasgow and at theregistered office of the Company, One Bow Churchyard, Cheapside, London. By Order of the Board ABERDEEN ASSET MANAGEMENT PLC, SECRETARY 25 July 2005 ABERDEEN GROWTH OPPORTUNITIES VCT PLCSummary of Investment ChangesFor the six months ended 31 May 2005 Valuation Appreciation/ Valuation 30 Nov 2004 Transactions (depreciation) 31 May 2005 £'000 % £'000 £'000 £'000 % Listed investments Unit trusts 705 7.2 - 2 707 7.2 Equities - AIM 1,707 17.6 591 447 2,745 27.8 Unlisted investments Equities 753 7.7 590 (30) 1,313 13.3 Preference shares 135 1.4 - - 135 1.4 Fixed income 1,552 16.0 793 (18) 2,327 23.6 Total investments 4,852 49.9 1,974 401 7,227 73.3 Other net assets 4,864 50.1 (2,237) - 2,627 26.7 Total assets* 9,716 100.0 (263) 401 9,854 100.0 * Total assets represents Equity Shareholders' interest. ABERDEEN GROWTH OPPORTUNITIES VCT PLCInvestment Portfolio SummaryAs at 31 May 2005 % of Valuation total Nature of business £'000 assetsUnlisted investmentsOriginal Shoe Company Clothing and footwear retailer 300 3.1Sanastro Provider of business to business publishing services 275 2.8Axeon Exploitation of semiconductor intellectual property rights 250 2.5Deckflat Design and manufacture of cash drawers 250 2.5Software Radio Provision of wireless technology to TETRA and AIS marine 250 2.5Technology marketsPSCA International Government sector publishing 230 2.4Travel Class Children's adventure holidays 225 2.3FFC Design and manufacture of office furniture 200 2.0Transrent Holdings Provider of trailer and transport solution services 187 1.9Palgrave Brown Manufacturer of timber products 179 1.8(Holdings)Albanet Software and services 172 1.8Elam-T Developer of flat screen technologies 162 1.6Enterprise Food Group Provider of supply chain and management services to the bakery 150 1.5 industryEssential Viewing Video streaming technology 150 1.5SystemsLlanllyr Water Extraction and bottling of mineral spring water 150 1.5ScotNursing Provider of temporary and agency nursing and care staff 135 1.4RMS Europe Ports operator 114 1.2Driver Hire Supplier of temporary drivers 100 1.0Inovas Software developer 100 1.0AMGas Manufacturer of gas sensors for application in oil and gas 87 0.9 explorationRoom 2 Retailer of household textiles, furniture, lighting & home 59 0.6 accessoriesPLM Dollar Group Operator of commercial helicopter fleet 50 0.5 3,775 38.3 AIM investmentsTanfield Technical solutions and manufacturing group 255 2.6Careforce Provider of domiciliary care services 235 2.4Augean Water and waste management services 204 2.1Zetar Manufacture of chocolate confectionery 203 2.0Begbies Traynor Group Independent insolvency and rescue recovery specialist 187 1.9Elevation Events Group Provider of event management and corporate hospitality services 175 1.8Imagesound Provider of background messaging services 166 1.7Gladstone Developer of specialised software for the leisure industry 158 1.6Cello Group Media and advertising company 156 1.6Avanti Screen Media Provider of screens and media advertising content to retailers, 147 1.5 pubs, clubs and leisure facilitiesAir Music & Media Producer and supplier of low priced entertainment products 145 1.5Inspicio Provider of testing, inspection and performance conformity 128 1.3 servicesPublic Recruitment Group Provider of public sector staffing, healthcare and education 123 1.2Fountains Provider of specialist environmental services 119 1.2Spectrum Interactive Operator of payphones and internet 117 1.2Business Serve Internet service provider 103 1.0Asfare Manufacture and supply of equipment for the emergency services 53 0.5Accuma Provider of personal debt advice specialising in IVAs 51 0.5Award International Sourcing and delivering of merchandising materials 20 0.2Holdings 2,745 27.8 Listed unit trustsAberdeen International Fixed Interest Fund 499 5.1Aberdeen International Sterling Bond Fund 208 2.1 707 7.2 Total investments 7,227 73.3 This information is provided by RNS The company news service from the London Stock Exchange