Interim Results

Aberdeen Growth Opps VCT PLC 20 July 2007 Aberdeen Growth Opportunities VCT PLC Interim results for the six months ended 31 May 2007 Chairman's Statement Performance I am pleased to report that the Net Asset Value (NAV) at 31 May 2007 was 109.0p per Ordinary Share and 100.7p per C Ordinary Share, after payment of dividends of 4.5p per Ordinary Share and 1.0p per C Ordinary Share paid on 30 March 2007, compared with 104.8p per Ordinary Share and 96.0p per C Ordinary Share at 30 November 2006. As a result, the Total Return per share (NAV plus dividends paid since launch) on the Ordinary Shares has now reached 118.5p, having increased by a further 8.7p or 7.9% during the six month period. The Total Return on the C Ordinary Shares is now 101.7p, an increase of 6.7p or 7.1% on the NAV immediately after launch expenses. Regulatory changes Changes to the VCT regulations were introduced in the 2007 Budget, which place additional restrictions on the size of companies in which funds raised after April 2007 can be invested. These changes do not affect existing funds held by your Company which means that they can continue to be invested in opportunities of the same type and on the same scale that have provided the positive returns summarised above. The Board has considered carefully the impact of these changes. Since 'pre-April 2007 money' has more potential to generate positive returns for shareholders than the more restricted 'post April 2007' money, the Board has concluded that it is in Shareholders' interests that the share buy-back programme, which depletes 'pre April 2007' funds, be reduced so that these valuable resources can be applied to investment in the broader pool of profitable opportunities. Dividend policy The Board has also determined on an enhanced dividend policy. In view of the growing maturity of the original Ordinary Share portfolio and the capital gains that have been achieved to date the Board has decided to target 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. It is the intention of the Board 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 also examining the practicalities of introducing a dividend re-investment programme for Shareholders who wish to increase their holding in the Company. As regards the C Ordinary Share portfolio, since it is still in its investment phase, dividends are likely to be lower and more variable until its investments mature and it is merged with the Ordinary Share portfolio in April 2009. However, the performance of the C Ordinary Share portfolio is ahead of that of the Ordinary Share portfolio at the comparable stage in its development. The Company paid a dividend of 4.5p to Ordinary Shareholders and 1.0p to C Shareholders on 30 March 2007. In recognition of the realised capital gains made during the reporting period (which are shown in the table which immediately follows this review) the Board is now declaring an interim dividend of 3.0 per Ordinary Share and 1.0p per C Ordinary Share, both to be paid on 24 August 2007 to shareholders on the register on 27 July 2007. Gregor Michie Chairman Investment Manager's Review Investment activity The Manager is pleased to report an exceptionally strong period of new investment activity. During the six-months to 31 May 2007, eight new unlisted investments and five AIM investments were made in which both share pools participated and a further four AIM investments were made solely by the C Share pool. A total of Â£2.3 million was invested during the six month period by the Ordinary Share ("Original") pool and Â£3.6 million by the C Share pool. At 31 May 2007, the investment portfolio of the Original pool consisted of sixty-one active unlisted and AIM investments having a total cost of Â£8.4 million and the portfolio of the C Share pool consisted of twenty-seven investments having a total cost of Â£4.4 million. The following new investments were made during the reporting period: Investment Date Activity Cost Â£'000 Unlisted Original C Share pool pool Camwatch Mar-07 Provider of CCTV monitoring and installation services. www.cctv-monitoring.net 257 393 Crossco (982) Jan-07 Production of hand held printers and terminals. (Martel www.martelinstruments.com 264 398 Instruments) Cyclotech May-07 Provider of services to the energy sector. www.cyclotech.com 149 249 Funeral Services Mar-07 Operator of funeral director businesses. Partnership 139 199 ID Support Mar-07 Provider of CCTV security systems, air conditioning Services and industrial refrigeration systems for UK leisure and retail businesses. 259 348 www.id-group.co.uk Lime Investments Mar-07 Company formed to acquire branded premium-end or niche food and beverage businesses. 273 348 MS Industrial Apr-07 Provider of industrial cleaning and waste management Services services to the oil and industrial sectors. www.msis.uk.com 223 338 Oliver Kay Jan-07 Distributor of fresh produce to the on-trade catering Holdings industry. www.oliverkayproduce.co.uk 249 383 Others 26 14 Total unlisted investment 1,839 2,671 AIM Bglobal Apr-07 Provider of "smart meters" (automatic meter reading and automatic meter management) allowing the remote reading of electricity and gas meters. 25 35 www.bglobalmetering.com Concateno Dec 06, Jan Provider of services for the testing of employees for 07 and Mar drugs and alcohol. 07 www.concateno.com 26 208 DM Apr-07 Provider of marketing services gathering consumer data for use in direct marketing campaigns. www.dmplc.com 134 Eleco Dec-06 Manufacturer of precast concrete products, metal roofing and cladding products and panels for interiors. 158 www.elecoplc.co.uk eXpansys Apr-07 Seller of mobile and wireless technology products over the internet. www.expansys.com 25 30 Hexagon Human Feb-07 Provider of executive search and recruitment services. Capital www.hexagonhc.com 99 Individual Dec-06 Restaurant operator. Restaurant Group www.individualrestaurants.co.uk 81 61 K3 Business Mar-07 Reseller of business application software. Technology www.k3btg.com 120 Neuropharm Group Mar-07 Developer of pharmaceutical products. www.neuropharm.co.uk 99 St Helen's Apr-07 Provider of corporate advisory services. Capital www.sthelenscapital.com 25 37 Tangent Feb-07 Provider of digital printing and marketing services. Communications www.documedia.co.uk 79 Universe Group Apr-07 Provider of managed services and payment solutions to the petrol retail sector. www.universe-group.co.uk 67 Others 39 44 Total AIM investment 498 894 Total 2,337 3,565 Co-investment Aberdeen Growth Opportunities VCT has co-invested with other funds managed by the Aberdeen Asset Management Group in a number of investments and will continue to do so. The advantage of this arrangement is that, by investing together, the funds are able to underwrite a wider range and size of transaction than would be the case on a stand-alone basis. In addition, the staff co-investment scheme has continued to co-invest alongside the Company in each investment made during the period. Details of the scheme were contained in the Annual Report for 2006. Portfolio developments Unlisted investments Following a number of successful realisations during 2006 which resulted in the payment of the second capital dividend in March 2007 to Ordinary Shareholders, further realisations from the Original pool have occurred in the reporting period as shown in the table immediately following this review. While these realisations were successful in contributing to the increase in Total Return, the effect was to deplete the invested portfolio of the Original pool. During the reporting period eight new substantial unlisted investments have been added to rebuild the portfolio. We are pleased to note that each has traded in line with or ahead of their business plan since investment; however, it is likely to be some time before these investments reach a level of maturity which enables profitable exits to be negotiated. The holding in AMGgas was sold and incurred a loss compared to the cost of the investment; however, the valuation of the holding had been written down in earlier periods in anticipation of such an outcome and a relatively immaterial loss of cÂ£10,000 was incurred compared to that reduced value. In contrast, the sale of the investment in EIG (Investments) was successfully completed in January 2007 approximately 15 months after first investing resulting in a gain of Â£280,000 during the reporting period; since then deferred consideration has been paid which increases the gain on the investment by a further Â£24,000. The sale of Enterprise Food Group completed during the period; the final sale in a series of individual disposals which has resulted in a total gain on the investment of Â£114,353, including the gain of Â£67,000 achieved in the period. This compares to the original cost of the investment of Â£150,000. AIM investments The AIM portfolio has continued to be actively managed during the reporting period resulting in net realised gains over cost of Â£600,000 on the Original pool and Â£297,000 on the C Share pool; details of these transactions can be found in the table following this review. In addition to the realised gains shown below, unrealised gains over the valuations as at 30 November 2006 amounting to Â£608,000 on the Original pool and Â£453,000 on the C Share pool were achieved during the period with the gains well spread across the portfolio of investments. The shares which achieved the largest gains were, in the Original Pool; Axeon (Â£158,000), Concateno (Â£102,000), Tanfield Group (Â£122,000) and Worthington Nicholls Group (Â£107,000) and, in the C Share pool; Concateno (Â£224,000) and Worthington Nicholls Group (Â£161,000). In the Original pool, the value of Software Radio Holdings fell by Â£112,000 over the November valuation although it remains at a premium to cost. The AIM portfolio has achieved an increase of 38.2% for the six month period over the November 2006 valuation which compares favourably with the increase in the AIM All-share Index of 19.0% for the same period. Valuation policy Unlisted investments held by Aberdeen Growth Opportunities VCT are valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines. Investments which are quoted or traded on the Alternative Investment Market (AIM) or a recognised stock exchange are valued at their bid price. Outlook Since the start of 2006 there has been a positive trend of realisations and new investment in both the Ordinary and C Share pools. 2006 was characterised by a number of profitable exits, whereas in 2007 there has been a very strong momentum of new transactions which offer significant return potential in the medium term. The strategy applied by the Manager is to use its extensive UK network to identify suitable private companies and invest the majority of the portfolio in private equity transactions which offer growth and a healthy running yield, in tandem with an actively managed AIM portfolio primarily focused on new companies seeking an IPO on the AIM market. Active management of the AIM portfolio provides an opportunity for early capital gains following a successful IPO. Going forward, the Manager believes that this dual approach on AIM and private equity will provide the optimum returns for VCT investors. The following table shows all sales from the unlisted and AIM portfolio made by the Company during the reporting period: Original pool C Share pool Cost of Sales Realised Cost of Sales Realised shares proceeds gain/ shares proceeds gain/ disposed (loss) disposed (loss) of of Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Unlisted AMGas 100 16 (84) EIG (Investments) 301 581 280 Enterprise Food Group - 67 67 Total unlisted 401 664 263 AIM Assetco 17 31 14 Careforce Group 55 79 24 Cello Group 26 38 12 Concateno 2 3 1 42 65 23 Eleco 158 184 26 eXpansys 17 20 3 20 24 4 Fairground Gaming - 39 39 Individual Restaurant Company 5 7 2 15 22 7 Inspicio 71 124 53 Interactive World 40 48 8 K3 Business Technology 40 52 12 Leadcom Integrated Solutions 99 70 (29) MTI Wireless 41 53 12 Tanfield Group 50 494 444 Velosi 136 174 38 Worthington Nicholls Group 8 27 19 11 36 25 Zetar 14 35 21 276 417 141 Others 79 74 (5) 10 13 3 385 985 600 847 1,144 297 Total 786 1,649 863 847 1,144 297 Aberdeen Growth Opportunities VCT PLC Income statement For the six months ended 31 May 2007 (unaudited) Ordinary Shares C Ordinary Shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains on investments - 867 867 - 773 773 - 1,640 1,640 Income from investments 145 - 145 340 - 340 485 - 485 Other income 26 - 26 12 - 12 38 - 38 Investment management (30) (120) (150) (42) (167) (209) (72) (287) (359) fees Other expenses (45) - (45) (59) - (59) (104) - (104) Profit on ordinary 96 747 843 251 606 857 347 1,353 1,700 activities before taxation Tax on ordinary (11) 17 6 (44) 38 (6) (55) 55 - activities Profit on ordinary 85 764 849 207 644 851 292 1,408 1,700 activities after taxation Earnings per Ordinary 0.87 7.84 8.71 1.38 4.31 5.69 Share (pence) 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 Â£'000 Â£'000 Â£'000 Opening Shareholders' funds 10,210 14,362 24,572 Movements in the period Total profit for the period 849 851 1,700 Net proceeds of issue of shares - - - Repurchase and cancellation of - - - shares Dividends paid - revenue (49) - (49) Dividends paid - capital (389) (150) (539) Closing Shareholders' funds 10,621 15,063 25,684 Aberdeen Growth Opportunities VCT PLC Income statement For the six months ended 31 May 2006 (unaudited) Ordinary Shares C Ordinary Shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains on investments - 130 130 - 45 45 - 175 175 Income from investments 110 - 110 62 - 62 172 - 172 Other income 9 - 9 16 - 16 25 - 25 Investment management (27) (107) (134) (11) (44) (55) (38) (151) (189) fees Other expenses (55) - (55) (28) - (28) (83) - (83) Profit on ordinary 37 23 60 39 1 40 76 24 100 activities before taxation Tax on ordinary (10) 10 - (7) 7 - (17) 17 - activities Profit on ordinary 27 33 60 32 8 40 59 41 100 activities after taxation Earnings per Ordinary 0.27 0.33 0.60 0.23 0.06 0.29 Share (pence) 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 Â£'000 Â£'000 Â£'000 Opening Shareholders' funds 9,623 - 9,623 Movements in the period Total profit for the period 60 40 100 Net proceeds of issue of shares - 14,206 14,206 Repurchase and cancellation of (123) - (123) shares Dividends paid - revenue (50) - (50) Dividends paid - capital (149) - (149) Closing Shareholders' funds 9,361 14,246 23,607 Aberdeen Growth Opportunities VCT PLC Income statement For the year ended 30 November 2006 (audited) Ordinary Shares C Ordinary Shares Total Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'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 (54) (216) (270) (52) (207) (259) (106) (423) (529) fees Other expenses (107) - (107) (100) - (100) (207) - (207) Profit on ordinary 101 845 946 255 (92) 163 356 753 1,109 activities before taxation Tax on ordinary (20) 27 7 (46) 39 (7) (66) 66 - activities Profit on ordinary 81 872 953 209 (53) 156 290 819 1,109 activities after taxation Earnings per Ordinary 0.82 8.88 9.70 1.69 (0.43) 1.26 Share (pence) 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 Â£'000 Â£'000 Â£'000 Opening Shareholders' funds 9,623 - 9,623 Movements in the period Total profit for the period 953 156 1,109 Net proceeds of issue of shares - 14,206 14,206 Repurchase 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 Aberdeen Growth Opportunities VCT PLC Balance Sheet As at 31 May 2007 31 May 2007 31 May 2006 (unaudited) (unaudited) C C Ordinary Ordinary Ordinary Ordinary Shares Shares Total Shares Shares Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Fixed assets Investments 8,727 14,657 23,384 7,763 13,589 21,352 Current assets Debtors 352 209 561 399 128 527 Cash and overnight deposits 1,559 247 1,806 1,292 713 2,005 1,911 456 2,367 1,691 841 2,532 Creditors Amounts falling due within one year (17) (50) (67) (93) (184) (277) Net current assets 1,894 406 2,300 1,598 657 2,255 Net assets 10,621 15,063 25,684 9,361 14,246 23,607 Capital and reserves Called up share capital 974 1,495 2,469 974 1,495 2,469 Share premium 4,685 12,711 17,396 4,685 12,711 17,396 Distributable reserve 3,648 - 3,648 3,692 - 3,692 Capital redemption reserve 73 - 73 73 - 73 Capital reserves - realised 1,171 20 1,191 3 (35) (32) - unrealised (136) 571 435 (33) 43 10 Revenue reserve 206 266 472 (33) 32 (1) Equity Shareholders' funds 10,621 - 10,621 9,361 - 9,361 Rights of C Shareholders - 15,063 15,063 14,246 14,246 Equity Shareholders' funds and rights of C Shareholders 10,621 15,063 25,684 9,361 14,246 23,607 Net Asset Value per Ordinary 109.0 100.7 96.1 95.3 Share (pence) Aberdeen Growth Opportunities VCT PLC Balance Sheet As at 31 May 2007 30 November 2006 (audited) Ordinary C Ordinary Shares Shares Total Â£'000 Â£'000 Â£'000 Fixed assets Investments 7,169 13,913 21,082 Current assets Debtors 407 136 543 Cash and overnight deposits 2,729 487 3,216 3,136 623 3,759 Creditors Amounts falling due within one year (95) (174) (269) Net current assets 3,041 449 3,490 Net assets 10,210 14,362 24,572 Capital and reserves Called up share capital 974 1,495 2,469 Share premium 4,685 12,711 17,396 Distributable reserve 3,648 - 3,648 Capital redemption reserve 73 - 73 Capital - realised 800 (140) 660 reserves - unrealised (140) 87 (53) Revenue reserve 170 209 379 Equity Shareholders' funds 10,210 10,210 Rights of C Shareholders - 14,362 14,362 Equity Shareholders' funds and rights of C Shareholders 10,210 14,362 24,572 Net Asset Value per Ordinary 104.8 96.0 Share (pence) Aberdeen Growth Opportunities VCT PLC Cash Flow Statement For the six months ended 31 May 2007 Six months to Six months to Year ended 31 May 2007 (unaudited) 31 May 2006 (unaudited) 30 November(audited) C C C Ordinary Ordinary Ordinary Ordinary Ordinary Ordinary Shares Shares Total Shares Shares Total Shares Shares Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Operating activities Investment income received 203 268 471 93 (62) 31 188 260 448 Deposit interest received 19 11 30 9 14 23 20 20 40 Investment management fees paid (218) (310) (528) (137) - (137) (272) (158) (430) Secretarial fees paid (20) (30) (50) (39) - (39) (53) (20) (73) Cash paid to and on behalf of (15) (21) (36) (31) (2) (33) (45) (19) (64) Directors Other cash payments (19) (20) (39) (34) (1) (35) (75) (28) (103) Net cash (outflow)/infl ow from (50) (102) (152) (139) (51) (190) (237) 55 (182) operating activities Taxation Corporation tax 7 (7) - - 3 3 - - - Financial investment Purchase of investments (2,336) (5,516) (7,852) (1,252) (14,449) (15,701) (2,169) (15,368) (17,537) Sale of investments 1,647 5,535 7,182 1,752 1,004 2,756 4,248 1,594 5,842 Net cash (outflow)/infl ow from (689) 19 (670) 500 (13,445) (12,945) 2,079 (13,774) (11,695) financial investment Equity dividends paid (438) (150) (588) (199) - (199) (199) - (199) Net cash (outflow)/infl ow before (1,170) (240) (1,410) 162 (13,493) (13,331) 1,643 (13,719) (12,076) use of liquid resources and financing Financing Issue of shares - - - - 14,206 14,206 - 14,206 14,206 Repurchase of Ordinary Shares - - - (123) - (123) (167) - (167) Net cash (outflow)/inflow from - - - (123) 14,206 14,083 (167) 14,206 14,039 financing (Decrease)/inc rease in cash (1,170) (240) (1,410) 39 713 752 1,476 487 1,963 Notes to the Financial Statements 1. Accounting policies The financial information for the 6 months ended 31 May 2007 and the 6 months ended 31 May 2006 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 2006. The results for the year ended 30 November 2006 are extracted from the full accounts for that year. 2. Statement of changes in equity Share Ordinary Shares Share premium Distributable capital account reserve Â£'000 Â£'000 Â£'000 At 30 November 2006 974 4,685 3,648 Gains on sale of - - - investments Movement in unrealised - - - appreciation Investment management fees - - - Tax effect of capital - - - items Dividends paid - - - Net return on ordinary activities - - - At 31 May 2007 974 4,685 3,648 Capital Capital Capital Ordinary Shares redemption reserve reserve Revenue Total reserve - - unrealised reserve realised Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 30 November 2006 73 800 (140) 170 10,210 Gains on sale of - 863 - - 863 investments Movement in unrealised - - 4 - 4 appreciation Investment management fees - (120) - - (120) Tax effect of capital - 17 - - 17 items Dividends paid - (389) - (49) (438) Net return on ordinary activities - - - 85 85 At 31 May 2007 73 1,171 (136) 206 10,621 Share C Ordinary Shares Share premium Distributable capital account reserve Â£'000 Â£'000 Â£'000 At 30 November 2006 1,495 12,711 - Gains on sale of investments - - - Movement in unrealised appreciation - - - Investment management fees - - - Tax effect of capital items - - - Dividends paid - - - Net return on ordinary activities - - - At 31 May 2007 1,495 12,711 - C Ordinary Capital Capital Capital Shares redemption reserve reserve Revenue reserve - realised - unrealised reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 30 - (140) 87 209 14,362 November 2006 Gains on sale of - 289 - - 289 investments Movement in unrealised - - 484 - 484 appreciation Investment - (167) - - (167) management fees Tax effect - 38 - - 38 of capital items Dividends - - - (150) (150) paid Net return on ordinary - - - 207 207 activities At 31 May - 20 571 266 15,063 2007 3. Returns per Ordinary Share Ordinary Shares 6 months ended 6 months ended Year ended 31 May 2007 31 May 2006 30 November 2006 Â£'000 Â£'000 Â£'000 The return per Ordinary Share is based on the following figures: Revenue return 85 27 81 Capital return 764 33 872 Total return 849 60 953 Weighted average number of 9,744,243 9,901,276 9,822,544 Ordinary Shares in issue Revenue return per Ordinary Share 0.87p 0.27p 0.82p Capital return per Ordinary Share 7.84p 0.33p 8.88p Return per Ordinary Share 8.71p 0.60p 9.70p The Net Asset Value per Ordinary Share has been calculated using the number of shares in issue at 31 May 2007 of 9,744,243. C Ordinary Shares 6 months ended 6 months ended Year ended 31 May 2007 31 May 2006 30 November 2006 Â£'000 Â£'000 Â£'000 The return per C Ordinary Share is based on the following figures: Revenue return 207 32 209 Capital return 644 8 (53) Total return 851 40 156 Weighted average number of 14,954,494 14,197,900 12,389,359 C Ordinary Shares in issue Revenue return per C Ordinary 1.38p 0.23p 1.69p Share Capital return per C Ordinary 4.31p 0.06p (0.43p) Share Return per C Ordinary Share 5.69p 0.29p 1.26p The Net Asset Value per C Ordinary Share has been calculated using the number of shares in issue at 31 May 2007 of 14,954,494. A summary of investment changes for the period under review and an investment portfolio summary as at 31 May 2007 are set out below. The Interim Report and Financial Statements will be printed and sent to Shareholders Copies of this announcement will be available to the public at the office of Aberdeen Asset Management PLC, 149 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, Cheapside, London. By Order of the Board Aberdeen Asset Management PLC Secretaries 20 July 2007 Investment Portfolio Summary As at 31 May 2007 Investment* Original Pool C Share Pool Valuation Cost % of Valuation Cost % of % of % of total total equity equity held by other Â£'000 Â£'000 assets Â£'000 Â£'000 assets held Clients ** Unlisted Homelux Nenplas Limited 314 199 3.0% 432 274 2.9% 8.0% 37.0% Martel Instruments Holdings Limited 264 264 2.5% 398 398 2.6% 9.4% 24.0% Camwatch Limited 257 257 2.4% 393 393 2.6% 12.2% 31.2% Oliver Kay Holdings Limited 249 249 2.3% 383 383 2.6% 4.0% 16.0% Lime Investments Limited 273 273 2.6% 348 348 2.3% 23.8% 56.3% ID Support Services Holdings Ltd 259 259 2.4% 348 348 2.3% 16.1% 67.2% MS Industrial Services Ltd 223 223 2.1% 338 338 2.2% 9.6% 35.5% Cash Bases Limited (formerly Deckflat Ltd) 500 250 4.7% 8.3% 20.2% Money Plus Group Limited 406 300 3.8% 6.0% 24.9% Cyclotech Limited 149 149 1.4% 249 249 1.7% 5.4% 14.6% Funeral Services Partnership Limited 139 139 1.3% 199 199 1.3% 7.4% 28.9% Enpure Holdings Limited 100 100 0.9% 100 100 0.7% 0.9% 78.7% PSCA International Limited 199 138 1.9% 1.6% 21.6% Palgrave Brown (Holdings) Limited 181 152 1.7% 1.2% 50.4% Essential Viewing Systems Limited 177 177 1.7% 7.9% 41.5% RMS Europe Limited 165 116 1.6% 1.4% 28.6% Sanastro plc 147 275 1.4% 3.5% 9.6% FFC (UK) Limited 135 150 1.3% 9.0% 31.0% Llanllyr Water Company Limited 100 100 0.9% 7.5% 42.4% Others 364 1,464 3.4% 14 14 0.1% 4,601 5,234 43.3% 3,202 3,044 21.3% AIM Worthington Nicholls Group PLC 328 118 3.1% 493 177 3.3% 0.6% 1.0% Concateno plc 234 122 2.2% 554 308 3.7% 0.8% 1.6% Axeon plc 396 248 3.7% 2.0% 6.0% Software Radio Technology PLC 392 260 3.7% 1.0% 2.1% Work Group PLC 212 201 2.0% 0.9% 2.3% Individual Restaurant Company plc 121 76 1.2% 72 46 0.5% 0.3% 0.8% Avanti Communications Group Plc 192 151 1.8% 0.3% 1.2% Tanfield Group PLC 176 14 1.7% - 0.1% Hasgrove plc 99 74 0.9% 67 49 0.4% 0.5% 1.7% Litcomp plc 84 80 0.8% 73 71 0.5% 4.9% - Zetar plc 153 54 1.4% 0.3% 0.1% DM PLC 143 129 0.9% 0.6% 0.9% Interactive World PLC 142 138 0.9% 0.5% 0.6% Neuropharm Group plc 138 99 1.3% 0.2% 0.5% Brulines (Holdings) plc 86 62 0.8% 44 32 0.3% 0.3% 0.9% Hexagon Human Capital PLC 115 99 1.1% 0.3% 0.7% Datong Electronics PLC 109 151 1.0% 0.9% 1.1% Neutrahealth plc 106 89 1.0% 0.6% 1.3% K3 Business Technology Group PLC 98 81 0.7% 0.3% 0.1% Gold Frost Limited 97 130 0.9% 0.7% 0.7% Others 575 1,105 5.5% 201 337 1.3% 3,613 3,133 34.1% 1,887 1,368 12.5% Listed fixed income Treasury 4% 7/3/09 - 3,787 3,864 25.1% 52.7% 47.3% Treasury 5% 7/3/08 - 2,835 2,860 18.8% 44.9% 55.1% Treasury 7.25% 7/12/2007 - 1,939 1,943 12.9% 49.0% 51.0% Aberdeen Global Fixed Interest 513 488 4.8% 1,007 1,000 6.7% 59.4% 40.6% Opportunities Fund ------- ------ ------ ------- ------ ------ 513 488 4.8% 9,568 9,667 63.5% ------- ------ ------ ------- ------ ------ ------- ------ ------ ------- ------ ------ Total 8,727 8,855 82.2% 14,657 14,079 97.3% * Investments are listed in descending order of aggregate Original Pool and C Share Pool valuation. **Other clients of the Aberdeen Asset Management Group. Aberdeen Growth Opportunities VCT PLC Summary of Investment Changes during the period For the six months ended 31 May 2007 Ordinary Shares Valuation Net investment/ Appreciation/ Valuation 30 November 2006 (disinvestment) (depreciation) 31 May 2007 Â£'000 % Â£'000 Â£'000 Â£'000 % Listed investments Unit trusts 509 5.0 - 4 513 4.8 AIM 3,224 31.5 (486) 875 3,613 34.1 Unlisted investments Equities 1,389 13.6 (138) 80 1,331 12.5 Preference shares 99 1.0 (42) (2) 55 0.5 Loan stocks 1,948 19.1 1,357 (90) 3,215 30.3 Total investments 7,169 70.2 691 867 8,727 82.2 Other net assets 3,041 29.8 (1,147) - 1,894 17.8 Total assets 10,210 100.0 (456) 867 10,621 100.0 Aberdeen Growth Opportunities VCT PLC Summary of Investment Changes during the period For the six months ended 31 May 2007 C Ordinary Shares Valuation Net investment/ Appreciation/ Valuation 30 November 2006 (disinvestment) (depreciation) 31 May 2007 Â£'000 % Â£'000 Â£'000 Â£'000 % Listed investments Fixed income 11,062 77.0 (2,450) (51) 8,561 56.8 Unit trusts 1,000 7.0 - 7 1,007 6.7 AIM 1,477 10.3 (249) 659 1,887 12.5 Unlisted investments Equities 29 0.2 295 126 450 3.0 Preference shares - - 52 - 52 0.4 Loan stocks 345 2.4 2,323 32 2,700 17.9 Total investments 13,913 96.9 (29) 773 14,657 97.3 Other net assets 449 3.1 (43) - 406 2.7 Total assets 14,362 100.0 (72) 773 15,063 100.0 This information is provided by RNS The company news service from the London Stock Exchange

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