Interim Results

RNS Number : 3346B

Aberdeen Grwth Opp VCT2 PLC

14 August 2008

 



Aberdeen Growth Opportunities VCT 2 PLC

Interim results 

The Directors announce the unaudited interim results for the six months ended 30 June 2008.

We are pleased to report on a period of stable performance for your Company at a time when equity markets generally have seen a downward trend and prices are likely to remain volatile given the prevailing economic conditions.

• Total Return on Ordinary Shares 111.0p per share at period end, down 1.7% over the period

• Total Return on S Shares 99.95p per share at period end, up 2.8% over the period

• NAVs at period end of 101.5p per Ordinary Share 98.7p per S Share

• Realised gains on AIM stocks equivalent to 0.4p per Ordinary Share and 1.5p per S Share

Performance

The Total Return per Ordinary Share at 30 June 2008 was 111.0p per share, a decrease of 1.7% over the equivalent figure at December 2007, while for the S Share pool it was 99.95p compared with 97.2p at the end of December 2007, an increase of 2.8%.

The Net Asset Value (NAV) per Ordinary share at 30 June 2008, after payment of the final dividend of 1.5p in respect of the year ended December 2007, was 101.5p compared with 104.9p at 31 December 2007. 

The NAV per S Share at 30 June 2008 was 98.7p after payment of the final dividend of 1.25p in respect of the year ended 31 December 2007, compared with 97.2p at the year end.

Dividends

The Company paid dividends totalling 3.5p to Ordinary Shareholders in respect of the year ended 31 December 2007; this represents a yield of 5.8% on the Ordinary Shares based on their net cost after initial tax relief. The yield is tax free and is therefore equivalent to a yield of 7.7% from a listed equity for a higher rate taxpayer. 

The Company paid an initial dividend of 1.25p to S Shareholders in respect of the year ended 31 December 2007. Since this portfolio is still in its investment phase, dividends are likely to be lower and more variable until its investments mature. However, the payment of this dividend earlier than for the first dividend paid to the Ordinary Shareholders does demonstrate the benefit of spreading the cost base over a larger fund size.

The Board declares interim dividends of 1.0p, payable on 17 October 2008 to holders of Ordinary shares and S Ordinary shares on the registers at 19 September 2008.

Since the Company's launch, and after receipt of the interim dividend now declared, holders of Ordinary shares will have received 10.5p in tax-free dividends, which is equivalent to 14.0p in dividends from a taxed equity investment. Taking the 40% initial tax relief into account, the cost of investment was 60p per share and, in three and a half years, shareholders will have received back the equivalent of 23% of their initial net cost of investment.

After payment of the interim dividend, holder of S Ordinary shares will have received 2.25p in tax-free dividends equivalent to 3.0p from a taxed equity investment. If the initial tax relief of 30% is taken into account, the cost of investment was 70p per share, of which the equivalent of 4.3% has been paid back to shareholders in dividends.

VCT Qualifying Status

The VCT qualifying status of your Company is monitored on a continuous basis to ensure that all of the criteria required to maintain VCT status are being achieved. The Company must achieve a level of 70% on the combined Original and S Share pools by December 2009 to maintain qualifying status. The Company is well placed to achieve this and in fact could do so before December 2008 assuming deals under consideration actually complete.

Investment Activity

During the period ended 30 June 2008, seven new unlisted and AIM investments were completed and a total of £1.7 million was invested of which £819,000 was from the Original pool and £884,000 was from the S Share pool. At the period end, the portfolio stood at 60 unlisted and AIM investments at a total cost of £9.9 million. Since 30 June 2008, 2 further new investments have been made at a cost of £200,000.

The following investments have been completed during the period.

Investment	Date	Activity	Investment cost  £'000		Website
			Original  pool	S Share  Pool
Unlisted
Atlantic Foods	Feb-08	Value -added food services supplier.	199	-	www atlanticfoods.co.uk
Camwatch	Mar-08	Provider of CCTV monitoring and installation services.	50	149	www.camwatch.co.uk
MoneyPlus	Jun-08	Provider of debt management services to individuals.	10	4	www.moneyplusgroup.co.uk
Nessco	Jun-08	Telecommunication services provider.	124	199	www.nessco.co.uk
Riverdale Publishing	Jun-08	Publisher of greeting cards.	10	-	www.riverdalepublishing.co.uk
TC Communications	May-08	Marketing and communications services agency.	159	99	www.tccommunications.co.uk
Training For Travel	Apr-08	Provision of assessment, tuition and or training in travel services.	149	174	No website available
Total Unlisted investment			701	625
AIM / PLUS
Animalcare	Jan-08	Markets and sells a wide range of pharmaceutical and other premium products and services to vets and vet wholesalers.	-	100	www.animalcare.co.uk
Betbrokers	Mar-08	Provider of independent betting brokerage services.	55	110	www.betbrokers.com
Brookwell	Jun-08	Close-ended investment company established to acquire AIM Securities and Listed Securities from financial institutions.	14	-	www.brookwelllimited.com
OPG Power Ventures	May-08	Develops, owns and manages power generation plants in India.	49	49	www.opgpower.org
Total AIM / PLUS investment			118	259
Total			819	884

Aberdeen Growth Opportunities VCT 2 has co-invested with Aberdeen Income and Growth VCT, Aberdeen Growth VCT I, Aberdeen Growth Opportunities VCT, Talisman First Venture Capital Trust, Gateway VCT and Guinness Flight 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

The table below gives details of all realisations during the reporting period. There were two partial realisations from the unlisted investment portfolio during the period and a major realisation after the period end. The first partial realisation was from Lime Investments which had been set up as an investment vehicle with an entrepreneur well known to Aberdeen Asset Managers to seek acquisitions in the food sector; however, none has been completed within the timescales allowed by the VCT legislation and the company repaid the amount invested in loan stock together with a commercial yield and will be wound up. This will return the equity investment to the Company in due course. In addition during the reporting period, the second partial realisation was from Homelux which repaid part of its loan stock at par ahead of its repayment schedule.

Since the period end, the investment in ID Support Services has been sold at the holding value generating a gain of £184,000 split between the two pools which is a return, including the interest received during the life of the investment, of c1.8 times the cost of £254,000 over the fifteen month holding period.

Conditions in the AIM market continued to be testing during the reporting period and there were few opportunities to actively trade the portfolio. However, net realised gains of £34,000 were generated for the Original Pool and gains of £74,000 were achieved for the S Share pool during the period. 

The FTSE AIM All-share index decreased over the period by 8.4% and has now fallen by over 20% since June 2007; in comparison the performance of the Company's portfolio varied significantly with the Original Pool showing a decline of 3.8% and the S Share pool an increase of 24.3% for the period. The reason for this divergence is related to the differences in the constituent holdings of the two portfolios with the newer investments performing relatively better than the older holdings, thus favouring the S Share pool. The underlying performance of the businesses in the AIM portfolio remains sound and is expected to remain so. It is anticipated that this will be reflected in positive share price movements when market conditions improve, although the timing is uncertain.

Risks and Uncertainties

The Board has reviewed the principal risks and uncertainties facing the Company in the second half of its financial year; these are unchanged from those it faced at the start of the year, being the risks involved in investment in small and unquoted companies. The Company remains compliant with the regulations governing venture capital trusts. The Manager closely monitors the position of the Company to ensure that it complies with the various tests at all times. In order to reduce the exposure to investment risk, the Company has reinvested in a broadly-based portfolio of investments in unlisted and AIM-quoted companies in the United Kingdom.

Outlook

The performance of the quoted markets generally has been volatile and it appears that these conditions will prevail for some time. Opportunities to invest in companies seeking to achieve an IPO on the AIM Market have therefore been limited and little change is expected in the short term.

The majority of the assets in the invested portfolio are in well managed private companies whose values are not directly affected by short term fluctuations in the quoted markets. This portfolio is still relatively young but is maturing and a number of successful realisations may be possible which will result in a continuing need to re-invest the proceeds in due course in accordance with the VCT Regulations.

The following table shows all sales from the investment portfolio made by the Company during the reporting period.

			Ordinary Shares			S Shares
	Date first invested	Complete/ Partial Exit	Cost of shares disposed of	Sales Proceeds	Realised Gain/Loss	Cost of shares disposed of	Sales Proceeds	Realised Gain/Loss
			£'000	£'000	£'000	£'000	£'000	£'000
Unlisted
Homelux Nenplas	2006	Partial	50	50	-	-	-	-
Lime Investments	2007	Partial	175	175	-	-	-	-
			225	225	-	-	-	-
AIM / PLUS
AT Communications	2005	Complete	20	14	(6)	-	-	-
Craneware	2007	Partial	29	47	18	10	15	5
Darwen	2007	Partial	60	163	103	40	109	69
Expansys	2007	Complete	31	6	(25)	8	2	(6)
Imprint	2005	Complete	153	58	(95)	-	-	-
Mount Engineering	2007	Partial	48	55	7	14	16	2
Pressure Technologies	2007	Complete	95	124	29	-	-	-
Other			25	28	3	16	20	4
			461	495	34	88	162	4
Total			686	720	34	88	162	74

  ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

INCOME STATEMENT

For the six months ended 30 June 2008 (unaudited)

	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains on investments	-	(157)	(157)	-	112	112	-	(45)	(45)
Income from investments	158	-	158	115	-	115	273	-	273
Other income	5	-	5	4	-	4	9	-	9
Investment management fees	(19)	(76)	(95)	(11)	(46)	(57)	(30)	(122)	(152)
Other expenses	(59)	-	(59)	(36)	-	(36)	(95)	-	(95)
Profit/(loss) on ordinary activities	85	(233)	(148)	72	66	138	157	(167)	(10)
before taxation
Tax on ordinary activities	(15)	15	-	(13)	13	-	(28)	28	-
Profit/(loss) on ordinary activities after taxation	70	(218)	(148)	59	79	138	129	(139)	(10)
Earnings per share (pence)	0.9	(2.8)	(1.9)	1.2	1.6	2.8	2.1	(1.2)	0.9

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	S Ordinary Shares	TOTAL
	£'000	£'000	£'000
Opening Shareholders' funds	8,221	4,831	13,052
Total (loss)/profit for year	(148)	138	(10)
Dividends paid - revenue	(118)	(62)	(180)
Dividends paid - capital	-	-	-
Closing Shareholders' funds	7,955	4,907	12,862

The accompanying notes are an integral part of the financial statements.

  ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

INCOME STATEMENT

For the six months ended 30 June 2007 (unaudited)

	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	-	254	254	-	11	11	-	265	265
Income from investments	168	-	168	39	-	39	207	-	207
Other income	22	-	22	12	-	12	34	-	34
Investment management fees	(20)	(81)	(101)	(5)	(21)	(26)	(25)	(102)	(127)
Other expenses	(80)	-	(80)	(24)	-	(24)	(104)	-	(104)
Profit/(loss) on ordinary activities	90	173	263	22	(10)	12	112	163	275
before taxation
Tax on ordinary activities	(16)	16	-	(4)	4	-	(20)	20	-
Profit/(loss) on ordinary activities after taxation	74	189	263	18	(6)	12	92	183	275
Earnings per share (pence)	0.9	2.4	3.3	0.5	(0.2)	0.3	1.4	2.2	3.6

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	S Ordinary  Shares	TOTAL
	£'000	£'000	£'000
Opening Shareholders' funds	8,789	-	8,789
Total profit for year	263	12	275
Net proceeds of issue of shares	-	4,232	4,232
Dividends paid - revenue	(39)	-	(39)
Dividends paid - capital	(274)	-	(274)
Closing Shareholders' funds	8,739	4,244	12,983

The accompanying notes are an integral part of the financial statements.

  ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

INCOME STATEMENT

For the year ended 31 December 2007 (audited)

	Ordinary Shares			S Ordinary Shares			TOTAL
	Revenue	Capital	Total	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
(Losses)/gains on investments	-	(120)	(120)	-	69	69	-	(51)	(51)
Income from investments	334	-	334	145	-	145	479	-	479
Other income	28	-	28	27	-	27	55	-	55
Investment management fees	(37)	(148)	(185)	(14)	(56)	(70)	(51)	(204)	(255)
Other expenses	(155)	-	(155)	(64)	-	(64)	(219)	-	(219)
Profit/(loss) on ordinary activities before taxation	170	(268)	(98)	94	13	107	264	(255)	9
Tax on ordinary activities	(29)	29	-	(17)	17	-	(46)	46	-
Profit/(loss) on ordinary activities after taxation	141	(239)	(98)	77	30	107	218	(209)	9
Earnings per share (pence)	1.8	(3.1)	(1.3)	1.8	0.7	2.5	3.6	(2.4)	1.2

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	S Ordinary Shares	TOTAL
	£'000	£'000	£'000
Opening Shareholders' funds	8,789	-	8,789
Total (loss)/profit for year	(98)	107	9
Net proceeds of issue of shares	-	4,724	4,724
Dividends paid - revenue	(39)	-	(39)
Dividends paid - capital	(431)	-	(431)
Closing Shareholders' funds	8,221	4,831	13,052

ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

BALANCE SHEET

As at 30 June 2008

	30 June 2008			30 June 2007			31 December 2007
	(unaudited)			(unaudited)			(audited)
	Ordinary	S Ord		Ordinary	S Ord		Ordinary	S Ord
	Shares	Shares	Total	Shares	Shares	Total	Shares	Shares		Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000		£'000
Fixed assets
Investments at fair value through profit or loss	7,651	4,781	12,432	8,072	3,679	11,751	7,714	4,494		12,208
Current assets
Debtors	230	95	325	241	55	296	152	72		224
Cash and overnight deposits	99	43	142	485	541	1,026	444	307		751
	329	138	467	726	596	1,322	596	379		975
Creditors: amounts falling due within one year	(25)	(12)	(37)	(59)	(31)	(90)	(89)	(42)		(131)
Net current assets	304	126	430	667	565	1,232	507	337		844
Total net assets	7,955	4,907	12,862	8,739	4,244	12,983	8,221	4,831		13,052
Capital and reserves
Called up share capital	784	497	1,281	784	446	1,230	784	497		1,281
Share premium	-	4,227	4,227	-	3,786	3,786	-	4,227		4,227
Distributable reserve	6,660	-	6,660	6,660	-	6,660	6,660	-		6,660
Capital reserves - realised	937	12	949	1,099	(13)	1,086	965	(32)		933
Capital reserves - unrealised	(578)	97	(481)	63	7	70	(388)	62		(326)
Revenue reserve	152	74	226	133	18	151	200	77		277
Net assets attributable to Ordinary Shareholders	7,955	4,907	12,862	8,739	4,244	12,983	8,221	4,831		13,052
Net asset value per ordinary share (pence)	101.5	98.7		111.5	95.3		104.9		97.2

  ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

CASH FLOW STATEMENT

For the six months ended 30 June 2008

	Six months to 30 June 2008			Six months to 30 June 2007			Year to 31 December 2007
	(unaudited)			(unaudited)			(audited)
	Ordinary	S Ord		Ordinary	S Ord		Ordinary	S Ord
	Shares	Shares	Total	Shares	Shares	Total	Shares	Shares	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Operating activities
Investment income received	119	104	223	189	-	189	297	56	353
Deposit interest received	6	5	11	26	10	36	36	25	61
Investment management fees paid	(126)	(76)	(202)	(130)	(26)	(156)	(183)	(51)	(234)
Secretarial fees paid	(38)	(20)	(58)	(39)	(8)	(47)	(48)	(13)	(61)
Cash paid to and on behalf of Directors	(19)	(10)	(29)	(14)	(5)	(19)	(39)	(12)	(51)
Other cash payments	(39)	(19)	(58)	(54)	(11)	(65)	(63)	(18)	(81)
Net cash outflow from operating activities	(97)	(16)	(113)	(22)	(40)	(62)	-	(13)	(13)
Taxation
Corporation tax	-	-	-	-	-	-	-	-	-
Financial investment
Purchase of investments	(809)	(2,281)	(3,090)	(4,717)	(3,677)	(8,394)	(6,407)	(4,459)	(10,866)
Sale of investments	679	2,095	2,774	5,034	26	5,060	6,818	55	6,873
Net cash (outflow)/inflow from financial investment	(130)	(186)	(316)	317	(3,651)	(3,334)	411	(4,404)	(3,993)
Equity dividends paid	(118)	(62)	(180)	(313)	-	(313)	(470)	-	(470)
Net cash (outflow)/inflow before financing	(345)	(264)	(609)	(18)	(3,691)	(3,709)	(59)	(4,417)	(4,476)
Financing
Issue of ordinary shares	-	-	-	-	4,455	4,455	-	4,972	4,972
Expense of share issue	-	-	-	-	(223)	(223)	-	(248)	(248)
Net cash inflow from financing	-	-	-	-	4,232	4,232	-	4,724	4,724
(Decrease)/increase in cash	(345)	(264)	(609)	(18)	541	523	(59)	307	248

  ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

Notes to the Financial Statements

1.    Accounting Policies

The financial information for the six months ended 30 June 2008 and the six months ended 30 June 2007 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 31 December 2007. 

2.		Capital	Capital
		reserves	reserves	Revenue	Distributable
	Movement in reserves	realised	unrealised	reserve	reserve
	ORDINARY SHARES	£'000	£'000	£'000	£'000
	As at 31 December 2007	965	(388)	200	6,660
	Gains on sales of investments	33	-	-	-
	Decrease in unrealised appreciation	-	(190)	-	-
	Investment management fees	(76)	-	-	-
	Dividends paid	-	-	(118)	-
	Tax effect of capital items	15	-	-	-
	Retained net revenue for period	-	-	70	-
	As at 30 June 2008	937	(578)	152	6,660
		Capital	Capital		Share
		reserves	reserves	Revenue	Premium
	Movement in reserves	realised	unrealised	reserve	account
	S ORDINARY SHARES	£'000	£'000	£'000	£'000
	As at 31 December 2007	(32)	62	77	4,227
	Gains on sales of investments	77	-	-	-
	Increase in unrealised appreciation	-	35	-	-
	Investment management fees	(46)	-	-	-
	Dividends paid	-	-	(62)	-
	Tax effect of capital items	13	-	-	-
	Retained net revenue for period	-	-	59	-
	As at 30 June 2008	12	97	74	4,227
3.					Six months ended
	Returns per ordinary share				30 June 2008
	ORDINARY SHARES
	The returns per share have been based on the following figures:
	Weighted average number of ordinary shares				7,835,163
	Revenue Return			£	70,000
	Capital Return			£	218,000
	S ORDINARY SHARES
	The returns per share have been based on the following figures:
	Weighted average number of ordinary shares				4,972,459
	Revenue Return			£	59,000
	Capital Return			£	79,000

A summary of investment changes for the period under review and an investment portfolio summary as at 30 June 2008 are attached.

A full copy of the Interim Report and Financial Statements will be printed and issued to shareholders.

Copies of this announcement will be available to the public at the registered office of the Company, 149 St Vincent Street, Glasgow, G2 5NW.

By Order of the Board

ABERDEEN ASSET MANAGEMENT PLC, SECRETARY

14 August 2008

ABERDEEN GROWTH OPPORTUNITIES VCT 2 

ORDINARY SHARES - SUMMARY OF INVESTMENT CHANGES 

For the period ended 30 June 2008 

			Valuation		Net investment	Appreciation	Valuation
			31 December 2007		(disinvestment)	(depreciation)	30 June 2008
			£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities			1,061	12.9	75	(27)	1,109	13.9
Preference			31	0.4	1	-	32	0.4
Loan stocks			2,942	35.8	390	(151)	3,181	40.0
			4,034	49.1	466	(178)	4,322	54.3
AIM investments
Equities			3,083	37.5	(377)	27	2,733	34.4
Listed investments
Fixed income			597	7.3	5	(6)	596	7.5
Unit trusts			-	-	-	-	-	-
Total investments			7,714	93.9	94	(157)	7,651	96.2
Other net assets			507	6.1	(203)	-	304	3.8
Total Assets			8,221	100.0	(109)	(157)	7,955	100.0

ABERDEEN GROWTH OPPORTUNITIES VCT 2  

S ORDINARY SHARES - SUMMARY OF INVESTMENT CHANGES 

For the period ended 30 June 2008 

	Valuation		Net investment	Appreciation	Valuation
	31 December 2007		(disinvestment)	depreciation)	30 June 2008
	£'000	%	£'000	£'000	£'000	%
Unlisted investments
Equities	236	4.9	64	(6)	294	6.0
Preference	4	0.1	1	-	5	0.1
Loan stocks	812	16.8	561	(89)	1,284	26.2
	1,052	21.8	626	(95)	1,583	32.3
AIM investments
Equities	450	9.3	98	245	793	16.2
Listed investments
Fixed income	2,992	61.9	(549)	(38)	2,405	49.0
Unit Trusts	-	-	-	-	-	-
Total investments	4,494	93.0	175	112	4,781	97.5
Other net assets	337	7.0	(211)	-	126	2.5
Total Assets	4,831	100.0	(36)	112	4,907	100.0

  ABERDEEN GROWTH OPPORTUNITIES VCT 2 PLC

INVESTMENT PORTFOLIO SUMMARY 

As at 30 June 2008

	Ordinary shares			S Ordinary shares				% of equity
			% of			% of	% of	held by
	Book cost	Valuation	total	Book cost	Valuation	total	equity	other
Investment	£'000	£'000	assets	£'000	£'000	assets	held	clients
Unlisted
Money Plus Group Limited	340	260	4.3%	129	129	2.6%	5.9%	33.2%
Transys Holdings Limited	285	249	3.6%	171	149	3.5%	4.6%	65.3%
ID Support Services Holdings Ltd	352	204	4.4%	86	50	1.8%	2.7%	29.4%
Silkwater Holdings (trading as Cyclotech)	304	249	3.8%	121	99	2.5%	4.8%	14.1%
Funeral Services Partnership Limited	298	298	3.7%	124	124	2.5%	3.0%	25.2%
Camwatch Limited	261	261	3.3%	149	149	3.0%	9.8%	34.6%
Energy Services Investment Company (ESIC) Limited	248	248	3.1%	99	99	2.0%	13.3%	68.4%
Training For Travel Group Limited	149	149	1.9%	174	174	3.5%	3.7%	24.7%
Nessco Group Holdings Limited	124	124	1.6%	199	199	4.2%	4.2%	32.0%
Homelux Nenplas Limited	319	149	4.0%	-	-	-	3.4%	41.6%
Steminic (trading as MS Industrial Services Ltd)	184	184	2.3%	84	84	1.7%	4.5%	40.1%
TC Communications Holdings	159	159	2.0%	99	99	2.0%	5.4%	29.9%
Adler & Allan Holdings Limited	150	150	1.9%	75	75	1.5%	1.0%	38.7%
Martel Instruments Holdings Limited	224	224	2.8%	-	-	-	3.2%	30.2%
Oliver Kay Holdings Limited	209	209	2.6%	-	-	-	1.3%	18.7%
Atlantic Foods Group Limited	199	199	2.5%	-	-	-	1.1%	7.7%
Enpure Holdings Limited	137	100	1.7%	-	-	-	0.4%	79.2%
Essential Viewing Systems Limited	122	162	1.5%	-	-	-	9.5%	39.9%
Buildstore Limited	105	105	1.3%	-	-	-	0.6%	6.8%
Countcar	77	6	1.0%	43	3	0.9%	3.1%	23.7%
Others	76	736	1.0%	30	36	0.6%
	4,322	4,425	54.3%	1,583	1,469	32.3%
AIM / PLUS
Darwen Group Plc	213	89	2.7%	142	60	2.9%	2.0%	2.7%
Concateno plc	225	176	2.8%	46	50	0.9%	0.4%	1.1%
Craneware plc	183	114	2.3%	60	47	1.2%	0.8%	0.3%
Plastics Capital Plc	177	197	2.2%	45	50	0.9%	0.9%	2.1%
Melorio Plc	118	148	1.5%	72	90	1.5%	0.8%	0.9%
Mount Engineering plc	131	124	1.6%	38	35	0.8%	0.9%	1.0%
Litcomp plc	155	100	1.9%	-	-	-	-	4.9%
Betbrokers Plc	51	55	0.6%	103	110	2.1%	0.6%	0.8%
Axeon plc	128	106	1.6%	-	-	-	0.4%	3.2%
DM PLC	84	79	1.1%	42	40	0.9%	0.6%	0.1%
Essentially Group PLC	92	135	1.2%	33	49	0.7%	0.7%	1.8%
Software Radio Technology PLC	122	138	1.5%	-	-	-	0.4%	2.2%
Amazing Holdings PLC	118	151	1.5%	-	-	-	0.5%	1.7%
Datong PLC	116	151	1.5%	-	-	-	0.9%	1.1%
Animalcare Group Plc	-	-	-	100	100	2.0%	0.9%	3.7%
Formation Group PLC	50	49	0.6%	50	49	1.0%	0.2%	0.2%
OPG Power Ventures	47	41	0.6%	47	41	1.0%	0.2%	-
System C Healthcare plc	89	150	1.1%	-	-	-	0.3%	1.0%
Work Group PLC	86	151	1.1%	-	-	-	0.7%	2.6%
Hambledon Mining PLC	81	83	1.0%	-	-	-	0.2%	0.1%
Avanti Communications Group Plc	76	69	1.0%	-	-	-	0.1%	1.3%
Smart Identity plc	70	72	0.9%	-	-	-	1.9%	3.4%
Universe Group PLC	68	100	0.9%	-	-	-	1.2%	1.4%
Neutrahealth plc	63	89	0.8%	-	-	-	0.6%	1.3%
Hasgrove plc	48	49	0.6%	-	-	-	0.2%	1.8%
Individual Restaurant Company plc	31	47	0.4%	-	-	-	0.1%	0.9%
St Helen's Capital PLC	28	26	0.4%	-	-	-	0.6%	4.2%
Others	83	523	1.0%	15	74	0.3%
	2,733	3,212	34.4%	793	795	16.2%
Listed Fixed Income
Treasury 5.75% Dec 2009	-	-	-	1,362	1,388	27.7%
Treasury 4% 07/03/09	596	593	7.5%	1,043	1,040	21.3%
	596	593	7.5%	2,405	2,428	49.0%
Total	7,651	8,230	96.2%	4,781	4,692	97.5%

 

END

 

 

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