Interim Results
Aberdeen Income & Growth VCT PLC
11 October 2007
Aberdeen Income and Growth VCT PLC
Interim Announcement for the six months ended 31 August 2007 (unaudited)
The Directors are pleased to announce the unaudited Interim Management Report
for the six months ended 31 August 2007, this being the first statement to
Shareholders following the change of Company name from Murray VCT 4 PLC to
Aberdeen Income and Growth VCT PLC, effective from 25 July 2007.
Highlights
• Increase of 3.1% in NAV total return over the six months ended 31 August
2007.
• NAV total return of 102.7p per share ('pps') at 31 August 2007; compared to
99.6 pps at 28 February 2007.
• Interim dividends of 3.5pps declared.
• 17 new unlisted and AIM investments made during the period under review.
• Disposals generated net realised gain of £2,232,000.
• Increase of 13.5% of the value of the AIM portfolio over the six months ended
31 August 2007, compared to an increase of 0.5% in the FTSE AIM All-Share
Index.
Performance
The six month period ending 31 August 2007 has seen a further increase in NAV
total return on the Ordinary Shares which rose over the period by 3.1% to reach
102.7pps. The Net Asset Value ('NAV') per Ordinary Share at 31 August 2007 was
77.4pps compared with 81.1pps as at 28 February 2007; dividends totalling 6.8pps
were paid to Shareholders in March and July 2007 which reduced the NAV at the
time of payment.
There is no venture capital trust index with which to compare the performance of
the Company; however, the value of the AIM portfolio rose by 13.5% over the six
month period, which compares with the increase in the AIM All-share Index which
rose by 0.5% over the same period.
Unlisted investments held by Aberdeen Income and Growth VCT are valued in
accordance with the International Private Equity and Venture Capital Valuation
Guidelines. Investments which are traded on the Alternative Investment Market
(AIM) or a recognised stock exchange are valued at their bid price.
Dividends
The Company paid dividends totalling 6.8pps to Shareholders and has also
generated realised capital gains (which are shown in the table below) during the
reporting period amounting to 6.3pps. The Board is now declaring an interim
capital dividend of 3.0pps, representing almost 50% of the gains realised during
the six months ended 31 August 2007, to be paid along with an interim revenue
dividend of 0.5pps on 7 December 2007 to Shareholders on the register on 9
November 2007. Upon payment of these dividends, the Company will have paid
10.3pps to Shareholders in the twelve-month period ending 31 December 2007,
equivalent to an annual yield of 27.5% to a higher-rate taxpayer on the
mid-market share price of 50p as at 11 October 2007.
Co-investment
Aberdeen Income and Growth VCT has co-invested with other funds managed by the
Aberdeen Asset Management Group in a number of investments and expects to
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 Manager's staff
co-investment scheme has continued to co-invest alongside the Company in each
investment made during the period.
Regulatory changes
The overall VCT market declined by approximately two thirds in the year to 5
April 2007 which reflects the changes to the VCT regulations announced in the
last two Budgets. For funds raised after 5 April 2006, new restrictions on the
size of company in which VCTs can invest, where those investments are to be
treated as qualifying, were introduced. The regulations introduced in the 2007
Budget are particularly onerous in this regard, focussing on the maximum number
of employees in addition to placing a limit on the amount which can be raised
under venture capital schemes by the investee company. However, those new 2007
regulations do not affect the money raised originally by the Company which can
continue to invest in the same scale and type of company that has helped drive
recent performance improvement.
Investment activity
We are pleased to report an exceptionally strong period of new investment
activity. During the six months to 31 August 2007, seven new unlisted
investments and ten significant AIM investments were made. A total of £5.4
million was invested during the six-month period. At 31 August 2007, the
investment portfolio consisted of 74 active unlisted and AIM investments having
a total cost of £29.9 million.
The following new investments were made during the reporting period:
Investment Date Activity Investment cost Website
£'000
Unlisted
Adler & Allan June 2007 Handling, transport, clean-up 499 www.adlerandallan.co.uk
Holdings and disposal of oil and sewage
based waste.
Camwatch March 2007 Provider of CCTV monitoring 786 www.cctv-monitoring.net
and installation services.
Cyclotech May 2007 Provider of services to the 348 www.cyclotech.com
energy sector.
Funeral March 2007 Operator of funeral director 776 no website available
Services businesses.
Partnership
ID Support March 2007 Installation and maintenance 746 www.id-group.co.uk
Services of CCTV security systems, air
Holdings conditioning and industrial
refrigeration systems for UK
leisure and retail businesses.
Lime March 2007 Company formed to acquire 696 no website available
Investments branded premium-end or niche
food and beverage businesses.
MS Industrial April 2007 Provider of industrial 546 www.msis.uk.com
Services cleaning and waste management
services to the oil and
industrial sectors.
Other 202
Total unlisted investment 4,599
AIM
Bglobal April 2007 Provider of smart meters www.bglobalmetering.com
allowing the remote reading of 25
electricity and gas meters,
and data management.
Concateno March 2007 Provider of services for the www.concateno.com
testing of employees for drugs 61
and alcohol.
Essentially July 2007 Sports marketing, media www.essentiallygroup.com
Group management and professional 49
services group.
eXpansys April 2007 Re-seller of mobile and www.expansys.com
wireless technology products 30
over the internet.
Formation Group June 2007 Provider of wealth management 108 www.formationgroupplc.com
and related professional
services.
Mount June 2007 Manufacturer, stockist and www.mountengineering.com
Engineering distributor of engineering 49
products for a range of
industrial markets.
Neuropharm March 2007 Developer of pharmaceuticals 100 www.neuropharm.co.uk
Group for neuro-development
disorders.
SDI Group June 2007 Specialist in the design, www.sdigroup.com
build and support of automated 96
warehouse handling systems
within the retail distribution
sector.
St Helen's April 2007 Provider of corporate advisory www.sthelenscapital.com
Capital services. 50
Worthington May 2007 Installation and maintenance 200 www.worthington-nicholls.co.uk
Nicholls Group of air conditioning units in
the hotel and retail markets.
Other
25
Total AIM investment 793
Total investment 5,392
Portfolio developments
Unlisted investments
Following the eight successful realisations during the year ending 28 February
2007 which resulted in the payment of the capital dividends in December 2006,
March and July 2007 to Shareholders, two further unlisted realisations have
occurred in the reporting period as shown in the table immediately following
this review. The sale of Enterprise Food Group is the final realisation in a
series of disposals which has seen total proceeds of £1,059,000 compared to the
original investment cost of £598,000. RMS Europe was sold in a secondary
management buy-out generating proceeds of £1,481,000 compared to the original
cost of £784,000. The proceeds were in line with an earlier approach from a
trade buyer which did not proceed. The realisations from Astraeus and ELE
Advanced Technologies are partial repayments of loan stocks in line with the
terms of those investments. The proceeds from EIG (Investments) are in respect
of deferred consideration on finalisation of the completion accounts following
the sale of that company in January 2007 on which a gain of £705,000 had already
been accounted for.
During the reporting period, seven new substantial unlisted investments have
been added to the portfolio. We are pleased to note that each has traded in line
with, or ahead of, its 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 Board continues to take a prudent view on the valuation of unlisted
investments and there has been a net reduction in the value of the portfolio by
£403,000 as at 31 August 2007. Provisions taken against a small number of legacy
investments have been offset by increased valuations of companies where trading
has improved and earnings are forecast to increase.
AIM investments
The AIM portfolio has continued to be actively managed during the reporting
period resulting in net realised gains over cost of £1,209,000; details of these
transactions can be found in the table below.
In addition to the realised gains shown below, unrealised gains over the
valuations as at February 2007 amounting to £163,000 were achieved during a
period when the market, towards the end of the reporting period, became more
unstable. The shares which achieved the largest gains were Amazing Holdings
(£92,000), Axeon (£69,000), Neuropharm Group (£45,000) and Tanfield Group
(£197,000). These gains were partially offset by unrealised losses on 1st Dental
Laboratories (£42,000), Imprint (£75,000), Synexus Clinical Research (£88,000)
and Worthington Nicholls Group (£161,000). The reduction in Worthington Nicholls
Group followed a trading statement at the end of June which did not meet market
expectations and the share price fell by 35%. The company made a further trading
statement in mid-August, after which the share price fell by a further 40%
compared to the cost of investment and management changes have ensued.
AIM has been volatile in recent weeks in line with markets generally, but the
Company's AIM portfolio has achieved an increase of 13.5% for the six month
period which compares to the increase in the AIM All-share Index of 0.5% for the
same period.
Realisations
The following table shows all sales from the investment portfolio made by the
Company during the reporting period:
Year first Exit Cost of shares Sales Realised gain/
invested disposed of proceeds (loss)
£'000 £'000 £'000
Unlisted
Astraeus 2007 Partial 135 135 -
EIG (Investments) 2005 Deferred
consideration - 59 59
ELE Advanced Technologies 2000 Partial 149 149 -
Enterprise Food Group 2003 Complete - 267 267
RMS Europe 2004 Complete 784 1,481 697
Others 3 3 -
Total unlisted 1,071 2,094 1,023
AIM
Assetco 2003 Complete 56 105 49
AT Communications Group 2005 Partial 257 290 33
Careforce 2004 Complete 137 195 58
Cello Group 2004 Partial 149 222 73
eXpansys 2007 Partial 20 25 5
Inspicio 2005 Complete 71 124 53
Tanfield Group 2004 Partial 83 1,041 958
Others 146 126 (20)
Total AIM 919 2,128 1,209
Total 1,990 4,222 2,232
Risk and uncertainties
The Board has reviewed the principal risks and uncertainties facing the Company
in the second half of its financial year and these are unchanged from those that
it faced at the start of the year. The Directors ensure that the Company
continues to comply with the venture capital trust regulations and mitigates the
risk associated with investment in smaller unlisted and AIM quoted companies.
The Manager closely monitors the position of the Company to ensure that it
complies with the various tests at all times and, in order to minimise the
Company's exposure to investment risk, the Manager has constructed a portfolio
of investments in over 70 unlisted and AIM quoted companies across a diverse
range of industrial sectors in the United Kingdom.
Outlook
Following a number of profitable exits in 2006, in contrast, during the first
half of 2007 the Company has invested in a number of new transactions which
offer significant medium-term return potential. The Manager hopes to maintain
the momentum in completing new unlisted investments as the process of rebuilding
this element of the portfolio continues.
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 business primarily focused on new companies
seeking an IPO on that market. AIM investments are traded out as soon as market
liquidity permits, providing the opportunity for early capital gains if the
company proves attractive to retail investors post IPO. Going forward, the
Manager believes that this dual approach on AIM and private equity provides the
optimum return model for VCT investors.
Aberdeen Income and Growth VCT PLC
Summary of Investment Changes
For the six months ended 31 August 2007
Valuation Net investment/ Appreciation/ Valuation
(disinvestment) (depreciation)
28 February 2007 31 August 2007
£'000 % £'000 £'000 £'000 £'000
Unlisted investments
Equities 5,994 20.9 (703) 860 6,151 22.4
Preference shares 750 2.6 50 (553) 247 0.9
Loan stock 7,675 26.7 3,158 (215) 10,618 38.7
14,419 50.2 2,505 92 17,016 62.0
AIM investments
Equities 6,165 21.4 (1,335) 652 5,482 20.0
Listed investments
Fixed income 975 3.4 1,262 - 2,237 8.2
Total investments 21,559 75.0 2,432 744 24,735 90.2
Other net assets 7,186 25.0 (4,476) - 2,710 9.8
Net assets 28,745 100.0 (2,044) 744 27,445 100.0
Aberdeen Income and Growth VCT PLC
Investment Portfolio Summary
As at 31 August 2007
Book cost Valuation % of net % of % of equity
equity held by
other
Investment Nature of business £'000 £'000 assets held clients*
Transys Projects Provider of engineering services 825 2,874 10.4 20.9 20.9
to the rail industry
TLC (Tender Loving Operator of daycare nurseries 1,516 1,516 5.5 23.2 -
Childcare)
House of Dorchester Speciality chocolate 910 1,338 4.8 44.2 -
manufacturer
PSCA International Producer of publications aimed 660 1,257 4.6 7.6 15.5
at public sector officials
MoneyPlus Group Arranger and manager of debt 750 1,016 3.7 15.0 16.0
management plans and IVAs
Homelux Nenplas Manufacturer of tile trims and 522 986 3.6 8.9 36.1
related products
Martel Instruments Manufacturer of hand-held 796 796 2.9 11.3 22.1
Holdings printers and terminals
Camwatch Provider of CCTV monitoring and 786 786 2.9 14.8 28.6
installation services
Funeral Services Operator of funeral directors 776 776 2.8 7.4 24.6
Partnership
Oliver Kay Holdings Distributor of fresh produce to 771 771 2.8 4.9 15.1
the on-trade catering industry
ID Support Services Provider of CCTV security and 746 746 2.7 7.9 25.4
Holdings air conditioning systems
Lime Investments Shell company set up to acquire 696 696 2.5 26.6 53.4
branded niche food and beverage
businesses
MS Industrial Provider of industrial cleaning 546 546 2.0 9.3 35.7
Services and waste management services
Adler & Allan Provider of environmental 499 499 1.8 2.2 38.8
Holdings services for the disposal of
liquid waste
PLM Dollar Group Provider of on-shore helicopter 402 402 1.5 4.6 26.2
services
Sanastro Provider of business to business 750 402 1.5 9.6 3.5
financial publishing
ELE Advanced Provider of precision 192 371 1.4 11.3 -
Technologies engineering services
Cyclotech Provider of services to the 348 348 1.3 4.8 15.3
energy sector
Voxsurf Provider of software development 750 221 0.8 4.8 -
Driver Hire Supplier of temporary drivers 203 203 0.7 1.1 43.6
Investments Group
Enpure Holdings Provider of project engineering 100 100 0.4 0.4 79.2
in the water and waste water
sector
The BigWord Holdings Provider of translation services 99 99 0.4 - -
Buildstore Provider of on-line services to 98 0.4 0.6 7.0
self-build home owners 98
Other unlisted investments (15) 9,594 169 0.6
23,335 17,016 62.0
AIM
Strategic Retail Retailer of home furnishings 700 569 2.1 2.0 2.0
Concateno Provider of services for the 332 483 1.8 0.7 1.8
testing of employees for drugs
and alcohol
Tanfield Group Manufacturer of zero emission 31 441 1.6 0.1 0.1
vehicles and powered access
platforms
Cello Group Provider of marketing and media 310 433 1.6 0.8 0.3
services
Amazing Holdings Leisure and hotel developer 251 312 1.1 0.8 1.4
Avanti Provider of communications 283 280 1.0 0.5 0.9
Communications Group integration services
Synexus Clinical Manager of clinical trials 328 251 0.9 1.8 1.3
Research
Axeon Developer of semi-conductor 185 250 0.9 1.0 5.1
intellectual properties
Hasgrove Provider of communication 168 204 0.7 0.7 1.4
services in public relations
Individual Restaurant operator 133 192 0.7 0.4 0.8
Restaurant Company
System C Healthcare Provider of information services 311 158 0.6 0.6 0.7
and IT systems to the healthcare
sector
Autoclenz Provider of valeting services 185 148 0.5 1.4 0.3
Neuropharm Group Developer of pharmaceuticals for 100 145 0.5 0.2 0.5
neuro-development disorders
Formation Group Provider of wealth management 108 135 0.5 0.3 1.1
and related professional
services
Brulines (Holdings) Provider of data systems that 112 132 0.5 0.4 0.8
monitor the flow rate of beer in
public houses
Mattioli Woods Provider of pension consultancy, 59 123 0.5 0.3 -
troubleshooting and
administration services
Fountains Provider of land management 136 122 0.5 0.7 0.7
services
Imprint Provider of recruitment and 204 118 0.4 0.2 0.4
search services
Public Recruitment Provider of temporary staff to 447 118 0.4 0.7 0.5
Group the public sector
Neutrahealth Provider of BioCare products to 91 104 0.4 0.6 1.3
health practitioners and
specialist retailers
Tangent Provider of digital printing and 99 102 0.4 0.5 0.9
Communications marketing services
SDI Group Specialist in the design, build 96 100 0.4 0.3 0.7
and support of automated
warehouse systems
St Helen's Capital Provider of corporate advisory 50 84 0.3 2.3 7.0
services
Hexagon Human Provider of executive search and 73 76 0.3 0.2 0.5
Capital recruitment services
1st Dental Provider of dental laboratory 180 60 0.2 1.4 -
Laboratories services
Essentially Group Sports marketing, media 49 49 0.2 0.9 7.2
management and professional
services group
AT Communications Provider of communications 44 48 0.2 0.2 0.1
Group integration services
Mount Engineering Manufacturer, stockist and 49 47 0.2 0.3 2.9
distributor of engineering
products
Spectrum Interactive Provider of payphones and 209 41 0.1 0.7 0.9
internet access terminals
Citel Technologies Provider of integrated solutions 166 39 0.1 - 0.5
for the telephony and
communications sector
Worthington Nicholls Installation and maintenance of 200 39 0.1 0.1 1.4
Group air conditioning units in the
hotel market
Leisure & Gaming Provider of on-line gaming 314 32 0.1 0.3 0.3
services
Bglobal Provider of smart meters 17 20 0.1 0.1 0.4
allowing remote reading of
electricity and gas meters
Award International Provider of merchandising 366 17 0.1 10 21.8
Holdings materials sourcing services
eXpansys Seller of mobile and wireless 10 10 - - 0.3
technology products over the
internet
Elevation Events Provider of events management 200 - - 3.4 7.2
Group services
6,596 5,482 20.0
Listed fixed income
Treasury 4.0% 2009 1,237 1,240 4.5
Treasury 5.0% 2008 999 997 3.7
2,236 2,237 8.2
Total investments 32,167 24,735 90.2
*Other clients of the Aberdeen Asset Management Group.
Aberdeen Income and Growth VCT PLC
Income Statement
Six months ended 31 August 2007 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Investment income and deposit 771 - 771
interest
Investment management fees (58) (234) (292)
Other expenses (105) - (105)
Gains on investments - 744 744
Profit on ordinary activities before 608 510 1,118
taxation
Tax on ordinary activities (168) 168 -
Profit on ordinary activities after 440 678 1,118
taxation
Earnings per share (pence) 1.2 1.9 3.1
Aberdeen Income and Growth VCT PLC
Income Statement
Six months ended 31 August 2006 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Investment income and deposit 253 - 253
interest
Investment management fees (40) (161) (201)
Other expenses (77) - (77)
Gains on investments - 765 765
Profit on ordinary activities before 136 604 740
taxation
Tax on ordinary activities (14) 14 -
Profit on ordinary activities after 122 618 740
taxation
Earnings per share (pence) 0.4 1.7 2.1
Aberdeen Income and Growth VCT PLC
Income Statement
Year ended 28 February 2007 (audited)
Revenue Capital Total
£'000 £'000 £'000
Investment income and deposit 687 - 687
interest
Investment management fees (141) (563) (704)
Other expenses (193) - (193)
Gains on investments - 2,748 2,748
Profit on ordinary activities before 353 2,185 2,538
taxation
Tax on ordinary activities (51) 51 -
Profit on ordinary activities after 302 2,236 2,538
taxation
Earnings per share (pence) 0.8 6.3 7.1
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.
The accompanying Notes are an integral part of the Financial Statements.
Aberdeen Income and Growth VCT PLC
Reconciliation of movements in Shareholders' funds
Six months ended
Six months ended 31 August 2006
31 August 2007 Year ended
28 February 2007
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening Shareholders' funds 28,745 28,488 28,488
Total profit for the year 1,118 740 2,538
Repurchase and cancellation of shares - (299) (356)
Dividends paid - revenue (284) (286) (286)
Dividends paid - capital (2,134) (573) (1,639)
Closing Shareholders' funds 27,445 28,070 28,745
The accompanying Notes are an integral part of the Financial Statements.
Aberdeen Income and Growth VCT PLC
Balance Sheet
31 August 31 August 28 February
2007 2006 2007
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Fixed assets
Investments 24,735 26,023 21,559
Current assets
Debtors 1,040 1,799 899
Cash and overnight deposits 1,819 439 6,922
2,859 2,238 7,821
Creditors
Amounts falling due within one year 149 191 635
Net current assets 2,710 2,047 7,186
Net assets 27,445 28,070 28,745
Capital and reserves
Called up share capital 3,546 3,556 3,546
Share premium account 17,235 17,235 17,235
Realised capital reserve 2,618 (3,459) 452
Unrealised capital reserve (6,758) (3,550) (5,270)
Capital redemption reserve 339 329 339
Profit and loss account 10,465 13,959 12,443
Net assets attributable to Ordinary 27,445 28,070 28,745
Shareholders
Net Asset Value per Ordinary Share (pence) 77.4 78.9 81.1
The accompanying Notes are an integral part of the Financial Statements.
Aberdeen Income and Growth VCT PLC
Cash Flow Statement
Six months Six months Year ended
ended ended 28 February 2007
31 August 2007 31 August 2006
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Investment income received 618 276 1,065
Deposit interest received 56 9 44
Investment management fees paid (621) (531) (700)
Secretarial fees paid (25) (25) (50)
Cash paid to and on behalf of Directors (31) (38) (64)
Other cash payments (68) (63) (89)
Net cash (outflow)/inflow from operating (71) (372) 206
activities
Financial investment
Purchase of investments (8,974) (3,152) (6,283)
Sale of investments 6,360 4,858 15,038
Net cash (outflow)/inflow from financial (2,614) 1,706 8,755
investment
Equity dividends paid (2,418) (855) (1,925)
Net cash (outflow)/inflow before financing (5,103) 479 7,036
Financing
Repurchase of Ordinary Shares - (282) (356)
Net cash outflow from financing - (282) (356)
(Decrease)/increase in cash (5,103) 197 6,680
The accompanying Notes are an integral part of the Financial Statements.
Aberdeen Income and Growth VCT PLC
Notes to the Financial Statements
1. Accounting policies
The financial information for the six months ended 31 August 2007 and the six
months ended 31 August 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 28 February 2007.
The results for the year ended 28 February 2007are extracted from the full
accounts for that year, which received an unqualified report from the Auditors
and have been filed with the Registrar of Companies.
2. Movement in reserves
Share Realised Unrealised Capital Profit and
capital capital redemption loss account
premium reserve reserve reserve
account
£'000 £'000 £'000 £000 £'000
At 28 February 2007 17,235 452 (5,270) 339 12,443
Gains on sales of investments - 2,232
- - -
Net decrease in value of investments
- - (1,488) - -
Investment management fees -
(234) - - -
Dividends paid -
- - - (2,418)
Tax effect of capital items
- 168 - - -
Profit on ordinary activities after 440
taxation - - - -
As at 31 August 2007 17,235 2,618 (6,758) 339 10,465
3. Returns per Ordinary Share
The returns per Ordinary Share are based on the following figures:
Six months ended
31 August 2007
£'000
Weighted average number of Ordinary 35,463,992
Shares in issue
Revenue return £440,000
Capital return £678,000
Other information
The Net Asset Value per Ordinary Share has been calculated using the number of
Ordinary Shares in issue at 31 August 2007 of 35,463,992.
A summary of investment changes for the six months under review and an
investment portfolio summary as at 31 August 2007 are attached above.
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 office of
Aberdeen Asset Management PLC, 149 St Vincent Street, Glasgow G2 5NW and at the
registered office of the Company, One Bow Churchyard, Cheapside, London EC4M
9HH.
Directors' responsibility statement
The implementation of the EU Transparency Obligations Directive and the
associated amendments to the rules laid down by the UK Listing Authority require
the Directors to confirm their responsibilities in relation to the preparation
and publication of the Interim Management Report and Financial Statements.
The Directors confirm that, to the best of their knowledge:
• the Financial Statements for the six months ended 31 August 2007 have
been prepared in accordance with applicable accounting standards and with the
Statement of Recommended Practice 'Financial Statements of Investment Trust
Companies' ('the SORP') 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 ending 28 February
2008; and
• 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 therein.
On behalf of the Board
Murray Johnstone Limited
Secretary
11 October 2007
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