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PRIVATE EQUITY
 

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Aberdeen Income and Growth VCT PLC - Strong investment activity and continued progress

The Board of Aberdeen Income and Growth VCT PLC has announced results for the year ended 29 February 2008 - with solid progress in a challenging year, amidst generally more difficult market conditions, particularly for the AIM market.

This year consolidates the turnaround in the Company's performance since the change of principal fund manager in 2004, with an increase of 20.8% in NAV total return in that period.

Among the highlights are:

  • NAV total return* increased to 101.6p per share (pps) at year-end, up 2.0% over the year;
  • NAV at year-end of 72.8pps (after adjusting for dividends paid);
  • Strong level of new investment activity with 9 new private equity investments and 12 new AIM investments completed during the reporting period;
  • One successful exit from an unlisted company during the year, plus receipt of deferred consideration from a number of earlier investments generated a gain of 3.0pps;
  • Net realised capital gains from AIM stocks of 4.0pps for the year;
  • The FTSE AIM All-share index fell by 7.5% over the year while the Company's AIM portfolio achieved an overall increase of 3.5% for the same period;
  • Dividend proposed of 2.3pps to bring total to 5.8p for the year;
  • Since the Company's launch, and after receipt of the final dividend, Shareholders will have received 31.1pps in tax-free dividends, of which 21.6p has been paid over the last four years;
  • As all dividends are tax-free, the net dividend of 5.8pps is equivalent to a yield of 7.7% from a UK equity investment for a higher-rate taxpayer; and
  • On an effective initial investment of 80pps, after initial tax relief of 20% is taken into account, the effective annual yield rises to 9.7%.

* NAV per share plus dividends paid

Supporting Information:

  • Highly diversified generalist VCT, with multi-asset private equity and AIM portfolios
  • Access to around 900 investment opportunities per annum – supporting the Manager's strategy of finding suitable private equity transactions which offer growth and a healthy running yield, in tandem with an actively managed AIM portfolio.

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