Aberdeen Growth Opportunities VCT 2 PLC - Aberdeen Asset ...

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Aberdeen Growth Opportunities VCT 2 PLC - Aberdeen Asset ...

2. Whenever practical, recent investments will be valued by reference to a material arm’s length transaction or aquoted price.3. Mature companies are valued by applying a multiple to their fully taxed prospective earnings to determine theenterprise value of the company.3.1 To obtain a valuation of the total ordinary share capital held by management and the institutional investors,the value of third party debt, institutional loan stock, debentures and preference share capital is deductedfrom the enterprise value. The effect of any performance related mechanisms is taken into account whendetermining the value of the ordinary share capital.3.2 Preference shares, debentures and loan stock are valued using the Price of Recent Investment Method. Whena redemption premium has accrued, this will only be valued if there is a reasonable prospect of it being paid.Preference shares which carry a right to convert into ordinary share capital are valued at the higher of thePrice of Recent Investment Method basis and the price/earnings basis, both described above.4. Where there is evidence of impairment, a provision may be taken against the previous valuation of theinvestment.5. In the absence of evidence of a deterioration, or strong defensible evidence of an increase in value, the fair value isdetermined to be that reported at the previous balance sheet date.6. All unlisted investments are valued individually by Aberdeen Private Equity’s Portfolio Management Team. Theresultant valuations are subject to detailed scrutiny and approval by the Directors of the Company.7. In accordance with normal market practice, investments listed on the Alternative Investment Market or arecognised stock exchange are valued at their bid market price.(f) Gains and losses on investmentsWhen the Company revalues its investments during the year, any gains or losses arising are credited/charged to theincome statement.Year ended 31 December 2008 Year ended 31 December 2007OrdinaryS OrdinaryOrdinaryS Ordinaryshares shares Total Shares Shares Total2 Income £’000 £’000 £’000 £’000 £’000 £’000Income from investments:UK dividends 35 17 52 15 1 16UK unfranked investment income 300 227 527 319 144 463335 244 579 334 145 479Other income:Deposit interest 11 5 16 28 27 55Total income 346 249 595 362 172 534Total income comprises:Dividends 35 17 52 41 1 42Interest 311 232 543 321 171 492346 249 595 362 172 534Year ended 31 December 2008Ordinary Shares S Ordinary Shares TotalRevenue Capital Total Revenue Capital Total Revenue Capital Total3 Investment management fees £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000Investment management fees 17 71 88 13 54 67 30 125 155Irrecoverable VAT 3 11 14 2 7 9 5 18 2320 82 102 15 61 76 35 143 178Aberdeen Growth Opportunities VCT 2 PLC 35

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