ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company")
(TSX:AAB) is pleased to announce that it has released its financial
results for the second quarter of 2013, ended July 31, 2012. For
more information please see the Company's Condensed Interim
Financial Statements and Management's Discussion and Analysis
("MD&A") posted on SEDAR at www.sedar.com.
As at July 31, 2012, Aberdeen's Shareholders' Equity (or Net
Asset Value, "NAV") was $71.3 million, or $0.82 per share.
Aberdeen's shareholders' equity decreased by $7.9 million from
$79.2 million at the end of Q1 2013. The decrease in shareholders'
equity was due to the performance of Aberdeen's equity investment
portfolio in the second quarter, which decreased $6.3 million or
11.3% to $49.2 million. In the second quarter of 2013, the stock
market performance for small capitalization mining and resource
stocks continued to be weak. On a year-over-year basis, Aberdeen's
shareholders' equity decreased by $51.9 million. Note that the
reference to shareholders' equity is similar to previous references
to Net Asset Value or "NAV" by Aberdeen.
July 31, 2012 January 31, 2012 July 31, 2011
Shares
outstanding 86,480,139 86,100,139 87,582,639
$ $/Shares $ $/Shares $ $/Shares
---------------------------------------------------------------
Cash on hand 4,073,749 0.05 7,372,118 0.09 3,540,370 0.04
Investments
Publicly
traded 34,037,369 0.394 51,916,759 0.603 69,207,035 0.790
Private 14,416,279 0.167 16,325,377 0.190 18,909,369 0.216
Non-trading
warrants
Intrinsic
value - - 1,915,000 0.022 2,009,167 0.023
Option
value 758,996 0.009 2,170,214 0.025 1,282,321 0.015
---------------------------------------------------------------
758,996 0.009 4,085,214 0.047 3,291,488 0.038
---------------------------------------------------------------
Portfolio
Investments 49,212,644 0.569 72,327,350 0.840 91,407,892 1.044
Loans /
Preferred
Shares 18,319,003 0.212 3,459,778 0.040 6,981,688 0.080
---------------------------------------------------------------
Total 71,605,396 0.828 83,159,246 0.966 101,929,950 1.164
---------------------------------------------------------------
---------------------------------------------------------------
Aberdeen reported net earnings of $(10.1) million or $(0.12) per
basic share for the three months ended July 31, 2012 on total
revenue of $(7.0) million. Revenue was comprised of $(7.4) million
from net investment losses and $0.4 million from interest income,
dividends and advisory services fees. For the three months ending
July 31, 2011, Aberdeen reported net earnings of $(7.6) million or
$(0.09) per share on total revenue of $(9.2) million ($(9.9)
million from net investment losses, $0.5 million from royalties,
$0.2 million from interest income and advisory service fees).
For the six months ended July 31, 2012, Aberdeen reported net
earnings of $(26.0) million or $(0.30) per basic share on total
revenue of $(25.4) million. Revenue was comprised of $(26.5)
million from net investment losses, $0.6 million in royalty revenue
and $0.5 million from interest income, dividends and advisory
services fees. For the six months ending July 31, 2011, Aberdeen
reported net earnings of $(11.5) million or $(0.13) per share on
total revenue of $(12.2) million ($(13.6) million from net
investment losses, $1.0 million from royalties, $0.4 million from
interest income and advisory service fees).
Normal Course Issuer Bid ("NCIB")
During the six months ending July 31, 2012, 520,000 common
shares were purchased for cancellation at an average cost of
$0.47.
Second Dividend Payment
The Company anticipates that the payment date for the second
semi-annual dividend of one cent will be made on September 30,
2012, to be determined in accordance with the policies of the
Toronto Stock Exchange. The Company's opinion is that the dividend
policy sends a message to the market that Aberdeen's business model
is sustainable and generates significant free cash flow. Its first
and most important priority will be to continue making great
investments in early stage resource companies, while returning a
relatively small amount of capital to its shareholders.
Aberdeen's Chief Executive Officer, David Stein, noted: "Since
the end of the interim period ended July, 2012, our portfolio has
performed extremely well. Amongst our top holdings, Sulliden Gold
Corporation (TSX:SUE) shares are up 39% since the last quarter-this
alone contributes an increase of $6.2 mm to our portfolio value.
Our precious metal holdings in particular have performed very well
over the past month, in line with a rise in the gold bullion
price.
We are also pleased that Bridgeport Ventures Inc. ("Bridgeport")
and Premier Royalty Corporation have signed a definitive agreement
to enter into a business combination on August 8, 2012. Upon
completion of this transaction, Aberdeen will receive approximately
7.56 mm shares of the resulting issuer in addition to approximately
3.78 mm warrants. The market value of this holding based on the
current trading price of Bridgeport is $20.1 mm, an unrealized
increase of $10.6 mm from July 31, 2012.
Finally, a number of early-stage investments we made earlier in
the year have begun to bear fruit. Burkina Gold/Savary Capital,
Goldstream Minerals, Mason Graphite, and Windamere Ventures Ltd.
have announced or completed material acquisitions or "go-public"
transactions since July 31, 2012. The most significant new
transaction to our portfolio was the announcement of Portex
Ventures Ltd. ("Portex") acquisition of Scandinavian Metals Inc. We
have supported Portex in this transaction to create a leading
junior metals company in geopolitically-safe Western Europe with
several advanced, growing zinc/base metal projects and gold-silver
by-product potential."
About Aberdeen International Inc.
Aberdeen is a publicly traded global investment and merchant
banking company focused on small cap companies in the resource
sector. Aberdeen will seek to acquire significant equity
participation in pre-IPO and/or early stage public resource
companies with undeveloped or undervalued high-quality resources.
Aberdeen will focus on companies that: (i) are in need of
managerial, technical and financial resources to realize their full
potential; (ii) are undervalued in foreign capital markets; and/or
(iii) operate in jurisdictions with moderate local political risk.
Aberdeen will seek to provide value-added managerial and board
advisory services to companies. The Corporation's intention will be
to optimize the return on its investment over a 24 to 36 month
investment time frame.
For additional information, please visit our website at
www.aberdeeninternational.ca and follow us on Facebook and Twitter:
AberdeenAAB.
Cautionary Note
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
the impact of the appointment on Aberdeen; past success as an
indicator of future success; net asset value of the Company; the
potential of investee companies and the appreciation of their share
price; the future intentions of the Company with regard to its
shareholdings; the Company's plan of business operations; and
anticipated returns. There can be no assurance that such statements
will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause
actual results to differ materially include, among others, metal
prices, competition, financing risks, acquisition risks, risks
inherent in the mining industry, and regulatory risks. Most of
these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Contacts: Aberdeen International Mike McAllister Manager,
Investor Relations +1 416-309-2134info@aberdeeninternational.ca
Aberdeen International David Stein Chief Executive Officer +1
416-861-5812dstein@aberdeeninternational.ca
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