Aberdeen International Reports Value of Investment Portfolio and Cash of $0.77 Per Share for Third Quarter Ending October 31, 2012
TORONTO, ONTARIO -- (Marketwire) -- 11/19/12 -- ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company") (TSX: AAB) today announces that the value of its investment portfolio as at October 31, 2012, the end of its 2013 third fiscal quarter, was approximately $66.7 million including a cash balance of $1.1 million. This equates to a value of $0.77 per basic share outstanding based on Aberdeen's investment portfolio alone. This report of the portfolio value is not equivalent to the net asset value that has been previously reported by Aberdeen as it does not include assets and liabilities of the company that are not treated as investments. Rather, this report refers only to the cash, equity investments (private and public), option-type investments (for example, warrants) and corporate debt/loans receivable of the Company.
The value of the investment portfolio decreased from the second quarter results for the period ended July 31, 2012, by approximately $4.9 million or 6.8 percent. Third quarter financial results are expected to be released on or before December 14, 2012, which include the Company's other assets and liabilities.
October 31, 2012 January 31, 2012 October 31, 2011
Shares
outstanding 86,272,302 86,100,139 86,872,139
$ $/Shares $ $/Shares $ $/Shares
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Cash on hand 1,118,673 0.01 7,372,118 0.09 7,384,383 0.09
Investments
Publicly
traded 31,332,470 0.363 51,916,759 0.603 59,280,908 0.682
Private 13,848,609 0.161 16,325,377 0.190 17,624,515 0.203
Non-trading
warrants
Intrinsic
value 100,650 0.001 1,915,000 0.022 2,757,980 0.032
Option
value 841,105 0.010 2,170,214 0.025 471,610 0.005
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941,755 0.011 4,085,214 0.047 3,229,590 0.037
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Portfolio
Investments 46,122,834 0.535 72,327,350 0.840 80,135,013 0.922
Loans /
preferred
shares 19,500,707 0.226 3,459,778 0.040 12,588,729 0.145
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Total 66,742,214 0.774 83,159,246 0.966 100,108,125 1.152
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David Stein, President and CEO stated "After a healthy rebound in early Q3, the junior market turned sour again, this combined with negative Company-specific news from our Sulliden and Forbes Coal, two of our largest holdings, led to the unrealized loss for the quarter. It is worth noting for the purposes of this portfolio update we have held the value of our Premier Royalty Corp. convertible debenture at face value of $9.4 mm, however based on the recent trading price of its previously announced merger partner, Bridgeport Ventures, the completion of this deal could result in an unrealized gain of approximately $9.7 mm. The security-holder meeting date for this deal is currently scheduled for November 30th and if approved would be expected to close shortly thereafter. If the deal does close at that time, the gain will be reflected in our Q3 financial statements to be released in mid-December."
Normal Course Issuer Bid
During the nine months ending October 31, 2012, 727,800 common shares were purchased for cancellation at an average cost of 44 cents. Subsequent to October 31, 2012 an additional 94,900 common shares were purchased for cancellation at an average cost of 33 cents.
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 an 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 Inc.
Mike McAllister
Manager, Investor Relations
+1 416-309-2134
info@aberdeeninternational.ca
Aberdeen International Inc.
David Stein
President and Chief Executive Officer
+1 416-861-5812
dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
