GFV Guin.Flght Vct

RNS Number:2352A
Guinness Flight Venture Cap Tst PLC
13 July 2007


Guinness Flight Venture Capital Trust PLC


Interim Management Statement - Quarter ended 31 May 2007
     
     
1.   Net Asset Value

The Net Asset Value at 31 May 2007 was 48.6p compared to 49.5p at 28 February
2007. The decrease in NAV was due to:
     
o    a modest reduction in the value of AIM holdings
o    a loss on the revenue account

There has been no reduction in the valuation of unlisted investments since that
shown in the Annual Report.

The NAV at 31 May 2007 reflects the valuation of unlisted investments at 28
February 2007 (as reported in the annual report for the year ended 28 February
2007) adjusted for the closing bid price of quoted securities at 31 May 2007;
the Board reviews valuations of unlisted holdings on a six monthly basis.
     
2.   Investments Completed During the Quarter

Company              Deal Type     Details                                                  #'000
Countcar Limited     MBI           Tool, plant hire and hydraulic products and            100,000
                                   services to the oil and gas industry


Funeral Services     MBO           Operator of funeral directors                          200,000
Partnership Limited

     
3.   Disposals during the quarter

No sales that had a material effect on the financial position of the Company
were made during the quarter.
     
4.   Ten Largest Unlisted and AIM Investments


Investment            Nature of Business                     Cost #'000    Valuation #'000
Vyre Limited          Software developer specialising in            615              3,091
                      web-based technology
LG & DE Limited       Supplier of language training             405                 2,493
                      services
Espresso Broadband    Supplier of educational services to           751              2,484
                      schools
Higher Nature         Supplier of natural health foods and          500              2,060
                      homeopathic medicines by mail order
Serrastone            Developer of innovative gypsum-based          694              1,360
                      building products
Mawdsley's (GNS)      Recovery of assets from disposal of         1,198              1,258
Limited               the trade and assets of Mawdsley's
                      Limited
Fine Art Logistics    Provider of packaging and shipping            613                511
                      services to the fine art market
Ashford Colour Press  Printer specialising in educational           450                338
Limited               text books
Bridgefilms           Developer of intellectual property          1,397                324
                      rights of children's TV characters
International         Provider of laboratory testing              1,000                292
Diagnostics Group PLC services for the food and
                      pharmaceutical industries
Total                                                             7,623             14,211

          
5.   Update

The Board is not aware of any events or transactions that have taken place
between 31 May 2007 and the date of publication of this statement which would
have had a material impact on the financial position of the Company.

Issued on behalf of the Board
Aberdeen Asset Management PLC, Secretary
13 July 2007


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END
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