ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company")
(TSX:AAB) today announces that the value of its investment
portfolio as at January 31, 2013, the end of its 2013 fourth fiscal
quarter, was approximately $70.9 million including a cash balance
of $10.4 million. This equates to a value of $0.83 per basic share
outstanding. 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 third
quarter results for the period ended October 31, 2012, by
approximately $4.4 million or 5.8 percent. Despite a small rally in
January, the TSX Venture exchange was down 7.0% over the same
period. Annual financial results are expected to be released on or
before May 1, 2013, which include the Company's other assets and
liabilities.
January 31, 2013 October 31, 2012 January 31, 2012
Shares
outstanding 85,994,602 86,272,302 86,100,139
$ $/Shares $ $/Shares $ $/Shares
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Cash on
hand 10,417,577(i) 0.12 1,118,673 0.01 7,372,118 0.09
Investments
Publicly
traded 29,564,393 0.344 31,082,472 0.360 51,916,759 0.603
Private 21,319,834 0.248 13,831,781 0.160 16,325,377 0.190
Non-
trading
warrants
Intrinsic
value 1,032,114 0.012 100,650 0.001 1,915,000 0.022
Option
value 1,415,665 0.016 841,105 0.010 2,170,214 0.025
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2,447,779 0.028 941,755 0.011 4,085,214 0.047
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Portfolio
Investments 53,332,006 0.620 45,856,008 0.532 72,327,350 0.840
Loans /
preferred
shares 7,167,196 0.083 28,310,109 0.328 3,459,778 0.040
-----------------------------------------------------------------
Total 70,916,779 0.825 75,284,790 0.873 83,159,246 0.966
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-----------------------------------------------------------------
(i) Includes cash from trades made at the end of January 2013 but settled in
February 2013.
David Stein, Aberdeen's CEO stated: "While we were encouraged by
stock price action in the early part of January, the enthusiasm has
faded quickly in the past few weeks. Gold stocks that were leading
the mining market in 2012 have seen their share prices cut
drastically as the sector has lost support. Despite our bullishness
over the longer-term, we expect the weak commodities and junior
equities markets to continue in the short to medium term.
Strategically we have moved to increase liquidity in our portfolio
to manage risk and potentially take advantage of deeply discounted
valuations."
Suspension of Regular Dividend
Aberdeen has decided to suspend the payment of dividends due to
market conditions. The implementation of a regular dividend has not
led to the positive re-rating that the Company expected, and given
the extreme pessimism and weakness in the junior mining equities
space, the Company feels that preservation of cash for other
endeavours is a priority.
Normal Course Issuer Bid
During the twelve months ending January 31, 2013, 1,005,500
common shares were purchased for cancellation at an average cost of
approximately 40 cents. Aberdeen's current NCIB program will expire
on February 26, 2013.
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 Inc. Mike McAllister Manager,
Investor Relations +1 416-309-2134info@aberdeeninternational.ca
Aberdeen International Inc. David Stein President and Chief
Executive Officer +1 416-861-5812dstein@aberdeeninternational.ca
www.aberdeeninternational.ca
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