AFHC Afh Fin Grp 24

 
TIDMAFHC 
 
ABERFORTH GEARED CAPITAL & INCOME TRUST plc ("AGCiT") 
 
The Net Asset Values ("NAVs") for the above company - calculated using a 
bid pricing basis for the securities held on the company's portfolio - as 
at the close of business on 16 December 2010 were:- 
 
Capital Share (per Articles) = 507.30p 
 
Capital Share (capital entitlement of 100p per Income Share) = 503.68p 
 
Capital Share (capital entitlement of 100p per Income Share and nil swap 
valuation) = 516.42p 
 
Income Share (excluding Current Year Revenue) = 103.21p 
 
Income Share (including All Revenue) = 109.54p 
 
As at 16 December 2010, AGCiT held 70 investments, the largest of which 
represented 3.9% of investable assets.  The market value of investments was 
GBP111.7m less bank debt and net current assets/liabilities (excluding Income 
Shares) of GBP31.6m to leave Shareholders' Funds (including Income Shares) of 
GBP80.1m. Details of the portfolio's holdings, sectoral composition and other 
general information can be found on the Aberforth website at 
http://www.aberforth.co.uk. 
 
AGCiT employs a significant amount of bank debt to provide gearing in its 
capital structure. 
 
The number of Income Shares of 1p currently in issue is 24,500,000.  The 
number of Capital Shares of 1p currently in issue is 10,500,000.  All net 
income will be attributed to Income Shares which have a capital entitlement 
of 98.45p each rising to 100p by the Planned Winding Up Date of 31 December 
2011, which date will subsist unless an earlier reconstruction is approved. 
Capital Shares receive no dividends but all capital after repayment of bank 
debt and capital entitlement of Income Shares. AGCiT's Bank facility is GBP 
34.3m (GBP30.0m of which is at a fixed interest rate of 6.47%).  The fair 
value of AGCiT's interest rate swap agreement based on the bid price at 16 
December 2010 was a liability of GBP1,337,000 and is accounted for within the 
NAV of the Capital Share. 
 
Dividends are paid, semi-annually, to Income Shareholders with the first 
interim announced each July and paid in August and the second interim 
announced each January and paid in February. 
 
Contact - Gary Tait (Tel: 0131 220 0733) 
Aberforth Partners LLP, Secretaries - 17 December 2010 
 
ANNOUNCEMENT ENDS 
 
 
 
END 
 

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