Aberdeen Asian IncFd AAIF Interim Management Statement

  Aberdeen Asian IncFd (AAIF) - Interim Management Statement

RNS Number : 9849P
Aberdeen Asian Income Fund Limited
31 October 2012




Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 30 September 2012



To the members of Aberdeen Asian Income Fund Limited

This  interim  management  statement  has  been  produced  solely  to  provide 
additional information  to  shareholders  as  a  body  to  meet  the  relevant 
requirements of the UK Listing Authority's Disclosure and Transparency  Rules. 
It should not be relied upon by any other party or for any other purpose.



This interim management statement relates to the period from 1 July 2012 to 30
September 2012, and contains  information that covers this  period, and up  to 
the date of publication of this interim management statement, unless otherwise
specified.



Investment objective

To provide investors with a total return primarily through investing in  Asian 
Pacific securities, including those with an above-average yield.



Comparative Index

The Company's portfolio is constructed without reference to the composition of
any stockmarket index or benchmark. It  is likely, therefore, that there  will 
be periods when  its performance will  be quite  unlike that of  any index  or 
benchmark and there can be no assurance that such divergence will be wholly or
even primarily to  the Company's  advantage. The Company  and Manager  measure 
performance against  the MSCI  AC Asia  Pacific ex  Japan Index  (in  sterling 
terms).



Material events

On 12 July 2012 the  Company declared a second  interim dividend of 1.55p  per 
Ordinary share, which was paid on  24 August 2012 to Ordinary shareholders  on 
the register at close of business on 20 July 2012.



On 30 August 2012 the  Company announced its half  yearly results for the  six 
months ended 30 June 2012. On 12  September 2012 the Company posted its  Half 
Yearly Report to shareholders.



On 12 October 2012,  814,113 new Ordinary shares  were allotted following  the 
exercise of 814,113 Warrants in the period to 9 October 2012.



On 18 October 2012 the Company declared a third interim dividend of 1.55p  per 
Ordinary share, payable on  16 November 2012 to  Ordinary shareholders on  the 
register at close of business on 26 October 2012.



During the period  under review a  total of 650,000  new Ordinary shares  were 
issued for cash at a premium to the prevailing net asset value.



The borrowings at the period end represented the equivalent of £12.4m drawn in
USD and HKD (approximately USD9.4m and HKD81.8m).



The Board announced,  on 18  September 2012, that,  in view  of the  Company's 
strong investment performance  on a  NAV total  return basis  and the  premium 
rating of the Ordinary Shares resulting from the high levels of market  demand 
for them, it was  considering ways in  which this demand  can be satisfied  by 
further issues of new shares, including a possible issue of C Shares.



The Board further announced  on 17 October 2012  that having consulted with  a 
combination of  existing and  prospective investors  in the  Company,  written 
commitments to subscribe for C Shares with an aggregate value, at their  issue 
price,  of  more  than  £40  million  had  been  received  from  a  range   of 
institutional investors, private client investment managers and private client
brokers. The Directors believed that  this level of demand merited  proceeding 
with such an issue.  Accordingly, the Board expected  to publish a  prospectus 
relating to a placing and public  offer for subscription of C Shares  shortly, 
in  conjunction  with  sending  a  circular  to  shareholders  to  convene  an 
extraordinary general meeting of the Company at which the requisite  approvals 
will be sought to enable the C Share issue to proceed.



On 22 October 2012 the Company published a shareholder circular and prospectus
containing details of  proposals to raise  up to  £50.0 million, by  way of  a 
non-pre-emptive placing  and offer  for  subscription of  up to  50,000,000  C 
Shares at  an issue  price of  100p per  C Share.  It was  noted that  whilst 
neither the  Placing nor  the Public  Offer had  been underwritten,  as at  18 
October 2012, Cantor Fitzgerald had received written commitments from a  range 
of institutional  investors, private  client investment  managers and  private 
client brokers to subscribe  for approximately 42.1 million  C Shares at  100p 
per C Share pursuant to the Placing and Public Offer, subject, inter alia,  to 
the Placing and Offer Agreement becoming unconditional.











Ten largest equity holdings at 30 September 2012



                                         %
Taiwan Semiconductor Manufacturing Co  3.8
Taiwan Mobile                          3.6
HSBC Holdings                          3.6
British American Tobacco (Malaysia)    3.5
Guinness Anchor                        3.5
Tesco Lotus                            3.4
Oversea-Chinese Banking Corp.          3.3
Swire Pacific (Class A and B)          3.2
Venture Corp                           3.2
BEC World                              3.1
Total                                 34.2



Country allocation as at 30 September 2012



Country         %
Singapore    27.2
Australia    20.5
Thailand     14.0
Hong Kong     8.9
Malaysia      8.8
Taiwan        7.5
China         6.7
Japan         3.3
New Zealand   1.9
Cash          1.2
Total       100.0



General description of Company's financial  position and performance as at  30 
September 2012



                £m
Gross Assets    312.7
Debt            12.4
Actual gearing* 4.1



*Gearing is expressed  as a  percentage of  gross assets  (inclusive of  debt) 
divided by shareholders' funds.



Cumulative Performance



                                                               1     3 5 years
                            as at 1 month 3 months 6 months year years
                       30/09/2012      %       %       %   %    %       %
Share Price                207.5p     2.2     11.0     12.8 36.3  82.0   135.9
NAV*                       193.7p     2.6      8.2      9.3 32.3  69.4   103.3
Warrant 2013 Price          75.5p     4.9     37.3     16.8 67.8 196.1   155.9
MSCI AC Asia Pacific
ex Japan                              4.2      6.6      1.7 16.5  21.8    22.2

* Excluding current year revenue.





Discrete Performance



                        Year ended Year ended Year ended Year ended Year ended

                        30/09/2012 30/09/2011 30/09/2010 30/09/2009 30/09/2008
                                 %          %          %          %          %
Share Price                   36.3        2.3       30.5       41.8       -8.6
NAV*                          32.3        2.4       25.1       30.5       -8.1
Warrant 2013 Price            67.8       22.4       44.1       85.5      -53.4
MSCI AC Asia Pacific ex
Japan                         16.5      -11.8       18.6       40.6      -28.6

* Excluding current year revenue.



NAV total  return  is  calculated on  a  NAV  to NAV  basis  with  net  income 
reinvested on the ex  dividend date. NAV  returns are based  are on NAVs  that 
exclude current period revenue and with debt valued at par. Share price total
return is calculated on a mid-to-mid  basis with net income reinvested on  the 
ex dividend date.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar.

Past performance is not a guide to future results.





The Board is not aware of  any other significant events or transactions  which 
have occurred between 1 July 2012 and the date of publication of this  interim 
management statement  which would  have  a material  impact on  the  financial 
position of the Company. For  latest performance information, please refer  to 
the Company's website, www.asian-income.co.uk.*



*Neither the Company's website nor the content of any website accessible  from 
hyperlinks on that  website (or any  other website)  is (or is  deemed to  be) 
incorporated into, or forms (or is deemed to form) part of this announcement



Please note that past performance is not necessarily a guide to the future and
that the value of  investments and the  income from them may  fall as well  as 
rise. Investors may not get back the amount they originally invested.



For Aberdeen Asian Income Fund Limited

Aberdeen Private Wealth Management Limited, Secretary

31 October 2012

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

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IMSWGGGCUUPPGWG -0- Oct/31/2012 13:42 GMT
 
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