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 END IMSWGGGCUUPPGWG -0- Oct/31/2012 13:42 GMT
Aberdeen Asian IncFd AAIF Interim Management Statement
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