Aberdeen All Asia IT (ABAA) - Half Yearly Report RNS Number : 3745R Aberdeen All Asia Inv Tst PLC 19 November 2012 ABERDEEN ALL ASIA INVESTMENT TRUST PLC HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 Chairman's Statement Investment Performance Investor sentiment has been weak during the period amid concerns about the risks to political and economic stability in Europe and uncertainty about the strength of the US recovery. In Asia, disappointing economic data from China and India weighed on markets in the region. Nevertheless, markets recovered in the third quarter on the hope that central banks were prepared to take policy action to boost flagging growth but ended down during the period. During the six months to 30 September 2012 your Company's share price gained 0.2% to end the period at 318.5p. The net asset value of the Company on a total return basis (with dividends reinvested) rose marginally by 0.4%. This performance is ahead of the benchmark, the MSCI All Countries Asia Pacific (including Japan) Index, which fell 2.4%. Despite the weak market backdrop, the Company's performance held up thanks largely to the relatively good performance of the stocks in the portfolio. A detailed performance analysis is covered in the Manager's Review. On 27 July 2012, a final dividend of 4.75p per Ordinary share was paid in respect of the year ended 31 March 2012. Outlook The coming months are not expected to see a major change in the current political and economic uncertainties. In Europe, leading indicators continue to disappoint, suggesting more weakness heading into 2013. Across the Atlantic, the elections, as well as the looming fiscal cliff, have driven companies to trim capital expenditure and hiring, a major reason that growth could remain slow in the months ahead. In Asia, uncertainties over the leadership transition in China and territorial disputes between Beijing and Tokyo over a group of islands in the East China Sea are weighing on sentiment. Politics is also centre-stage in India. The government is under pressure to deliver, implementation risks are high as coalition politics makes for arduous decision-making, and reforms may be derailed yet again. Since the financial crisis in the West, some Asian economies have grown more reliant on China to absorb their exports. But with Beijing trying to rebalance growth, there could be adverse ramifications for countries, such as Australia, Hong Kong and Singapore, which have deepened their trade linkages significantly. Conversely, Indonesia, Malaysia and Thailand seem to have decoupled their domestic economies, to some extent, on the back of robust local consumption. Against this uncertain overall backdrop, while some economies may be experiencing near-term stresses, we are confident your Manager's long term stock-picking approach has identified businesses that are resilient in tough times. Your holdings are consequently still in relatively good shape, with solid market positions, sturdy balance sheets and experienced management. Your Company is well placed to meet the challenges ahead. Principal Risks and Uncertainties The Board regularly reviews major strategic risks and sets out delegated controls designed to manage those risks. Aside from the risks associated with investment in Asia, the major risks associated with the Company are resource risk, investment and market risk, gearing risk and regulatory risk. Resource risk relates to the Company's reliance on services provided by third parties since, like most other investment trusts, the Company has no employees. In particular, the Company has delegated responsibility for the management of the Company's portfolio to Aberdeen Asset Management Asia Limited (the "Manager") under an Investment Management Agreement (the "IMA"). The Board reviews the performance of the Manager at each Board meeting, and their compliance with the IMA formally on an annual basis. With regard to investment risk, the Board continually monitor the investment strategy of the Company, and the underlying market risks comprising security price risk, foreign currency risk, interest rate risk, liquidity risk and credit risk are monitored at each Board meeting. The Company currently utilises gearing in the form of bank borrowings (see Note 7 to the Financial Statements). Gearing magnifies the effect of market movements on the net asset value of the Company. Regulatory risk includes the potential loss of investment trust status or a breach of applicable legal and regulatory requirements, which could have adverse financial consequences and cause reputational damage. The Audit Committee monitors compliance with regulations and other operational risks by reviewing internal controls reports from the Manager. The particular risks of investment in Asia include: · greater risk of social, political and economic instability; the small size of the markets for securities of emerging markets issuers and associated low volumes of trading may give rise to price volatility and a lack of liquidity; · certain national policies which may restrict the investment opportunities available in respect of a fund, including restrictions on investing in issuers or industries deemed sensitive to national interests; changes in taxation laws and/or rates which may affect the value of the Company's investments; · Companies in the Asia-Pacific region are not, in all cases, subject to the equivalent accounting, auditing and financial standards of those in the United Kingdom. Further details in respect of the risks associated with investment in the Company are detailed in the Directors' Report and in note 18 to the financial statements in the Annual Report and Accounts for the year ended 31 March 2012 (at pages 19 to 20 and 44 to 47 respectively), a copy of which is available on the Company's website. Related Party Transactions Aberdeen Asset Management Asia Ltd acts as Manager to the Company and, through its parent company, Aberdeen Asset Management PLC, provides company secretarial, accounting and administrative services. Details of the service and fee arrangements can be found in the Annual Report and Accounts for the year ended 31 March 2012. Directors' Responsibility Statement The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge - · the condensed set of Financial Statements have been prepared in accordance with the UK Accounting Standards Board's statement "Half-Yearly Financial Reports"; and · the Interim Management Report includes a fair review of the information required by rules 4.2.7R of the UK Listing Authority Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do). The Half-Yearly Financial Report for the six months ended 30 September 2012 comprises an Interim Management Report in the form of the Chairman's Statement, the Directors' Responsibility Statement and a condensed set of Financial Statements, and has not been audited or reviewed by the auditors pursuant to the APB guidance on Review of Interim Financial Information. Neil Gaskell Chairman 16 November 2012 Manager's Report Overview Asian equities did little during the review period, caught in the cross-currents of a worsening global backdrop, compounded by Europe's debt crisis and China's slowing growth, and significant policy easing in the West. Risk aversion was high initially as markets hit their trough in May. Subsequently, investors found some respite from positive developments in Europe and China's first rate cut since 2008. Then, in September, major central banks announced long-awaited measures to buttress the global economy, including a third round of US quantitative easing (QE), which prompted a rise in markets. Economic growth softened across Asia. Western demand for exports cooled significantly and took a heavier toll on the more open economies of Hong Kong, Korea, Singapore and Taiwan. Countries with a large domestic base, such as Indonesia, Malaysia and the Philippines, proved more resilient, supported by firm consumption and fiscal expansion. China's economy appears to be headed for a soft landing, with the government prepared to intervene further to maintain growth at 7.5%. India meanwhile belatedly unveiled bold market-friendly reforms which were lauded as a step in the right direction, notwithstanding high implementation risks. But nagging concerns over the country's fiscal and current account deficits persisted. Against a largely benign inflation backdrop, central banks in India, Korea and the Philippines cut interest rates, along with China. Japan faced the all-too-familiar landscape of factious politics, tepid growth and persistent deflation, while the flaring up of a longstanding territorial dispute with China was an unwelcome distraction for the government. Prime minister Noda pushed through a bill to raise the consumption tax but at a price: veteran powerbroker Ichiro Ozawa, along with his followers, quit in protest and quickly formed a new opposition party. PM Noda also found it tough to resuscitate the economy, given the yen's strength and weak external demand. The central bank did its part to help fight deflation and bolster growth by expanding its asset purchases aggressively to ¥80 trillion. Portfolio Over the period, the portfolio's net asset value per share rose 0.4% in sterling terms, compared with a decline in the benchmark, the MSCI AC Asia Pacific Index, of 2.4%. Outperformance was driven by our positioning in Japan, Singapore, India and Hong Kong. On a broader level, we benefited from our preference for solid established companies, such as Jardine and the Singapore banks, which showed their mettle in the tougher market conditions. Our heavy exposure to the consumer staples and real estate sectors, which are proxies for consumption, and to Asean countries also served us well, given resilient domestic demand. Our underweight to Japan, along with our holdings there, contributed the most to performance. In Japan, we have found few domestic companies which run their businesses as well as export-oriented companies that operate internationally and are on a par with global peers in quality and professionalism. Our underweight stance proved beneficial as Japan was the worst regional performer owing to the economic and political backdrop. At the stock level, our consumer-related holdings fared well. Diaper maker Unicharm's operating performance continued to be decent, aided by overseas growth. Stable demand underpinned the cash-generative business of convenience store operator Seven & I. In contrast, exporters Canon and Honda Motor detracted from performance. Canon downgraded its full-year profit outlook in view of the sluggish operating environment. Honda was hurt by adverse currency effects and the political backlash in China. But we remain comfortable with their long-term prospects, given their healthy fundamentals and quality management. Also benefiting the portfolio was our overweight to Singapore and India. Both markets outperformed the region as Singapore proved attractive as a safe haven, while India was lifted by the liberalisation wave. In Singapore, our bank holdings were strong. OCBC Bank and United Overseas Bank's earnings were driven by robust loan growth. OCBC also unlocked value from the sale of its non-core investments in Fraser & Neave and Asia Pacific Breweries. Outside of the financial sector, Jardine Strategic was bolstered by the steady performance of its underlying businesses, such as Dairy Farm. ST Engineering recorded double-digit profit growth amid a steady stream of new orders. In India, lender HDFC posted healthy loan growth and stable net interest margins, while maintaining its asset quality and robust capital base. Grasim's shares rallied on improved profits at its cement subsidiary Ultratech, which offset weakness in its viscose staple fibre unit. Our exposure to Hong Kong also boosted relative return owing to the positive contribution from our overweight position, although it was an exceptionally tough period for some of our holdings. Earnings disappointments came from ASM Pacific Technology, which posted weak interim results owing to a decline in mainland demand for semiconductor assembly equipment, and Li & Fung, given the impact of US restructuring costs, increased investments in Asia and the general retail slowdown.Negative newsflow weighed on Standard Chartered (Stanchart) and HSBC, the subjects of regulatory probes, and property developer Sun Hung Kai (SHK), which was investigated for alleged corruption. We continue to be confident of the banks' prospects and management, but since the period end, we took the opportunity to dispose of our position in SHK following a recovery in its share price. Elsewhere, our holdings in Indonesia, Taiwan and the Philippines did well. Unilever Indonesia, a unit of the Anglo-Dutch consumer goods giant, benefited from the rise in consumers' purchasing power, anchored by a strong product pipeline. Taiwan Mobile posted steady results, underpinned by good capital management, while Taiwan Semiconductor's earnings were supported by healthy demand. The buoyant Philippine economy boosted property developer Ayala Land, which enjoyed robust growth amid improving profit margins, and the Bank of the Philippine Islands, which delivered healthy interim earnings. In contrast, our underweight to Australia detracted from performance as the market outperformed the region. Although there are many good-quality companies there, we prefer others in Asia that offer a broader exposure to the region and have better growth opportunities. Our holdings were disappointing. Miner Rio Tinto's share price was dampened by weak iron ore prices amid concerns over commodity demand from China. QBE Insurance cautioned that the recent US drought would hurt profitability. However, both companies are fundamentally sound, given their experienced management, robust core operations and quality assets. During the period, we introduced only one new holding in Japan Tobacco, the third-largest global cigarette maker and leader in the domestic market. The group has been astute in its overseas acquisitions and will benefit from its exposure to emerging markets, supported by steady cash flows. We also capitalised on opportunities arising from the volatile market. We took profits in holdings that did well, namely OCBC, Unicharm and Seven & I, and added to ASM Pacific Technology, Canon, Infosys, PetroChina and Stanchart on the back of relative weakness. Separately, we continued to build up our position in Singapore oil-rig maker Keppel Corp, which we had introduced in the prior year. In view of the improved risk appetite, we took some cash out of the portfolio and reduced gearing slightly. Outlook Continued volatility in Asian markets underscores the uncertainty caused by prevailing headwinds. These include Eurozone troubles, the outcome of the US presidential election and the looming fiscal cliff, as well as the more recent geopolitical developments. Policy risks are also a big concern. Regional policymakers are bracing their economies against imported inflation as a result of quantitative easing in the West. As capital flows into this region in search of higher yields, central banks will face increasing pressure to stem their appreciating currencies that could erode export competitiveness. Given these uncertainties, coupled with weak external demand, we expect earnings growth to be in the single digits this year and next. Valuations remain reasonable, although consumer-related names are starting to look expensive, which reflects their recent re-rating based on their greater earnings resilience. We are confident of our holdings and believe that their focus, balance sheet strength and management experience leave them well-positioned to outlast the vagaries of the current business and economic cycle, and future ones. Aberdeen Asset Management Asia Limited Manager 16 November 2012 INCOME STATEMENT Six months ended 30 September 2012 (unaudited) Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - (427) (427) Income (note 2) 1,124 - 1,124 Investment management fee (213) - (213) Performance fee - (13) (13) Administrative expenses (154) (6) (160) Exchange losses - (32) (32) _________ _________ _________ Net return before finance costs and taxation 757 (478) 279 Finance costs (49) - (49) _________ _________ _________ Net return on ordinary activities before 708 (478) 230 taxation Taxation on ordinary activities (note 3) (52) - (52) _________ _________ _________ Net return on ordinary activities after taxation 656 (478) 178 _________ _________ _________ Return per Ordinary share (pence)(note 5) 4.50 (3.28) 1.22 _________ _________ _________ The total column of this statement represents the profit and loss account of the Company. A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses have been reflected in the Income Statement. All revenue and capital items in the above statement derive from continuing operations. The accompanying notes are an integral part of the financial statements. INCOME STATEMENT Six months ended 30 September 2011 (unaudited) Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - (6,016) (6,016) Income (note 2) 1,249 - 1,249 Investment management fee (220) - (220) Performance fee - - - Administrative expenses (124) (10) (134) Exchange losses - (281) (281) _________ _________ _________ Net return before finance costs and taxation 905 (6,307) (5,402) Finance costs (42) - (42) _________ _________ _________ Net return on ordinary activities before 863 (6,307) (5,444) taxation Taxation on ordinary activities (note 3) (52) - (52) _________ _________ _________ Net return on ordinary activities after taxation 811 (6,307) (5,496) _________ _________ _________ Return per Ordinary share (pence)(note 5) 5.23 (40.71) (35.48) _________ _________ _________ INCOME STATEMENT Year ended 31 March 2012 (audited) Revenue Capital Total £'000 £'000 £'000 (Losses)/gains on investments - 1,425 1,425 Income (note 2) 1,788 - 1,788 Investment management fee (435) - (435) Performance fee - (426) (426) Administrative expenses (253) (32) (285) Exchange losses - (37) (37) _________ _________ _________ Net return before finance costs and taxation 1,100 930 2,030 Finance costs (102) - (102) _________ _________ _________ Net return on ordinary activities before taxation 998 930 1,928 Taxation on ordinary activities (note 3) (72) (6) (78) _________ _________ _________ Net return on ordinary activities after taxation 926 924 1,850 _________ _________ _________ Return per Ordinary share (pence)(note 5) 6.03 6.02 12.05 _________ _________ _________ BALANCE SHEET As at As at As at 30 September 2012 30 September 2011 31 March 2012 (unaudited) (unaudited) (audited) Note £'000 £'000 £'000 Fixed assets Investments at fair value 57,139 53,739 58,048 through profit or loss _________ _________ _________ Current assets Debtors 229 354 330 Cash at bank and in hand 650 964 913 _________ _________ _________ 879 1,318 1,243 _________ _________ _________ Creditors: amounts falling due within one year Foreign currency bank loans 7 (5,965) (7,042) (6,256) Other creditors (129) (210) (596) _________ _________ _________ (6,094) (7,252) (6,852) _________ _________ _________ Net current liabilities (5,215) (5,934) (5,609) _________ _________ _________ Net assets 51,924 47,805 52,439 _________ _________ _________ Share capital and reserves Called-up share capital 1,459 1,549 1,529 Special reserve - 398 - Capital redemption reserve 2,273 2,183 2,203 Capital reserve 8 46,795 42,356 47,273 Revenue reserve 1,397 1,319 1,434 _________ _________ _________ Equity shareholders' funds 51,924 47,805 52,439 _________ _________ _________ Net asset value per 9 355.85 308.57 359.38 Ordinary share (pence) _________ _________ _________ RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS Six months ended 30 September 2012 (unaudited) Capital Share redemption Capital Revenue capital reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 Balance at 31 March 1,529 2,203 47,273 1,434 52,439 2012 Return on ordinary - - (478) 656 178 activities after taxation Treasury shares (70) 70 - - - cancelled Dividend paid (note 4) - - - (693) (693) ________ ________ ________ ________ _______ Balance at 30 September 1,459 2,273 46,795 1,397 51,924 2012 ________ ________ ________ ________ _______ Six months ended 30 September 2011 (unaudited) Capital Share Special redemption Capital Revenue capital reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 March 1,549 398 2,183 48,663 1,012 53,805 2011 Return on ordinary - - - (6,307) 811 (5,496) activities after taxation Dividend paid (note 4) - - - - (504) (504) ________ ________ ________ ________ ________ _______ Balance at 30 September 1,549 398 2,183 42,356 1,319 47,805 2011 ________ ________ ________ ________ ________ _______ Year ended 31 March 2012 (audited) Capital Share Special redemption Capital Revenue capital reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 Balance at 31 March 1,549 398 2,183 48,663 1,012 53,805 2011 Purchase of own shares (6) (102) 6 (79) - (181) for cancellation Purchase of own shares - (296) - (2,235) - (2,531) to be held in treasury Treasury shares (14) - 14 - - - cancelled Return on ordinary - - - 924 926 1,850 activities after taxation Dividend paid (note 4) - - - - (504) (504) ________ ________ ________ ________ ________ _______ Balance at 31 March 1,529 - 2,203 47,273 1,434 52,439 2012 ________ ________ ________ ________ ________ _______ CASHFLOW STATEMENT Six months ended Six months ended Year ended 30 September 30 September 31 March 2012 2012 2011 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Return on ordinary activities 279 (5,402) 2,030 before finance costs and taxation Adjustments for: Losses/(gains) on investments 427 6,016 (1,425) Expenses taken to capital 6 10 32 reserve Foreign exchange movements 32 281 37 Decrease/(increase) in accrued 75 27 (27) income Decrease/(increase) in other 10 2 (2) debtors Increase/(decrease) in other 24 (48) (35) creditors (Decrease)/increase in (411) (422) 4 performance fee creditor Overseas withholding tax (53) (53) (72) suffered Stock dividends included in - (141) (189) investment income ___________ ___________ ___________ Net cash inflow from operating 389 270 353 activities Net cash outflow from (50) (54) (114) servicing of finance Net cash outflow from taxation - - (6) Net cash inflow/(outflow) from 414 (554) 2,632 financial investment Equity dividends paid (693) (504) (504) ___________ ___________ ___________ Net cash inflow/(outflow) 60 (842) 2,361 before financing Financing Purchase of Ordinary share - - (2,712) capital Loan (repaid)/drawn down (302) 978 477 ___________ ___________ ___________ Net cash (outflow)/inflow from (302) 978 (2,235) financing ___________ ___________ ___________ (Decrease)/increase in cash (242) 136 126 ___________ ___________ ___________ Reconciliation of net cash flow to movements in net debt (Decrease)/increase in cash as (242) 136 126 above Decrease/(increase) in 302 (978) (477) borrowings ___________ ___________ ___________ Change in net debt resulting 60 (842) (351) from cash flows Foreign exchange movements (32) (281) (37) ___________ ___________ ___________ Movement in net debt in the 28 (1,123) (388) period Opening net debt (5,343) (4,955) (4,955) ___________ ___________ ___________ Closing net debt (5,315) (6,078) (5,343) ___________ ___________ ___________ Represented by: Cash at bank and in hand 650 964 913 Debt falling due within one (5,965) (7,042) (6,256) year ___________ ___________ ___________ Closing net debt (5,315) (6,078) (5,343) ___________ ___________ ___________ NOTES TO THE ACCOUNTS 1. Accounting policies Basis of accounting The accounts have been prepared in accordance with applicable UK Accounting Standards, with pronouncements on Half-Yearly Reporting issued by the Accounting Standards Board and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The financial statements and the net asset value per share figures have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP). The half-yearly financial statements have been prepared using the same accounting policies as the preceding annual accounts. Six months ended Six months ended Year ended 30 September 2012 30 September 2011 31 March 2012 2. Income £'000 £'000 £'000 Income from investments UK dividend income 98 56 184 Overseas dividends 1,026 1,052 1,415 Stock dividends - 141 189 ___________ ___________ ___________ Total income 1,124 1,249 1,788 ___________ ___________ ___________ 3. Taxation The taxation charge for the period represents withholding tax suffered on overseas dividend income. Six months ended Six months ended Year ended 30 September 2012 30 September 2011 31 March 2012 4. Dividends £'000 £'000 £'000 2011 final dividend - - 504 504 3.25p 2012 final dividend - 693 - - 4.75p ___________ ___________ ___________ 693 504 504 ___________ ___________ ___________ Six months ended Six months ended Year ended 30 September 2012 30 September 2011 31 March 2012 5. Return per Ordinary share £'000 £'000 £'000 Based on the following figures: Revenue return 656 811 926 Capital return (478) (6,307) 924 ___________ ___________ ___________ Total return 178 (5,496) 1,850 ___________ ___________ ___________ Weighted average number 14,591,572 15,492,367 15,349,072 of Ordinary shares in issue ___________ ___________ ___________ 6. Transaction costs During the period expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. Expenses incurred in acquiring investments have been expensed through capital and are included within administration expenses in the Income Statement, whilst expenses incurred in disposing of investments have been expensed through capital and are included within (losses)/gains on investments in the Income Statement. The total costs were as follows: Six months ended Six months ended Year ended 30 September 2012 30 September 2011 31 March 2012 £'000 £'000 £'000 Purchases 4 7 26 Sales 7 3 25 ___________ ___________ ___________ 11 10 51 ___________ ___________ ___________ As at As at As at 30 September 30 September 31 March 2012 2012 2011 7. Foreign currency bank loans £'000 £'000 £'000 Foreign currency bank loans 5,965 7,042 6,256 ___________ ___________ ___________ US Dollar Amount £'000 4,607 5,247 4,895 USD'000 7,440 8,174 7,820 Interest rate 1.42 1.74 1.67 (%) ___________ ___________ ___________ Japanese Yen Amount £'000 1,358 1,795 1,361 JPY'000 170,622 215,500 179,000 Interest rate 1.29 1.48 1.35 (%) ___________ ___________ ___________ The bank loans are drawn down from the £10,000,000 multi-currency facility with Standard Chartered Bank. 8. Capital reserve The capital reserve figure reflected in the Balance Sheet includes investment holdings gains of £15,201,000 (30 September 2011 - £9,849,000; 31 March 2012 - £16,534,000). As at As at As at 9. Net asset value per 30 September 2012 30 September 2011 31 March 2012 Ordinary share Attributable net assets 51,924 47,805 52,439 (£'000) Number of Ordinary shares 14,591,572 15,492,367 14,591,572 in issue Net asset value per 355.85 308.57 359.38 Ordinary share (p) 10. Related party disclosures There were no related party transactions during the period. 11. The financial information contained in this Half-Yearly Financial Report does not constitute statutory accounts as defined in Sections 434 - 436 of the Companies Act 2006. The financial information for the six months ended 30 September 2012 and 30 September 2011 have not been audited. The information for the year ended 31 March 2012 has been extracted from the latest published audited financial statements which have been filed with the Registrar of Companies. The report of the auditors on those accounts contained no qualification or statement under Section 498 (2), (3) or (4) of the Companies Act 2006. This report has not been reviewed or audited by the Company's auditors. 12. This Half-Yearly Report was approved by the Board on 16 November 2012. 13. The Half-yearly Report will shortly be available from the Company's website (www.all-asia.co.uk) and will be posted to shareholders at the end of November 2012. For Aberdeen All Asia Investment Trust plc Aberdeen Asset Management PLC, Secretary This information is provided by RNS The company news service from the London Stock Exchange END IR GGGCGGUPPGQQ -0- Nov/19/2012 07:00 GMT
Aberdeen All Asia IT ABAA Half Yearly Report
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