Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. Announces Results of Special Meeting of Shareholders and Approval of Change to Name and Investment Policies PR Newswire PHILADELPHIA, March 14, 2013 PHILADELPHIA, March 14, 2013 /PRNewswire/ --Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. (NYSE MKT: ETF) (the "Fund") today announced that its shareholders have voted in the affirmative along with the Board of Directors to change certain investment policies of the Fund. (Logo: http://photos.prnewswire.com/prnh/20121106/NE07292LOGO ) As a result of these policy changes, effective March 15, 2013, the Fund will no longer concentrate its investments in the telecommunications industry and is not required to focus its investment in any industry.The shareholders approved a proposal to (a) replace the Fund's fundamental policy to invest, under normal market conditions, at least 65% of its total assets in equity securities of telecommunications companies in emerging market with a new fundamental policy to invest, under normal market conditions, at least 80% of the Fund's net assets, plus any borrowing for investment purposes, in equity securities of emerging market smaller company issuers; and (b) replace the Fund's fundamental investment restriction to concentrate its investments in the telecommunications industry with a new fundamental investment restriction to not concentrate the Fund's investments in any industry. A summary of the Fund's new investment policies, which will become effective on March 15, 2013, are set forth below. The approved changes will not alter the Fund's investment objective of seeking long-term capital appreciation. The Fund's new investment policies are as follows: Effective March 15, 2013 As a fundamental policy, under normal market conditions, at least 80% of the Fund's net assets, plus any borrowings for investment purposes, will be invested in equity securities of emerging market smaller company issuers. An emerging market country is any country determined by Aberdeen Asset Managers Limited, the Fund's investment adviser (the "Adviser"), to have an emerging market economy, considering factors such as the country's credit rating, its political and economic stability and the development of its financial and capital markets. Emerging market countries for purposes of this policy can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Smaller companies for the purposes of this policy can be companies that, at the time of purchase, have a market capitalization of less than $5 billion. The Fund may, at the full discretion of the Adviser, focus its investments in securities of companies from each of the infrastructure, telecommunications and technology sectors of emerging market countries. The portion of the Fund's portfolio invested in securities of companies from each of such sectors will vary from time to time, based on the Adviser's view of current market conditions. The Fund will not concentrate its investments in any industry or group of industries. Emerging market securities include securities that are issued by: (a) governments or government-related bodies of emerging market countries; and/or (b) companies or other issuers that (i) are organized under the laws of, or have their principal office in, an emerging market country, (ii) have their principal securities trading market in an emerging market country, (iii) alone or on a consolidated basis, derive a significant portion of their annual revenue or assets from goods produced, sales made or services performed in emerging markets countries; and/or (iv) are denominated in the currency of an emerging market. The Fund may also invest without limit in those markets deemed by the Adviser to be "Frontier" markets, which are investible markets with lower total market capitalizations and liquidity than more developed emerging markets. Based on current market conditions, the Fund will consider "smaller companies" to be companies that, at the time of purchase, have a market capitalization of less than $5 billion. Some companies may outgrow the definition of a smaller company after the Fund has purchased the securities. These companies continue to be considered "smaller" for purposes of the Fund's minimum 80% allocation to smaller company securities. The Fund invests in common stock, but may also invest in other types of equity securities, including preferred stock, convertible securities, depositary receipts and rights and warrants to buy common stock. As a fundamental investment restriction, the Fund may not invest more than 25% of its total assets in the securities of issuers in any single industry, except that this limitation will not be applicable to the purchase of obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities. To reflect the new investment policies, the Fund's name will change to Aberdeen Emerging Markets Smaller Company Opportunities Fund, Inc. The Fund will continue to trade on the NYSE MKT under its current ticker symbol (ETF). The Adviser will restructure the Fund's portfolio to reflect its new investment policies. The tax impact of the restructuring will depend on the difference between the price at which portfolio securities are sold and the Fund's basis in such securities, offset by capital loss carry forwards. Any net capital gains realized will be distributed prior to the end of 2013, and such distribution will be taxable to tax-paying shareholders. The amount of net capital gains realized and distributed can fluctuate widely and will depend on, among other things, market conditions at the time of the sales. The Fund is part of Aberdeen's suite of closed-end funds for U.S. investors. In addition to being one of the largest independent asset management houses investing in the Asia-Pacific region, the Aberdeen Group (made up of Aberdeen-affiliated investment advisers) is the largest manager of emerging market closed-end funds offered around the world by both value and number.^^1 For additional information on Aberdeen's family of closed-end funds, please see www.aberdeen-asset.us/cef Important Information Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in equity securities of telecommunications and infrastructure companies in emerging markets. The Fund's shares are traded on the NYSE MKT under the trading symbol "ETF." International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risks, and difference in accounting methods; these risks are generally heightened for emerging market investments. Equity stocks of small-cap companies carry greater risk, and more volatility than equity stocks of larger, more established companies. Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results. In the United States, Aberdeen Asset Management (AAM) is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Limited, Aberdeen Asset Management Ltd. and Aberdeen Asset Management Asia Ltd., each of which is wholly owned by Aberdeen Asset Management PLC. "Aberdeen" is a U.S. registered service mark of Aberdeen Asset Management PLC. If you wish to receive information from or about the Fund electronically, please contact InvestorRelations@aberdeen-asset.com www.aberdeenetf.com ^1 Fund Consultants LLC, February 2013. Based on analysis of emerging market closed-end funds offered in multiple jurisdictions as of December 31, 2012; data provided by Morningstar Inc. Closed-end funds are defined as investment companies that are 1) listed on a recognized exchange; 2) possess fixed share capital; 3) were formed via subscriptions from the public via an open offer or placement; 4) invest in listed or unlisted shares of companies and; 5) are included in the universe of funds listed in Morningstar Traded Fund Center. Criteria for inclusion in the emerging markets category is based on the World Bank's definition of emerging countries as measured by lower and middle income per capita. Criteria for fund inclusion are 1) at least 75% of gross assets invested in emerging markets; and 2) funds with under 25% exposure to Asian developed markets. SOURCE Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. Website: http://www.aberdeenetf.com Contact: Aberdeen Asset Management Inc., Investor Relations, 1-866-839-5205, InvestorRelations@aberdeen-asset.com
Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. Announces Results of Special Meeting of Shareholders
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