Tender Offer

2 May 2017

Invesco Asia Trust plc

Proposed Tender Offer

In the Annual Financial Report for the year ended 30 April 2016, the Board of Invesco Asia Trust plc (the “Company”) considered that it would be in shareholders’ interests to extend for a further year the arrangement whereby a tender offer would be proposed if the Company's shares had traded over the year to 30 April 2017 at an average discount of more than 10 per cent. to NAV (ex income). The tender offer would be for up to 15 per cent. of the Company's issued share capital, at a 2 per cent. discount to NAV less the costs of the tender and would take place after the end of the 2017 financial year (subject to the necessary shareholder approval).

As the average discount over the year to 30 April 2017 was 10.9 per cent., the Board intends to seek the approval of shareholders at the Company's Annual General Meeting in August to implement such a tender offer. The record date for participation in the tender offer is the close of business on 3 May 2017. The Company will be preparing the necessary tender offer documentation for despatch with the Company's 2017 Annual Financial Report and a further announcement with full details of the tender offer will be made in due course.

The Board is also pleased to announce that the Company has continued to perform strongly, recording a net asset value total return of approximately 40.9 per cent. for the year ended 30 April 2017. This performance puts the Company ahead of its benchmark, the MSCI AC Asia Ex-Japan index, which increased 37.5 per cent. (total return in sterling terms). Asian equity markets have made good gains over the period, underpinned by the more robust global economic backdrop and a cyclical upturn in corporate earnings. Investor sentiment has also benefited from some solid financial data in China, where there have been fewer concerns surrounding capital outflows. The Company’s share price also performed strongly over the period, returning 42.9 per cent. on a total return basis.

Over the five year period ended 30 April 2017, the Company’s net asset value total return has outperformed the benchmark* by 30.4 per cent. and is one of the top performing funds within its peer group over this time period.

The Board’s discount control policy provides that, in normal market conditions, it is desirable for the Company’s shares to trade at a discount to net asset value of less than 10 per cent.  To that end, the Company repurchased 2,033,675 shares during the Company’s financial year to 30 April 2017 pursuant to its annual AGM authority, which enhanced NAV by £504,000 (0.26 per cent.). The Company’s average discount of 10.9 per cent, although outside of the Board’s discount target, compares favourably to its peer group; the Company’s current discount is 10.3 per cent. 

In light of the proposed tender offer, the Board is considering its approach to discount control for future financial periods, to ensure that the Company remains attractive to the broadest possible range of long term investors. Further information will be included in the Company’s 2017 Annual Financial Report.

Enquires:

Invesco Perpetual
Andrew Watkins	020 3753 1000
Investec Bank plc
Darren Vickers	020 7597 5970
David Herring

* From 1 May 2015, the benchmark index of the Company was changed to the MSCI AC Asia ex Japan index from the MSCI All Countries Asia Pacific ex Japan index (both indices total return, in sterling terms). A composite benchmark of these two indices is used whenever the period used spans the change date.