Interim Management Statement

RNS Number : 0123J

Aberdeen Asian Smaller Co's Inv Tst

26 November 2008

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 31 October 2008

To the members of Aberdeen Asian Smaller Companies Investment Trust PLC

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 August 2008 to 31 October 2008, 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 maximise total return to shareholders over the long term from a portfolio of smaller quoted companies (with a market capitalisation of up to approximately US$750m at time of investment) in the economies of Asia and Australasia, excluding Japan.  

Benchmark

There is no meaningful smaller companies index against which to compare the performance of the Company. Accordingly, the Manager utilises two general regional indices, the MSCI AC Asia Pacific ex Japan (currency adjusted) and the MSCI AC Asia Pacific Small Cap ex Japan (currency adjusted), as well as peer group comparisons for Board reporting. It is likely that performance will diverge, possibly quite dramatically in either direction, from these or any other indices.

Material events 

On 8 October 2008 the Company released its annual financial report announcement for the year ended 31 July 2008.

During the period under review, the Company purchased in the market for treasury 544,625 Ordinary shares. Subsequent to the period end the Company has purchased a further 117,585 Ordinary shares for treasury. To date the Company has purchased 1,684,221Ordinary shares for treasury and there are now 30,966,923 Ordinary shares in issue (excluding treasury shares).

On 26 November 2008 the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to allow the Company to issue shares (up to 10% of the issued share capital without pre-emption); to buy back shares (up to 14.99% of the issued share capital); and, to adopt new Articles of Association.

The Company's final dividend of 4.0p and special dividend of 1.0p per Ordinary share will be paid on 28 November 2008.

On 23 September 2008 the Company announced that it has drawn down a further USD 9,700,000 under its £10,000,000 multi currency facility (the "Facility") with Barclays Bank plc. A total of 
USD 17,967,225 has now been drawn under the Facility.

For latest NAV and share price information please refer to the trust's website, www.asian-smaller.co.uk.

Ten largest equity holdings at 31 October 2008

	%
Bank NISP	5.5
AEON	4.1
Bukit Sembawang Estates	3.6
LPI Capital	3.1
Jollibee Foods	2.9
WBL	2.9
Café De Coral	2.8
ICI India	2.7
United Plantations	2.5
Godrej Consumer Products	2.4
Total	32.5

  Country allocation as at 31 October 2008

Hong Kong	18.5
Malaysia	17.9
Singapore	13.5
India	13.4
Thailand	8.6
Indonesia	9.0
Philippines	7.0
Sri Lanka	3.7
Korea	2.3
Pakistan	1.9
New Zealand	1.6
Other Asia	1.1
Cash	1.5
Total	100.0

General description of Company's financial position and performance as at 31 October 2008

	£m
Gross Assets	91.5
Debt	11.1
Actual gearing	13.8

Cumulative Performance
	as at	1  month	3  months	6  months	1  year	3  years	5  years
	30/10/08
Share Price	205.0	-11.6	-21.4	-31.2	-32.9	-16.0	33.5
Diluted NAV	237.5	-16.0	-22.3	-32.1	-32.9	0.3	45.0
Undiluted NAV	257.4	-16.7	-24.4	-33.4	-35.2	-10.3	28.6
Warrant 2010 Price	108.0	-18.8	-34.7	-45.6	-50.1	-32.1	32.5
MSCI AC Asia Pacific ex Japan		-16.7	-27.6	-37.9	-44.7	5.6	43.8
MSCI AC Asia Pacific ex Japan Small Cap		-24.9	-38.4	-48.7	-54.9	-12.3	22.4

Total Return; NAV-to-NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data

NAV returns based on NAVs with debt valued at par

Discrete Performance year to:
	31/10/2008	31/10/2007	31/10/2006	31/10/2005	31/10/2004
Share Price	-32.9	6.6	17.4	46.2	8.6
Diluted NAV	-32.9	23.1	21.4	38.1	4.7
Undiluted NAV	-35.2	19.8	15.5	38.8	3.3
Warrant 2010 Price	-50.1	9.6	24.2	68.3	16.0
MSCI AC Asia Pacific ex Japan	-44.7	53.9	24.1	26.9	7.4
MSCI AC Asia Pacific ex Japan Small Cap	-54.9	54.7	25.8	28.7	8.4

Total Return; NAV-to-NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data

NAV returns based on NAVs with debt valued at par

The Board is not aware of any significant events or transactions which have occurred between 1 August 2008 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-smaller.co.uk.

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 Smaller Companies Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

26 November 2008

 

END

 

 

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