Interim Management Statement

RNS Number : 6309E

Aberdeen Asian Smaller Co's Inv Tst

01 June 2012

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2012

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 February 2012 to 30 April 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 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$1 billion* at time of investment) in the economies of Asia and Australasia, excluding Japan.  (*on 17 May 2012 shareholders approved the amendment of the investment objective, further details below)

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 21 March 2012 the Company released its Half Yearly Report announcement and on 29 March 2012 the Company posted its Half Yearly Report for the six months ended 31 January 2012.

On 23 April 2012 the Company published a document which comprised (i) a prospectus prepared in accordance with the Prospectus Rules in connection with an Issue of £35 million of Convertible Unsecured Loan Stock ("CULS") and (ii) a circular prepared in accordance with the Listing Rules in connection with the convening of a General Meeting on 17 May 2012.  As part of the proposals the Company also announced that it was seeking approval to amend the investment ceiling contained in the Investment Objective from USD$750 million to USD$1 billion to permit investments in companies with a market capitalisation of up to approximately US$1 billion* at time of investment.

On 15 May 2012 the Company announced that the Conversion Price of the CULS would be 830p nominal of CULS for one Ordinary Share. This equalled a 15 per cent. premium to the unaudited NAV per Ordinary Share (including income) of 725p as at 14 May 2012, rounded down to the nearest 5 pence. It was further announced that the full £35 million of CULS would be issued and valid applications under the Open Offer (including the Excess Application Facility) had been received for approximately £9.35 million nominal of CULS, out of up to £17.5 million nominal of CULS available, and would be satisfied in full with placing commitments being subject to scaling back.

On 17 May 2012 the Company confirmed that all resolutions proposed at the General Meeting held that day had been duly passed and dealings in the CULS would commence on 18 May 2012.

On 22 May 2012 the Company repaid its RBS loan facilities of £9 million and USD$16.8 million as anticipated at the time of the publication of the CULS prospectus.

Ten largest equity holdings at 30 April 2012

	%
Siam Makro	4.5
AEON	3.9
Multi Bintang	3.6
Cebu Holdings	3.4
Giordano International	3.4
LPI Capital	3.3
Bukit Sembawang Estates	3.2
Bank OCBC NISP	2.9
United Plantations	2.9
Godrej Consumer	2.8
Total	33.9

Country allocation as at 30 April 2012

Country	%
Malaysia	19.3
Hong Kong	16.8
Thailand	13.2
India	11.5
Singapore	11.2
Indonesia	8.6
Philippines	7.7
Sri Lanka	4.1
United Kingdom	2.5
Australia	1.6
Pakistan	1.4
New Zealand	0.8
Korea	0.8
Cash	0.5
Total	100.0

General description of Company's financial position and performance as at 30 April 2012

	£m
Gross Assets	274.1
Debt	19.3
Actual gearing*	7.6

*     Gearing is expressed as a percentage of gross assets divided by shareholders' funds.

Cumulative Performance (%)
		as at	1 month	3 months	6 months	1 year	3 years	5 years
		30/04/2012
	Share Price	737.0p	2.5	21.0	18.8	18.9	210.6	156.1
	NAV	721.7p	0.9	12.2	19.4	16.2	166.7	129.4
	MSCI AC Asia Pacific ex Japan		-1.1	-0.3	3.6	-7.7	55.8	47.9
	MSCI AC Asia Pacific ex Japan Small Cap		-2.8	0.3	2.0	-13.6	67.9	36.5

Discrete Performance (%)
	30/04/2012	30/04/2011	30/04/2010	30/04/2009	30/04/2008
Share Price	18.9	45.6	79.3	-16.2	-1.5
NAV	16.2	22.3	87.7	-18.8	5.9
MSCI AC Asia Pacific ex Japan	-7.7	11.8	50.9	-20.3	19.1
MSCI AC Asia Pacific ex Japan Small Cap	-13.6	10.7	75.5	-27.0	11.3
Total Return; NAV-to-NAV, Net Income Reinvested, GBP Source: Aberdeen Asset Managers Limited, Factset and Morningstar NAV returns based on NAVs excluding income and with debt valued at par

The Board is not aware of any significant events or transactions which have occurred between 1 February 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-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.

* Neither the Company's website nor the content of any website accessible from hyperlinks on the

Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Aberdeen Asian Smaller Companies Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

1 June 2012

 

END

 

 

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