Interim Management Statement

RNS Number : 9691S

Aberdeen Asian Smaller Co's Inv Tst

07 December 2012

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 31 October 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 August 2012 to 31 October 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. 

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 1 October 2012 the Company released its annual financial report announcement for the year ended 31 July 2012 and on 11 October 2012 the Annual Report was posted to shareholders.

On 21 November 2012 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 authorise the convening of general meetings (other than Annual General Meetings) at 14 days' notice.

The Company's final and special dividends of 9.5p and 3.0p respectively per Ordinary share were approved for payment on 23 November 2012.

On 29 November 2012 the Company confirmed the appointment of Panmure Gordon (UK) Limited as broker to the Company.

During the period under review 485,000 Treasury shares were sold in the market at a premium to the prevailing net asset value per Ordinary 25p share.  Subsequent to the period end a further 400,000 Treasury shares were sold in the market.

On 5 December 2012 23,372 new Ordinary shares of 25p were issued following the receipt of requests to convert £194,182 units of Convertible Unsecured Loan Stock 2019 in the period to 30 November 2012.

Ten largest equity holdings at 31 October 2012

	%
Siam Makro	4.5
AEON Co	4.5
Multi Bintang	3.8
Bukit Sembawang Estates	3.2
Bank OCBC NISP	3.1
Godrej Consumer	3.0
LPI Capital	2.8
Giordano International	2.7
WBL	2.3
Eastern Water Resources	2.3
Total	32.2

Country allocation as at 31 October 2012

Country	%
Malaysia	20.5
Hong Kong	15.7
Thailand	15.1
India	11.1
Singapore	10.4
Indonesia	8.8
Philippines	5.1
Sri Lanka	3.6
United Kingdom	2.1
Pakistan	1.6
Australia	1.5
New Zealand	1.0
Korea	0.7
Cash	2.8
Total	100.0

General description of Company's financial position and performance as at 31 October 2012

	£m
Gross Assets	324.8
Debt (CULS) at nominal value	35.0
Actual gearing	12.1%

**      Gearing is expressed as a percentage of gross assets, which includes current year revenue, divided by shareholders' funds.

Cumulative Performance (%)
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/10/2012
Share Price	866.5p	6.8	18.4	19.2	41.6	165.8	202.4
NAVA	815.3p	5.3	12.8	14.7	36.9	114.5	145.5
MSCI AC Asia Pacific ex Japan		0.7	3.2	3.6	7.3	26.9	14.4
MSCI AC Asia Pacific ex Japan Small Cap		0.0	5.1	1.0	2.9	21.6	8.8

Discrete Performance (%)
	31/10/2012	31/10/2011	31/10/2010	31/10/2009	31/10/2008
Share Price	41.6	0.1	87.6	69.6	-32.9
NAVA	36.9	-3.3	62.0	70.5	-32.9
MSCI AC Asia Pacific ex Japan	7.3	-4.8	24.2	63.1	-44.7
MSCI AC Asia Pacific ex Japan Small Cap	2.9	-12.8	35.5	98.5	-54.9
NAV total return is calculated on a NAV to NAV basis with net income reinvested on the ex-dividend date. NAV returns are based on NAVs that exclude current period revenue and with debt valued at par. Share price total return is calculated on a mid-to-mid basis with net income reinvested on the ex-dividend date.
A        Excluding current year revenue.
Source: Aberdeen Asset Managers Limited, Factset and Morningstar

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

7 December 2012

 

END

 

 

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