Interim Management Statement

RNS Number : 8170U

Aberdeen Asian Smaller Co's Inv Tst

05 December 2013

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 31 October 2013

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 2013 to 31 October 2013, 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 21 October 2013 the Company released its annual financial report announcement for the year ended 31 July 2013 and on 30 October 2013 the Annual Report was posted to shareholders.

On 3 December 2013 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), to authorise the convening of general meetings (other than Annual General Meetings) at 14 days' notice and to increase the aggregate limit of fees payable to Directors contained in the Articles of Association to £225,000.

The Company's final and special dividends of 10.0p and 3.0p respectively per Ordinary share were approved for payment on 6 December 2013.

During the period under review 140,000 new Ordinary shares were issued in the market at a premium to the prevailing net asset value per Ordinary 25p share.  Subsequent to the period end a further 160,000 Ordinary shares have been issued.

On 3 December 2013, 23,171 new Ordinary shares of 25p were allotted following the receipt of requests to convert £192,896 units of Convertible Unsecured Loan Stock 2019 in the period to 30 November 2013.  Application will be made to the UK Listing Authority and the London Stock Exchange Plc for a total of 23,171 Ordinary shares and dealings are expected to commence in the new shares on 13 December 2013.

Ten largest equity holdings at 31 October 2013

	%
AEON Co	4.5
Shangri-La Hotels	3.3
Multi Bintang	3.1
Bukit Sembawang Estates	3.0
AEON Thana Sinsap	2.6
LPI Capital	2.6
Giordano International	2.5
Aeon Credit	2.2
Cebu Holdings	2.2
Godrej Consumer Products	2.2
Total	28.2

Country allocation as at 31 October 2013

Country	%
Malaysia	21.8
Hong Kong	15.4
Thailand	12.7
India	11.2
Singapore	10.9
Indonesia	6.4
Philippines	6.0
Sri Lanka	4.0
Australia	3.1
New Zealand	1.7
United Kingdom	1.6
China	1.0
Korea	0.8
Pakistan	0.1
Cash	3.3
Total	100.0

General description of Company's financial position and performance as at 31 October 2013

	£m
Gross Assets	395.8
Debt (CULS) at nominal value	31.7
Net gearing*	6.5%

* Gearing is defined as a percentage, with net debt (total debt less cash and/or cash equivalents) divided by shareholders' funds

Cumulative Performance (%)
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/10/2013
Share Price	967.0p	3.9	(2.0)	(10.0)	13.1	60.2	409.6
NAVA	944.1p	3.6	(3.6)	(7.4)	16.3	54.9	327.6
MSCI AC Asia Pacific ex Japan		5.5	3.9	(1.8)	12.2	14.7	132.2
MSCI AC Asia Pacific ex Japan Small Cap		3.8	2.0	(4.5)	12.1	0.6	170.6

Discrete Performance (%)
	31/10/2013	31/10/2012	31/10/2011	31/10/2010	31/10/2009
Share Price	13.1	41.6	0.1	87.6	69.6
NAVA	16.3	37.8	(3.3)	61.9	70.5
MSCI AC Asia Pacific ex Japan	12.2	7.3	(4.8)	24.2	63.1
MSCI AC Asia Pacific ex Japan Small Cap	12.1	2.9	(12.8)	35.5	98.5
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis. Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value. Source: Aberdeen Asset Managers Limited, Lipper and Morningstar. A Including current year revenue. Past performance is not a guide to future results

The Board is not aware of any significant events or transactions which have occurred between 1 November 2013 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

5 December 2013

 

END

 

 

IMSUGGRPPUPWGPA