Result of AGM

RNS Number : 4534Q

Aberdeen Asian Smaller Co's Inv Tst

29 November 2016

 

29 NOVEMBER 2016

ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC (the "Company")

RESULT OF ANNUAL GENERAL MEETING

At the Annual General Meeting of the Company held today (29 November 2016), all resolutions in the Notice of Meeting were passed on a show of hands. 

In relation to Resolution 11 (authority to disapply pre-emption rights), 10.0 per cent. of the Company's issued share capital equates to 3,553,783 Ordinary shares as at today's date.

In relation to Resolution 12 (authority to purchase shares for cancellation or treasury), 14.99 per cent. of the Company's issued share capital equates to 5,327,121 Ordinary shares as at today's date.

The total number of proxy votes lodged was as follows:

Res	Resolution Name	Number of Votes  For	% of Votes For	Number of Votes  Against	% of Votes Against	Number of Votes  Discret	Number of Votes For & Discret	% of Votes For & Discret	Total Votes Cast (Excluding Withheld)	Number of Votes  Withheld	Total % of Voting Capital voted (Including Withheld)
01	Annual Report	12,507,662	99.67%	9,258	0.07%	32,315	12,539,977	99.93%	12,549,235	35,997	35.40%
02	Remuneration Report	12,434,918	99.20%	42,807	0.34%	57,315	12,492,233	99.66%	12,535,040	50,192	35.40%
03	Dividend	12,480,488	99.36%	22,708	0.18%	57,315	12,537,803	99.82%	12,560,511	24,721	35.40%
04	Mr N.K. Cayzer	10,336,066	82.42%	2,147,524	17.12%	57,315	10,393,381	82.88%	12,540,905	44,326	35.40%
05	Mr M.J. Gilbert	10,250,783	81.74%	2,232,077	17.80%	57,815	10,308,598	82.20%	12,540,675	44,556	35.40%
06	Ms H. Fukuda	10,337,480	82.44%	2,144,203	17.10%	57,315	10,394,795	82.90%	12,538,998	46,232	35.40%
07	Mr C.S. Maude	11,403,075	90.94%	1,078,124	8.60%	57,315	11,460,390	91.40%	12,538,514	46,718	35.40%
08	Viscount Dunluce	12,188,279	97.52%	252,301	2.02%	57,315	12,245,594	97.98%	12,497,895	87,335	35.40%
09	Reappoint Auditor	11,603,738	92.44%	891,776	7.10%	57,315	11,661,053	92.90%	12,552,829	32,403	35.40%
10	Allot Shares	12,465,120	99.37%	22,311	0.18%	57,315	12,522,435	99.82%	12,544,746	40,486	35.40%
11	Pre-Emption Rights	12,454,961	99.24%	67,039	0.53%	28,000	12,482,961	99.47%	12,550,000	35,233	35.40%
12	Purchase Own Shares	12,497,507	99.50%	34,670	0.28%	28,000	12,525,507	99.72%	12,560,177	25,055	35.40%
13	General Meeting Notice	12,012,991	95.78%	500,835	3.99%	28,000	12,040,991	96.01%	12,541,826	43,404	35.40%
14	Investment Objective and Policy	12,449,317	99.45%	41,468	0.33%	28,000	12,477,317	99.67%	12,518,785	66,447	35.40%

PASSING OF RESOLUTIONS UNDER SPECIAL BUSINESS

A copy of the resolutions passed under special business will be submitted to the National Storage Mechanism ("NSM") and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM*.

*Neither the NSM website nor the content of any website accessible from hyperlinks on the NSM website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

DIRECTORATE

As indicated in the Annual Report for the year ended 31 July 2016, Mr Mark Hadsley-Chaplin retired from the Board with effect from the conclusion of the Annual General Meeting.  The Directors would like to reiterate their thanks to Mark for his contribution to the Company.

AMENDMENT TO INVESTMENT OBJECTIVE AND POLICY

The Company confirms that following approval from shareholders, the Investment Policy and Investment Objective are now as follows:

Investment Objective

The Company aims to maximise total return to shareholders over the long term from a portfolio made up predominantly of smaller quoted companies (with a market capitalisation of up to approximately US$1 billion at the time of investment) in the economies of Asia and Australasia, excluding Japan by following the investment policy described below. When it is in shareholders' interests to do so, the Company reserves the right to participate in the rights issue of an investee company notwithstanding that the market capitalisation of that investee may exceed the stated ceiling. The Directors do not envisage any change in this activity in the foreseeable future.

Investment Policy

The Company's assets are invested in a diversified portfolio of securities (including equity shares, preference shares, convertible securities, warrants and other equity-related securities) predominantly in quoted smaller companies spread across a range of industries and economies in the investment region including Australia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Korea, Laos, Malaysia, Myanmar, New Zealand, Pakistan, The Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam, together with such other countries in Asia as the Directors may from time to time determine, (collectively, the ''Investment Region'').

Investments may also be made through collective investment schemes, in unquoted equities (up to 10% of the net assets of the Company, calculated at the time of investment) and in companies traded on stock markets outside the Investment Region provided that over 75% of their consolidated revenue is earned from trading in the Investment Region or they hold more than 75% of their consolidated net assets in the Investment Region.

Risk Diversification

The Company does not invest more than 15% of its gross assets at the time of investment either in other listed investment companies (including listed investment trusts), or in the shares of any one company. The Manager is authorised to invest up to 15% of the Company's gross assets in any single stock.

Gearing

The Board is responsible for determining the gearing strategy for the Company. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where and to the extent this is considered appropriate to do so. Gearing is subject to a maximum gearing level of up to 25% of adjusted NAV at the time of draw down.

For Aberdeen Asset Management PLC - Secretaries

29 November 2016

 

END

 

 

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