Interim Management Statement

RNS Number : 8483R

Aberdeen Asian Income Fund Limited

07 May 2009

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 31 March 2009

To the members of Aberdeen Asian Income Fund Limited

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 January 2009 to 31 March 2009, 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 provide investors with a total return primarily through investing in Asian Pacific securities, including those with an above-average yield. The Company does not expect, at least initially, to have any significant Japanese exposure.

Benchmark

The Company's portfolio is constructed without reference to the composition of any stockmarket index or benchmark. It is likely, therefore, that there will be periods when its performance will be quite unlike that of any index or benchmark and there can be no assurance that such divergence will be wholly or even primarily to the Company's advantage. The Company and Manager measures its performance against the MSCI AC Asia Pacific ex Japan Index (in sterling terms).

Material events 

On 6 May 2009 the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to allow the Company to buy back shares (up to 14.99% of the issued share capital); to permit the Company to buy back Warrants (up to 14.99% of the Warrants in issue); and, to permit the Company to hold shares in treasury.  

On 20 February 2009 the Company paid a second interim dividend in respect of the year ended 31 December 2008 of 2.75p.

During the period under review, the Company issued for cash at a premium to the prevailing Net Asset Value per Ordinary share 200,000 Ordinary shares. Subsequent to the period end a further 250,000 Ordinary shares were issued at a premium and there are now 108,890,000 Ordinary shares in issue.

At the period end USD 9.3m and HKD 102.9m were drawn down under the Company's facility with Barclays Bank. Subsequent to the period end there has been a small reduction in gearing and USD 8.2m and HKD 94.3m have been rolled forward to 29 May 2009 at all-in rates of 2.18% and 2.05% respectively.  

Ten largest equity holdings at 31 March 2009

	%
British American Tobacco	6.4
DB Indo CLN 10% 22/7/17 IDR 'FR28'	6.1
Taiwan Mobile	5.5
Taiwan Semiconductor	4.9
PTT Exploration and Production	3.8
DiGi	3.6
Oversea-Chinese Banking Corp	3.3
Advanced Information Services	3.3
United Overseas Bank	3.2
Guiness Anchor	3.2
Total	43.3

Country allocation as at 31 March 2009

Country	%
Singapore	21.3
Malaysia	19.0
Australia	11.9
Thailand	12.7
Taiwan	10.4
Indonesia	8.2
Hong Kong	6.1
China	2.9
New Zealand	2.0
Philippines	1.6
Cash	3.9
Total	100.0

General description of Company's financial position and performance as at 31 March 2009

	£m
Gross Assets	123.2
Debt	15.7
Actual gearing	14.6%

Cumulative Performance

	as at	1 month	3 months	6 months	1 year	3 years
	31/03/2009
Share Price	98.0	9.5	-1.2	6.6	-9.6	3.4
NAV	97.9	7.8	-4.4	-2.5	-14.5	7.3
Warrant 2013 Price	11.8	9.3	-6.0	-14.5	-41.3	-48.9
MSCI AC Asia Pacific ex Japan		14.2	0.3	-4.1	-22.4	-1.1

Discrete Performance

	31/03/2009	31/03/2008	31/03/2007
Share Price	-9.6	6.8	7.1
NAV	-14.5	10.7	13.3
Warrant 2013 Price	-41.3	-31.6	27.2
MSCI AC Asia Pacific ex Japan	-22.4	12.9	12.8

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 January 2009 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-income.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 Income Fund Limited

Aberdeen Private Wealth Management Limited, Secretary

7 May 2009

 

END

 

 

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