Interim Management Statement

RNS Number : 5627D

Aberdeen Asian Income Fund Limited

17 May 2012

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 31 March 2012

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 2012 to 31 March 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 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 17 February 2012 the Company paid a fourth interim dividend in respect of the year ended 31 December 2012 of 2.25p.

On 20 March 2012 the Company's bank facility with Scotiabank Europe plc was extended for a further 24 month period.

On 29 March 2012 Mr Charles Clarke was appointed to the Board as an independent non executive Director.

On 19 April 2012 the Company declared a first quarterly interim dividend of 1.55p in respect of the year ending 31 December 2012 payable on 18 May 2012.

During the period under review, the Company issued for cash at a premium to the prevailing Net Asset Value per Ordinary share 5.95 million new Ordinary shares.  There are now 145,033,871 Ordinary shares in issue as at today's date.

A total 1,766,974 Warrants were exercised in the period to 11 May 2012 and accordingly 1,766,974 new Ordinary shares of no par value will be issued shortly. 

On 16 May 2012 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); to permit the Company to hold shares in treasury; and, amend the definition of net asset value contained in the relevant share test definition in Article 7.1 of the Articles of Association.  At the conclusion of the AGM Mr Martyn Chambers retired from the Board.

Ten largest equity holdings at 31 March 2012

	%
Taiwan Semiconductor	4.8
Guiness Anchor	3.9
QBE Insurance	3.8
Venture	3.7
British American Tobacco	3.7
Oversea-Chinese Banking Corp.	3.5
Taiwan Mobile	3.4
Siam Makro	3.4
United Overseas Bank	3.1
HSBC Holdings	3.0
Total	36.3

Country allocation as at 31 March 2012

Country	%
Singapore	24.1
Australia	22.2
Thailand	13.6
Malaysia	10.3
Hong Kong	10.2
Taiwan	8.2
China	5.8
New Zealand	2.6
Japan	2.0
Cash	1.0
Total	100.0

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

	£m
Gross Assets	276.0
Debt	10.7
Actual gearing *	4.0

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

Cumulative Performance %

	as at 31/03/2012	1 month	3 months	6 months	1 year	3 years	5 years
Share Price	187.0p	3.0	12.7	20.9	19.8	114.6	107.2
NAV	180.2p	1.9	12.4	21.0	15.0	107.4	96.3
Warrant 2013 Price	64.6p	6.8	46.1	43.6	59.6	450.0	121.0
MSCI AC Asia Pacific ex Japan		-3.0	9.5	14.5	-6.4	75.6	54.0

Discrete Performance %

	31/03/2012	31/03/2011	31/03/2010	31/03/2009	31/03/2008
Share Price	19.8	15.6	54.9	-9.6	6.8
NAV	15.0	17.8	53.1	-14.5	10.7
Warrant 2013 Price	59.6	24.6	176.6	-41.3	-31.6
MSCI AC Asia Pacific ex Japan	-6.4	12.0	67.5	-22.4	12.9

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 January 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-income.co.uk.*

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

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

17 May 2012

 

END

 

 

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