Interim Management Statement

RNS Number : 6845G

Schroder AsiaPacific Fund PLC

04 February 2010

 

SCHRODER ASIAPACIFIC FUND PLC

Interim Management Statement for the Quarter ended 31 December 2009

The Board of Schroder AsiaPacific Fund plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 October 2009 to 31 December 2009.

Investment Objective

The Company's investment objective is to achieve capital growth through investment primarily in equities of companies located in the continent of Asia (excluding the Middle East and Japan), together with the Far Eastern countries bordering the Pacific Ocean (excluding Australasia), with the aim of achieving growth in excess of the MSCI All Countries Far East (Free) excluding Japan Index in sterling (Benchmark Index) over the longer term.

Company Statistics as at 31 December 2009

Gross Assets	£323.05 million
Net Asset Value per Ordinary Share (ex income)	193.23p
Share Price	180.50p
Discount	6.59%
Number of Holdings	78
Net Effective Gearing	3.70%
Yield	1.5%

Cumulative Performance to 31 December 2009 (%)

Performance over	3 months	6 months	1 year
Share Price (Total Return)	9.9	33.7	66.6
Net Asset Value (Total Return)	8.0	32.3	61.1
MSCI AC Far East Free (ex Japan) Index	5.4	29.3	50.8

Data Source: Fundamental Data.

Portfolio Information as at 31 December 2009

Ten Largest Holdings

Stock Name	Country	Market Value (£)	Percentage of NAV
Samsung Electronics	Korea	16,588,890	5.24
Jardine Strategic	Singapore	15,405,518	4.87
Taiwan Semiconductor Manufacturing	Taiwan	14,171,038	4.48
Jardine Matheson	Hong Kong	10,991,039	3.47
Niko Resources	India	8,997,923	2.84
Hon Hai Precision Industries	Taiwan	8,964,289	2.83
China Mobile (HK)	China	8,936,025	2.83
Ping An Insurance	China	8,877,934	2.81
Fortune Real Estate Investment Trust	Singapore	8,467,438	2.68
Cairn India Promissory Note	India	7,954,801	2.51

Country Allocation

Country                       Percentage of

                                    NAV

Hong Kong                  24.53

Korea                          17.61

Taiwan                         17.35

Singapore                     15.83

China                             9.70

Canada                                      3.38

Indonesia                        3.27

Philippines                      2.53

India                               2.51

Thailand                         2.24

Australia                         1.05

Annual General Meeting and Board Composition

The Annual General Meeting of the Company was held on 27 January 2010. All resolutions set out in the Notice of Meeting were duly passed.

At the Annual General Meeting, the Chairman reported that, following consultation with investors, the Board has decided to announce its refreshment policy in order to clarify its future intentions in this regard. During the current calendar year and to coincide with the continuation vote early in 2011, the Board will seek to amend its composition so that long-serving Directors do not constitute the majority of the Board.

Final Dividend

The Directors have recommended the payment of a final dividend of 2.65 pence per share for the year ended 30 September 2009. Following approval from shareholders at the Annual General Meeting held on 27 January 2010, the dividend was paid on 29 January 2010 to shareholders on the Register on 29 December 2009.

Conversion of Subscription Shares

On 14 January 2010, the Company issued 47,386 ordinary shares following the exercise of conversion rights by a number of subscription shareholders. The ordinary shares rank pari passu with the existing ordinary shares and commenced trading on 14 January 2010. Following this issue there are 167,237,148 ordinary shares and 33,390,269 subscription shares in issue.

Material Events or Transactions

There have been no other material events or transactions that have taken place between 30 September 2009 and the date of publication of this Statement. 

Changes to Share Capital during the quarter ended 31 December 2009

	Issued Ordinary shares of 10p each
As at 30 September 2009	167,189,762
Shares issued during the period Shares bought back and cancelled during the period	Nil Nil
Shares remaining in issue as at 31 December 2009	167,189,762

Company Information as at 31 December 2009

Sedol Code                                         0791887

Sector                                                 Equity Investment Instruments

Launch Date                                       November 2005

Financial Year End                             30 September

Last Dividend Payment                     29 January 2010

Last Ex Div Date                               23 December 2009

2010 AGM                                         27 January 2010          

4 February 2010

Enquiries:

John Spedding

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

 

END

 

 

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