Interim Management Statement

RNS Number : 1017W

Aberdeen Asian Smaller Co's Inv Tst

05 June 2008

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 30 April 2008

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 February 2008 to 30 April 2008, 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$750m 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 and Board utilise a general regional index, the MSCI AC Asia Pacific ex Japan, as well as peer group comparisons.

Material events 

During the 3 month period to 30 April 2008, the Company purchased 102,083 Ordinary 25p shares for treasury. Since 30 April 2008 until the date of this announcement a further 33,381 Ordinary shares have been purchased for treasury. Accordingly, as at the date of this announcement, the Company's issued share capital is 31,807,475 Ordinary shares.

The borrowings at the period end represented USD 8.2 million drawn in US Dollars.  Subsequent to the period end, on 5 June 2008 the Company entered into a new £10,000,000 multi currency facility (the "Facility") with Barclays Bank plc. Under the terms of the Facility the equivalent of USD 8.2 million has been drawn down today to repay the existing loan facility that expired on 5 June 2008.  

For latest NAV and share price information please refer to the trust's website, www.asian-smaller.co.uk.

Ten largest equity holdings at 30 April 2008

	%
Bukit Sembawang Estates	5.4
Bank NISP	3.9
WBL	3.5
AEON	3.1
ICI India	3.0
LPI Capital	2.9
Wheelock Properties	2.8
Siam Makro	2.6
AEON Stores	2.6
Hong Kong Economic Times	2.4
	________
Total	32.2
	________

  Country allocation as at 30 April 2008

	%
Singapore	17.0
Hong Kong	16.7
Malaysia	15.1
India	12.7
Thailand	10.8
Indonesia	5.8
Korea	5.0
Philippines	4.5
Sri Lanka	3.9
Other Asia	1.8
Pakistan	1.6
New Zealand	1.4
Cash	3.7
	________
Total	100.0
	________

General description of Company's financial position and performance as at 30 April 2008

	£m
Gross Assets	129.5
Debt	4.1
Actual gearing	3.3%

Cumulative Performance
	as at	1  month	3  months	6  months	1  year	3  years	5  years
	30/04/08
Share Price	304.5	1.7	6.1	-2.5	-1.5	52.3	190.7
Diluted NAV	356.5	1.7	0.7	-1.2	5.9	77.7	203.3
Undiluted NAV	393.7	1.7	0.7	-2.8	3.6	63.5	188.4
Warrant 2010 Price	198.5	3.4	7.6	-8.3	-6.6	76.4	346.1
MSCI AC Asia Pacific ex Japan		8.6	7.4	-11.1	19.1	98.8	200.0
MSCI AC Asia Pacific ex Japan Small Cap		6.1	6.6	-12.1	11.3	102.5	218.5

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

Discrete Performance year to:
	30/04/2008	30/04/2007	30/04/2006	30/04/2005	30/04/2004
Share Price	-1.5	1.5	52.4	22.3	56.1
Diluted NAV	5.9	14.8	46.2	15.3	48.0
Undiluted NAV	3.6	12.0	40.8	14.5	54.1
Warrant 2010 Price	-6.6	-1.4	91.6	20.6	109.6
MSCI AC Asia Pacific ex Japan	19.1	13.2	47.5	13.2	33.3
MSCI AC Asia Pacific ex Japan Small Cap	11.3	19.6	52.1	13.6	38.4

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 30 April 2008 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.

For Aberdeen Asian Smaller Companies Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

5 June 2008

 

END

 

 

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