Interim Management Statement

RNS Number : 1309D

Aberdeen Asian Smaller Co's Inv Tst

26 November 2009

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 31 October 2009

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 August 2009 to 31 October 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 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 utilises two general regional indices, the MSCI AC Asia Pacific ex Japan (currency adjusted) and the MSCI AC Asia Pacific Small Cap ex Japan (currency adjusted), as well as peer group comparisons for Board reporting. It is likely that performance will diverge, possibly quite dramatically in either direction, from these or any other indices.

Material events 

On 12 October 2009 the Company released its annual financial report announcement for the year ended 31 July 2009.

During the period under review, the Company purchased in the market for treasury 65,000 Ordinary shares. To date the Company has purchased 1,749,221 Ordinary shares for treasury and there are now 31,130,986 Ordinary shares in issue (excluding treasury shares).

On 25 November 2009 the Company held its Annual General Meeting at which all resolutions were passed. The special business included resolutions to allow the Company to issue shares (up to 10% of the issued share capital without pre-emption); to buy back shares (up to 14.99% of the issued share capital), to adopt new Articles of Association; and to authorise the convening of general meetings (other than Annual General Meetings) at 14 days' notice.

The Company's final dividend of 5.0p per Ordinary share was approved for payment on 27 November 2009.

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

Ten largest equity holdings at 31 October 2009

	Country	%
Bukit Sembawang Estates	Singapore	5.3
Bank NISP	Indonesia	3.4
AEON Co.	Malaysia	3.0
Godrej Consumer Products	India	3.0
LPI Capital	Malaysia	3.0
WBL	Singapore	3.0
Castrol	India	2.8
Kansai Nerolac Paints	India	2.8
Wheelock Properties	Singapore	2.6
AEON Stores	Hong Kong	2.4
		------
Total		31.3
		====

  Country allocation as at 31 October 2009

Singapore	17.7
Hong Kong	16.4
Malaysia	16.1
India	16.0
Indonesia	8.9
Thailand	8.8
Philippines	4.8
Sri Lanka	4.3
Korea	1.7
New Zealand	1.4
Other Asia	1.3
Pakistan	1.2
Cash	1.4
	------
Total	100.0
	====

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

	£m
Gross Assets	146.1
Debt	8.2
Actual gearing*	5.9

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

Cumulative Performance
		%	%	%	%	%	%
	as at	1  month	3  months	6  months	1  year	3  years	5  years
	30/10/09
Share Price	343.0	3.6	15.7	39.3	69.6	21.3	108.3
Diluted NAV	400.0	2.7	15.4	42.6	70.5	40.9	136.2
Undiluted NAV	441.1	2.6	14.1	44.3	70.0	32.0	111.7
Warrant 2010 Price	247.5	6.0	26.0	68.9	129.2	25.3	161.9
MSCI AC Asia Pacific ex Japan		-3.3	9.6	27.2	63.1	38.8	118.4
MSCI AC Asia Pacific ex Japan Small Cap		-2.1	10.9	39.4	98.5	38.5	124.2

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:
	%	%	%	%	%
	31/10/2009	31/10/2008	31/10/2007	31/10/2006	31/10/2005
Share Price	69.6	-32.9	6.6	17.4	46.2
Diluted NAV	70.5	-32.9	23.1	21.4	38.1
Undiluted NAV	70.0	-35.2	19.8	15.5	38.8
Warrant 2010 Price	129.2	-50.1	9.6	24.2	68.3
MSCI AC Asia Pacific ex Japan	63.1	-44.7	53.9	24.1	26.9
MSCI AC Asia Pacific ex Japan Small Cap	98.5	-54.9	54.7	25.8	28.7

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 August 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-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

26 November 2009

 

END

 

 

IMSPUGWWGUPBGUQ