Interim Management Statement

RNS Number : 9858S

Aberdeen Asian Smaller Co's Inv Tst

29 November 2011

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Interim Management Statement - 3 months to 31 October 2011

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 2011 to 31 October 2011, 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 8 September 2011 the Company drew down USD8 million under its £20m facility with the Royal Bank of Scotland bringing the total drawn under the facility to USD16.8 million which is fixed to 6 December 2011.

On 20 September 2011 the Company released its annual financial report announcement for the year ended 31 July 2011.

On 29 November 2011 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), and to authorise the convening of general meetings (other than Annual General Meetings) at 14 days' notice.

The Company's final and special dividends of 9.5p and 2.8p respectively per Ordinary share were approved for payment on 2 December 2011.

Ten largest equity holdings at 31 October 2011

	%
Siam Makro	3.9
LPI Capital	3.7
Giordano International	3.6
AEON	3.4
Bank OCBC NISP	3.2
Bukit Sembawang Estates	3.2
Godrej Consumer Products	2.9
Multi Bintang	2.8
Asian Terminals	2.6
Gujarat Gas	2.6
Total	31.9

Country allocation as at 31 October 2011

Country	%
Malaysia	17.7
Hong Kong	15.9
India	13.8
Thailand	11.5
Singapore	11.4
Indonesia	7.9
Philippines	6.4
Sri Lanka	5.3
United Kingdom	2.5
Australia	1.7
Pakistan	1.6
Korea	1.0
New Zealand	0.9
Cash	2.4
Total	100.0

General description of Company's financial position and performance as at 31 October 2011

	£m
Gross Assets	222.3
Debt	10.4
Actual gearing	4.9%

Cumulative Performance (%)
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/10/2011
Share Price	620.5p	6.3	-5.9	0.1	0.1	218.2	127.7
NAV	604.5p	2.6	-8.5	-2.7	-3.3	167.1	120.8
MSCI AC Asia Pacific ex Japan		9.3	-8.8	-10.9	-4.8	92.8	64.1
MSCI AC Asia Pacific ex Japan Small Cap		8.2	-14.4	-15.2	-12.8	134.5	63.6

Discrete Performance (%)
	31/10/2011	31/10/2010	31/10/2009	31/10/2008	31/10/2007
Share Price	0.1	87.6	69.6	-32.9	6.6
NAV	-3.3	62.0	70.5	-32.9	23.2
MSCI AC Asia Pacific ex Japan	-4.8	24.2	63.1	-44.7	53.9
MSCI AC Asia Pacific ex Japan Small Cap	-12.8	35.5	98.5	-54.9	54.7
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 November  2011 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.

* Neither the Company's website nor the content of any website accessible from hyperlinks on the

Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Aberdeen Asian Smaller Companies Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

29 November 2011

 

END

 

 

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