Interim Management Statement

RNS Number : 8677L

Aberdeen Asian Income Fund Limited

13 May 2010

 



Aberdeen Asian Income Fund Limited

Interim Management Statement - 3 months to 31 March 2010

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 2010 to 31 March 2010, 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 13 May 2010 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; to amend the Articles of Association; and, to disapply pre-emption rights.

On 19 February 2010 the Company paid a second interim dividend in respect of the year ended 31 December 2008 of 3.0p.

On 31 March 2010 the Company's bank facility with Barclays Bank was repaid and replaced with a new £15 million 12 month multi currency facility with Scotiabank Europe plc.

On 20 April 2010 the Company declared a first quarterly interim dividend of 1.25p in respect of the year ending 31 December 2010 payable on 19 May 2010.

During the period under review, the Company issued for cash at a premium to the prevailing Net Asset Value per Ordinary share 1.2 million new Ordinary shares.  Subsequent to the period end a further 100,000 Ordinary shares were issued at a premium and there are now 111,090,000 Ordinary shares in issue as at today's date.

A total of 160,999 Warrants were exercised in the period to 11 May 2010 (the Warrant Exercise Date) and accordingly 160,999 new Ordinary shares of no par value will be issued on or around 8 June 2010.

Ten largest equity holdings at 31 March 2010

		%
DB Indo CLN 10% 22/7/17 IDR 'FR28'	6.2
Siam Cement	5.8
Taiwan Mobile	4.6
United Overseas Bank	4.6
British American Tobacco	4.5
Swire Pacific	4.5
Commonwealth Bank	4.3
Oversea-Chinese Banking Corp.	4.2
Taiwan Semiconductor	4.1
PTT Exploration and Production	4.0
Total	46.8

Country allocation as at 31 March 2010

Country	%
Singapore	23.0
Malaysia	16.4
Australia	15.3
Thailand	15.3
Taiwan	8.8
Indonesia	8.1
Hong Kong	6.6
China	2.8
New Zealand	1.6
Philippines	1.3
Cash	0.8
Total	100.0

General description of Company's financial position and performance as at 31 March 2010

	£m
Gross Assets	177.4
Debt	11.3
Actual gearing	6.8%

Cumulative Performance

	as at	1 month	3 months	6 months	1 year	3 years
	31/03/2010
Share Price	145.8	5.6	9.2	16.5	54.9	49.6
NAV	144.0	4.9	9.0	13.6	52.1	43.9
Warrant 2013 Price	32.5	8.3	7.4	27.5	176.6	11.1
MSCI AC Asia Pacific ex Japan		7.9	8.7	14.2	67.5	46.8

Discrete Performance

	31/03/2010	31/03/2009	31/03/2008	31/03/2007
Share Price	54.9	-9.6	6.8	7.1
NAV	52.1	-14.5	10.7	13.3
Warrant 2013 Price	176.6	-41.3	-31.6	27.2
MSCI AC Asia Pacific ex Japan	67.5	-22.4	12.9	12.8

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 January 2010 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.

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

13 May 2010

 

END

 

 

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