Result of AGM

RNS Number : 3108O

Aberdeen Asian Income Fund Limited

16 May 2018

 

16 May 2018

ABERDEEN ASIAN INCOME FUND LIMITED (the "Company")

Legal Entity Identifier (LEI):  549300U76MLZF5F8MN8

RESULT OF ANNUAL GENERAL MEETING

At the Annual General Meeting of the Company held on 16 May 2018 all resolutions contained in the Notice of Meeting were unanimously passed on a show of hands. 

The total number of proxy votes lodged was as follows:

               In Favour                Discretion                                              Against       Withheld

Resolution Votes                     %age       Votes       %age       Votes       %age       Votes

1              49,918,159               99.95       18,704      0.04         5,938        0.01         1,755

2              49,503,769               99.18       18,704      0.04         388,259    0.78         33,824

3              49,883,171               99.91       18,704      0.04         26,966      0.05         15,715

4              48,511,264               97.18       18,704      0.04         1,388,849  2.78         25,738

5              49,871,421               99.9         18,704      0.04         27,635      0.06         26,796

6              49,481,235               99.17       18,704      0.04         394,159    0.79         50,458

7              49,485,874               99.15       38,704      0.08         386,444    0.77         33,533

8              49,523,310               99.23       18,704      0.04         366,471    0.73         36,071

9              49,449,108               99.15       18,704      0.04         403,183    0.81         73,561

10            49,837,809               99.86       18,704      0.04         51,499      0.1           36,544

In relation to Resolution 8 (authority to purchase shares) 14.99% of the issued share capital as at today's date amounts to 27,263,456 Ordinary shares and Resolution 9 (disapplication of pre-emption rights), 10% of the issued share capital as at today's date amounts to 18,187,762 Ordinary shares.

PASSING OF RESOLUTIONS UNDER SPECIAL BUSINESS

The full text of the resolutions can be found in the Notice of the Meeting set out in the Annual Report and Financial Statements for the year ended 31 December 2017, copies of which are available on the Company's website, asian-income.co.uk*. Copies of the special resolutions will shortly be available for inspection at the National Storage Mechanism ("NSM"): www.morningstar.co.uk/uk/NSM*.

* Neither the Company's website nor the NSM website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

AMENDMENT TO INVESTMENT POLICY

The Company confirms that following approval from shareholders, the Investment Policy is now as follows:

Investment Policy

Asset Allocation

The Company primarily invests in the Asia Pacific region through investment in:

·  companies listed on stock exchanges in the Asia Pacific region;

·    Asia Pacific securities, such as global depositary receipts (GDRs), listed on other international stock exchanges;

·  companies listed on other international exchanges that derive significant revenues or profits from the Asia Pacific region; and

·  debt issued by governments or companies in the Asia Pacific region or denominated in Asia Pacific currencies.

The Company's investment policy is flexible, enabling it to invest in all types of securities, including equity shares, preference shares, debt, convertible securities, warrants and other equity-related securities.

The Company is free to invest in any particular market segments or any particular countries in the Asia Pacific region.

The Company invests in small, mid and large capitalisation companies. The Company's policy is not to acquire securities that are unquoted or unlisted at the time of investment (with the exception of securities which are about to be listed or traded on a stock exchange). However, the Company may continue to hold securities that cease to be quoted or listed if the Investment Manager considers this to be appropriate.

Typically, the portfolio will comprise between 40 and 70 holdings (but without restricting the Company from holding a more or less concentrated portfolio in the future).

Risk Diversification

The Company will not invest more than 10%, in aggregate, of the value of its Total Assets in investment trusts or investment companies admitted to the Official List, provided that this restriction does not apply to investments in any such investment trusts or investment companies which themselves have stated investment policies to invest no more than 15% of their Total Assets in other investment trusts or investment companies admitted to the Official List. In any event, the Company will not invest more than 15% of its Total Assets in other investment trusts or investment companies admitted to the Official List.

In addition, the Company will not:

·       invest, either directly or indirectly, or lend more than 20% of its Total Assets to any single underlying issuer (including the underlying issuer's subsidiaries or affiliates), provided that this restriction does not apply to cash deposits awaiting investment;

·       invest more than 20% of its Total Assets in other collective investment undertakings (open-ended or closed-ended);

·       expose more than 20% of its Total Assets to the creditworthiness or solvency of any one counterparty (including the counterparty's subsidiaries or affiliates);

·        invest in physical commodities;

·        enter into derivative transactions for speculative purposes;

·        take legal or management control of any of its investee companies; or

·        conduct any significant trading activity.

The Company may invest in derivatives, financial instruments, money market instruments and currencies for investment purposes (including the writing of put and call options to enhance investment returns) as well as for the purpose of efficient portfolio management (i.e. for the purpose of reducing, transferring or eliminating investment risk in the Company's investments, including any technique or instrument used to provide protection against foreign exchange and credit risks).

The Investment Manager expects the Company's assets will normally be fully invested. However, during periods in which changes in economic conditions or other factors so warrant, the Company may reduce its exposure to securities and increase its position in cash and money market instruments.

Gearing Policy

The Board is responsible for determining the gearing strategy for the Company. The Board has restricted the maximum level of gearing to 25% of net assets although, in normal market conditions, the Company is unlikely to take out gearing in excess of 15% of net assets. Gearing is used selectively to leverage the Company's portfolio in order to enhance returns where this is considered appropriate. Borrowings are generally short term, but the Board may from time to time determine to incur longer term borrowings where it is believed to be in the Company's best interests to do so.  Particular care is taken to ensure that any bank covenants permit maximum flexibility of investment policy.

The percentage investment and gearing limits set out under this sub-heading "Investment Policy" are only applied at the time that the relevant investment is made or borrowing is incurred.

In the event of any breach of the Company's investment policy, shareholders will be informed of the actions to be taken by the Investment Manager by an announcement issued through a Regulatory Information Service or a notice sent to shareholders at their registered addresses in accordance with the Articles of Association.

The Company may only make material changes to its investment policy (including the level of gearing set by the Board) with the approval of shareholders (in the form of an ordinary resolution). In addition, any changes to the Company's investment objective or policy will require the prior approval of the Financial Conduct Authority as well as prior consent of the Jersey Financial Services Commission ("JFSC") to the extent that the changes materially affect the import of the information previously supplied in connection with its approval under Jersey Funds Law or are contrary to the terms of the Jersey Collective Investment Funds laws.

Aberdeen Private Wealth Management Limited

Company Secretary

 

END

 

 

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