Annual Financial Report

RNS Number : 8675H

Aberdeen All Asia Inv Tst PLC

03 June 2011

 



ABERDEEN ALL ASIA INVESTMENT TRUST PLC

ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED 31 MARCH 2011

1.       CHAIRMAN'S STATEMENT

Highlights

-     Net Asset Value  + 10.3%

-     Share Price  + 8.0%

I am pleased to announce that your Company has delivered another good performance this year. Over the period, the Company's net asset value rose by 10.3% to 347.3p on a total return basis, exceeding substantially the 5.4% rise in the benchmark, the MSCI All Countries Asia Pacific (including Japan) Index. The share price gained 8.0% to 304.0p, as the discount to NAV at which the shares trade widened slightly to 12.5% at the year end. This year's performance builds on the sustained outperformance of the Company over the last 5 years which has generated a cumulative total return of over 36% compared with 26.5% for the Index, and since the change of Manager in November 2006 has generated a cumulative total return of 52.5% compared with 36.2% for the Index. This excellent result reflects the strength of the Company's investment strategy to invest in a focused portfolio of carefully selected stocks and for the longer term.

Performance

Overall, Asian equities continued to perform well in the 12 months under review. Despite bouts of heightened volatility stemming from a series of crises, the region's economic growth retained its momentum and, except for Japan, Asia does not suffer from large government debt or fiscal pressures. The Company's portfolio again performed well in every Asian market, reflecting the quality of the companies in which it is invested as well as the underlying growth across all the Asian economies. In Japan the earthquake and tsunami affected several of the companies in the portfolio but despite this the return for the year substantially exceeded the index reflecting the strength of the Manager's investment process.

Detailed performance of the portfolio is more fully described in the Manager's Review.

The Company's gearing has enhanced the performance of the portfolio in the year and was raised from a low level of 3.4% at the start of the year to 9.2% at the end of the reporting period to reflect our confidence that this positive effect will continue over the longer term. 

Revenue and Dividend

The Board is proposing to shareholders a final dividend per share of 3.25p (2010 - 1.50p) payable on 29 July 2011 to shareholders on the register as at close of business on 1 July 2011; the ex-dividend date will be 29 June 2011. This will be the third dividend paid to shareholders since the establishment of the Company in its present form in 1998. Revenue return per share increased from 2.25p to 4.65p as dividend flows in the portfolio improved. This has again produced retained earnings in excess of the level that the Company is allowed to retain under the rules for Investment Trusts.

Investment Manager

The Board has reviewed the performance of the Manager. The performance and strengths of the Manager's investment team in the region confirm the Board in its view that the continuing appointment of Aberdeen Asset Management Asia as Manager, on the present terms, is in the interests of shareholders as a whole. This strong performance in the year to 31 March 2011, with the Net Asset Value of the Company outperforming the Index by 4.9%, means that the Manager has earned a performance fee of £422,000. This is calculated as 15% of the portfolio's outperformance of the benchmark during the period, and is about 0.71% of the value of the portfolio at the end of the year. 

Outlook

Asia's economic outlook is promising, although risks on several fronts could moderate the pace of expansion in the short term. The spike in commodity prices, particularly crude oil, has exacerbated inflationary pressures worldwide. Asia has not been immune, and the effect of the related monetary tightening and currency strength risks dampening growth albeit in most cases from very high levels. However, a slower but more sustainable pace of economic growth may not be a bad thing for Asia which is in a much stronger position than Europe and the US.

The economic impact of the disaster in Japan on supply chains will cause many companies to operate below capacity until the end of 2011 and the entrenched problems in the economy have affected those companies with a largely domestic focus. In contrast, there are a number of well managed major companies based in Japan with substantial international businesses and trading at more attractive valuations than their peers in the region. Their fundamental strengths should allow them to overcome domestic market problems, and will continue to provide opportunities to add to the portfolio.

In the longer term, Asia's prospects remain compelling despite the inherent shorter term uncertainties of a slowly recovering global economy. The portfolio's conservative, value-driven style means that many of your Company's investments perform well despite rising cost pressures, as their market leadership will allow them to capitalise on international competitive opportunities. Your Board therefore remains confident of the long term good performance of the portfolio and is optimistic about the future.

Neil Gaskell

Chairman

3 June 2011

2.       MANAGER'S REVIEW

Overview

Asian stockmarkets, as measured by the MSCI AC Asia Pacific Index, registered modest gains in the year under review, although this masked the extreme divergence in the performance of certain markets. Notably, Japanese equities ended lower amid persistent concerns about the Yen's strength and in the wake of the devastation caused by the March 11 earthquake and ensuing tsunami and nuclear crisis. Excluding Japan, most markets posted double-digit gains, lifted by solid economic prospects and improved corporate earnings. The rally was interrupted intermittently by fresh concerns over Europe's sovereign debt crisis and geopolitical tensions in the Middle East and North Africa, which pushed Brent oil 37% higher to US$117-a-barrel. Fears about the impact of monetary tightening on Asian growth, along with a perceived improvement in the growth prospects of developed economies, caused emerging market equities to fall out of favour during the latter half of the period. Overall, Thailand was the best performer, as investors were relieved that political unrest in April and May ended without significant effect on the economy. Indonesia, Korea and Malaysia also rose by more than 20% during the year.

Regional economies continued to expand, albeit at a more moderate pace. Chinese growth slowed from 11.9% year-on-year in the first three months of 2010 to just over 9% in the subsequent three quarters. The government also seemed to acknowledge that the breakneck speed of growth was not sustainable and lowered the country's growth target for 2011-15 to 7%. Elsewhere, exports underpinned growth in Singapore and Hong Kong, while Australia benefited from soaring commodity prices, although first-quarter GDP is likely to have been hurt by the flood and cyclone. Japan's economy gained traction at the start of the period but contracted slightly in the fourth quarter. As a result of the severe damage caused by the earthquake, the IMF revised 2011 growth to 1.4% from 1.6%. 

Unsurprisingly, inflation rose across the region as economies rebounded. Aggravating the situation was the spike in oil prices and supply shocks to food and other commodities. Central banks hiked interest rates and lenders' reserve requirements. Targeted measures for property were also implemented and currencies were allowed to rise gradually to counter imported inflation. The exception was Japan, which left rates at virtually zero as consumer prices continued to fall. Still, real interest rates remained negative in many countries.

Portfolio review

In the 12 months to 31 March 2011, the portfolio's net asset value per share rose 10.3% in sterling terms, with the share price rising 8.0%, compared with a 5.4% gain in the benchmark, the MSCI AC Asia Pacific Index.

Japan, where we have a significant underweight position, contributed most to relative return. Stock selection there was also positive, predominantly because of Fanuc, which manufactures factory automation systems and robots. Its share price rose sharply in line with the recovery in global industrial demand. Against this, materials company Shin-Etsu Chemical and digital imaging company Canon saw a sell-off in their shares after their quake-damaged plants were forced to close and were overall the largest detractors from relative return. The tragedy, while costly and disruptive, does not detract from the quality of the portfolio's holdings, which are global market leaders that continually innovate to stay ahead of the competition. Shin-Etsu Chemical is a key supplier to the semiconductor industry, while Canon's focus on profitability and cost control makes it one of the best-managed companies in Japan.

In Hong Kong, where we are overweight, upbeat earnings news and positive economic data attracted significant liquidity inflows, boosting domestic share prices. Among the portfolio's holdings, conglomerate Swire Pacific was driven by its property and aviation interests. Airline subsidiary Cathay Pacific forecast a near tripling of full-year profits, while Swire's investment property portfolio benefited from strong occupancy and limited supply of prime space in Hong Kong. Meanwhile, Jardine Strategic was buoyed by its quality portfolios, especially in Indonesian conglomerate Astra International, which continues to be a good proxy to rising domestic consumption. It reported solid fourth-quarter results underpinned by robust auto sales and associated financing, while also delivering buoyant growth in heavy-mining equipment sales. The Company's exposure to Astra International via Jardine Strategic remains its key route to Indonesia, complementing new holding Unilever Indonesia.

China's stockmarket was the worst performer in Asia ex Japan after the central bank tried to cool the overheating economy by raising interest rates and bank reserve requirements. We have two holdings here. PetroChina did well, underpinned by the spike in oil and commodity prices, although this was pared slightly by laggard China Mobile. Nonetheless, the telco's fundamentals remain positive and it continues to grow its subscriber base despite intense competition. We continue to prefer gaining exposure to China via well-established Hong Kong-domiciled companies that do business on the mainland, given the city's more stringent regulatory framework and stronger shareholder culture.

The Company also benefited from its exposure to Thailand, where resilient economic data outweighed concerns about the ongoing political unrest. Petrochemicals and cement group Siam Cement, viewed as a proxy for the economy, saw its share price rise more than 50% in sterling terms. It was bolstered by buoyant full-year earnings that were supported by better chemicals demand and news that lawmakers will allow most projects in the Map Ta Phut industrial park to resume operations, ending a long-standing dispute over environmental regulations. Oil company PTT Exploration and Production benefited from higher oil prices as well as the Australian government's decision to allow it to continue running the Montara project following an independent review on the oil spill at the field in 2009.

Likewise, robust economic growth underpinned the Singapore stockmarket, where we have a large overweight position. GDP expanded by 14.5% in 2010, supported by higher retail sales and exports. However, the performance of the Company's holdings was relatively muted. Concerns about the impact of higher fuel costs hindered Singapore Airlines, while SingTel stayed range-bound as most of its regional associates faced competitive headwinds. Core holding OCBC, however, bucked the trend as it delivered a 15% growth in full-year profits, thanks to fee and commission income. City Developments, similarly, did well as it benefited from the buoyant property market despite anti-speculation measures.

Standard Chartered, which is the Company's core regional holding, also lagged. It floated a rights issue ahead of the raising of capital requirements and investors took profit following previous strong performance. The lender, however, remains in good shape fundamentally. It reported an eighth successive year of record income and profits, and is continuing its rapid expansion in emerging markets. Indian motorcycle manufacturer Hero Honda also hurt relative performance. The company's shares fell sharply on the back of concerns over the break-up with Japanese partner, Honda Motor. However, its business continued to post healthy results and its core strength lies in its extensive distribution network.

In portfolio activity, we bought three Hong Kong-listed companies, including insurer AIA, which is diversified across the fast-growing Asia Pacific region where it is a market leader, as well as HSBC Holdings, which is trading at a small premium to book value and compares favourably to its Asian-listed peers. Both companies boast solid Asian franchises and robust capital positions. They may also benefit from the normalisation of interest rates. Li & Fung was added to the portfolio because we like its business model of facilitating sales globally between suppliers and retailers, one of which includes Walmart. In addition, we initiated a position in Unilever Indonesia, which has an extensive distribution network and good branding power, thanks to its long-standing presence in the country.   

We topped up the portfolio's Japanese holdings following the earthquake, given the opportunities presented by the substantial price declines. However, we are concerned about Japan's ability to pay for reconstruction efforts, given the government's fiscal constraints. Meanwhile, many companies there still struggle with transparency; weeks after the disaster, many large insurers and lenders were still unable to provide an assessment of damages, compared with QBE Insurance, which issued an official statement just days after. 

Against this, we sold automation services provider ABB India, after its parent made an attractive tender offer. We took profit from long-term holding Public Bank. While its results have remained first rate, current valuations reflect this.

Outlook

Market volatility could remain elevated for some time to come, given unresolved crises in the Middle East and Japan. Still, putting aside short term concerns and the long-term outlook for Asia remains very positive. Not only are Asia's underlying fundamentals intact, but the region's favourable demographics and rising affluence should also continue to support structural rebalancing towards domestic consumption.

As investors, we have asked what effect these recent developments have on the portfolio's companies. The answer is reassuring. From a fundamental perspective, they look solid. Balance sheets are generally robust and topline growth has been improving. We realise costs pressures are building and companies must choose whether to absorb these or try to pass them on. Still, we believe most of the portfolio's companies have the ability to set prices and management possesses the experience to keep costs under control.

We remain committed to our bottom-up, research-driven approach to investing that has served us well so far. Current market valuations are undemanding and we view any market correction as an opportune time to buy quality stocks at attractive values.

Aberdeen Asset Management Asia Limited

Manager

3 June 2011

3.       BUSINESS REVIEW

A review of the Company's activities is given in the Chairman's Statement and Manager's Review.

Investment Objective

The investment objective of the Company is to generate capital growth from a concentrated portfolio of companies domiciled, operating or generating revenue in the Asia-Pacific region, including Japan.

Owing to the concentration of investments, the performance of the Company's investment portfolio may deviate significantly from its benchmark from time to time.

Investment Policy

The Company's portfolio comprises securities substantially in the form of equities or equity-related securities such as convertible securities and warrants.

The investment portfolio comprises companies of any market capitalisation, regardless of sector or country weightings, which show potential for outstanding growth. Due to the size of the Japanese economy, the Board would normally expect there to be a significant investment in Japan.

Investments may also be made through collective investment schemes and in companies traded on stock markets outside the Investment Region, provided that over 75 per cent. of their consolidated revenue is earned from trading in the Investment Region or they hold more than 75 per cent. of their consolidated net assets in the Investment Region.

The Company's assets may be invested in a selected portfolio of securities in quoted companies spread across a range of industries and economies in the investment region including Australia, China, Hong Kong, India, Japan, Korea, Malaysia, The Philippines, Singapore, Taiwan and Thailand together with such other countries in Asia as the Directors may from time to time determine (collectively, the "Investment Region"). This includes securities in companies quoted on the London Stock Exchange, provided those companies also have a listing on a recognised stock exchange within the Investment Region.

Benchmark

The Board reviews performance against all relevant factors, including the MSCI AC Asia Pacific (including Japan) Index (in Sterling terms) as well as peer group comparisons. Performance can and will diverge, possibly quite dramatically in either direction, from this or any other index.

The Manager undertakes substantial due diligence before initiating any investment, including company visits, to assure the quality of any prospective investment. The Manager seeks to minimise risk by using in-depth research and does not see divergence from a benchmark as risk.

Capital Structure

At 31 March 2011 the Company had a capital structure comprising voting capital of 15,492,367 Ordinary shares of 10p. At 3 June 2011, these numbers were unchanged.

The Company also had bank borrowings, at 31 March 2011, of US$6,960,000, equivalent to approximately £4,342,000, and JPY184,500,000, equivalent to approximately £1,389,000, which rank for repayment ahead of any capital return to shareholders.

Total Assets and Net Asset Value

The Company had total assets of £59.5m and a net asset value of 347.30 pence per Ordinary share at 31 March 2011.

Duration

The Company does not have a fixed life. However, under the Articles of Association, if in the 90 days preceding the Company's financial year-end (31 March) the Ordinary shares have been trading, on average, at a discount in excess of 12% to the underlying net asset value over the same period, notice will be given of a resolution to be proposed at the following Annual General Meeting to approve the continuation of the Company. In the 90 days to 31 March 2011, the Ordinary shares traded at an average discount of 11.07% to the underlying net asset value, therefore no resolution will be put to the Company's shareholders at the forthcoming AGM.

Risk

Investment in emerging securities markets in the Asia-Pacific region, or in companies that derive significant revenue or profit from the Asia-Pacific region, involves a greater degree of risk than that usually associated with investment in more developed securities markets, including the risk of social, economic or political instability, which may have an adverse effect on economic returns or restrict investment opportunities.

The Board regularly reviews major strategic risks and sets out delegated controls designed to manage those risks. 

Aside from the risks associated with investment in Asia, the key risks related to investment strategy, including inappropriate asset allocation or gearing, are managed through a defined investment policy, specific guidelines and restrictions and by the process of oversight at each Board meeting as outlined above.

Operational disruption, accounting and legal risks are also covered at least annually and regulatory compliance is reviewed at each Board meeting.

The major risks associated with the Company are:

· Resource risk: like most other investment trusts, the Company has no employees. The Company therefore relies on services provided by third parties, including, in particular, the Manager, to whom responsibility for the management of the Company's portfolio has been delegated under an investment management agreement (the "Agreement"). The terms of the Agreement cover the necessary duties and conditions expected of the Manager. The Board reviews the performance of the Manager on a regular basis, and their compliance with the Agreement formally on an annual basis.

· Investment and market risk: the Board continually monitors the investment policy of the Company, taking account of stockmarket factors, and reviews the Company's performance compared to its benchmark index. Further details on other risks relating to the Company's investment activities, including market price, interest rate, liquidity and foreign currency risks, are disclosed in Note 18 to the Financial Statements.

· Gearing risk: the Company currently uses gearing in the form of bank loans of US$6,960,000 (equivalent to approximately £4,342,700) and JPY184,500,000 (equivalent to approximately £1,389,000) under its loan facility of £10,000,000.

· Regulatory risk: the Company operates in a complex regulatory environment and faces a number of regulatory risks. Serious breaches of applicable regulations could lead to a number of detrimental outcomes and reputational damage. The Audit Committee monitors compliance with regulations by reviewing internal control reports from the Manager.

The particular risks of investment in Asia include:

· greater risk of social, political and economic instability; the small size of the markets for securities of emerging markets issuers and associated low volumes of trading give rise to price volatility and a lack of liquidity;

· certain national policies which may restrict the investment opportunities available in respect of a fund, including restrictions on investing in issuers or industries deemed sensitive to national interests; changes in taxation laws and/or rates which may affect the value of the Company's investments;

· the absence in some markets of developed legal structures governing private or foreign investment and private property leading to supervision and regulation; and changes in government which may have an adverse effect on economic reform. Companies in the Asia-Pacific region are not, in all cases, subject to the equivalent accounting, auditing and financial standards of those in the United Kingdom; and

· currency fluctuations which may affect the value of the Company's investments and the income derived therefrom.

The Company currently utilises gearing in the form of bank borrowings (see 'Capital Structure' above and Note 11 to the Financial Statements). Gearing magnifies the effect of market movements on the net asset value of the Company.

4.       STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws).Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

-      select suitable accounting policies and then apply them consistently;

-      make judgments and estimates that are reasonable and prudent;

-      state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

-      prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

To the best of my knowledge:

-      the financial statements have been prepared in accordance with the applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and that

-      the Directors' Report includes a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties that the Company faces.

Neil Gaskell

Chairman

3 June 2011

5.    RESULTS

Financial Highlights

	31 March 2011	31 March 2010	% change
Total assets	£59,536,000	£51,307,000	+16.0
Total equity shareholders' funds (net assets)	£53,805,000	£49,009,000	+9.8
Share price (mid market)	304.00p	283.25p	+7.3
Net asset value per share	347.30p	316.34p	+9.8
Discount to net asset value	12.5%	10.5%
MSCI AC Asia Pacific (including Japan) Index (in Sterling terms){B}	84.70	82.48	+2.7
Actual gearing{A}	9.2%	3.4%
Potential gearing{A}	10.7%	4.6%
Operating costs
Total expense ratio{A}	1.26%	1.45%
Earnings
Total return per share	32.46p	125.36p
Revenue return per share	4.65p	2.25p
Proposed final dividend per share	3.25p	1.50p
Revenue reserves (prior to payment of proposed final dividend)	£1,012,000	£523,000
{A} Calculated excluding performance fee and other expenses charged to capital.
{B} Index figures stated on a capital only basis.

Performance (total return) {A}

	1 year % return	3 year % return	5 year % return
Share price	+8.0%	+44.6%	+28.8%
Net asset value	+10.3%	+42.3%	+36.3%
MSCI AC Asia Pacific (including Japan) Index (in Sterling terms)	+5.4%	+30.6%	+26.5%
Source: Aberdeen Asset Management, Factset & Morningstar.
{A} Total return represents capital return plus dividends reinvested.

Dividend

	Rate	Ex-dividend date	Record date	Payment date
Proposed final dividend 2011	3.25p	29 June 2011	1 July 2011	29 July 2011
Final dividend 2010	1.50p	30 June 2010	2 July 2010	30 July 2010

INCOME STATEMENT

		Year ended 31 March 2011			Year ended 31 March 2010
		Revenue	Capital	Total	Revenue	Capital	Total
	Notes	£'000	£'000	£'000	£'000	£'000	£'000
Gains on investments	9	-	4,729	4,729	-	20,014	20,014
Income	2	1,525	-	1,525	1,061	-	1,061
Exchange gains	16	-	51	51	-	217	217
Investment management fee	3	(408)	-	(408)	(322)	-	(322)
Performance fee	3	-	(422)	(422)	-	(853)	(853)
Administrative expenses	4	(238)	(23)	(261)	(269)	(38)	(307)
		_______	_______	_______	_______	_______	_______
Net return before finance costs and taxation		879	4,335	5,214	470	19,340	19,810
Finance costs	5	(88)	-	(88)	(66)	-	(66)
		_______	_______	_______	_______	_______	_______
Net return on ordinary activities before taxation		791	4,335	5,126	404	19,340	19,744
Taxation on ordinary activities	6	(70)	(28)	(98)	(51)	-	(51)
		_______	_______	_______	_______	_______	_______
Net return on ordinary activities after taxation		721	4,307	5,028	353	19,340	19,693
		_______	_______	_______	_______	_______	_______
Return per Ordinary share (pence):	8	4.65	27.81	32.46	2.25	123.11	125.36
		_______	_______	_______	_______	_______	_______
The total column of this statement represents the profit and loss account of the Company.
No Statement of Total Recognised Gains and Losses has been prepared as all gains and losses have been reflected in the Income Statement.
All revenue and capital items in the above statement derive from continuing operations.
The accompanying notes are an integral part of the financial statements.

BALANCE SHEET

		As at	As at
		31 March 2011	31 March 2010
	Notes	£'000	£'000
Fixed assets
Investments designated at fair value through profit or loss	9	59,038	51,302
		___________	___________
Current assets
Debtors	10	281	360
Cash at bank and in hand		776	625
		___________	___________
		1,057	985
		___________	___________
Creditors: amounts falling due within one year	11
Foreign currency bank loans		(5,731)	(2,298)
Other creditors		(559)	(980)
		___________	___________
		(6,290)	(3,278)
		___________	___________
Net current liabilities		(5,233)	(2,293)
		___________	___________
Net assets		53,805	49,009
		___________	___________
Share capital and reserves
Called-up share capital	12	1,549	1,549
Special reserve		398	398
Capital redemption reserve		2,183	2,183
Capital reserve	13	48,663	44,356
Revenue reserve		1,012	523
		___________	___________
Equity shareholders' funds		53,805	49,009
		___________	___________
Net asset value per Ordinary share (pence)	14	347.30	316.34
		___________	___________

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

For the year ended 31 March 2011
			Capital
	Share	Special	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2010	1,549	398	2,183	44,356	523	49,009
Return on ordinary activities after taxation	-	-	-	4,307	721	5,028
Dividend paid (note 7)	-	-	-	-	(232)	(232)
	______	_____	_______	______	______	______
Balance at  31 March 2011	1,549	398	2,183	48,663	1,012	53,805
	______	_____	_______	______	______	______
For the year ended 31 March 2010
			Capital
	Share	Special	redemption	Capital	Revenue
	capital	reserve	reserve	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 31 March 2009	1,573	1,015	2,159	25,016	548	30,311
Purchase of own shares for cancellation	(24)	(617)	24	-	-	(617)
Return on ordinary activities after taxation	-	-	-	19,340	353	19,693
Dividend paid (note 7)	-	-	-	-	(378)	(378)
	______	_____	_______	______	______	______
Balance at  31 March 2010	1,549	398	2,183	44,356	523	49,009
	______	_____	_______	______	______	______

CASHFLOW STATEMENT

		Year ended		Year ended
		31 March 2011		31 March 2010
	Notes	£'000	£'000	£'000	£'000
Net cash (outflow)/inflow from operating activities	15		(256)		345
Servicing of finance
Bank and loan interest paid			(81)		(83)
Taxation
Capital gains tax on sale of Indian shares			(28)		-
Financial investment
Purchases of investments		(6,618)		(9,378)
Sales of investments		3,885		11,208
Expenses allocated to capital		(3)		(7)
		______		______
Net cash (outflow)/inflow from financial investment			(2,736)		1,823
Equity dividends paid			(232)		(378)
			______		______
Net cash (outflow)/inflow before financing			(3,333)		1,707
Financing
Purchase of Ordinary share capital		-		(617)
Loan drawn down/(repaid)		3,514		(2,311)
		______		______
Net cash inflow/(outflow) from financing			3,514		(2,928)
			______		______
Increase/(decrease) in cash	16		181		(1,221)
			______		______
Reconciliation of net cash flow to movements in net debt
Increase/(decrease) in cash as above			181		(1,221)
(Increase)/decrease in borrowings			(3,514)		2,311
			______		______
Change in net debt resulting from cash flows			(3,333)		1,090
Exchange movements			51		217
			______		______
Movement in net debt in the year			(3,282)		1,307
Opening net debt			(1,673)		(2,980)
			______		______
Closing net debt	16		(4,955)		(1,673)
			______		______

NOTES :

1.	Accounting policies
	(a)	Basis of accounting and going concern
		The financial statements have been prepared under the historical cost convention, except for the measurement at fair value of investments and in accordance with the applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (issued in January 2009).  They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The financial statements have been prepared on a going concern basis. The Directors believe this is appropriate.
	(b)	Valuation of investments
		The Company's business is investing in financial assets with a view to profiting from their total return in the form of income and capital growth. This portfolio of financial assets is managed and its performance evaluated on a fair value basis, in accordance with a documented investment strategy, and information about the portfolio is provided internally on that basis to the Company's Board of Directors. Accordingly, upon initial recognition the Company designates the investments 'at fair value through profit or loss'. Fair value is taken to be the investment's cost at the trade date (excluding expenses incidental to the acquisition which are written off in the Income Statement, and allocated to 'capital' at the time of acquisition).
		Subsequent to initial recognition, investments continue to be designated at fair value through profit or loss, which is deemed to be bid prices, where the bid price is available, or otherwise at fair value based on published price quotations.
	(c)	Income
		Dividends (other than special dividends), including taxes deducted at source, are included in revenue by reference to the date on which the investment is quoted ex-dividend. Special dividends are reviewed on a case-by-case basis and may be credited to capital, if circumstances dictate. Dividends receivable on equity shares where no ex-dividend date is quoted are brought into account when the Company's right to receive payment is established. Fixed returns on non-equity shares are recognised on a time apportioned basis so as to reflect the effective interest rate on shares. Other returns on non-equity shares are recognised when the right to return is established. Where the Company has elected to receive its dividends in the form of additional shares rather than cash, the amount of the cash dividend is recognised as income. Any excess in the value of the shares received over the amount of the cash dividend is recognised in capital reserves. Interest receivable on bank balances is dealt with on an accruals basis.
		Where applicable the dividend income is disclosed net of irrecoverable Malaysian and Singaporean taxes deducted at source. UK dividend income is recorded net of tax credits.
	(d)	Expenses
		All expenses are accounted for on an accruals basis. Expenses are allocated to revenue in the Income Statement except as follows:
		-         expenses which are incidental to the acquisition or disposal of an investment are allocated to capital in the Income Statement and separately identified and disclosed in note 9; and
		-         expenses are allocated and borne by capital where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect performance fees are charged 100% to the capital reserve.
	(e)	Taxation
		The charge for taxation is based on the revenue return for the financial period.
		Deferred taxation
		Deferred taxation is provided on all timing differences, that have originated but not reversed at the Balance Sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in future have occurred at the Balance Sheet date, measured on an undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Timing differences are differences arising between the Company's taxable profits and its results as stated in the accounts which are capable of reversal in one or more subsequent periods. Due to the Company's status as an investment trust company, and the intention to continue to meet the conditions required to obtain approval for the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.
	(f)	Capital reserve
		Gains and losses on realisation of investments and changes in fair values of investments are transferred to the capital reserve.
	(g)	Foreign currencies
		Transactions involving foreign currencies are converted at the rate ruling at the date of the transaction.
		Foreign currency asset and liability balances are translated to Sterling at the middle rate of exchange at the year end. Differences arising from translation are treated as capital gain or loss to capital or revenue within the Income Statement depending upon the nature of the gain or loss.
	(h)	Dividends payable
		Final dividends are recognised in the financial statements in the period in which they are paid.
	(i)	Borrowings
		All secured borrowings are initially recognised at cost, being the fair value of the consideration received, less issue costs where applicable, after initial recognition, all interest bearing borrowings are subsequently measured at amortised cost.

		2011	2010
2.	Income	£'000	£'000
	Income from investments designated at fair value through profit and loss
	UK dividend income	105	56
	Overseas dividends	1,268	911
	Scrip dividends	150	90
		_________	_________
		1,523	1,057
		_________	_________
	Other income
	Underwriting commission	2	4
		_________	_________
	Total income	1,525	1,061
		_________	_________

		2011			2010
		Revenue	Capital	Total	Revenue	Capital	Total
3.	Investment management fee	£'000	£'000	£'000	£'000	£'000	£'000
	Investment management fee	408	-	408	322	-	322
	Performance fee	-	422	422	-	853	853
		______	______	______	______	______	______
	Total	408	422	830	322	853	1,175
		______	______	______	______	______	______
	During the year the management fee was payable monthly in arrears and was based on an annual amount of 0.75% of total assets less current liabilities of the Company valued monthly. The agreement is terminable on six months' notice. The balance due to AAM Asia at the year end was £73,000 (2010 - £62,000).
	AAM Asia is entitled to a performance related fee of up to 15% of the portfolio's outperformance of the MSCI AC Asia Pacific (including Japan) Index (in Sterling terms) for the year in question.
	In the event that the Company outperforms this benchmark, but the year end net asset value per Ordinary share is less than at the previous year end, the performance fee is capped at 0.3% of year end net asset value. The performance fee is only payable where the final net asset value on which the fee is calculated exceeds the net asset value (adjusted by any change in the benchmark index over the period) on which the last performance fee was paid.
	There was a performance fee due to AAM Asia for the year ended 31 March 2011 in the sum of £422,000 (2010 - £853,000).

		2011			2010
		Revenue	Capital	Total	Revenue	Capital	Total
4.	Administrative expenses	£'000	£'000	£'000	£'000	£'000	£'000
	Investor relations/Marketing initiative	38	-	38	29	-	29
	Directors' fees	63	-	63	66	-	66
	Safe custody fees	20	3	23	19	7	26
	Transaction costs on investment purchases	-	20	20	-	31	31
	Auditors' remuneration:
	- audit of the financial statements{A}	20	-	20	19	-	19
	- other	1	-	1	1	-	1
	Other	96	-	96	135	-	135
		______	______	______	______	______	______
		238	23	261	269	38	307
		______	______	______	______	______	______
	{A} Includes work carried out on the Directors' Remuneration Report, Corporate Governance Statement and Directors' Report.
	The Company has an agreement with Aberdeen Asset Managers Limited ("AAM") for the provision of marketing services in relation to the Company's participation in the Aberdeen Investment Trust Share Plan and ISA. The total fees paid and payable under the agreement were £38,000 (2010 - £29,000) and the accrual to AAM at the year end was £nil (2010 - £nil).
	No pension contributions were made in respect of any of the Directors.
	The Company does not have any employees.

		2011			2010
		Revenue	Capital	Total	Revenue	Capital	Total
5.	Finance costs	£'000	£'000	£'000	£'000	£'000	£'000
	Interest on bank loans and overdrafts	88	-	88	66	-	66
		______	______	______	______	______	______

			2011			2010
			Revenue	Capital	Total	Revenue	Capital	Total
6.	Taxation on ordinary activities		£'000	£'000	£'000	£'000	£'000	£'000
	(a)	Analysis of charge for the year
		Capital gains tax on sale of Indian shares	-	28	28	-	-	-
		Irrecoverable overseas taxation	70	-	70	51	-	51
			______	______	______	______	______	______
		Current taxation	70	28	98	51	-	51
			______	______	______	______	______	______
	(b)	Factors affecting current tax charge for the year
		The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The differences can be explained below:
							2011	2010
							£'000	£'000
		Net return on ordinary activities before taxation					5,126	19,744
							______	______
		Net return on ordinary activities multiplied by standard rate of corporation tax in the UK of 28% (2010 - 28%)					1,435	5,528
		Effects of:
		UK dividend income					(30)	(16)
		Gains on investments not subject to UK tax					(1,324)	(5,604)
		Currency gains not taxable					(14)	(61)
		Tax on capital expenses					125	250
		Capital gains tax on sale of Indian shares					28	-
		Irrecoverable overseas withholding tax suffered					70	51
		Excess management expenses and loan relationship deficits not utilised in period					205	77
		Non-taxable overseas dividends					(397)	(176)
		Expenses not deductible for tax purposes					-	2
							______	______
		Current tax charge for the year					98	51
							______	______
	(c)	Provision for deferred taxation
		No provision for deferred taxation has been made due to the fact that the Company has approximately £3,578,000 (2010 - £2,330,000) of excess management expenses and loan relationship deficits. This is because the Company is not expected to generate taxable income in the future in excess of deductible expenses of that future period, and accordingly, it is unlikely that the Company will be able to reduce future tax liabilities through the use of existing surplus expenses.

		2011	2010
7.	Dividends	£'000	£'000
	Amounts recognised as distributions to equity holders in the year:
	Final dividend 2010 - 1.50p (2009 - 2.40p)	232	378
		______	______
	In order to comply with the requirements of Sections 1158-1159 of the Corporation Tax Act 2010 the Company is required to make a final dividend distribution.
	The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability.
	The table below sets out the total dividends proposed in respect of the financial year, which is the basis on which the requirements of Sections 1158 -1159 are considered. The revenue available for distribution by way of dividend for the year is £1,012,000 (2010 - £523,000). Only the revenue reserve can be used for the distribution of dividends.
		2011	2010
		£'000	£'000
	Proposed final dividend for 2011 - 3.25p per Ordinary share (2010 - 1.50p)	504	232
		______	______
	The proposed final dividend will be paid, subject to approval at the Annual General Meeting, on 29 July 2011 to shareholders on the register at the close of business on 1 July 2011.

		2011	2011	2010	2010
8.	Return per Ordinary share	p	£'000	p	£'000
	Returns per share are based on the following figures:
	Revenue return	4.65	721	2.25	353
	Capital return	27.81	4,307	123.11	19,340
		______	______	______	______
	Total return	32.46	5,028	125.36	19,693
		______	______	______	______
	Weighted average Ordinary shares in issue		15,492,367		15,708,956
			_________		_________

			Listed	Listed
			overseas	in UK	Total
9.	Investments designated at fair value through profit or loss		£'000	£'000	£'000
	Opening book cost		35,411	2,476	37,887
	Opening investment holding gains		12,043	1,372	13,415
			______	______	______
	Opening fair value		47,454	3,848	51,302
	Movements in the year:
	Purchases at cost (excluding transaction costs)		5,766	971	6,737
	Sales	- proceeds (net of transaction costs)	(3,547)	(183)	(3,730)
		- gains on sales	1,522	79	1,601
	Increase in investment holding gains		2,859	269	3,128
			______	______	______
	Closing fair value		54,054	4,984	59,038
			______	______	______
			Listed	Listed
			overseas	in UK	Total
			£'000	£'000	£'000
	Closing book cost		39,152	3,343	42,495
	Closing investment holding gains		14,902	1,641	16,543
			______	______	______
			54,054	4,984	59,038
			______	______	______
				2011	2010
				£'000	£'000
	Investments listed on a recognised investment exchange			59,038	51,302
				______	______
				2011	2010
	Gains on investments			£'000	£'000
	Gains on sales			1,601	1,310
	Increase in investment holding gains			3,128	18,704
				______	______
				4,729	20,014
				______	______
	Transaction costs
	During the year expenses were incurred in acquiring or disposing of investments designated as fair value through profit or loss. Expenses incurred in acquiring investments have been expensed through capital and are included within administration expenses in the Income Statement, whilst expenses incurred in disposing of investments have been expensed through capital and are included within gains on investments in the Income Statement. The total costs were as follows:
				2011	2010
				£'000	£'000
	Purchases			20	31
	Sales			11	17
				______	______
				31	48
				______	______

		2011	2010
10.	Debtors: amounts falling due within one year	£'000	£'000
	Amounts due from brokers	-	155
	Prepayments and accrued income	279	200
	Other loans and receivables	2	5
		______	______
		281	360
		______	______

			2011	2010
11.	Creditors: amounts falling due within one year		£'000	£'000
	(a)	Foreign currency bank loans	5,731	2,298
			______	______
		In January 2011, the Company entered into a two year £10,000,000 multi-currency revolving credit facility with Standard Chartered Bank. At the year end, US$6,960,000 (2010 - US$2,750,000) equivalent to £4,342,000 (2010 - £1,813,000) had been drawn down from Standard Chartered Bank which matured on 28 April 2011. At the year end, JPY184,500,000 (2010 - JPY68,800,000) equivalent to £1,389,000 (2010 - £485,000) had been drawn down from Standard Chartered Bank which matured on 28 April 2011.
		On 28 April 2011, the principal loan amounts of US$6,960,000 and JPY184,500,000 were drawn down, both with a maturity date of 28 July 2011.
		The terms of the loan facility with Standard Chartered Bank contain a covenant that total borrowings should not exceed 25% of the net asset value of the Company at any time and that the net asset value should not fall below £30,000,000 at any time. The Company met this covenant throughout the period.
			2011	2010
	(b)	Other creditors	£'000	£'000
		Amounts due to brokers	-	11
		Performance fee	422	853
		Other creditors	137	116
			______	______
			559	980
			______	______

		2011	2010
12.	Called-up share capital	£'000	£'000
	15,492,367 (2010 - 15,492,367) Ordinary shares of 10p each - equity	1,549	1,549
		______	______
	No Ordinary shares were bought back for cancellation during the year.  During the year to 31 March 2010, 240,000 Ordinary shares of 10p each (representing 1.5% of the issued Ordinary share capital at 31 March 2010) were bought back for cancellation at a total cost of £617,000 including expenses.

		2011	2010
13.	Capital reserve	£'000	£'000
	At 31 March	44,356	25,016
	Movement in investment holdings fair value gains	3,128	18,704
	Gains on realisation of investments at fair value	1,601	1,310
	Exchange gains	51	217
	Performance fee	(422)	(853)
	Administrative expenses	(23)	(38)
	Capital gains tax on sale of Indian shares	(28)	-
		______	______
	At 31 March	48,663	44,356
		______	______
	The capital reserve includes investment holding gains amounting to £16,543,000 (2010 - £13,415,000) as disclosed in note 9.

14.	Net asset value per share
	The net asset value per share and the net asset values attributable to Ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:
		Net asset value		Net asset values
		per share		attributable
		2011	2010	2011	2010
		p	p	£'000	£'000
	Ordinary shares	347.30	316.34	53,805	49,009
	The movements during the year of the assets attributable to the Ordinary shares were as follows:
				2011	2010
				£'000	£'000
	Net assets attributable at 1 April			49,009	30,311
	Buyback of Ordinary shares (including expenses)			-	(617)
	Capital return for the year			4,307	19,340
	Revenue on ordinary activities after taxation			721	353
	Dividend paid			(232)	(378)
				______	______
	Net assets attributable at 31 March			53,805	49,009
				______	______
	The net asset value per Ordinary share is based on net assets, and on 15,492,367 (2010 - 15,492,367) Ordinary shares, being the number of Ordinary shares in issue at the year end.

15.	Reconciliation of net return before finance costs and taxation	2011	2010
	to net cash inflow from operating activities	£'000	£'000
	Return on ordinary activities before finance costs and taxation	5,214	19,810
	Adjustments for:
	Gains on investments	(4,729)	(20,014)
	Expenses taken to capital reserve	23	891
	Foreign exchange movements	(51)	(217)
	(Increase)/decrease in accrued income	(79)	3
	Decrease/(increase) in other debtors	3	(3)
	Increase in other creditors	14	15
	Decrease in performance fee creditor	(431)	-
	Overseas withholding tax suffered	(70)	(50)
	Scrip dividends included in investment income	(150)	(90)
		______	______
	Net cash (outflow)/inflow from operating activities	(256)	345
		______	______

		1 April	Cash	Exchange	31 March
		2010	flow	movements	2011
16.	Analysis of changes in net debt	£'000	£'000	£'000	£'000
	Cash at bank	625	181	(30)	776
	Debts falling due within one year	(2,298)	(3,514)	81	(5,731)
		______	______	______	______
	Net debt	(1,673)	(3,333)	51	(4,955)
		______	______	______	______

17.	Related party disclosures
	There were no material related party transactions during the year.

18.	Financial instruments
	Risk management
	The Company's financial instruments comprise securities and other investments, cash balances, loans and debtors and creditors that arise directly from its operations; for example, in respect of sales and purchases awaiting settlement, and debtors for accrued income.
	The main financial risks that the Company faces from its financial instruments are market price risk, interest rate risk, liquidity risk and credit risk.
	The Board has established policies for managing each of these risks and reviews regularly their implementation by the Manager. The Company's policies for managing these risks are summarised below and have been applied throughout the year.
	Market price risk
	The fair value of, or future cash flows from, a financial instrument held by the Company may fluctuate because of changes in market prices. This market risk comprises two elements - security price risk and currency risk.
	Security price risk
	Changes in market prices for the Company's portfolio of securities directly affect their reported value in the Balance Sheet.
	It is the Board's investment policy for the Company's assets to be invested in a selected portfolio of securities in quoted companies. The Manager has a dedicated investment management process, which ensures that the risk inherent in this investment policy is controlled. Underlying the process is the belief that risk is not that individual stock prices fluctuate in the short term, or that movement in the value of the portfolio deviates from the benchmark but that risk is investment in poorly managed expensive companies which the Manager does not understand. In depth research and stock selection procedures are in place based on this risk control philosophy. The portfolio is reviewed on a periodic basis by the Manager's Investment Committee and by the Board.
	Security price sensitivity
	If market prices at the Balance Sheet date had been 10% higher or lower while all other variables remained constant, the return attributable to Ordinary shareholders for the year ended 31 March 2011 would have increased/(decreased) by £5,904,000 (2010 increased/(decreased) by £5,130,000) and equity reserves would have increased/(decreased) by the same amount.
	Foreign currency risk
	All of the Company's investment portfolio is invested in overseas securities and the Balance Sheet, therefore, can be significantly affected by movements in foreign exchange rates. It is not the Company's policy to hedge this risk on a continuing basis but the Company may, from time to time, match specific overseas investment with foreign currency borrowings. The Company's borrowings, as detailed in note 11, are also in foreign currency.
	The revenue account is subject to currency fluctuation arising on dividends paid in foreign currencies. The Company does not hedge this currency risk.
	Foreign currency risk exposure by currency of denomination:
			31 March 2011			31 March 2010
				Net	Total		Net	Total
			Overseas	monetary	currency	Overseas	monetary	currency
			investments	assets	exposure	investments	assets	exposure
			£'000	£'000	£'000	£'000	£'000	£'000
	Australian Dollar		2,359	-	2,359	1,729	-	1,729
	Hong Kong Dollar		9,519	-	9,519	7,180	-	7,180
	Indian Rupee		6,418	-	6,418	6,577	180	6,757
	Indonesian Rupiah		590	-	590	-	-	-
	Japanese Yen		13,367	(1,270)	12,097	11,574	(485)	11,089
	Korean Won		3,366	-	3,366	2,866	-	2,866
	Malaysian Ringgit		1,933	-	1,933	2,023	-	2,023
	Philippine Peso		1,171	-	1,171	935	-	935
	Singapore Dollar		8,461	-	8,461	8,000	-	8,000
	Taiwan Dollar		2,188	64	2,252	1,865	63	1,928
	Thailand Baht		2,289	-	2,289	2,352	-	2,352
	US Dollar		2,393	(4,142)	(1,749)	2,353	(1,621)	732
			______	______	______	______	______	______
	Total		54,054	(5,348)	48,706	47,454	(1,863)	45,591
			______	______	______	______	______	______
	Foreign currency sensitivity
	There is no sensitivity analysis included as the Company's significant foreign currency financial instruments are in the form of equity investments, which have been included within security price risk sensitivity analysis so as to show the overall level of exposure. Due consideration is paid to foreign currency risk throughout the investment process.
	Interest rate risk
	Interest rate movements may affect:
	- the level of income receivable on cash deposits; and
	- interest payable on the Company's variable rate borrowings.
	The possible effects on fair value and cash flows that could arise as a result of changes in interest rates are taken into account when making investment and borrowing decisions.
	Interest rate sensitivity
	Movements in interest rates would not significantly affect net assets attributable to the Company's shareholders and total profit.
	Liquidity risk
	This is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. Liquidity risk is not considered to be significant as the Company's assets mainly comprise readily realisable securities which can be sold to meet funding requirements if necessary and short-term flexibility is achieved through the use of loan facilities, details of which may be found in note 11.
	Liquidity risk exposure
	At 31 March 2011 and 31 March 2010 the Company's bank loans, amounting to £5,731,000 and £2,298,000, respectively, were both due for repayment or roll-over within six months along with interest due on the amount of the principal at the same time.
	Credit risk
	This is the risk of failure of the counterparty to a transaction to discharge its obligations under that transaction that could result in the Company suffering a loss.
	The risk is not significant given the relatively small amounts involved, and is managed as follows:
	-	investment transactions are carried out with a large number of brokers of good quality credit standing; and
	-	cash is held only with reputable banks with high quality external credit enhancements.
	None of the Company's financial assets is secured by collateral or other credit enhancements and none are past due or impaired.
	Credit risk exposure
	The amount of cash at bank and in hand of £776,000 (2010 - £625,000) and debtors of £281,000 (2010 - £360,000) in the Balance Sheet represent the maximum exposure to credit risk at 31 March.
	Fair values of financial assets and financial liabilities
	All financial assets and financial liabilities of the Company are included in the Balance Sheet at fair value.

19.	Capital management policies and procedures
	The Company's capital management objectives are:
	- to ensure that the Company will be able to continue as a going concern, and
	- to maximise the income and capital return to its equity shareholders through an appropriate balance of equity capital and debt. The Board normally seeks to limit gearing to 15% of net assets.
	The Board monitors and reviews the broad structure of the Company's capital on an ongoing basis. This review includes the nature and planned level of gearing, which takes account of the Manager's views on the market and the extent to which revenue in excess of that which is required to be distributed should be retained.
	The Company's objectives, policies and processes for managing capital are unchanged from the preceding accounting period and year end positions are presented in the Balance Sheet.

20.	Contingent liabilities
	The Company had no contingent liabilities at 31 March 2011.

21.	Fair value hierarchy
	FRS 29 'Financial Instruments: Disclosures' requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
	- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
	- Level 2: inputs other than quoted prices included within Level 1 that are observable for the assets or liability, either directly (ie as prices) or indirectly (ie derived from prices); and
	- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
	All of the Company's investments are in quoted equities (2010 - same) actively traded on recognised stock exchanges, with their fair value being determined by reference to their quoted bid prices at the reporting date. The total value of the investments (2011 - £59,038,000; 2010 - £51,302,000) have therefore been deemed as Level 1.

Additional notes for Annual Financial Report:

The final dividend, subject to shareholder approval, will be paid on 29 July 2011 to shareholders on the register at the close of business on 1 July 2011. The ex-dividend date is 29 June 2011.

This Annual Financial Report announcement is not the Company's statutory accounts.  The statutory accounts for the year ended 31 March 2010 have been delivered to the Registrar of Companies.  The statutory accounts for the years ended 31 March 2010 and 31 March 2011 received an audit report which was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not include a statement under section 498(2) or (3) of the Companies Act 2006.  The statutory accounts for the financial year ended 31 March 2011 have been approved by the Board and audited but will not be filed with the Registrar of Companies until after the Company's Annual General Meeting which will be held at 11.00am on Tuesday, 26 July 2011 at Bow Bells House, One Bread Street, London EC4M 9HH.

The Annual Report will be posted to shareholders in June 2011 and copies will be available from the Manager or from the Company's website (www.all-asia.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 and may be affected by exchange rate movements.  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 that 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 All Asia Investment Trust PLC

Aberdeen Asset Management PLC, Secretary

END

 

END

 

 

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