Aberdeen Australia Equity Fund, Inc. Announces Executive Changes
April 29, 2021 at 08:46 pm EDT
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Aberdeen Australia Equity Fund, Inc. announced effective at the shareholder of the company's meeting on April 29, 2021, Peter D. Sacks retired from the Fund pursuant to the Fund's retirement policy, and Martin J. Gilbert's term expired. In light of the foregoing, the Board has approved a reduction in the size of the Board from six to five directors and appointed Ms. Radhika Ajmera as a Class II Director. Effective upon the retirement of Mr. Sacks, the Board appointed Mr. Sell, an Independent Director, to serve in the role of Audit and Valuation Committee Chair.
abrdn Australia Equity Fund, Inc. (Fund) is a non-diversified, closed-end management investment company. The Fund's principal investment objective is long-term capital appreciation through investment primarily in equity securities of Australian companies listed on the Australian Stock Exchange Limited (ASX). Its secondary objective is current income, which is expected to be derived primarily from dividends and interest on Australian corporate and governmental securities. The Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities, consisting of common stock, preferred stock and convertible stock, of Australian Companies. It invests in various sectors, such as financials, materials, healthcare, utilities, energy, real estate, consumer discretionary, Communication Services and consumer staples. The Fundâs investment manager is abrdn Asia Limited.
ABRDN AUSTRALIA EQUITY FUND INC 
