Aberdeen Asian Smaller Companies Investment Trust PLC Reports Audited Earnings Results for the Year Ended July 31, 2013; Recommends Final Dividend and Special Dividend Payable on December 6, 2013; Announces Management Changes
October 21, 2013 at 02:00 am EDT
Share
Aberdeen Asian Smaller Companies Investment Trust PLC reported audited earnings results for the year ended July 31, 2013. For the year, the company reported net return on ordinary activities before finance costs and taxation of £102,568,000 against £24,984,000 for the same period of last year. Return on ordinary activities before taxation was £101,098,000 against £24,466,000 for the same period of last year. Return on ordinary activities after taxation was £100,474,000 against £23,968,000 for the same period of last year. Return per basic share was 275.43 pence against 68.56 pence for the same period of last year. Net cash inflow from operating activities was £7,156,000 against £5,176,000 for the same period of last year. Return per diluted share was £249.43.
The company recommended for this year the payment of an increased final dividend of 10.0 pence per Ordinary share (2012: 9.5 pence) and the payment of a special dividend of 3.0 pence (2012: 3.0 pence) which approximately reflects the level of special dividends that were received during the year. If approved by shareholders at the annual general meeting of the company on December 3, 2013, the final and special dividends will be paid on December 6, 2013 to shareholders on the register on November 1, 2013.
The company also announced that Alan Kemp has announced that he intends to retire from the Board at the AGM and he will not be seeking re-election. Following Alan Kemp's retirement at the AGM in December Chris Maude has agreed to become Chairman of the Audit Committee.
abrdn Asia Focus plc is a United Kingdom-based closed-end investment company. It aims to attract long-term private and institutional investors wanting to benefit from the growth prospects of Asiaâs smaller companies. Its investment objective is to maximize total return to shareholders over the long term from a portfolio made up predominantly of quoted smaller companies in the economies of Asia excluding Japan. It may invest in a diversified portfolio of securities, including equity shares, preference shares, convertible securities, warrants and other equity-related securities, predominantly issued by quoted smaller companies spread across a range of industries and economies in the investment region. Its investment region includes Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Korea, Laos, Malaysia, Myanmar, Pakistan, The Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam, together with such other economies in Asia. Its investment manager is abrdn Asia Limited.
Aberdeen Asian Smaller Companies Investment Trust PLC Reports Audited Earnings Results for the Year Ended July 31, 2013; Recommends Final Dividend and Special Dividend Payable on December 6, 2013; Announces Management Changes