Aberdeen Asian Income Fund Limited Publication of Circular (3633J)
August 20 2021 - 9:47AM
UK Regulatory
TIDMAAIF
RNS Number : 3633J
Aberdeen Asian Income Fund Limited
20 August 2021
20 A ugust 2021
ABERDEEN ASIAN INCOME FUND LIMITED
Legal Entity Identifier (LEI): 549300U76MLZF5F8MN87
Publication of Circular
Further to the statement released by the Company on 12 August
2021, Aberdeen Asian Income Fund Limited (the "Company") has today
published a circular (the "Circular") in relation to the proposals
for the Company to become UK tax resident and join the UK's
investment trust regime (the "Proposals"). Given the Company's
investments are primarily made in the Asia Pacific region, the
Board believes that being UK tax resident will enable the Company
to benefit from a number of double taxation treaties between the UK
and jurisdictions in which the Company invests thereby lowering
withholding tax rates applicable to a significant proportion of the
dividends received by the Company. This in turn should increase the
revenue of the Company available for distribution to
Shareholders.
In order to effect the Proposals, the Company will be required
to adopt new articles of association (the "New Articles") in order
to remove the current restrictions on the Company carrying out its
business in the UK. In addition, in order to align the Company's
name with the name of the investment manager's business, which has
recently changed to abrdn plc, the Board is also proposing to
change the Company's name to abrdn Asian Income Fund Limited.
As well as providing further details on the Proposals, the
Circular includes notice of an extraordinary general meeting to be
held at 9.00 a.m. on Wednesday, 8 September 2021 at 1st Floor, Sir
Walter Raleigh House, 48 - 50 Esplanade, St Helier, Jersey JE2 3QB
(the "EGM"). The adoption of the New Articles and the change of
name requires the approval by Shareholders at the EGM of the
Company. If the special resolutions are passed at the EGM, it is
expected that the tax residency of the Company will migrate to the
UK and the Company's name will change with effect from 1 January
2022, the first day of the Company's new financial year. For the
avoidance of doubt, the migration of the Company's tax residency is
not conditional on the change of name being approved.
In anticipation of the Proposals being effected, the current
Chairman of the Company, Charles Clarke, has confirmed his
intention to retire at the end of the current financial year. It is
intended that Ian Cadby, a current Director, will assume the role
of Chairman from 1 January 2022. The Board intends to appoint a new
Jersey resident Director later this year in anticipation of Mr
Clarke's retirement.
Given the risks posed by the spread of COVID-19 and in
accordance with the provisions of the articles of association of
the Company and the Government of Jersey guidance, physical
attendance at the EGM is unlikely to be possible. If the law or
Government of Jersey guidance so requires at the time of the EGM,
the Chairman of the EGM will limit, in his sole discretion, the
number of individuals in attendance at the EGM. Should the
Government of Jersey measures be relaxed by the time of the EGM,
the Company may still impose entry restrictions on certain persons
wishing to attend the EGM in order to ensure the safety of those
attending the EGM. Given they are unlikely to be able to attend the
EGM in person, Shareholders are strongly encouraged to appoint the
chairman of the EGM as their proxy to vote on their behalf at the
EGM.
A copy of the Circular has been submitted to the Financial
Conduct Authority and will be available for inspection at the
National Storage Mechanism which is located at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the
Company's website at www.asian-income.co.uk .
Terms used in this announcement shall have the same meaning as
those used in the Circular, unless the context requires
otherwise
For further information please contact:
Maria Allen
Aberdeen Standard Fund Managers Limited
020 7463 6000
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END
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