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RNS

Half Yearly Results

Released 13:58 21-Mar-2013

RNS Number : 5743A
Aberdeen Asian Smaller Co's Inv Tst
21 March 2013
 



ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC

ANNOUNCEMENT OF UNAUDITED HALF YEARLY RESULTS

for the six months ended 31 January 2013

 

 

INTERIM BOARD REPORT

 

Background

In the half year under review, the performance of Asian Stock Markets was impressive against an improving global backdrop. In the same period, smaller companies strongly outperformed the general market.

 

I am pleased to report your Company's diluted net asset value ("NAV") return was 23.5% in the six months to 31 January 2013, ahead of both the MSCI Asia Pacific ex Japan Index's return of 13.6% and the MSCI Asia Pacific ex Japan Small Cap Index's return of 17.0%. The share price total return was 31.3% closing at 960.8p on 31 January 2013. During the period, a 0.6% discount to net asset value moved to a 5.8% premium.

 

Share Capital and Gearing

During the period, the Company has continued the policy of issuing new shares for cash at a premium to the underlying NAV per share in response to strong demand from the market. It is pleasing to see this trend continue with the resultant benefit to the liquidity of the Company's shares and the resultant minor uplift to NAV per share. From 1 August 2012 to the date of writing we have issued 2.5 million shares and we will continue to consider such issues as and when there is demand.

 

The Company has structural gearing in the form of the Convertible Unsecured Loan Stock issued last year which represents approximately 9.4% of the Company's total assets.

 

Overview

The policy of the major Central Banks to create liquidity was arguably the driver behind recent stock market moves. The willingness of the European Central Bank to be a lender of last resort and its pledge to keep the euro intact at all costs formed a basis for markets to move higher. A third round of quantitative easing in the US, followed by a compromise to avert a series of automatic spending cuts and tax hikes, also renewed investor appetite.

 

In Asia, news that China's economy may have bottomed provided further impetus to the rally. Since November 2012, better manufacturing indicators and retail sales pointed to signs of stabilisation in the economy. The economies of Indonesia, Malaysia, Thailand and the Philippines were supported by healthy domestic consumption and government infrastructure spending.  However, a decline in global trade hurt export demand in the more international economies such as South Korea, Singapore and Taiwan. In India, political dithering, a weak fiscal position and stubborn inflation hampered recent reforms to boost growth.

 

Portfolio

Among your Company's holdings that helped performance were those in the financials sector, which includes property, insurance and banks. At the stock level, the key contributors were the Thai consumer finance company Aeon Thana Sinsap, the Hong Kong financial group Dah Sing Financial and the Indonesian bank OCBC Nisp. Aeon Thana posted solid third-quarter profits as revenues remained healthy and provisions fell sharply. This growth should be underpinned by firm domestic demand and the expansion of its business in neighbouring countries such as Laos and Vietnam. Dah Sing, a relatively new addition to the portfolio due to its attractive valuation relative to its peers, rallied on the back of good results. Bank OCBC Nisp continued to make progress on the back of robust loan growth. Its asset quality remains stable as the bank is prudently managed and maintains high standards of credit control.

 

The other companies that helped performance were the Sri Lankan conglomerate John Keells, the Malaysian cement manufacturer Tasek Corp and the Indian IT company CMC. John Keells reported satisfactory results as good occupancy at its portfolio of city hotels outweighed lower profits from its bunkering and port operations. Tasek Corp was buoyed by a raft of government infrastructure projects and CMC's steady results were driven by higher margins.

 

Conversely, consumer-related holdings lagged the broader market as they paused for breath after their strong performance over the past few years. However, both the Thai discount store operator Siam Makro and the Hong Kong retailer Giordano International bucked the general trend. Makro benefited from a combination of a sharp rise in consumer spending after an increase in the minimum wage and from lower corporate tax rates. Giordano was aided by higher domestic and regional sales, which compensated for lower demand in China. Your Manager still maintained the bias towards consumer-related equities on conviction that Asia's expanding middle class and its increasing wealth will continue to drive domestic consumption over the long term.

 

In portfolio activity, Myanmar property developer Yoma Strategic Holdings, listed in Singapore, was added. Its quality property portfolio will serve as a good proxy to the local economy which your Manager believes has significant growth potential.

 

Another significant portfolio transaction was the share swap in November of WBL Corp shares for shares of the Straits Trading Company (STC). Your Manager believes that STC's enlarged position in WBL will allow it to unlock value for the benefit of all shareholders. Recently, however, STC's offer for the rest of the WBL shares it does not own was countered by a bid from United Engineers (UE), which at the time of writing is unlikely to succeed as the WBL share price is trading at a higher level.

 

Outlook

Stock markets started 2013 on a bright note but there is cause for caution in the year ahead. The global economic outlook is still clouded with uncertainties. In particular, concerns remain over the extent of the spending cuts in the US, as well as a potential flare-up in Europe's debt crisis. Investors will also focus on China's economic outlook and policy action following the leadership transition. While abundant liquidity from the ultra-loose monetary policy in the developed world has been supportive of Asian equities, this has created unintended consequences for the region's asset prices. Strong capital inflows have already prompted some governments to tighten measures in property and other asset classes to moderate the influx in search of higher yields. Historically low interest rates have also stoked inflationary fears in some economies, while the territorial dispute between China and Japan, along with elections in Australia and Malaysia this year, add a degree of political uncertainty. In all, this will not be an easy year.

 

Nonetheless, Asia's longer term outlook, underpinned by firm fundamentals, remains promising. Your Company's quality holdings, with proven management, robust balance sheets and sustainable businesses, should continue to stand the portfolio in good stead against an uncertain global backdrop. The smaller companies, in which this Company is invested, are well positioned to benefit from any upturn given their lower exposure to the economic challenges of developed markets.

 

Principal Risks and Uncertainties

The principal risks and uncertainties affecting the Company are set out in detail on pages 3 to 6 of the Annual Report and Financial Statements for the year ended 31 July 2012 and have not changed. They can be summarised under the following headings:

 

·      General Market Risks

·      CULS Risks

·      Ordinary Share Risks

·      Risks Relating to the Company's Investments

·      Gearing Risks

·      Foreign Exchange Risks

·      Taxation Risks

·      Accounting Practices and Policies Risk

·      Risks relating to the Appointment of the Manager

·      Legal and Regulatory Risks

 

Going Concern

The Company's assets consist of a diverse portfolio of listed equities which in most circumstances are realisable within a short timescale. The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 

Directors' Responsibility Statement

The Directors are responsible for preparing this half-yearly financial report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:

 

·      the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with the Accounting Standards Board's Statement "Half Yearly Financial Reports";

 

·      the Interim Board Report (constituting the interim management report) includes a fair review of the information  required by rule 4.2.7R of the UK Listing Authority Disclosure and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year) and 4.2.8R (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could so do).

 

 

 

Nigel Cayzer

Chairman

21 March 2013

 

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Income Statement

 

 


Six months ended

Six months ended


 31 January 2013

 31 January 2012


(unaudited)

(unaudited)


Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

Gains/(losses) on investments

-

65,149

65,149

-

(10,341)

(10,341)

Income (note 3)

4,115

-

4,115

3,784

-

3,784

Foreign exchange losses

-

(10)

(10)

-

(299)

(299)

Investment management fees

(1,490)

-

(1,490)

(1,274)

-

(1,274)

Administrative expenses

(508)

-

(508)

(457)

-

(457)


_______

_______

_______

_______

_______

_______

Net return on ordinary activities before finance costs and taxation

2,117

65,139

67,256

2,053

(10,640)

(8,587)








Finance costs

(743)

-

(743)

(109)

-

(109)


_______

_______

_______

_______

_______

_______

Net return on ordinary activities before taxation

1,374

65,139

66,513

1,944

(10,640)

(8,696)








Taxation

(228)

47

(181)

(296)

102

(194)


_______

_______

_______

_______

_______

_______

Return on ordinary activities after taxation

1,146

65,186

66,332

1,648

(10,538)

(8,890)


_______

_______

_______

_______

_______

_______

Return per share (pence) (note 5):







Basic

3.22

183.32

186.54

4.71

(30.14)

(25.43)


_______

_______

_______

_______

_______

_______

Diluted

2.51

163.98

166.49

-

-

-


_______

_______

_______

_______

_______

_______


The total column of this statement represents the profit and loss account of the Company.

A Statement of Total Recognised Gains and Losses has not been presented as all gains and losses are recognised in the Income Statement.

All revenue and capital items in the above statement derive from continuing operations.

No operations were acquired or discontinued during the period.

 



Aberdeen Asian Smaller Companies Investment Trust PLC

Income Statement

 


Year ended


31 July 2012


(audited)


Revenue

Capital

Total


£'000

£'000

£'000

Gains/(losses) on investments

-

19,559

19,559

Income (note 3)

9,168

-

9,168

Foreign exchange losses

-

(211)

(211)

Investment management fees

(2,665)

-

(2,665)

Administrative expenses

(867)

-

(867)


_______

_______

_______

Net return on ordinary activities before finance costs and taxation

5,636

19,348

24,984





Finance costs

(518)

-

(518)


_______

_______

_______

Net return on ordinary activities before taxation

5,118

19,348

24,466





Taxation

(511)

13

(498)


_______

_______

_______

Return on ordinary activities after taxation

4,607

19,361

23,968


_______

_______

_______

Return per share (pence) (note 5):




Basic

13.18

55.38

68.56


_______

_______

_______

Diluted

-

-

-


_______

_______

_______



Balance Sheet

 


As at

As at

As at


31 January
2013

31 January 2012

31 July
2012


(unaudited)

(unaudited)

(audited)


£'000

£'000

£'000

Non-current assets




Investments at fair value through profit or loss

359,512

235,873

287,637





Current assets




Debtors and prepayments

1,520

677

627

Cash and short term deposits

9,161

1,681

7,042


_______

_______

_______


10,681

2,358

7,669


_______

_______

_______





Creditors: amounts falling due within one year




Bank loan (note 10)

-

(10,646)

-

Other creditors

(654)

(810)

(1,149)


_______

_______

_______


(654)

(11,456)

(1,149)


_______

_______

_______

Net current assets/(liabilities)

10,027

(9,098)

6,520


_______

_______

_______

Total assets less current liabilities

369,539

226,775

294,157


_______

_______

_______





Non-current liabilities




3.5% Convertible Unsecured Loan Stock 2019 (note 11)

(33,086)

-

(33,163)


_______

_______

_______

Net assets

336,453

226,775

260,994


_______

_______

_______





Capital and reserves




Called-up share capital (note 12)

9,397

9,287

9,287

Capital redemption reserve

2,062

2,062

2,062

Share premium account

24,595

14,512

14,512

Special reserve

11,715

8,372

8,372

Equity component of 3.5% Convertible Unsecured Loan Stock 2019 (note 11)

1,361

-

1,361

Capital reserve (note 7)

282,073

186,988

216,887

Revenue reserve

5,250

5,554

8,513


_______

_______

_______

Equity shareholders' funds

336,453

226,775

260,994


_______

_______

_______

Net asset value per share (pence) (note 6):




Basic

921.45

648.67

746.55


_______

_______

_______

Diluted

908.31

-

-


_______

_______

_______

 



Reconciliation of Movements in Shareholders' Funds

 

Six months ended
31 January 2013 (unaudited)











Capital

Share


Equity





Share

redemption

premium

Special

component

Capital

Revenue



capital

reserve

account

reserve

CULS 2019

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 July 2012

9,287

2,062

14,512

8,372

1,361

216,887

8,513

260,994

Issue of new shares

104

-

3,819

-

-

-

-

3,923

Issue of shares from treasury

-

-

6,076

3,343

-

-

-

9,419

Conversion of 3.5% Convertible Unsecured Loan Stock (note 11)

6

-

188

-

-

-

-

194

Return on ordinary activities after taxation

-

-

-

-

-

65,186

1,146

66,332

Dividends paid (note 2)

-

-

-

-

-

-

(4,409)

(4,409)


_____

______

______

_____

______

_____

______

_____

Balance at 31 January 2013

9,397

2,062

24,595

11,715

1,361

282,073

5,250

336,453


_____

______

______

_____

______

_____

______

_____










Six months ended
31 January 2012 (unaudited)











Capital

Share


Equity





Share

redemption

premium

Special

component

Capital

Revenue



capital

reserve

account

reserve

CULS 2019

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 July 2011

9,287

2,062

14,512

8,372

-

197,526

8,206

239,965

Return on ordinary activities after taxation

-

-

-

-

-

(10,538)

1,648

(8,890)

Dividends paid (note 2)

-

-

-

-

-

-

(4,300)

(4,300)


_____

______

______

_____

______

_____

______

_____

Balance at 31 January 2012

9,287

2,062

14,512

8,372

-

186,988

5,554

226,775


_____

______

______

_____

______

_____

______

_____










Year ended 31 July 2012 (audited)











Capital

Share


Equity





Share

redemption

premium

Special

component

Capital

Revenue



capital

reserve

account

reserve

CULS 2019

reserve

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Balance at 31 July 2011

9,287

2,062

14,512

8,372

-

197,526

8,206

239,965

Issue of 3.5% Convertible Unsecured Loan Stock (note 11)

-

-

-

-

1,361

-

-

1,361

Return on ordinary activities after taxation

-

-

-

-

-

19,361

4,607

23,968

Dividends paid (note 2)

-

-

-

-

-

-

(4,300)

(4,300)


_____

______

______

_____

______

______

______

_____

Balance at 31 July 2012

9,287

2,062

14,512

8,372

1,361

216,887

8,513

260,994


_____

______

______

_____

______

_____

______

_____



Cash Flow Statement

 


Six months ended

Six months ended

Year
ended


31 January 2013

31 January 2012

31 July 2012


(unaudited)

(unaudited)

(audited)


£'000

£'000

£'000

Net total return before finance costs and taxation

67,256

(8,587)

24,984

Adjustments for:




(Gains)/losses on investments

(65,149)

10,341

(19,559)

Effect of foreign exchange rate movements

10

299

211

Decrease/(increase) in accrued income

128

(30)

15

Increase in other debtors

(23)

(6)

(3)

Increase/(decrease) in other creditors

7

(3)

56

Overseas withholding tax suffered

(181)

(194)

(498)

Stock dividend included in investment income

-

-

(30)


___________

___________

___________

Net cash inflow from operating activities

2,048

1,820

5,176





Net cash outflow from servicing of finance

(663)

(111)

(208)

Net cash outflow from financial investment

(7,661)

(4,294)

(26,086)

Equity dividends paid (note 2)

(4,409)

(4,300)

(4,300)


___________

___________

___________

Net cash outflow before financing

(10,685)

(6,885)

(25,418)





Financing




Issue of 3.5% Convertible Unsecured Loan Stock 2019

-

-

34,452

Issue of new shares

3,395

-

-

Issue of shares from treasury

9,419

-

-

Drawdown of loan

-

5,017

14,062

Repayment of loan

-

-

(19,634)


___________

___________

___________

Net cash inflow from financing activities

12,814

5,017

28,880


___________

___________

___________

Increase/(decrease) in cash

2,129

(1,868)

3,462


___________

___________

___________





Reconciliation of net cash flow to movements in net debt




Increase/(decrease) in cash as above

2,129

(1,868)

3,462

Effect of foreign exchange rate movements

(10)

(299)

(211)

Drawdown of loan

-

(5,017)

(14,062)

Repayment of loan

-

-

19,634


___________

___________

___________

Movement in net funds/(debt) in the period

2,119

(7,184)

8,823

Net funds/(debt) at start of period

7,042

(1,781)

(1,781)


___________

___________

___________

Net funds/(debt) at end of period

9,161

(8,965)

7,042


___________

___________

___________





Represented by:




Cash and short term deposits

9,161

1,681

7,042

Debt due within one year

-

(10,646)

-


___________

___________

___________


9,161

(8,965)

7,042


___________

___________

___________



 

 

Notes to the Financial Statements

 

1.

Accounting policies


(a)

Basis of Accounting



The accounts have been prepared in accordance with applicable UK Accounting Standards (United Kingdom Generally Accepted Accounting Practice), with pronouncements on half yearly reporting issued by the Accounting Standards Board and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. 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 same accounting policies used for the year ended 31 July 2012 have been applied.





(b)

Dividends payable



Dividends are recognised in the period in which they are paid.

 



Six months ended

Six months ended

Year
ended



31 January 2013

31 January 2012

31 July
2012

2.

Dividends

£'000

£'000

£'000


Final dividend for 2012 - 9.50p (2011 - 9.50p)

3,351

3,321

3,321


Special dividend for 2012 - 3.00p (2011 - 2.80p)

1,058

979

979



___________

___________

___________



4,409

4,300

4,300



___________

___________

___________

 



Six months ended

Six months ended

Year
ended



31 January 2013

31 January 2012

31 July
2012

3.

Income

£'000

£'000

£'000


Income from investments





UK dividend income

31

27

106


Overseas dividends

4,077

3,755

9,021


Stock dividends

-

-

30



___________

___________

___________



4,108

3,782

9,157



___________

___________

___________


Other income





Deposit interest

7

2

11



___________

___________

___________


Total income

4,115

3,784

9,168



___________

___________

___________

 

4.

Taxation


The taxation charge for the period has been calculated at an annualised tax rate of 23.67% (31 January 2012 - 26%; 31 July 2012 - 25.33%) and reflects the tax on offshore funds without distributor status and the subsequent transfer to income for the use of excess expenses.

 



Six months ended

Six months ended

Year
ended



31 January 2013

31 January 2012

 31 July
2012

5.

Return per Ordinary share

p

p

p


Basic





Revenue return

3.22

4.71

13.18


Capital return

183.32

(30.14)

55.38



___________

___________

___________


Total return

186.54

(25.43)

68.56



___________

___________

___________


The figures above are based on the following:






£'000

£'000

£'000


Revenue return

1,146

1,648

4,607


Capital return

65,186

(10,538)

19,361



___________

___________

___________


Total return

66,332

(8,890)

23,968



___________

___________

___________


Weighted average number of shares in issue{A}

35,558,836

34,960,210

34,960,210



___________

___________

___________







Diluted{B}

p

p

p


Revenue return

2.51

-

-


Capital return

163.98

-

-



___________

___________

___________


Total return

166.49

-

-



___________

___________

___________







The figures above are based on the following:






£'000

£'000

£'000


Revenue return

996

-

-


Capital return

65,186

-

-



___________

___________

___________


Total return

66,182

-

-



___________

___________

___________


Number of dilutive shares

4,193,472

-

-


Diluted shares in issue{A}

39,752,308

-

-




{A} Calculated excluding shares held in treasury.


{B} For the periods ended 31 January 2012 and 31 July 2012 there was no dilution. Where dilution occurs, the net returns for the period are adjusted for items relating to the 3.5% Convertible Unsecured Loan Stock 2019 ("CULS"). Total earnings for the period are tested for dilution. Once dilution has been determined individual revenue and capital earnings are adjusted for the savings in finance costs for the period relating to the CULS, which are reversed.

 



As at

As at

As at

6.

Net asset value per Ordinary share

31 January 2013

31 January 2012

31 July
2012


Basic





Net assets attributable

£336,453,000

£226,775,000

£260,994,000


Number of Ordinary shares in issue{A}

36,513,582

34,960,210

34,960,210


Net asset value per Ordinary share

921.45p

648.67p

746.55p



___________

___________

___________


Diluted{B}





Net assets attributable

£369,746,000

-

-


Number of Ordinary shares

40,707,054

34,960,210

34,960,210


Net asset value per Ordinary share

908.31p

-

-



___________

___________

___________






{A}      Excludes shares in issue held in treasury.




{B}      The diluted net asset value per Ordinary share has been calculated on the assumption that the £34,805,818 3.5% Convertible Unsecured Loan Stock 2019 ("CULS") are converted at 830.0p per share, giving a total of 40,707,054 Ordinary shares. Where dilution occurs, the net assets are adjusted for items relating to the CULS.




Net asset value per share - debt converted


In accordance with the Company's understanding of the current methodology adopted by the AIC, convertible bond instruments are deemed to be 'in the money' if the cum income (debt at fair value) net asset value ("NAV") exceeds the conversion price of 830.0p per share. In such circumstances a net asset value is produced and disclosed assuming the convertible debt is fully converted. At 31 January 2013 the cum income (debt at fair value) NAV was 921.45p and thus the CULS were 'in the money'. At 31 January 2012 the Company had not issued its CULS and at 31 July 2012 the CULS were not 'in the money'.

 

7.

Capital reserve


The capital reserve reflected in the Balance Sheet at 31 January 2013 includes gains of £209,937,000 (31 January 2012 - gains of £121,660,000; 31 July 2012 - gains £147,870,000), which relate to the revaluation of investments held at the reporting date.

 

8.

Transaction costs


During the period expenses were incurred in acquiring or disposing of investments classified as fair value though profit or loss. These have been expensed through capital and are included within gains/(losses) on investments in the Income Statement. The total costs were as follows:








Six months ended

Six months ended

Year
ended



31 January 2013

31 January 2012

31 July
2012



£'000

£'000

£'000


Purchases

31

31

102


Sales

-

14

49



___________

___________

___________



31

45

151



___________

___________

___________

 

9.

Related party transactions


Mr M J Gilbert and his alternate, Mr H Young are directors of Aberdeen Asset Management PLC and its subsidiary Aberdeen Asset Management (Asia) Ltd ("AAM Asia"). Mr Gilbert is also a director of Aberdeen Asset Managers Ltd ("AAM"). AAM Asia has an agreement to provide management services to the Company and AAM has an agreement to provide both administration and marketing services to the Company.




The management fee is payable monthly in arrears based on an annual amount of 1.2% calculated on the average net asset value (being gross assets less liabilities but excluding from such liabilities the amount of any loan facilities drawn down) of the Company over a 24 month period, valued monthly. During the period £1,490,000 (31 January 2012 - £1,274,000; 31 July 2012 - £2,665,000) of management fees were earned by the Manager, with a balance of £257,000 (31 January 2012 - £264,000; 31 July 2012 - £239,000) being payable to AAM Asia at the period end.




The investment management fees are charged 100% to revenue.




The administration fee is payable quarterly in advance and is based on a current annual amount of £80,000 (31 January 2012 - £80,000; 31 July 2012 - £80,000). During the period £40,000 (31 January 2012 - £39,000; 31 July 2012 - £80,000) of fees were earned, with a balance of £20,000 (31 January 2012 - £1,000; 31 July 2012 - £20,000) payable to AAM at the period end.




The marketing fee is based on a current annual amount of £206,000 (31 January 2012 - £173,000; 31 July 2012 - £172,000), payable quarterly in arrears. During the period £98,000 (31 January 2012 - £86,000; 31 July 2012 - £172,000) of fees were earned, with a balance of £18,000 (31 January 2012 - £15,000; 31 July 2012 - £58,000) being payable to AAM at the period end.

 

10.

Bank loan


The Company has a £2 million multi currency revolving advance loan facility with Royal Bank of Scotland which is due to expire on 26 May 2014. During the six months ended 31 January 2013 no amount was drawn down from the facility.  

 

11.

Non-current liabilities






Number of units

Liability component

Equity component


3.5% Convertible Unsecured Loan Stock 2019 ("CULS")

£'000

£'000

£'000


Balance at beginning of year

35,000

33,163

1,361


Conversion of CULS into Ordinary shares

(194)

(194)


Notional interest on CULS transferred to revenue reserve

79


Amortisation of discount and issue expenses

38



_________

_________

_________


Balance at end of period

34,806

33,086

1,361



_________

_________

_________







The 3.5% Convertible Unsecured Loan Stock 2019 ("CULS") can be converted at the election of holders into Ordinary shares during the months of May and November each year throughout their life, commencing 30 November 2012 to 31 May 2019 at a rate of 1 Ordinary share for every 830.0p nominal of CULS. Interest is paid on the CULS on 31 May and 30 November each year, commencing 30 November 2012. 100% of the interest is charged to revenue in line with the Board's expected long-term split of returns from the investment portfolio of the Company.




During the period ended 31 January 2013 the holders of £194,182 of CULS exercised their right to convert their holdings into Ordinary shares. Following the receipt of the exercise instructions, the Company converted £194,182 (31 January 2012 - £nil; 31 July 2012 - £nil) nominal amount of CULS into 23,372 (31 January 2012 - nil; 31 July 2012 - nil) Ordinary shares.




In the event of a winding-up of the Company the rights and claims of the Trustee and CULS holders would be subordinate to the claims of all creditors in respect of the Company's secured and unsecured borrowings, under the terms of the Trust Deed.




As at 31 January 2013, there was £34,805,818 nominal amount of CULS in issue.

 

12.

Called-up share capital


During the six months ended 31 January 2013 an additional 23,372 (31 January 2012 - nil, 31 July 2012 - nil) Ordinary shares of 25p each were issued after 194,182 (31 January 2012 - nil, 31 July 2012 - nil) nominal amount of 3.5% Convertible Unsecured Loan Stock 2019 were converted at 830.0p each. The total consideration received was £nil.




In addition, during the six months ended 31 January 2013 an additional 420,000 (31 January 2012 - nil, 31 July 2012 - nil) new Ordinary shares of 25p each were sold. The total consideration received was £3,923,000 (31 January 2012 - £nil, 31 July 2012 - £nil).




In addition, during the six months ended 31 January 2013 an additional 1,110,000 (31 January 2012 - nil, 31 July 2012 - nil) Ordinary shares from treasury of 25p each were issued. The total consideration received was £9,419,000 (31 January 2012 - £nil; 31 July 2012 - £nil).




At the end of the period there were 37,589,872 Ordinary shares in issue, of which 1,076,290 were held in treasury.

 

13.

Events after the reporting period


Subsequent to the reporting period end the Company has issued a further 955,000 new Ordinary shares at a total consideration received, including transactions costs, of £9,575,712. Following these share issues there are 38,544,872 Ordinary shares in issue, of which 1,076,290 are held in treasury.

 

14.

Half-Yearly Report


The financial information in this report does not comprise statutory accounts within the meaning of Section 434 - 436 of the Companies Act 2006. The financial information for the year ended 31 July 2012 has been extracted from published accounts that have been delivered to the Registrar of Companies and on which the report of the auditors was unqualified and contained no statement under Section 498 (2), (3) or (4) of the Companies Act 2006. The interim accounts have been prepared using the same accounting policies as the preceding annual accounts.




Ernst & Young LLP has reviewed the financial information for the six months ended 31 January 2013 pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.

 

15.

This Half-Yearly Report was approved by the Board and authorised for issue on 21 March 2013.

 

Copies of the Company's Half Yearly Report for the six months ended 31 January 2013 will be posted to shareholders in early April 2013 and will be available thereafter on the Company's website:
www.asian-smaller.co.uk* and from the registered office, Bow Bells House, 1 Bread Street, London EC4M 9HH.

 

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 content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

 

 

 

Aberdeen Asset Management PLC

Secretaries

21 March 2013

 



Independent Review Report to Aberdeen Asian Smaller Companies Investment Trust PLC

 

Introduction

We have been engaged by Aberdeen Asian Smaller Companies Investment Trust PLC ("the Company") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 January 2013 which comprises the Income Statement, Balance Sheet, Reconciliation of Movements in Shareholders' Funds, Cash Flow Statement and the related notes 1 to 15. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed.

 

Directors' Responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with United Kingdom Generally Accepted Accounting Practice. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with the Accounting Standards Board Statement "Half-Yearly Financial Reports".

 

Our Responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

 

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 January 2013 is not prepared, in all material respects, in accordance with the Accounting Standards Board Statement "Half-Yearly Financial Reports" and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

 

 

Ernst & Young LLP

Edinburgh

21 March 2013

 


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