News Column

Aberdeen Asia-Pacific Income Investment Company Limited Announces Normal Course Issuer Bid

July 16, 2014

TORONTO, July 16, 2014 /CNW/ -- Aberdeen Asia-Pacific Income Investment Company Limited (TSX: FAP) (the "Company"), a closed-end investment company trading on The Toronto Stock Exchange ("TSX"), announced today that the TSX has accepted notice of its intention to make a normal course issuer bid, through which the Company will make open market purchases on the TSX or the following alternative markets, if eligible: Alpha ATS, CHI-X Canada, MATCH Now (TriAct Canada), Omega ATS and Pure Trading.  During the bid, which will commence July 18, 2014 and end no later than July 17, 2015, the Company may purchase up to 2,643,060 ordinary shares, which is 5% of the total of the Company's 52,861,216 ordinary shares issued and outstanding as at July 4, 2014. The actual number of shares purchased, the time of the purchases and the prices at which the shares will be bought will depend upon future market conditions. The Company will not purchase in any 30 day period more than 1,057,224 ordinary shares, being 2% of the 52,861,216 issued and outstanding ordinary shares as at July 4, 2014. The Company will cancel shares purchased under the bid.  In the previous 12 months, the Company did not purchase any of its outstanding shares under its current normal course issuer bid which will expire on July 17, 2014. 

Aberdeen Asset Management Inc. At Aberdeen, asset management is our business. We only manage assets for clients, allowing us to focus solely on their needs and deliver independent, objective investment advice. We know global markets from the local level upwards, drawing on more than 1,900 staff, across 32 offices in 23 countries. Investment teams are based in the markets or regions where they invest, delivering local perspective in a global investment environment.

The Company's directors believe that from time to time the purchase of ordinary shares of the Company may be a worthwhile investment for the Company that should benefit continuing shareholders.  The Company's directors believe that normal course issuer bid purchases of shares for cancellation may, by reducing the number of outstanding shares, reduce the discount that may exist between the market price of the shares and the Company's net asset value per share.

Closed-end funds have a one-time initial public offering and then are subsequently traded on the secondary market through one of the stock exchanges. The investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio. There is no assurance that a fund will achieve its investment objective. Past performance does not guarantee future results.

For further information: Please contact Investor Relations at 800-992-6341.

If you wish to receive this information electronically, please contact

Logo -

SOURCE Aberdeen Asia-Pacific Income Investment Company Limited

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Canada Newswire

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters