abrdn Asian Income Fund Limited New Mgmt. Fee & Reinvestment of Fees by Manager
04 Marzo 2024 - 12:24PM
RNS Regulatory News
RNS Number : 4787F
abrdn Asian Income Fund Limited
04 March 2024
abrdn
Asian Income Fund Limited (the "Company")
Legal Entity Identifier (LEI):
549300U76MLZF5F8MN87
4
March 2024
New
Management Fee and Reinvestment of Fees by the
Manager
The Company's Board of Directors is
delighted to announce a successful negotiation resulting in a
reduction of the management fee the Company pays to abrdn,
effective from the beginning of the current financial year starting
January 1, 2024. The new fee structure will be determined by the
lower of the Company's market capitalisation or net asset value, a
change aimed at better aligning the fee with shareholders'
interests. The fee will be calculated monthly at a rate of 0.75%
per annum on market capitalisation (or net assets, whichever is
lower) up to £300 million, and 0.60% for amounts exceeding this
threshold. This adjustment is anticipated to decrease the Company's
overall ongoing charges for the financial year ending December 31,
2024, by approximately 17% compared to the previous year. Detailed
information regarding the Company's ongoing charges for the year
ending December 31, 2023, will be provided with the announcement of
the Company's financial results expected by the end of March.
Furthermore, we are pleased to announce that abrdn has initiated
its reinvestment of management fees program by subscribing to
190,000 shares of the Company as of today's date, equivalent to
approximately three months' worth of management fees.
Ian Cadby, Chairman, commented:
"Amid these challenging times for
the investment company industry, we find it gratifying to report a
meaningful reduction in overall costs for our shareholders in the
upcoming year. We also commend our manager for demonstrating its
support for the Company through the reinvestment of management fees
program, reaffirming its commitment to reinvest a portion of the
fees back into the Company."
abrdn
Investments Limited
Administrator
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Grafico Azioni Abrdn Asian Income (LSE:AAIF)
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