TORONTO, July 20, 2020 /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 other
Canadian alternative trading systems. During the bid, which
will commence July 22, 2020 and end
no later than July 21, 2021, the
Company may purchase up to 2,537,230 ordinary shares, which is 5%
of the total of the Company's 50,744,616 ordinary shares issued and
outstanding as at July 10, 2020. 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 1,014,892 ordinary shares, being 2% of the
50,744,616 issued and outstanding ordinary shares as at
July 10, 2020. The Company will
cancel shares purchased under the bid.
Pursuant to a previous notice of intention to conduct a normal
course issuer bid, under which the Company sought and received
approval from the TSX to purchase up to 2,541,430 ordinary
shares for the period July 22, 2019
to July 21, 2020, the Company has
purchased, as of July 10, 2020,
84,000 ordinary shares on the open market at an average price of
$3.59 per share.
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.
Aberdeen Standard Investments ("ASI") is the marketing name in
Canada for Aberdeen Standard
Investments (Canada) Limited,
Aberdeen Standard Investments Luxembourg SA, Standard Life
Investments Private Capital Ltd, SL Capital Partners LLP, Standard
Life Investments Limited, Standard Life Investments (Corporate
Funds) Limited, and Aberdeen Capital Management LLC. Aberdeen
Standard Investments (Canada)
Limited, is registered as a Portfolio Manager and Exempt Market
Dealer in all provinces and territories of Canada as well as an Investment Fund Manager
in the provinces of Ontario,
Quebec, and Newfoundland and Labrador.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The Company's 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 company's portfolio. There is no assurance
that the Company will achieve its investment objective. Past
performance does not guarantee future results.
If you wish to receive this information
electronically, please contact
Investor.Relations@aberdeenstandard.com
aberdeenfap.com
SOURCE Aberdeen Asia-Pacific Income Investment Company
Limited