TORONTO, April 12, 2021 /CNW/ -- Aberdeen
Asia-Pacific Income Investment Company Limited (TSX:
FAP) (the "Company"), a closed-end investment company
trading on the Toronto Stock Exchange, announced today that it will
pay a monthly distribution of CAD 2.25
cents per ordinary share on April 30,
2021 to all ordinary shareholders of record as of
April 23, 2021 (ex-dividend date
April 22, 2021).
The policy of the Company's Board of Directors is to maintain a
stable monthly distribution out of net investment income and
realized capital gains supplemented with paid-in capital as
required. This policy is subject to regular review at the Board's
quarterly meetings.
The following table sets forth the estimated amounts and the
sources of the distributions. The figures in the table below have
been computed based on international financial reporting standards.
The table includes estimated amounts and percentages for the
distribution to be paid on April 30,
2021 as well as the estimated cumulative distributions
declared fiscal year to date (11/01/2020 -
03/31/2021), from the following sources: net investment
income; net realized gains; return of capital; and return of par.
The final composition of the distributions is subject to change and
may be impacted by future income, expenses and realized gains and
losses on securities and currencies. Although a portion of any
distribution may be recorded as a return of capital, the full
amount of the distribution (other than a return of par) will be
foreign income for Canadian income tax purposes.
|
Estimated Amounts of
Current Monthly Distribution per share (C$)
|
Estimated Amounts of
Current Monthly Distribution per share (%)
|
Estimated Amounts of
Fiscal Year to Date Cumulative Distributions per share
(C$)
|
Estimated Amounts of
Fiscal Year to Date Cumulative Distributions per share
(%)
|
|
Net Investment
Income
|
$0.0198
|
88%
|
$0.1188
|
88%
|
|
Net Realized
Gains
|
$0.0016
|
7%
|
$0.0095
|
7%
|
|
Return of
Capital
|
-
|
-
|
-
|
-
|
|
Return of
Par
|
$0.0011
|
5%
|
$0.0067
|
5%
|
|
Total (per common
share)
|
$0.0225
|
100%
|
$0.1350
|
100%
|
Shareholders should not draw any conclusions about the
Company's investment performance from the amount of the Company's
current distribution.
The amounts and sources of distributions set out above are
estimates only and are not being provided for tax reporting
purposes. The final determination of the source of all
distributions made in 2021 will be made after the year-ended 2021.
The actual amounts and sources of the amounts of distributions for
tax reporting purposes will depend upon the Company's results
during the remainder of the calendar year and are subject to any
changes to applicable tax regulations. Information for tax
reporting purposes will be provided to the Company's shareholders
on a Form T5 in February of 2022.
The Company previously announced that the Cook Islands
Parliament recently passed legislation that removes the tax
exemptions for Cook Islands
international companies, like the Company, subjecting these
companies to the Cook Islands
company tax regime and a tax on company profit of 20%. Under
grandfathering provisions, there is no immediate impact on the
Company and the Company will not be subject to the new rules until
its fiscal year commencing November 1,
2021. The Manager and the Board have been evaluating
alternative Company structures and the potential to re-domicile the
Company in order to mitigate the tax effect on shareholders.
This review is nearing completion and an update will be provided as
soon as they are in a position to do so.
Information in this press release that is not current or
historical factual information may constitute forward-looking
information within the meaning of securities laws. Such
forward-looking information reflects the Investment Manager's
beliefs, estimates and opinion regarding the Company's future
financial performance, projects and opportunities and market
conditions as at today's date. Implicit in this information,
particularly in respect of future financial performance and
condition of the Company, are factors and assumptions which,
although considered reasonable by the Company at the time of
preparation, may prove to be incorrect. Shareholders are cautioned
that actual results are subject to a number of risks and
uncertainties, including general economic and market factors,
including credit, currency, political and interest-rate risks and
could differ materially from what is currently expected. The
Company has no specific intention of updating any forward-looking
information whether as a result of new information, future events
or otherwise, except as required by law.
Aberdeen Standard Investments ("ASI") is the marketing name in
Canada for Aberdeen Standard
Investments (Canada) Limited ("ASI
Canada"), Aberdeen Standard Investments Luxembourg SA, Standard
Life Investments Private Capital Ltd, SL Capital Partners LLP,
Standard Life Investments Limited, Aberdeen Standard Alternative
Funds Limited, and Aberdeen Capital Management LLC. ASI Canada is
the administrator of the Company and is registered as an investment
fund manager in Canada where
required. ASI Canada is a wholly-owned subsidiary of Aberdeen
Standard Investments Inc., the sub-administrator of the
Company.
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. 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