TORONTO, ON / ACCESSWIRE / July 20, 2021 / 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, 2021 and end no later than July 21, 2022, 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 12, 2021. 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 50,744,616issued and outstanding ordinary shares as at July 12, 2021. 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 2,537,230 ordinary shares for the period July 22, 2020 to July 21, 2021, the Company did not buy back any ordinary shares for cancellation.
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
For More Information Contact:
Aberdeen Standard Investments Inc
Investor Relations
800-992-6341
Investor.Relations@aberdeenstandard.com
SOURCE: Aberdeen Standard Investments Inc.
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