TORONTO, July 14 /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 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 16, 2010 and end no later than July 15, 2011, the Company may purchase up to 5,157,525 ordinary shares, which is approximately 10% of the total of the Company's public float of 51,575,255 ordinary shares that the Company had issued and outstanding as at July 13, 2010. 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 1,031,505 ordinary shares, being 2% of the issued and outstanding ordinary shares at the time of acceptance of the notice by the TSX. The Company will cancel shares purchased under the bid. In the previous 12 months, the Company did not purchase any of its outstanding shares.
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.
For further information: Please contact Investor Relations at 800-992-6341.
If you wish to receive this information electronically, please contact InvestorRelations@aberdeen-asset.com
SOURCE Aberdeen Asia-Pacific Income Investment Company Limited
For further information: For further information: Aberdeen Asset Management Inc., Investor Relations 800-992-6341, InvestorRelations@aberdeen-asset.com