TORONTO, July 18, 2019 /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, 2019 and end no later than July 21, 2020, the Company may purchase up to 2,541,430 ordinary shares, which is 5% of the total of the Company's 50,828,616 ordinary shares issued and outstanding as at July 12, 2019. 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 1,016,572 ordinary shares, being 2% of the 50,828,616 issued and outstanding ordinary shares as at July 12, 2019. 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 2,562,780 ordinary shares for the period July 20, 2018 to July 19, 2019, the Company has purchased, as of July 12, 2019, 392,000 ordinary shares on the open market at an average price of $3.62 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 is the marketing name in Canada for the following affiliated entities: Aberdeen Standard Investments Inc. and Aberdeen Standard Investments (Canada) Limited. 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. Aberdeen Standard Investments Inc. is registered as a Portfolio Manager in the Canadian provinces of Ontario, New Brunswick, and Nova Scotia and as an Investment Fund Manager in the provinces of Ontario, Quebec, and Newfoundland and Labrador. Both entities are indirect wholly owned subsidiaries of Standard Life Aberdeen PLC.
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
SOURCE Aberdeen Asia-Pacific Income Investment Company Limited
For further information: Aberdeen Standard Investments Inc. - Investor Relations, 800-992-6341, Investor.Relations@aberdeenstandard.com, http://aberdeenfap.com