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 Institutional
Shareholder Services Inc. ("ISS") and Glass Lewis & Co. ("Glass
Lewis"), have each recommended that shareholders vote in favor of
all proposed resolutions at the upcoming annual general and special
meeting.
ISS and Glass Lewis are two leading independent proxy advisory
firms who make voting recommendations to their subscribers,
including institutional investors.
Recommendation to Shareholders on the Re-domiciliation
Resolution (the "Re-domiciliation")
In reaching its conclusion, ISS noted that "Given the strategic
rationale for the Re-domiciliation, the conclusion from the
company's independent review committee that such Re-domiciliation
achieves a fair and reasonable result, and absence of other
significant governance concerns, support for this resolution is
warranted."
Glass Lewis also noted, "We generally believe that the board and
management are in the best position to make decisions regarding a
Company's governance and legal jurisdiction, absent a showing of
conduct that threatens to harm shareholder value."
Rationales and Benefits of the Re-domiciliation
- remaining domiciled in the Cook
Islands beyond November 1,
2021 would subject the Company to a tax on company profit of
20%, thereby negatively affecting the returns to Shareholders;
- Singapore is a party to over
80 double tax treaties, many of which include countries in which
the Company currently invests, and the Company intends to rely on
such double tax treaties;
- the Company intends to be controlled and managed from
Singapore and, as such, "specified
income" derived from "designated investments" by the Company should
be exempt from income tax in Singapore and the Company should be able to
apply Singapore's double tax
treaties;
- the Re-domiciliation will not result in any express or deemed
exchange, disposition, redemption, cancellation or re-issuance of
the outstanding ordinary shares of the Company (each, a "Share")
under the corporate legislation of either the Cook Islands or Singapore;
- the Re-domiciliation will not constitute a disposition of
property for purposes of the Income Tax Act (Canada) and, accordingly, will not give rise
to a capital gain or capital loss for Canadian resident
Shareholders;
- the Shares would remain eligible for Canadian registered plans
(e.g. Canadian registered retirement savings plans and tax free
savings accounts);
- Aberdeen Standard Investments (Asia) Limited ("ASIAL"), the investment
manager of the Company, operates in Singapore and has the capacity to assist the
Company with its qualification and on-going administration as a
variable capital company ("VCC") under the VCC Act; and
- Singapore is located in the
Asia-Pacific region that is the
focus of the Company's investment portfolio.
Shareholder Meeting
The annual general and special
meeting (the "Meeting") of the shareholders of the common shares
("Shareholders") of the Company will be held on Thursday, the 22nd
day of April, 2021 at 10:30 a.m.
(Cook Island local time).
Meeting Materials
To ensure an informed decision is
made, Shareholders are encouraged to read the Management
Information Circular which can be found on the Company's SEDAR
profile at www.sedar.com and have been uploaded to the
Company's website at:
https://www.aberdeenstandard.com/en-ca/canadaclosedend.
YOUR VOTE IS IMPORTANT - PLEASE VOTE
TODAY
The proxy voting deadline is 10:30 a.m. (Pacific time) on Tuesday, April 20,
2021
Shareholders are encouraged to vote today via
internet or telephone.
The Board of Directors of the Company
recommends that Shareholders vote
IN FAVOR of all proposed resolutions.
Shareholder Information and Questions
Shareholders who
have questions or require voting assistance may contact the
Company's proxy solicitation agent, Laurel Hill Advisory Group,
toll free in North American at 1-877-452-7184 (416-304-0211 outside
North America), or by email at
assistance@laurelhill.com.
Laurel Hill Advisory Group
North America Toll Free:
1-877-452-7184
Outside North America:
1-416-304-0211
Email: assistance@laurelhill.com
Information in this news release that is not current or
historical factual information may constitute forward-looking
information within the meaning of securities laws. 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,
the Administrator, ASII, and/or ASIAL, as applicable, 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 the completion of the proposed
Re-domiciliation and the anticipated benefits of the
Re-domiciliation and the timing of the Meeting, 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.
If you wish to receive this information
electronically, please contact
Investor.Relations@aberdeenstandard.com
aberdeenfap.com
SOURCE Aberdeen Asia-Pacific Income Investment Company
Limited