TORONTO, ON / ACCESSWIRE / March 13, 2023 / abrdn Asia-Pacific Income Fund VCC (TSX:FAP) (UEN: T21VC0235H) (the 'Company'), a closed-end investment company trading on the Toronto Stock Exchange, today announced the results of the 2023 voluntary cash redemption.
Requests for redemption of approximately 16,745,248 ordinary shares of the Fund (the 'Shares'), representing approximately 36.7% of the current issued and outstanding Shares, have been submitted by shareholders. As previously announced, the VCC Constitution of the Company limits the annual redemption to 10% of the issued and outstanding Shares on the final day on which to submit Shares for redemption, which was March 10, 2023. Since the total number of ordinary shares submitted for redemption exceeded the number of shares the Company is permitted to redeem, all redemptions of shares will be subject to proration (at a ratio of approximately 0.273, subject to final review) in accordance with terms of the 2023 voluntary cash redemption.
Payment of the redemption proceeds will be made on or before April 21, 2023 at a redemption price equal to price equal to 100% of the Average Net Asset Value (NAV) of the three trading days preceding the March 31, 2023 redemption date, less direct costs. Shares that have been submitted for redemption remain eligible for the March 2023 distribution.
Past performance is no guarantee of future results. Investment returns and principal will fluctuate and shares, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. NAV returned data includes investment management fees, custodial charges, bank loan expenses and administrative fees (such as Director and legal fees) and assumes the reinvestment of all distributions. The Company is subject to investment risk, including the possible loss of principal. Total return based on net asset value reflects changes in the Company's net asset value during each period. Total return based on market price reflects changes in market value.
abrdn is the registered marketing name in Canada for the following entities: abrdn Canada Limited, abrdn Investments Luxembourg S.A., abrdn Private Equity (Europe) Limited, abrdn Capital Partners LLP, abrdn Investment Management Limited, abrdn Alternative Funds Limited, and Aberdeen Capital Management LLC. abrdn 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.
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SOURCE: abrdn Asia-Pacific Income Fund VCC
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