Aberdeen Asia-Pacific Income Fund, Inc. Announces Monthly Distribution
NEW YORK, Dec. 12 /PRNewswire/ -- Aberdeen Asia-Pacific Income Fund, Inc. (Amex: FAX; PSE: FAX), a closed-end bond fund, announced today that it will pay a monthly distribution of US 4.5 cents per share on January 11, 2002 to all shareholders of record as of December 31, 2001 (ex-dividend date December 27, 2001). The Fund also announced that the Board intends to reduce the monthly distribution from US 4.5 cents per share to US 3.5 cents per share, beginning with the distribution payable on February 8, 2002 to all shareholders of record as of January 31, 2002 (ex-dividend date January 29, 2002). The Board's policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital. It is the Board's intention that the monthly distribution of US 3.5 cents per share be maintained for 12 months, subject to regular review at the Board's quarterly meetings. The next review is scheduled to take place in March 2002. For the 12 months to November 30, 2001 the Fund has paid total distributions amounting to US 54 cents per share. Based on the share price of US$4.12 on November 30, 2001, this represents an annual cash distribution rate of 13.1%. The Fund is subject to U.S. corporate, tax and securities laws. Under U.S. tax accounting rules, the amount of distributable income for each fiscal period depends on the actual exchange rates during the entire year between the U.S. dollar and the currencies in which Fund assets are denominated, and on the aggregate gains and losses realized by the Fund during the entire year. Therefore, the exact amount of distributable income for each fiscal year can only be determined as of the end of the Fund's fiscal year, October 31. However, under the U.S. Investment Company Act of 1940, the Fund is required to indicate the source of each distribution to shareholders. The Fund estimates that distributions for the fiscal year commencing November 1, 2001, including the distribution to be paid on December 14, 2001, are comprised of 39% net investment income, 2% realized capital gains and 59% return of paid-in capital. This estimated distribution composition may vary from month to month because it may be materially impacted by future realized gains and losses on securities and fluctuations in the value of the currencies in which Fund assets are denominated. In January 2002, a Form 1099 DIV will be sent to shareholders, which will state the amount and composition of distributions and provide information with respect to their appropriate tax treatment. Qualifying U.S. taxpayers are generally entitled to a foreign withholding tax credit on distributions received. Shareholders will be informed as to the exact amount of the tax credit shortly after the end of the tax year. The Fund has participated in the buy-back program that was approved by the Fund's Board of Directors in March 2001. Details are provided in the Fund's quarterly reports. The Fund is managed by Aberdeen Asset Managers (C.I.) Limited and advised by Aberdeen Asset Management Limited. The Fund's shares trade on the American Stock Exchange and the Pacific Stock Exchange under the symbol "FAX". QUALITY OF PORTFOLIO: As of November 30, 2001 approximately 71.0% of the Fund's assets were invested in securities rated "AAA/AA" by Standard & Poor's Corporation or "Aaa/Aa" by Moody's Investors Service Inc. or, if unrated, judged by the Investment Manager to be of equivalent quality. Would you like to receive this information electronically? Contact InvestorRelations@aberdeen-asset.com MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X25326315
SOURCE Aberdeen Asset Management
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