PHILADELPHIA, May 27, 2020 /PRNewswire/ -- Aberdeen Japan Equity Fund, Inc. (the "Fund") (NYSE: JEQ) held its Annual Meeting of Stockholders (the "Meeting") on May 27, 2020. At the Meeting, stockholders of the Fund voted to re-elect two Class III Directors to serve until the 2023 Annual Meeting of Stockholders or thereafter until their successors are duly elected and qualify and one Class II Director to the Board of Directors to serve until the 2022 Annual Meeting of Stockholders or thereafter until his successor is duly elected and qualifies.
As of the record date, March 26, 2020, there were 13,408,536 outstanding shares of the Fund. 90.72% of the outstanding shares were voted at the Meeting representing a quorum.
The description of the proposals and number of shares voted at the Meeting are as follows:
To re-elect two Class III Directors to the Board of Directors:
To re-elect one Class II Director to the Board of Directors:
Directors whose term of office continued beyond the Meeting are as follows: Radhika Ajmera and Rahn Porter.
At a Special Meeting of Stockholders held on May 27, 2020, stockholders of the Fund voted to approve changes to the Fund's fundamental investment restriction related to borrowing.
As of the record date, March 26, 2020, there were 13,408,536 outstanding shares of the Fund. 76.79% of the outstanding shares were voted at the Meeting representing a quorum.
The description of the proposal and number of shares voted at the Meeting are as follows:
To amend the Fund's fundamental investment restriction related to borrowing or issuing senior securities:
The Investment Manager believes the current market conditions present a potentially attractive opportunity to gain increased exposure to the potential recovery in Japanese equities through the use of leverage and, in particular but not limited to small cap securities. The Investment Manager believes that the use of leverage may help enhance returns in the long term and could thereby be beneficial to stockholders. The portfolio management team currently anticipates using leverage, under normal circumstances, in the amount of approximately 10%-15% of the Fund's total assets over the longer term. Depending on market conditions, the Fund may borrow more or less than 10%-15% of the Fund's total assets (but may not exceed the limits imposed by the 1940 Act or any rule, order or interpretation thereunder).
In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Standard Life Investments (Corporate Funds) Ltd.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund'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 fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
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