Aberdeen Asia-Pacific Income Investment Company Limited Announces Monthly Distribution And Estimated Earnings And Notes Potential Future Impact Of Cook Islands Tax Law Changes – Canada NewsWire
TORONTO, August 11, 2020 /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 it will pay a monthly distribution of CAD 2.25 cents per ordinary share on August 31, 2020 to all ordinary shareholders of record as of August 21, 2020 (ex-dividend date August 20, 2020).
The policy of the Company’s Board of Directors is to maintain a stable monthly distribution out of net investment income and realized capital gains supplemented with paid-in capital as required. This policy is subject to regular review at the Board’s quarterly meetings.
The following table sets forth the estimated amounts and the sources of the distributions. The figures in the table below have been computed based on international financial reporting standards. The table includes estimated amounts and percentages for the distribution to be paid on August 31, 2020 as well as the estimated cumulative distributions declared fiscal year to date (11/01/2019 – 07/31/2020), from the following sources: net investment income; net realized gains; return of capital; and return of par. The final composition of the distributions is subject to change and may be impacted by future income, expenses and realized gains and losses on securities and currencies. Although a portion of any distribution may be recorded as a return of capital, the full amount of the distribution (other than a return of par) will be foreign income for Canadian income tax purposes.
Estimated Amounts of Current Monthly Distribution per share (C$)
Estimated Amounts of Current Monthly Distribution per share (%)
Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (C$)
Estimated Amounts of Fiscal Year to Date Cumulative Distributions per share (%)
Net Investment Income
$0.0194
86%
$0.1935
86%
Net Realized Gains
$0.0031
14%
$0.0315
14%
Return of Capital
–
–
–
–
Return of Par
–
–
–
–
Total (per common share)
$0.0225
100%
$0.2250
100%
Shareholders should not draw any conclusions about the Company’s investment performance from the amount of the Company’s current distribution.
The amounts and sources of distributions set out above are estimates only and are not being provided for tax reporting purposes. The final determination of the source of all distributions made in 2020 will be made after the year-ended 2020. The actual amounts and sources of the amounts of distributions for tax reporting purposes will depend upon the Company’s results during the remainder of the calendar year and are subject to any changes to applicable tax regulations. Information for tax reporting purposes will be provided to the Company’s shareholders on a Form T5 in February of 2021.
The Company also announced today that the Cook Islands Parliament recently passed legislation that removes the tax exemptions for Cook Islands international companies, like the Company, subjecting these companies to the Cook Islands company tax regime and a tax on company profit of 20%. Under grandfathering provisions, there is no immediate impact on the Company and the Company will not be subject to the new rules until January 1, 2022. The precise impact of the rule change is still being assessed and it is understood that the Cook Islands will be undertaking a thorough review of its taxation system including the taxation of company income. The Manager is monitoring developments and will evaluate options to mitigate the impact of the rule change.
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Such forward-looking information reflects the Investment Manager’s beliefs, estimates and opinion regarding the Company’s future financial performance, projects and opportunities and market conditions as at today’s date. 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 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 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, except as required by law.
Aberdeen Standard Investments (“ASI”) is the marketing name in Canada for Aberdeen Standard Investments (Canada) Limited (“ASI Canada”), Aberdeen Standard Investments Luxembourg SA, Standard Life Investments Private Capital Ltd, SL Capital Partners LLP, Standard Life Investments Limited, Standard Life Investments (Corporate Funds) Limited, and Aberdeen Capital Management LLC. ASI Canada is the administrator of the Company and is registered as an investment fund manager in Canada where required. ASI Canada is a wholly-owned subsidiary of Aberdeen Standard Investments Inc., the sub-administrator of the Company.
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. 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 [email protected]
aberdeenfap.com
SOURCE Aberdeen Asia-Pacific Income Investment Company Limited
For further information: Aberdeen Standard Investments Inc., Investor Relations, 800-992-6341, [email protected]
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
