11th Aug 2026 12:40
(Alliance News) - Aberdeen Asia Focus PLC on Tuesday said it had passed its five-year performance-linked tender test, meaning no tender offer is required, and that the mechanism will be renewed for a further five years.
The investor in Asian industries and economies said its NAV total return per share was 67% over the five years to July 31, compared with a 37% total return from its benchmark, the MSCI AC Asia ex Japan Small Cap Index. This represented outperformance of 29%.
The performance-linked conditional tender mechanism was introduced in August 2021 as part of Aberdeen Asia Focus's commitment to discount control and shareholder value.
The board intends to renew the mechanism on materially the same terms. If the trust's NAV total return fails to equal or exceed the benchmark's total return over the next five-year assessment period, the board would put forward proposals to enable shareholders to realise up to 25% of the trust's then issued share capital for cash at a level close to NAV, less tender offer costs.
Performance will be measured to July 2031 using the average five-year net average value total return over each trading day in that month, compared with the average total return of the benchmark over the same period.
Chair Krishna Shanmuganathan said: "We provide investors with a unique investment proposition: access to a compelling and diversified portfolio of market leading but relatively smaller Asian businesses, very different to any comparative benchmark. These companies, often overlooked by passive funds, are hand-picked through a rigorous bottom-up stock selection process. Since these businesses are often under-researched by the wider market and attractively priced, our Manager, supported by a team of 36 investment professionals focussed on Asian equities and based throughout Asia, is able to uncover hidden gems.
"These are the next generation of market leaders capitalising on accelerating structural growth trends in their economies, which are themselves growing at pace. We are confident of AAS' ability to continue performing well and to deliver value for shareholders."
Shares in Aberdeen Asia rose 0.8% to 445.50 pence per share early on Tuesday afternoon in London.
By Niall Holden, Alliance News reporter
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