TORONTO, ON / ACCESS Newswire / March 14, 2025 / abrdn Asia-Pacific Income Fund VCC (TSX:FAP) (UEN: T21VC0235H) (the "Company"), a closed-end investment company trading on the Toronto Stock Exchange, announced today the results of the Annual General and Special Meeting of Shareholders (the "Meeting") held on March 14, 2025.
The Company is pleased to announce that shareholders have approved all resolutions, including amendments to the VCC Constitution including: (a) an annual redemption right eliminating the current 10% Cap which would allow shareholders to tender for redemption when the redemption conditions are met, 100% of the Company's issued and outstanding shares; and (b) provide the Board, abrdn Canada Limited and abrdn Asia Limited the power to terminate and wind up the Company.
In light of this approval and the possibility that significant redemptions could result in the Company no longer being economically viable, the Board may determine, commencing in 2026, following the announcement of an annual redemption, that it is in the best interest of the Company and its Shareholders to terminate the Company. Factors that the Board may take into consideration at this time may include the liquidity of the shares and higher share price volatility following a significant redemption. If the Board makes such a determination, it has the discretion to terminate the Company, subject to providing the required notice by way of a press release and compliance with all relevant laws (including, without limitation, the VCC Act). Consequently, if a notice of termination has been provided by way of a press release issued not less than 15 days prior to the Redemption Date, the annual redemption will not proceed and the Company will proceed with a complete liquidation.
The description of the Meeting proposals and the shareholders' votes cast for and against each proposal at the Meeting are as follows:
1. Election of Directors
The number of directors was set at three (3) and the three (3) nominees listed in the management information circular dated January 17, 2025 (the "Circular") that stood for election, were elected as directors of the Company by an ordinary resolution passed at the Meeting as follows:
Director |
| Votes For |
| Votes Withheld |
| ||
Radhika Ajmera |
| 14,049,188 | (97.27%) |
| 394,487 | (2.73%) |
|
William J. Braithwaite |
| 14,053,589 | (97.30%) |
| 390,086 | (2.70%) |
|
Henny Muliany |
| 14,075,415 | (97.45%) |
| 368,260 | (2.55%) |
|
|
|
|
|
|
| ||
2. Election of Auditor
The firm KPMG LLP, Singapore was appointed as the auditor of the Company and KPMG LLP, Toronto was appointed as the principal independent registered public accountant of the Company for the fiscal year ending October 31, 2025 by an ordinary resolution passed by 14,396,685 (99.49%) votes for and 73,242 (0.51%) votes withheld.
3. Amendments to the Constitution
The proposed amendments to the Company's Constitution as described in the Circular, were adopted by an ordinary resolution passed by 14,009,113 (96.99%) votes for and 434,562 (3.01%) votes against.
Final voting results on all matters voted on at the Meeting will be filed on SEDAR+ at www.sedarplus.ca.
Important Information
abrdn is the registered marketing name in Canada for the following entities: abrdn Canada Limited, abrdn Inc., abrdn Investments Luxembourg S.A., and abrdn Alternative Funds Limited. abrdn Canada Limited ("abrdn") 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. There is no assurance that the Company will achieve its investment objective. Past performance does not guarantee future results.
www.abrdn.com/en-ca/canadaclosedend
# # #
For More Information Contact:
abrdn Inc.
Investor Relations
800-992-6341
Investor.Relations@abrdn.com
SOURCE: abrdn Asia-Pacific Income Fund VCC
