TORONTO, ON / ACCESSWIRE / March 8, 2024 / 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 Meeting of Shareholders (the "Meeting"), held on March 8, 2024 in Singapore. Four directors and the auditors were elected as described below.
Whereas six directors were nominated for election as directors in the management information circular dated January 18, 2024 (the "Circular"), the Company also announced that prior to the Meeting, Mr. P. Gerald Malone and Mr. Warren C. Smith resigned as directors from the board of directors of the Company (the "Board") effective March 7, 2024 and withdrew their names as nominees for election as directors of the Company. After giving effect to the withdrawal of Mr. Malone and Mr. Smith as nominees for directors, Radhika Ajmera, William J. Braithwaite, Pruksa Iamthongthong and Henny Muliany were nominated as directors for the ensuing year until the next annual meeting of shareholders, as described in the Circular. Mr. William Braithwaite, chairman of the Board, thanked Mr. Malone and Mr. Smith for their years of service and contribution to the Company and wished them well in all their future endeavors.
Having received a greater number of votes "withheld" from their election than votes "for", under the Company's Majority Voting Policy Ms. Iamthongthong and Ms. Muliany are required to tender their resignations. However, the Board determined, in accordance with the Majority Voting Policy, that it would not accept their resignations in order to ensure the Company's continued compliance with Singapore law. The Board expects that Ms. Iamthongthong and Ms. Muliany will continue as directors until the next annual general meeting of shareholders of the Company. The Board has the discretion to appoint a fifth director to the Board.
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 four (4) and the four (4) nominees listed in 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 | 12,979,183 (96.39%) | 486,437 (3.61%) | |
William J. Braithwaite | 13,006,407 (96.59%) | 459,213 (3.41%) | |
Henny Muliany | 6,561,150 (48.73%) | 6,904,470 (51.27%) | |
Pruska Iamthongthong | 6,583,950 (48.89%) | 6,881,670 (51.11%) | |
| 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, 2024 by an ordinary resolution passed by 13,450,186 (99.64%) votes for and 48,910 (0.36%) votes withheld. | |||
Final voting results on all matters voted on at the Meeting will be filed on SEDAR+ at www.sedarplus.ca.
abrdn is the registered marketing name in Canada for the following entities: abrdn Canada Limited, abrdn Inc., abrdn Investments Luxembourg S.A., abrdn Private Equity (Europe) Limited, abrdn Capital Partners LLP, and abrdn Alternative Funds Limited. abrdn Canada Limited 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.
https://www.abrdn.com/en-ca/canadaclosedend
For More Information Contact:
abrdn Asia-Pacific Income Fund VCC
Investor Relations
1-800-992-6341
Investor.Relations@abrdn.com
SOURCE: abrdn Asia-Pacific Income Fund VCC
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