Risk Warning
The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.
Read the detailed Risk WarningPast Performance
Past performance is no guide to future performance.
See latest monthly factsheet below for performance history.
Daily Data
At close 17-May-2012
Ord| Price | 90.75p |
| NAV | 90.22p |
| Prem/-Disc | 0.59% |
Subscription Shares
| Price | 11.50p |
Source: Morningstar
NAV = Net Asset Value
Literature
Trust Details
Aberdeen Latin American Income Fund Limited
Registered Office:
No. 1 Seaton Place
St Helier,
Jersey,
JE4 8YJ
Registered in Jersey as an Investment Company Number 106012
Aberdeen Latin American Income Fund Limited
Objective
To provide Ordinary shareholders with a total return, with an above average yield, primarily through investing in Latin America.
Aberdeen's investment approach: An eye for potential, an ear to the ground
December 2011
C Share Class Launch
The Directors announced on 20 January 2012 that the Company intended to raise up to £20 million, by way of a non pre-emptive placing and offer for subscription of C Shares, at an issue price of 100p per C Share.
On 31 January 2012 the Board announced that gross proceeds of £15,597,185 had been raised pursuant to the Issue. 15,597,185 C Shares were issued at the Issue Price, comprising 15,296,185 C Shares via the Placing and 301,000 C Shares via the Public Offer.
Application was made for the C Shares to be admitted to the premium segment of the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange effective from Friday, 3 February 2012.
The ISIN of the C Shares is JE00B7GHFN18 and the TIDM of the C Shares is ALAC.
On 14 March 2012, the Company announced that the Conversion Ratio for conversion of the C Shares is 0.927 Ordinary Shares for every C Share held and accordingly a holder of 1,000 C Shares will receive 927 New Shares upon conversion.
The timetable is as follows:
| Record date for Conversion and C Share register closes | 10 April 2012 (close of business) |
| Conversion Date and dealings in New Shares commence | 11 April 2012 |
| Crediting of CREST accounts with New Shares | 11 April 2012 |
| Share certificates in respect of New Shares dispatched | week commencing 16 April 2012 |
The Ordinary Shares arising on Conversion (the "New Shares") will rank pari passu with, and will have the same rights as, the Ordinary Shares already in issue. They will not rank for payment of the second interim dividend per Ordinary Share declared on 27 February 2012, payable 30 April 2012 and with a record date of 10 April 2012.
Manager's Monthly Report
April 2012
Latin American equity and debt markets fell in March, owing to concerns over the health of the global financial system and China’s economic slowdown. Nevertheless, stock markets in the region outperformed the broader emerging markets index. In local currency debt markets, Mexico was the top performer, benefiting from easing inflation and supportive US economic data. Conversely, Brazil was the main laggard.
Brazil unexpectedly cut its key rate by 75 basis points to 9.75%, whereas Mexico kept its benchmark interest rate unchanged.
Economic activity rose in Chile in January but decelerated in Brazil. The Brazilian government extended tax cuts on consumer goods to aid local manufacturers, while maintaining an existing 6% tax on short-term foreign loans to stem the real’s appreciation. In portfolio-related news, Vale received a positive ruling from the Brazilian Superior Court on the taxation of profits of its non-Brazilian subsidiaries. This led to suspension of any tax payments to the government as well as the requirement to post deposit assets in an escrow account for the purpose, until a final ruling is made. Femsa’s fourth-quarter results were driven by robust sales at both its soft-drinks and convenience store businesses. Standard & Poor’s raised Multiplan’s corporate credit rating from BB+ to BBB- with a stable outlook, the first local shopping mall operator to receive an investment grade globally. Domestically, Multiplan’s rating was lifted to the highest credit rating.
In portfolio activity, we added to Brazilian lender Banco Itau. Against this, we took profits from Mexican telecommunications operator American Movil.
Source: Monthly Factsheet Aberdeen Asset Managers Limited