Aberdeen Emerging Markets Telecommunications Fund, Inc. Announces Change to Name and Non-Fundamental Investment Policies
Aberdeen Asset Management
PHILADELPHIA, Sept 01, 2010--Aberdeen Emerging Markets Telecommunications Fund, Inc. today announced that its Board of Directors (the "Board") has approved changes to certain non-fundamental investment policies of the Fund. As a result of these policy changes, the Fund will emphasize both emerging markets telecommunications and infrastructure equity and debt securities.
In connection with these changes in non-fundamental investment policies, the Fund will change its name to reflect its new portfolio characteristics. The new name of the Fund will be Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. The Fund will continue to trade on the New York Stock Exchange AMEX under its current ticker symbol and there will be no change in the Fund's cusip number.
The current and amended versions of the Fund's non-fundamental investment policies that are being revised and/or added are as follows:
Current Amended
Under normal market Under normal market
conditions, at conditions, at least
least 80% of the 80% of the
Fund's net assets, Fund's net assets,
plus any borrowings plus any borrowings
for investment for investment
purposes, will be purposes, will be
invested in equity invested in equity
securities of and debt securities
emerging of
markets emerging markets
telecommunications telecommunications
companies. companies and of
infrastructure
companies.
Under normal market
conditions, at least
20% (but not
more than 24.9% at
the time of
purchase) of the
Fund's net
assets will be
invested in equity
and debt securities
of
companies in the
infrastructure
industry.
The Fund also has a fundamental investment policy to invest, under normal market conditions, at least 65% of its total assets in equity securities of telecommunications companies in emerging markets. Such fundamental investment policy is not changing and may only be changed upon shareholder approval.
Aberdeen Asset Management Investment Services Limited ("AAMISL"), the Fund's investment adviser, and the Board each believe that the changes to the Fund's non-fundamental investment policies are in the best interests of the Fund's shareholders and will permit the Fund to continue to achieve its investment objective. The approved changes will not alter the Fund's investment objective of seeking long-term capital appreciation.
The Fund is required to provide shareholders 60 days' notice of a change to its non-fundamental investment policy of investing in equity securities of emerging markets telecommunications companies. Accordingly, a notice describing the changes discussed above will be mailed to shareholders of record as of September 1, 2010. The notice will also generally describe certain risks relating to the Fund's new investment policies. Following the prescribed 60-day notice period, Aberdeen anticipates a gradual repositioning of the Fund's portfolio over time, which is expected to result in the realization of gains for tax purposes. At this time, the duration of the repositioning is not determined. No action is required by shareholders of the Fund in connection with these changes.
For more information, please visit Aberdeen's Closed-End Fund Investor Center at http://www.aberdeen-asset.us/cef.
SOURCE Aberdeen Emerging Markets Telecommunications Fund, Inc.
View more information on Aberdeen Asset Management or other Closed-End Funds