Aberdeen Asia-Pacific Income Fund, Inc. Announces Results Of Annual Meeting Of Shareholders And Changes To Board Of Directors

Rhea-AI Summary

The Aberdeen Asia-Pacific Income Fund, Inc. (NYSE American: FAX) held its Annual Meeting of Shareholders on April 29, 2021. Shareholders voted to elect Radhika Ajmera as a Class III Director and William J. Potter as a Preferred Share Director, achieving a quorum with 70.56% of common shares and 100% of preferred shares voted. Peter D. Sacks retired, and Martin J. Gilbert's term expired, reducing the Board size from six to five directors. The Board appointed Moritz Sell as Audit and Valuation Committee Chair, ensuring continued governance amid leadership changes.

Positive

• Election of Radhika Ajmera and William J. Potter strengthens the Board with fresh perspectives.
• Reduction in Board size may enhance decision-making efficiency.

Negative

• Retirement of experienced directors may lead to continuity concerns.

PHILADELPHIA, April 29, 2021 /PRNewswire/ -- Aberdeen Asia-Pacific Income Fund, Inc. (the "Fund") (NYSE American: FAX) held its Annual Meeting of Shareholders (the "Meeting") on April 29, 2021.  At the Meeting, shareholders of the Fund voted to elect one Class III Director and one Preferred Share Director to the Board of Directors and to approve the continuation of the term of two Directors under the Fund's Corporate Governance Policies.

As of the record date, March 5, 2021, the Fund had outstanding 247,695,768 shares of common stock and 2,000,000 shares of preferred stock. 70.56% of outstanding common stock were voted and 100% of outstanding preferred stock were voted representing a quorum.

The description of the proposal and number of shares voted at the Meeting are as follows:

To elect one Class III Director to the Board of Directors:

	Votes For	Votes Against/Withheld	Votes Abstained
Radhika Ajmera	169,399,873	4,520,963	2,253,603

To elect one Preferred Share Director to the Board of Directors:

	Votes For	Votes Against/Withheld	Votes Abstained
William J. Potter	2,000,000	0	0

To approve the continuation of Term for Director under the Corporate Governance Policies

	Votes For	Votes Against/Withheld	Votes Abstained
Neville J. Miles	168,700,111	5,138,666	2,335,662
P. Gerald Malone	169,463,310	4,367,840	2,343,289

Also effective at the shareholder meeting on April 29, 2021, Peter D. Sacks retired from the Fund pursuant to the Fund's retirement policy, and Martin J. Gilbert's term expired. The Board would like to extend its sincere gratitude to Mr. Sacks and Mr. Gilbert and acknowledge the invaluable contributions they have made to the Fund during their tenure and wish them the best of success in all their future endeavours.

In light of the foregoing, the Board has approved a reduction in the size of the Board from six to five directors. Directors whose term of office continued beyond the Meeting are as follows: Neville Miles, Moritz Sell, Radhika Ajmera, P. Gerald Malone and William Potter. Effective upon the retirement of Mr. Sacks, the Board appointed Mr. Sell, an Independent Director, to serve in the role of Audit and Valuation Committee Chair.

In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers:  Aberdeen Standard Investments Inc., Aberdeen Asset Managers Ltd., Aberdeen Standard Investments Australia Ltd., Aberdeen Standard Investments (Asia) Ltd., Aberdeen Capital Management, LLC, Aberdeen Standard Investments ETFs Advisors LLC and Aberdeen Standard Alternative Funds Limited.

Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund'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 fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.

If you wish to receive this information electronically, please contact InvestorRelations@aberdeenstandard.com

aberdeenfax.com

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SOURCE Aberdeen Asia-Pacific Income Fund, Inc.

FAQ

What were the results of the Annual Meeting of Aberdeen Asia-Pacific Income Fund on April 29, 2021?

The meeting resulted in the election of Radhika Ajmera as a Class III Director and William J. Potter as a Preferred Share Director.

Who retired from the Aberdeen Asia-Pacific Income Fund Board during the meeting?

Peter D. Sacks retired, and Martin J. Gilbert's term expired.

What changes were made to the Board of Directors of the Fund?

The Board was reduced from six to five directors with the appointment of Moritz Sell as Audit and Valuation Committee Chair.

How many shares were voted at the Annual Meeting of Shareholders?

70.56% of outstanding common stock and 100% of preferred stock were voted at the meeting.

What is the significance of the Board's reduction in size?

The reduction in size may enhance decision-making efficiency and governance.