Next AGM: December 2019
Subscription Shares - update
The Board is pleased to announce that the Company has issued and allotted 1,213,003 Ordinary Shares in respect of shares arising on the exercise of the conversion rights attached to the Subscription Shares.
Shareholders will have a final opportunity to convert their subscription shares on 29 November 2019, when the exercise price will be 392.75p.
The decision on whether or not to exercise subscription shares should made on the basis of the information in the offer prospectus, which is available in the Subscription Shares area of the Company website. There is also available a guide to subscription shares and additionally a video ‘Understanding Subscription Shares’ to help.
November 2019 is the final exercise opportunity for holders of the subscription shares, with the exercise price being 392.75p.
Final Results Announced
Final Results for the year ending 31 July 2018 have been announced.
- The NAV returned 2.2% with the discount narrowing from 7% to 1.8% over the period as a result of the strong share price total return of 8.2%.
- The directors recommend that a dividend of 5.5p be paid on 17 December 2018 (as increase of 10% on the prior year)
- The Company added the Variable Management Fee structure with effect from 1 August 2018.
- The AGM will be held at 1.30pm on 13 December 2018 at Fidelity’s offices at 25 Cannon Street, London EC4M 5TA
Management Fees Update
The Board of Fidelity Asian Values PLC would like to inform Shareholders that, following Fidelity’s announcement in October last year to offer its clients a variable management fee, the Board has accepted a new fee proposal from the Manager.
The new model will replace the Company’s current tiered fee structure (0.90% of gross assets up to £200 million; 0.85% on gross assets over £200 million). The new fee will reduce the headline base management fee from 0.90% of gross assets to 0.70% of net assets per annum with a +/- 0.20% variation based on performance relative to the Comparative Index. The maximum fee that the Company will pay will be 0.90% of net assets, but if the Company underperforms against the Comparative Index, the overall fee could fall as low as 0.50% of net assets.
This new fee arrangement will be effective from 1 August 2018. There will be no change in the investment process as a result of the new fee arrangement.
Finding quality and value in emerging Asia, MoneyWeek, March 2019
Vicky McKeever on Fidelity Asian Values PLC, Investment Trust Insider, January 2019
You should remember that the price of ordinary shares can go down as well as up so you may get back less than you pay for them. As Fidelity Asian Values invests overseas, the value of your investment may also be affected by movements in exchange rates. In addition, you should bear in mind that Fidelity Asian Values focuses on smaller companies, whose share prices may be more volatile than those of larger companies.