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8-K - FORM 8-K - ASIA TIGERS FUND INC | y92666e8vk.htm |
Exhibit 99.1
The Asia Tigers Fund, Inc. Announces New Management Agreement
NEW YORK, September 14, 2011 The Asia Tigers Fund, Inc. (NYSE:GRR; the Fund) announced today
that its Board of Directors has approved a new management agreement with Aberdeen Asset Management
Asia Limited (Aberdeen Asia), subject to approval by the Funds stockholders. The transfer of
management from Blackstone Asia Advisors L.L.C. (BAA) is in connection with The Blackstone
Groups exit from the business of managing publicly listed closed-end investment companies focused
on Asian equity markets. If the Funds stockholders approve the new management agreement, Aberdeen,
based in Singapore and a subsidiary of Aberdeen Asset Management PLC, will be the Funds investment
manager and will assume responsibility for the design and implementation of the Funds investment
program. The advisory fee rates under the new management agreement will be the same as the rates
under the current agreement. Aberdeen Asia has agreed to cap total fund expenses, excluding
taxation expenses and extraordinary or non-routine expenses such as those related to litigation or
corporate actions, at 2.00% for three years from the date on which Aberdeen Asia begins to manage
the Fund. Stockholders will be asked to consider the new management agreement at a Joint Special
Meeting of Stockholders currently scheduled to be held on November 16, 2011. Aberdeen Asia is
expected to become the Funds investment manager shortly after stockholder approval of the new
management agreement.
Aberdeen Asset Management PLC (together with its subsidiaries, Aberdeen) is an independent asset
manager founded in 1983, with $298.3 billion in assets under management (AUM) as of June 30,
2011. Singapore is the regional head office of Aberdeens Asian operations which were established
in 1992. Asian equity securities in both regional and single country mandates are core investment
competencies of Aberdeen. Aberdeen manages over $74 billion in Asia Pacific (excluding Japan)
equity securities. Closed-end management investment companies have formed part of Aberdeens
business since its inception and remain an important element of its client base in the United
States and globally. Aberdeen currently manages 30 closed-end management investment companies with
approximately $12 billion in AUM as of June 30, 2011.
The Fund is a non-diversified, closed-end management investment company that seeks long-term
capital appreciation by investing primarily in Asian equity securities. The Fund conducts
semi-annual repurchase offers and is traded on the New York Stock Exchange under the trading symbol
GRR.
BAA, an affiliate of The Blackstone Group L.P., currently serves as the investment manager to the
Fund.
In connection with the proposal to approve the new management agreement, the Fund intends to file a
definitive proxy statement with the Securities and Exchange Commission (the SEC). Investors and
stockholders are advised to read the proxy statement when it becomes available because it will
contain important information. When filed with the SEC, the proxy statement and other documents
filed by the Fund will be available for free at the SECs website, http://www.sec.gov. Copies of
the proxy statement will also be mailed to each stockholder of record as of the record date for the
stockholder meeting.
Contact:
Blackstone Asia Advisors L.L.C.
1-866-800-8933
1-866-800-8933
This press release may contain statements regarding plans and expectations for the future that
constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact are forward-looking and can be identified
by the use of words such as may, will, expect, anticipate, estimate, believe,
continue or other similar words. Such forward-looking statements are based on the funds current
plans and expectations, and are subject to risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking statements. Additional information
concerning such risks and uncertainties are contained in the Funds filings with the SEC.