Aberdeen Latin America Equity Fund, Inc. Announces Payment Of Cash Election Dividend
The Board of Directors of Aberdeen Latin America Equity Fund, Inc. (NYSE AMEX: LAQ) (the “Fund”) is pleased to report the Fund’s payment of a distribution of $9.282 per share of common stock, which was declared on September 1, 2010 and payable on October 29, 2010, to shareholders of record at the close of business on September 14, 2010.
As previously announced, the distribution was payable in the Fund's common stock. However, stockholders had the option to request that their distributions be paid in cash in lieu of common stock. The aggregate amount of cash distributions to all stockholders was limited to 10% of the aggregate dollar amount of the total distribution. Because cash distribution requests exceeded this limit, the Fund pro rated the cash distribution among all stockholders who made such requests. Stockholders who requested cash distributions received $1.46436 per share or 15.78% of the distribution in cash and received the balance in the Fund's common stock. For purposed of computing the stock portion of the dividend, the common stock distributed was valued at $37.99 per share, which equaled the average closing price of the Fund’s common shares on the NYSE AMEX on October 21, 2010 and the two preceding trading days.
Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund’s fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the “1940 Act”) and related Rules, the Fund may be required to indicate to shareholders the source of certain distributions to shareholders.
The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table includes estimated amounts and percentages for this distribution and for the cumulative distributions paid year to date from the following sources: net investment income; net realized short-term capital gains; net realized long-term capital gains; and return of capital.
|EstimatedAmounts ofCurrentDistributionper share ($)||EstimatedAmounts ofCurrentDistributionper share (%)||EstimatedAmounts of FiscalYear to DateCumulativeDistributionsper share ($)||EstimatedAmounts of FiscalYear to DateCumulativeDistributionsper share (%)|
|Net Realized Short-Term Capital Gains||$0.6710||7%||$0.6710||7%|
|Net Realized Long-Term Capital Gains||$8.504||92%||$8.504||92%|
|Return of Capital||$0.000||0%||$0.000||0%|
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