Aberdeen Australia Equity Fund, Inc. Announces Results Of Annual Meeting Of Shareholders

PHILADELPHIA, May 6, 2020 /PRNewswire/ -- Aberdeen Australia Equity Fund, Inc. (the "Fund") (NYSE American: IAF) held its Annual Meeting of Shareholders (the "Meeting") on May 6, 2020.  At the Meeting, shareholders of the Fund voted to re-elect two Class II Directors 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, 2020, the Fund had outstanding 22,742,326 shares of common stock. 82.7% of outstanding common stock were voted representing a quorum.

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

To elect two Class II Directors to the Board of Directors:

To approve the continuation of Term for two Directors under the Corporate Governance Policies

Directors whose term of office continued beyond the Meeting are as follows: Martin Gilbert and William J. Potter.

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 Standard Life Investments (Corporate Funds) Ltd.

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.

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SOURCE Aberdeen Australia Equity Fund, Inc.