IAF abrdn Australia Equity Fund Inc

PHILADELPHIA, April 29, 2021 /PRNewswire/ -- Aberdeen Australia Equity Fund, Inc. (the "Fund") (NYSE American: IAF) held its Annual Meeting of Shareholders (the "Meeting") on April 29, 2021. At the Meeting, shareholders of the Fund voted to re-elect one Class III Director to the Board of Directors and to approve the continuation of the term of three Directors under the Fund's Corporate Governance Policies.

As of the record date, March 5, 2021, the Fund had outstanding 23,304,091 shares of common stock. 75.97% 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 one Class III Director to the Board of Directors:

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

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 and appointed Ms. Radhika Ajmera as a Class II Director. 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.

aberdeeniaf.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/aberdeen-australia-equity-fund-inc-announces-results-of-annual-meeting-of-shareholders-and-changes-to-board-of-directors-301280849.html

SOURCE Aberdeen Australia Equity Fund, Inc.