Voya Asia Pacific High Dividend Equity Income Fund T.IAE

Primary Symbol: IAE

Voya Asia Pacific High Dividend Equity Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is total return through a combination of current income, capital gains and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of dividend yielding equity securities of Asia Pacific companies. The Fund will seek to achieve its investment objective by investing at least 80% of its managed assets in dividend producing equity securities of, or derivatives having economic characteristics similar to the equity securities of Asia Pacific Companies that are listed and traded principally on Asia Pacific exchanges. The Fund will invest in approximately 60-120 equity securities and will select securities through a bottom-up process that is based upon quantitative screening and fundamental analysis. Voya Investments, LLC is an investment adviser of the Fund.

NYSE:IAE - Post by User

Voya Asia Pacific High Dividend Equity Income Fund

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Post by TO1on Jul 21, 2008 10:42am

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Post# 15312265

AGM notes from the IV BB site

ITHACA

Calgary AGM Bullets

2008-07-18

1) 35 shareholders with aggregate holdings of 46 million and some shares or 41% of outstanding shares, were

present or represented by proxy.

2) Meeting proceeded nicely with no objections, negative remarks or sentiment.

3) AGM format, substance and decorum were as good as it gets. Management of this small cap company handles
corporate affairs very much like the bluest of the larger corporations.

4) Kitchen work rapidly done with, after what L. Payne presented a power point slide show expected to be posted on the
WEB in a couple of days. A few bullets;

-Polly well is commercial; reserves are in the range of 1 to 3 million BOE and it will be connected relatively cheaply

by pipeline to the rest of the Beatrice infrastructure.

-Beatrice deal will be finalized shortly, some time in August.

-Beatrice production will increase to 2500 BOD after new pipeline is completed.

-Initial production from Jacky (starting in late/end 2008) will be 10000 BOD declining to 7500 by year end.

-Well 14/18b-18 will be tested July 20-21. So far things look good.

-Stella offers substantial reserve upside

-Average valuation for exploration/development co in NS is $12/BOE. IAE valuation around $7.

-Average valuation for producing co in NS is $22/BOE. IAE valuation is near a major turnaround point as production

status is near.

-IAE financing is very innovative in that CFO S. Turner became a virtual banking syndicate leader.

-CFO Steve Turner took the podium to talk about the financing deal.

-Financing can be automatically extended to Stella as dept is repaid with Jacky and Athena cash flow

-Equity financing and/or asset sale of between 60 to100 $million will be needed to complete the Athena development. There is no urgency to issue shares now. This can wait after potential divestitures contemplated are executed. Any remaining equity needs, could wait for a better market valuation context, once Jacky is put in production.

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