REG - Symphony Int Hdgs - Response to Shareholder Correspondence

Symphony International HoldingsAnnouncement

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RNS Number : 1272G  Symphony International Holdings Ltd  04 November 2025

Not for distribution, directly or indirectly, in or into the United States or
any jurisdiction in which such distribution would be unlawful.

4 November 2025

Symphony International Holdings Limited

Response to Shareholder Correspondence from Asset Value Investors

Symphony International Holdings Limited ("Symphony", the "Company")
acknowledges receipt of the letter dated 27 October 2025 from Asset Value
Investors ("AVI"), a shareholder in the Company. This announcement together
with the letter from AVI can be accessed at
https://www.symphonyasia.com/press-room-publications

The Board and management wish to respond transparently to the letter and to
address certain inaccurate and misleading assertions contained in the letter.

1. Alignment of Interests

The Chairman of Symphony Asia Holdings Pte. Ltd., the Manager together with
management and staff, collectively holds more than twice the number of shares
held by AVI. Management's interests are fully aligned with those of all other
shareholders and, as such, have informed the Company's updated  strategy to
maximise value and return on investment through the orderly realisation of the
Company's portfolio.

The Company has previously announced that there is no intention to use
proceeds from such realisations for any new investments and that it is focused
entirely on the orderly realisation of its existing portfolio and the
distribution of proceeds to shareholders in an efficient manner over the
medium term. Given that the Company's shares continue to trade at a
substantial discount to the underlying net asset value, the Board continues to
believe that its strategy represents the most effective way to unlock value
for all shareholders, including the management.

2. Progress of the Realisation Process

The realisation process is well underway. The Company has been and continues
to be engaged negotiations with potential buyers in respect of several
portfolio holdings, including one significant transaction that was recently
delayed as a result of the announcement of tariffs by the United States (for
which discussions with the potential buyer remain active).

Since its inception in 2007, Symphony has provided regular updates on its
portfolio. It would be commercially inappropriate, potentially misleading and
ultimately prejudicial to the interests of all shareholders to disclose
details of live negotiations.  The Company remains committed to keeping all
shareholders informed through its established reporting channels, at the
appropriate time.

3. Board Independence

The assertion that the Company's Board lacks independence is entirely
unfounded. The Board comprises individuals of high professional standing and
integrity and continues to believe strongly in the independence of those
stated as such.

The Board operates in accordance with its established procedures and policies
of corporate governance and each director is aware of and acts in accordance
with their fiduciary duties to promote the success of the company for the
benefit of all shareholders.

4. Management Fees and Incentives

Contrary to suggestions made by AVI, the Company's management fees are in line
with market practice and continue to be as described in the original
prospectus issued by the Company. As such, when AVI invested in the Company,
it was fully aware of the compensation arrangements. Indeed, at the time of
communication of the strategy update in September 2023, the Manager made a
consequential concession by removing the floor on the level of management
fees.   The current level of management fees primarily cover operating
expenses across the Company's offices in Hong Kong and Singapore, but do not
allow for market-level bonuses for professional and other staff.

To ensure full alignment, the Partners in the Manager, have, since the
announcement of the updated strategy, voluntarily transferred (at nil-cost)
several million shares from their personal holdings to members of the
management and administrative teams. This was done to ensure that all
employees are directly incentivised to complete the realisation process
efficiently and to maximise value for all shareholders.

5. Commitment to Shareholder Value

Symphony's decision to pursue an orderly realisation was made independently of
any external influence. The updated strategy reflects management's and the
Board's independent assessment that the best route to realise the Company's
intrinsic value is through the orderly sale of its assets and distribution of
proceeds.

The Company remains fully committed to executing the updated strategy, to
transparency, professionalism, and to acting in the best interests of all
shareholders.

For further information, please contact:

Investor Relations

Symphony Asia Holdings Pte. Ltd.

Email: info@symphonyasia.com

Website: www.symphonyasia.com (https://www.symphonyasia.com/)

Dealing codes

The ISIN number of the Ordinary Shares is VGG548121059, the SEDOL code is
B231M63 and the TIDM is SIHL.

 

The LEI number of the Company is 254900MQE84GV5DS6F03.

 

This announcement is not for release, publication or distribution, in whole or
in part, directly or indirectly, in or into the United States or any other
jurisdiction into which the publication or distribution would be unlawful.
These materials do not constitute an offer to sell or issue or the
solicitation of an offer to buy or acquire securities in the United States or
any other jurisdiction in which such offer or solicitation would be unlawful.
The securities referred to in this document have not been and will not be
registered under the securities laws of such jurisdictions and may not be
sold, resold, taken up, transferred, delivered or distributed, directly or
indirectly, within such jurisdictions.

No representation or warranty is made by the Company as to the accuracy or
completeness of the information contained in this announcement and no
liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an
invitation or offer to underwrite, subscribe for or otherwise acquire or
dispose of any securities of the Company in any jurisdiction. All investments
are subject to risk. Past performance is no guarantee of future returns.
Prospective investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment decisions.

This announcement is not an offer of securities for sale into the United
States. The Company's securities have not been, and will not be, registered
under the United States Securities Act of 1933 and may not be offered or sold
in the United States absent registration or an exemption from registration.
There will be no public offer of securities in the United States.

Statements contained in this announcement regarding past trends or activities
should not be taken as a representation that such trends or activities will
continue in the future. The information contained in this document is subject
to change without notice and, except as required by applicable law, neither
the Company nor the Investment Manager assumes any responsibility or
obligation to update publicly or review any of the forward-looking statements
contained herein. You should not place undue reliance on forward-looking
statements, which speak only as of the date of this announcement.

The Company and the Investment Manager are not associated or affiliated with
any other fund managers whose names include "Symphony", including, without
limitation, Symphony Financial Partners Co., Ltd.

 

End of Announcement

 

 

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