REG - Symphony Int Hdgs - Strategy Update

Symphony International HoldingsAnnouncement

25/09/2023 11:30

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RNS Number : 5449N  Symphony International Holdings Ltd  25 September 2023

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

 

Symphony International Holdings Limited ("Symphony" or the "Company")

 

25 September 2023

 

Strategy Update

Symphony today announces that, further to a strategic review by its board of
directors (the "Board"), it has adopted an updated strategy, being an orderly
realisation of its investments with a view to maximising return on investment
for Symphony's shareholders.

Symphony has long offered investors exposure to rising disposable incomes and
wealth in fast growing economies, together with providing superior capital
growth by investing in high quality companies with long-term business
partnerships. However, Symphony's share price has, over an extended period of
time, continued to trade at a material discount to its net asset value.

With a view to maximising shareholder return on investment, the Board has
determined that it is in the best interests of shareholders that the Company
take proactive steps to realise its investments and for the proceeds of such
realisations to be returned to shareholders. Such realisations and returns
will occur in an orderly and efficient manner over the medium term. There is
no intention to use proceeds from realisations for any new investments, other
than any follow-on investments associated with existing investments only where
consistent with the updated strategy.

As a direct consequence of the updated strategy, minor consequential changes
have been made to the Investment Management Agreement with the Company's
investment manager, Symphony Asia Holdings Pte Ltd (the "Investment Manager"),
including the removal of the floor of the Investment Manager's compensation.
The Investment Management Agreement has also been amended to allow the
Investment Manager the flexibility to raise new pools of capital (as the
Company's investments are realised) should it choose to do so. The Company is
confident that its management team, which are its largest shareholders, remain
duly incentivised to devote sufficient time to execute the updated strategy
and maximise shareholder returns during the realisation process.

This announcement contains inside information.

 

For further information, please contact:

 

Symphony Asia Holdings Pte. Ltd.:                    +65
6536 6177

Anil
Thadani
 

Rajgopal Rajkumar

 

 

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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