Strategy Update

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.:                    [phone]  

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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