Initiation of Buyback Programme

RNS Number : 1594U

Symphony International Holdings Ltd

16 January 2017

 

16 January 2017

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

Initiation of Buyback Programme

Symphony International Holdings Limited (LSE: SIHL.L), a leading investor in consumer-related businesses, primarily in the healthcare, hospitality, lifestyle, and lifestyle/real estate sectors in the Asia-Pacific region, announces the implementation of an ongoing buyback programme ("Buyback Programme").

Symphony has a track record of outperformance with a 22% ^[1][2] increase in NAV per share since the Company's shares were listed on the London Stock Exchange versus a 7.1% decline in the MSCI AC Asia Index during the same period and introduced annual dividends from 2014 that have seen distributions to shareholders of $0.1485 per share. Symphony's shares continue to trade at a significant discount currently of approximately 32%^[1] to latest published NAV. Investments in listed securities and cash cover the share price by 1.04 times, effectively meaning a negative value is being attributed to the attractive portfolio of private investments assembled by the managers.

The Board considers a sustainably narrower discount to be one of its key objectives and, in light of the persistent share price discount to NAV, is pleased to announce a programme of share buybacks aimed at narrowing the discount to NAV, and providing enhanced liquidity and material NAV accretion to ongoing shareholders.

It is the Company's intention to target the acquisition of at least 10% of its shares in issue, on an annual basis. Assuming that the Company's shareholders renew the Share Buyback mandate at the Company's AGM in April this year, and that the discount remains significant, this Buyback Programme is intended to continue until 31 December, 2017. At this time, the Board intends to review the matter, and, if considered appropriate, extend the programme. The Company believes that the Buyback Programme is complementary to the annual dividend.

The proposed Buyback Programme will be funded by the Company's available cash reserves. All Ordinary Shares purchased will be cancelled.

The proposed Buyback Programme will be effected on behalf of the Company by its broker, Numis Securities Limited, and will commence from today.

^[1]As at 12 January 2017, based on 30 September 2016 NAV, adjusted for current listed prices and foreign exchange rates.

^[2] The increase in NAV per share is 37% if dividends are included.

Enquiries

Symphony Asia Holdings Pte. Ltd.

Anil Thadani

[phone]

Numis Securities Limited

Hugh Jonathan / Nathan Brown

[phone]

 

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