KUALA LUMPUR, April 30 — Asset Value Investors (AVI) has launched a new campaign calling on shareholders of Symphony International Holdings Ltd (SIHL) to help bring about change at the company after years of poor performance.
SIHL is a closed-end investment vehicle, managed from Singapore and listed on the London Stock Exchange.
Based on a statement, AVI owns a 15.4 per cent stake in SIHL on behalf of institutional clients.
Having first invested in 2012, it has now been concluded that a continued approach of constructive private engagement has no prospect of success.
“The poor performance of SIHL has gone on long enough. We have two key aims and we need the support of our fellow shareholders to make them a reality,” said AVI Executive Director, Tom Treanor.
The first aim is to ensure all shareholders are fully informed as to its concerns, regarding the stewardship of SIHL and the independence of the Board.
Secondly, the company aimed to gather together suffcient support (30 per cent including the 15.4 per cent stake) to requisition an EGM to remove the current directors and replace them with new directors willing and able to properly represent shareholder interest.
Following their appointment, the new board would be given a mandate to consult widely with shareholders to build a consensus for the optimal path forward to maximise value for the benet of all shareholders.
SIHL listed in 2007 with an investment objective focused on growth via consumer-related investments in Asia. Performance has been abject in absolute terms and when measured against market indices or peer funds.
Furthermore, SIHL today trades at a discount in excess of 50 per cent to estimated NAV. It is AVI’s view that the substantial discount at which SIHL trades represents the market’s verdict on the Company’s performance track record, investment proposition, governance, Manager, and Board.
A detailed presentation has been published on www.savesymphony.com
— BERNAMA
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