Business Wire

Asset Value Investors (AVI) Calls for Shareholder Support to Remove and Replace Symphony International Holdings’ Board of Directors

Share

Asset Value Investors (“AVI”) today launches a new campaign calling on shareholders of Symphony International Holdings Ltd (“SIHL”), a closed-end investment vehicle managed from Singapore and listed on the London Stock Exchange, to help bring about change at the company after years of poor performance. AVI owns a 15.4% 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 prospects of success.

Tom Treanor, Executive Director, Asset Value Investors introduced the new initiative, stating,The poor performance of Symphony International Holdings Ltd (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.”

We aim to:

  1. Ensure all shareholders are fully informed as to our concerns regarding the stewardship of SIHL and the independence of the Board, which in our view is inherently conflicted and whose actions have failed to protect shareholder interests ahead of those of the management team;
  2. Gather together sufficient support (30%, including our own 15.4% stake) to requisition an EGM to remove the current directors and replace them with new directors willing and able to properly represent the interests of shareholders. 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 benefit of all shareholders.

SIHL listed in 2007 with an investment objective focussed on growth through 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% 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, its governance, its Manager, and its Board.

A detailed presentation has been published on its dedicated website www.savesymphony.comand analyses key interconnected areas that require urgent action:

  1. Disastrous NAV and Share Price Performance
  2. Misrepresented Performance and Material Non-Disclosure
  3. Persistently Wide Discount to NAV
  4. Manager Compensation dwarfing Shareholder Returns
  5. Conflicted Board
  6. The 2017 Wind-Up Vote That Wasn’t: Shareholder Exit Frustrated
  7. Forced Partial Sale of Minor International investment at Distressed Prices

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Tom Treanor
tom.treanor@assetvalueinvestors.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

SentinelOne Receives Highest Score for the Type C Use Case in the Gartner 2021 Critical Capabilities for Endpoint Protection Platforms14.5.2021 16:00:00 CEST | Press release

SentinelOne, the autonomous cybersecurity platform company, today announced that Gartner has positioned SentinelOne with the highest score in customer use case C in Gartner’s 2021 Critical Capabilities for Endpoint Protection Platforms report1. SentinelOne also received the highest score across all three Critical Capabilities use cases out of the 19 vendors included in the report. According to Gartner, “Type C organizations typically view technology as an expense or operational necessity and use it as a means to reduce costs.” Additionally, Gartner comments, “For EPP, these organizations focus on prevention, rather than on integrated detection and response capabilities and solutions that offer a complement of managed services.” “Recognition for this use case is a testament to SentinelOne’s ability to offer cost-effective and efficient solutions for enterprises of all types, including those who need to prioritize innovation and capabilities with budget and operational constraints,” said

Wipro Limited Appoints Tulsi Naidu to Its Board14.5.2021 14:22:00 CEST | Press release

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced the appointment of Ms. Tulsi Naidu, a widely respected business leader, to its Board of Directors for five years effective July 1, 2021, subject to the approval of shareholders. Tulsi Naidu will serve as an Independent Director on the Board and bring a wealth of experience to Wipro, having spent 25 years in the global financial services sector. Ms. Naidu is CEO Asia Pacific of Zurich Insurance Group (Zurich) and a member of Zurich’s Executive Committee. She joined Zurich in September 2016 and was named the CEO of the UK business in November 2016 where she implemented an extensive transformation program – reshaping the business, simplifying the structure, improving technical and digital capabilities, and positioning it for growth in its core markets. Before joining Zurich, Ms. Naidu spent 14 years at Prudential in various executiv

REPLY: The Board of Directors Approves the Quarterly Report Dated 31 March 202114.5.2021 12:49:00 CEST | Press release

Today, the Board of Directors of Reply S.p.A. [MTA, STAR: REY] approved the results as at 31 March 2021. Since the beginning of the year, the Group has recorded a consolidated turnover amounting to €352.4 million, an increase of 11.2% compared to the corresponding data for 2020. All indicators are positive for the period. In the first quarter of 2021 the consolidated EBITDA was €59.6 million compared to €47.6 million in 2020, equal to 16.9% of the turnover. EBIT, from January to March, was €47.9 million (€38.0 million in 2020), and is equal to 13.6% of the turnover. The profit before tax, from January to March 2021, was €47.6 million (€33.9 million in 2020), equal to 13.5% of the turnover. The net financial position of the Group on 31 March 2021 is also positive by 227.9 million. The net financial position on 31 December 2020 was positive for €158.7 million. “"The first quarter of 2021 - stated Mario Rizzante, Reply's Chairman - was very positive, both in terms of revenue and margin gr

PMC Biogenix Announces Price Increase on Armoslip® and Kemamide® Fatty Amides14.5.2021 11:00:00 CEST | Press release

PMC Biogenix Inc. announces that effective June 1, 2021 or as contracts permit, prices for Armoslip and Kemamide brand primary and secondary fatty amides and bisamides will increase by $1.00 to $3.00 per kilo for all orders, globally; adjusted for currency fluctuations. This increase is necessary to counterbalance the unprecedented and rapid rate of raw material and logistical cost increases and to continue providing the world class service expected by our global customer base. Customers with questions should contact their local sales manager. About PMC PMC Group is a growth oriented, diversified, global chemicals and plastics company dedicated to innovative solutions to everyday needs in a broad range of end markets including plastics, consumer products, electronics, paints, packaging, personal care, food, automotive and pharmaceuticals. The Company was built on a sustainable model of growth through innovation while promoting social good. PMC operates from a global manufacturing, inno

Mavenir Wins Award for Multi-G Open RAN Small Cell Solutions14.5.2021 09:00:00 CEST | Press release

Mavenir, the Network Software Provider building the future of networks with cloud-native software that runs on any cloud and transforms the way the world connects, is pleased to announce that it has won the Small Cell Forum Judges’ Choice award for its role in transforming mobile networks through its Multi-G Open RAN small cell solutions and its Mobile Network Operator (MNO) Open RAN neutral host integration. Multi-G Open RAN small cell solutions: Adding 2G/3G across a single unified RAN to support Multi-G radio access in 2020, Mavenir extended its Open Radio Access Network (Open RAN) capabilities across 2G, 3G, 4G and 5G to offer MNOs and enterprises a complete end-to-end, software-centric network proposition, spanning small cell radios to converged packet core to digital enablement solutions. This enables the move towards one network, rather than managing cost and complexity of several different networks. With a seamless, multi radio access technology (Multi-RAT) single RAN solution,

Swimlane and Elastic Partner to Deliver an Extensible Framework for Security Operations Teams13.5.2021 22:30:00 CEST | Press release

Swimlane, provider of the industry's leading security automation platform, and Elastic (NYSE: ESTC), the company behind Elasticsearch and the Elastic Stack, today announced a strategic partnership to help global security teams break down silos in their security processes, and provide a force multiplier to security operations teams that are perpetually overwhelmed. This partnership will enhance existing product integrations and jointly develop new capabilities to help security teams be more efficient and effective in protecting their organizations. The combined power of scale and automation Key integrations will enable even highly distributed security operations teams to significantly reduce friction associated with context-gathering tasks and threat containment — providing critical time savings that help analysts triage alerts quickly while minimizing damage from threats. Swimlane and Elastic plan further enhancements to the product experience through: An extensible framework that exte

IFF Achieves Key 2020 Sustainability Goals13.5.2021 22:15:00 CEST | Press release

IFF (NYSE:IFF) today announced the achievement of key 2020 sustainability goals that were set at the launch of the Company’s sustainability program in 2010. During that time, IFF met and surpassed its original intensity-based targets for three environmental goals, resulting in a reduction in its greenhouse gas (GHG) emissions, water withdrawal and hazardous waste generation per metric ton of production by -42.6%, -67.1% and -41% below 2010 levels, respectively. IFF has also achieved its 2020 goal to have 100% of the palm oil used in its products be certified according to the Roundtable on Sustainable Palm Oil (RSPO) Mass Balance Supply Chain Model. These and other milestones are captured in its latest Sustainability Report, “For a Better World,” which is published today. The title references the Company’s purpose – Applying science and creativity for a better world – a clear and bold aspiration that inspires everyone at IFF to push past traditional boundaries and to be a force for a be

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom