Symphony International Holdings Ltd Letter to Shareholders from the Manager (6535A)
September 30 2020 - 10:36AM
UK Regulatory
TIDMSIHL
RNS Number : 6535A
Symphony International Holdings Ltd
30 September 2020
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")
30 September 2020
Letter to Shareholders from the Manager
Dear Shareholders,
We, Symphony Asia Holdings Pte Ltd. ("SAHPL"), the Manager of
Symphony International Holdings Limited ("SIHL"), are writing to
inform you of our intention to take a reduced Management Fee,
effective with the fee payable on October 1, 2020.
As you will recall, the Management Agreement with SIHL provides
for a fee of 2.25% of the Net Asset Value ("NAV") of SIHL's assets,
but with a Maximum and a Minimum of US$15 million and US$8 million
per annum, respectively.
Symphony's NAV has been significantly reduced by the
following:
-- Dividends paid between 2014 - 2019 amounting to US$266.7 million;
-- A share buyback program amounting to total cost of US$37.3 million; and
-- A drop in the value of our investments as a result of the
effects of COVID-19 on the economies and industries in which some
portfolio companies operate.
Having considered our fee arrangements in the context of the
above, we have decided to voluntarily reduce the Minimum fee by 25%
from US$8 million per annum to US$6 million per annum, payable
quarterly, as before. The fee payable will continue to be
calculated as before but with this reduction in the minimum fee
level.
Please visit www.symphonyasia.com/publications for additional
information on Symphony.
Yours sincerely
Anil Thadani
Director
For further information:
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.
About Symphony
Symphony International Holdings Limited (LSE:SIHL) is a London
listed strategic investment company that invests in consumer
related businesses, primarily in the healthcare, hospitality,
lifestyle (including branded real estate developments), logistics
and education sectors predominantly in Asia. It offers a way for
investors to gain exposure to rising disposable incomes and wealth
in fast growing economies. Symphony's objective is to provide
superior capital growth by investing in high quality companies and
form long-term business partnerships with talented entrepreneurs
and management teams. Symphony's investment team has a broad range
of expertise - many of its professionals have been working in Asia
for more than 35 years. For more information please visit our
website at www.symphonyasia.com.
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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