The board of the £409.1m Symphony International Holders has written to its shareholders outlining steps that it is taking to narrow the discount following a campaign launched by Asset Value Investors (AVI) to remove and replace the board.
Outlining its future plans, director Anil Thadani said the board is "exploring ways to lessen, or eliminate altogether, the fees that Symphony pays" to its investment manager, Symphony Asia Holdings. The letter was vague but said the investment manager was focusing on "a couple of solutions". AVI launched a campaign in April this year stating that an "inherently conflicted" board had failed to protect shareholder interested and the poor performance had "gone on long enough". AVI calls on shareholders to remove Symphony International Holdings' board Shortly after the launch of th...
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