25th Oct 2021 19:08
Symphony International Holdings Ltd - strategic investment company - Asset Value Investors responds to letter from Anil Thadani, a key principal at the investment manager of Symphony International. AVI says Symphony has lack of board independence. AVI says: "Independent directors are there to provide independent oversight and constructive challenge to the executive directors. There is simply no evidence to suggest SIHL's 'independent' directors have ever done this." Says there are longstanding ties between Thadani and board member Rajiv Luthra. Says the 2.25% management fee Symphony pays is "the highest of all" roughly 400 funds listed on the London Stock Exchange. In October, Symphony said a previous letter by AVI was "inaccurate and misleading," but acknowledges investment manager "actively exploring other ways to address the share price discount to NAV".
Current stock price: USD0.46
Year-to-date change: up 26%
By Eric Cunha; [email protected]
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