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Symphony International Holdings Ltd on Tuesday defended its governance and compensation structure following criticism from shareholder Asset Value Investors, rejecting claims about board independence and management incentives. The Asia-focused investment company focusing on the healthcare, hospitality, lifestyle, logistics and education sectors said it was responding ‘to address certain inaccurate and misleading assertions’ made by AVI in a letter dated October 27. Symphony said its interests are ‘fully aligned’ with those of shareholders, noting that the chairman of its investment manager, Symphony Asia Holdings, together with management and staff, collectively hold ‘more than twice the number of shares held by AVI.’ The company reiterated that it remains focused on an orderly realisation of its portfolio and returning proceeds to shareholders, rather than pursuing new investments, describing this as ‘the most effective way to unlock value.’ Symphony said the asset sale process is ‘well underway,’ with ongoing negotiations including one significant transaction delayed by recent US tariffs. It said it would provide updates ‘at the appropriate time,’ stressing that disclosing details of live talks would be ‘commercially inappropriate.’ Responding to AVI’s governance concerns, Symphony said its board ‘comprises individuals of high professional standing and integrity,’ rejecting suggestions that it lacks independence. ‘The assertion that the company’s board lacks independence is entirely unfounded,’ it said, adding that directors act ‘in accordance with their fiduciary duties to promote the success of the company for the benefit of all shareholders.’ Symphony also dismissed claims over its fee structure, saying management fees are ‘in line with market practice’ and were fully disclosed in its original prospectus. It added that AVI ‘was fully aware of the compensation arrangements’ when investing. ‘To ensure full alignment,’ Symphony said, ‘the partners in the manager have voluntarily transferred (at nil-cost) several million shares from their personal holdings to members of the management and administrative team.’ The company emphasised that its decision to pursue an orderly realisation strategy ‘was made independently of any external influence’ and remains the best route to realise intrinsic value. Shares in Symphony International Holdings were up 2.0% at $0.36 in London on Tuesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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