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Symphony International Holdings initiates buyback programme

Symphony International Holdings has announced the implementation of an ongoing buyback programme starting today. The company says that its shares continue to trade at a significant discount (approximately 32% to latest published NAV). However, it says that ‘nvestments in listed securities and cash cover the share price by 1.04 times. As such, it says that effectively a negative value is being attributed to what it describes as its attractive portfolio of private investments.

The Board says that it considers a sustainably narrower discount to be one of its key objectives and, in light of the persistent share price discount to NAV, is initiating a programme of share buybacks aimed at narrowing the discount to NAV, and providing enhanced liquidity and material NAV accretion to ongoing shareholders. The company says that it its intention to target the acquisition of at least 10% of its shares in issue, on an annual basis (this is assuming that the Company’s shareholders renew the Share Buyback mandate at the Company’s AGM in April this year, and that the discount remains significant).

The Buyback Programme is intended to continue until 31 December, 2017. At this time, the Board says that it intends to review the matter, and, if considered appropriate, extend the programme. The Company believes that the Buyback Programme is complementary to the annual dividend. The proposed Buyback Programme will be funded by the Company’s available cash reserves. All Ordinary Shares purchased will be cancelled.

Symphony International Holdings initiates buyback programme : SIHL

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