Symphony International Holdings Ltd Full and partial exit of listed investments (2807S)
October 02 2017 - 2:00AM
UK Regulatory
TIDMSIHL
RNS Number : 2807S
Symphony International Holdings Ltd
02 October 2017
2 October 2017
Symphony International Holdings Limited ("Symphony" or the
"Company")
Completion of a full and partial exit of listed investments
Symphony (LSE: SIHL), a leading investor in consumer-related
businesses, primarily in the healthcare, hospitality and lifestyle
(including education and branded real estate development) sectors
in the Asia-Pacific region, is pleased to announce that it has
completed an exit from its investment in Parkway Life Real Estate
Investment Trust ("PREIT") and made a partial exit from its
investment in Minor International Pcl ("MINT").
Symphony made an investment in the intial public offer of PREIT
units in August 2007 and subsequently acquired additional units in
February 2012. The investments provided the Company with an
aggregate interest of appromimately 6.36% in PREIT at a cost of
US$33.8 million. Since July 2016, Symphony has taken advantage of
the higher unit price of PREIT by selling units in the market. The
orderly sale process was completed on 22 September 2017 that
resulted in the Company exiting its entire interest and generating
proceeds (net of transaction expenses) of US$70.3 million. In
addition to these proceeds, Symphony has received dividend income
from PREIT of US$26.8 million since making the intial investment.
The annualised return and times the original cost of the investment
from the sale (taking into account dividends) was 14.4% and 2.9
times, respectively.
In addition to the full exit of PREIT shares, Symphony made a
partial exit of ordinary shares and warrants held in MINT.
Symphony's total cost of investment in MINT is US$74.0 million,
which provided an aggregate interest in MINT of approximately
8.25%. Further to the sale of shares up to 31 December 2016,
Symphony continued to sell MINT shares opportunistically during the
year to take advantage of MINT's rising share price and to reduce
exposure of this investment relative to Symphony's overall
portfolio. Symphony sold 76.6 million shares and 16.6 million
warrants during the year to date in 2017 that generated net
proceeds of US$92.8 million. The annualised return and times the
original cost of investment on the partial sale of shares in 2017
(taking into account dividends) was 19.0% and 5.0 times,
respectively. Following this partial exit, Symphony interest in
MINT was approximately 5.8%.
Pierangelo Bottinelli, Chairman of Symphony said: "The
investments in MINT and PREIT have generated attractive risk
adjusted returns through dividends and well as capital
appreciation. The exits further validates the Company's investment
thesis"
FOR FURTHER INFORMATION
Symphony Asia Holdings Pte. Ltd.:
Anil Thadani +65 6536 6177
About Symphony
Symphony is a London listed strategic investment company that
invests in consumer businesses in the healthcare, hospitality and
lifestyle ("HH&L") sectors (including eductaion and branded
real estate developments), which are principally in Asia. It offers
a way for investors to gain exposure to the 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 forming long-term business partnerships with talented
entrepreneurs. Symphony is managed by Symphony Investment Managers
Limited, which has a team of investment professionals with a broad
range of expertise - many of them have been working in Asia for
more than 25 years. For more information please visit our website
at www.symphonyasia.com
IMPORTANT INFORMATION
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.
This material has been prepared for informational purposes only,
and is not intended to provide, and should not be relied on for,
tax, legal or accounting advice. You should consult your own tax,
legal and accounting advisors.
End of Announcement
This information is provided by RNS
The company news service from the London Stock Exchange
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