Questor’s pick today is Symphony International due to the 32% discount as well as the significant management holding of 17% of the shares. Management hold share options that will expire in August 2018 which are priced at more than the current share price.
The management have already taken steps that aim to cut the discount. The first was the introduction of a dividend policy in early 2014 and the second is the aggressive share buy-back policy announced earlier this year.
Symphony International is 4.8% of the portfolio as at 30 April 2017.
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British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’ throughout the website. British Empire’s investment managers, Asset Value Investors are referred to as ‘AVI’