On September 9, 2021, Asset Value Investors (AVI) publishes letter to shareholders providing an update on its on-going campaign at Symphony International Holdings and a response to Management’s recent letter. Asset Value stated that it always seeks to engage directly with boards in a constructive manner, rather than through intermediaries, and attempt to resolve shareholder grievances for the benefit of all shareholders. In the case of the Company, it instructed legal counsel to support it after protracted, but ultimately futile, engagement with the executive directors. Since the first letter from AVI legal counsel in December 2019, it has received a series of slow and evasive responses proffering flimsy defenses and justifications, and a refusal to acknowledge the indisputable problems at the Company. The Board also refused AVI request to appoint an external independent law firm to investigate the serious matters which it presented to the Company. AVI stated that it has therefore, with some reluctance, taken the decision to air its views in open forum. In addition, AVI stated that it seeks i) ensure all shareholders are fully informed and ii) gather together sufficient to requisition an EGM to consider and approve resolutions to: a) remove the current directors; and b) replace the Board with new directors willing and able to properly represent the interests of shareholders.