Overview of the half Year In the Annual Report for the year to 30 September 2020 we reported that the NAV total return was virtually flat but marginally better than the MSCI AC World ex-USA Total Return Index in sterling (the Comparator Benchmark ), which recorded a loss. I am pleased to report that in the six months under review, AGT s NAV increased by 26.8%. This result made AGT one of the top performers in its peer group of global investment trusts. Some of the strongest contributions over the period came from companies - such as Aker, Jardine Strategic and EXOR - that had been hardest hit by the COVID-19 pandemic, and subsequently rallied in November 2020, following the announcement of the Pfizer/BioNTech vaccine trial results. The manager increased exposure to these companies, and initiated positions in others, during 2020 when their valuations appeared particularly compelling. These companies, and other contributors to performance, are discussed
Asset Value Investors: AVI s Treanor Responds to Symphony s Letter on the Recently Launched Public Campaign
AVI notes the response from Anil Thadani, Chairman and Founder of the Investment Manager, published on 6-May-21: Symphony International Holdings Limited ( Symphony or SIHL ) Response in relation to Asset Value Investors Limited
It is telling that it is
Mr Thadani responding, when the core of our grievances made public last week rests on the independent directors seemingly being complicit in the way the company appears to be managed.
Why is the Independent Chairman, Georges Gagnebin, silent?
Why are shareholders asked to contact
Mr Thadani with their concerns?
DETAILS OF THE PLACING N+1 Singer has entered into the Share Issuance Agreement with the Company and the Investment Manager under which N+1 Singer has, on the terms and subject to the conditions set out therein, undertaken to use its reasonable endeavours to procure, as agent for the Company, subscribers for the Ordinary Shares at the Placing Price. The Share Issuance Agreement contains customary warranties given by the Company and the Investment Manager to N+1 Singer as to matters relating to the Company and its business. The Company (after consultation with N+1 Singer and the Investment Manager) reserves the right to scale back the number of Ordinary Shares to be subscribed by any Placee in the event of applications in excess of the target amount under the Placing. The Company and N+1 Singer also reserve the right not to accept offers to subscribe for Ordinary Shares or to accept such offer in part rather than in whole.