|By PR Newswire||
|November 22, 2012 05:56 AM EST||
SINGAPORE, Nov. 22, 2012 /PRNewswire/ -- Ahead of the upcoming Special General Meeting of MIIF due to take place on 5th December 2012, LIM Advisors Limited and Metage Capital Limited today published the following letter to all MIIF Shareholders:
Macquarie International Infrastructure Fund----Upcoming Special General Meeting
LIM Advisors Limited and Metage Capital Limited are investment managers that largely manage the assets of global institutional investors such as pension funds. Both are patient value investors, managing funds which invest in the Macquarie International Infrastructure Fund ("MIIF" or the "Fund"). We have jointly decided to publish this letter to highlight to MIIF Shareholders why we believe we need to requisition a special general meeting ("SGM"), which has been done through Raffles Nominees (PTE) Limited, which holds our shares in MIIF. We urge you as MIIF Shareholders to formulate your own independent conclusions on the merits of this requisition and to cast your vote in favour of the resolutions to be put forward at the forthcoming SGM in order to bring about change.
As professional investors, we believe the most important issue facing Shareholders in MIIF today is the substantial discount to net asset value ("NAV") that MIIF continues to suffer from. Since the end of 2007, the Fund has continually traded at an unacceptable discount to NAV, which was 24% as of 30th September 2012 according to the presentation on the third quarter results by Macquarie Infrastructure Management (Asia) Pty Limited (the "Manager"), a subsidiary of Macquarie Group Limited. As long as the stock market valuation of MIIF continues to trade so far below its published NAV, all Shareholders are penalised for entrusting their capital to be managed in this Fund.
During the past two years, both LIM Advisors and Metage Capital have made considerable efforts to work constructively with both the management of MIIF and the directors of the Board to ensure that the discount to NAV is narrowed and that the Fund focuses on returning more value to Shareholders. Since April 2011, we have:
- Engaged in numerous meetings and calls with the Chairman and directors of the Board of MIIF.
- Collectively written seven different letters to the Board putting forward initiatives for the Fund to address its discount to NAV.
- Attended and spoken at MIIF's annual general meetings in both 2011 and 2012 to highlight our concerns and urge more action by the Board.
- Put forward repeated requests that the Board broaden itself through the addition of new independent directors with experience in tackling the issues the Fund faces.
Three of the four current independent directors of the Board have remained unchanged since the Fund was listed in 2005, and all four have presided over the Fund during the past five years when Shareholders have suffered from a considerable discount to NAV. During this time, the Board has pursued a strategy of refocusing MIIF into an Asian-focused infrastructure fund (which we support) and of acquiring a considerable additional interest in Taiwan Broadband Communications, including buying a stake from a related Macquarie fund. However, neither of these strategies has adequately addressed the discount.
For some months we have asked the Board to appoint an independent financial advisor not affiliated with MIIF's Manager. We asked that this financial advisor conduct a strategic review of the options available for the Fund to maximise value for all MIIF Shareholders. Our original requisition for an SGM lodged in September 2012 asked that Shareholders be given the opportunity to vote on an advisory resolution on whether the new independent directors we have nominated, along with the Chairman of the Board, could be delegated the authority to appoint such an advisor.
On 10 October 2012, the current Board announced that it would conduct a strategic review using an advisor. We are encouraged that the Board has decided to appoint an independent financial advisor; however, we continue to believe that for such a strategic review to be effective, fresh thinking at the Board level and input from Shareholder representatives are required. The only member of the Board currently with a significant financial interest in the Fund is the Manager's representative.
We highlight that since the Fund was launched in 2005 at S$1 per share, Directors remuneration has increased by 45%, despite the fact that the market capitalisation of the Fund has fallen significantly over that period. Given the legacy of the current Board, we believe it is now time for a change. Our requisition provides Shareholders the opportunity to elect three new candidates, all independent of the Manager, with the experience necessary to tackle the issues the Fund continues to face. Together we believe the three nominated directors have:
- A track record of proactively engaging with the Manager to unlock value on behalf of all MIIF Shareholders.
- A willingness to reach out to all Shareholders in the Fund and canvas their views on how best to realise Shareholder value.
- A strong mix of closed-end fund, directorship and capital markets experience, all of which will complement the Board's existing skill set and the findings of the strategic review for which we have advocated.
We urge all MIIF Shareholders to reflect on the current Board's lack of success in addressing the Fund's discount to NAV over the past 5 years, to formulate your own independent conclusions on the merits of this requisition, and to cast your vote at the forthcoming SGM.
- We believe all MIIF Shareholders deserve a better return on their investment in the Fund.
- For 5 years, the current Board has failed to adequately address the discount from which Shareholders suffer.
- After advocating a strategic review, we are encouraged that the Board has adopted this initiative; however, we question the Board's timing and whether the Board would have done this without being pushed by us.
- Given its failures to date, we believe that the Board requires additional competencies, energy and experience to tackle these challenges. Our nominees are firmly independent of the Manager, and we believe they possess the attributes the Fund urgently needs.
Should you have any questions or require any additional information, please contact our information line on +65 6631 3204.
In the event that you have already completed and returned the Depositor Proxy Form to the registered office of the Singapore Share Transfer Agent, and you now wish to alter your voting instructions, we recommend that you contact the Fund or the Singapore Share Transfer Agent for further instructions on how to do so prior to 2pm, 3 December 2012 (i.e., not less than 48 hours before the start of the SGM).
LIM Advisors Limited and Metage Capital Limited
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion is moderated by me, Dana Gardner, Principal Analyst at Interarbor Solutions.
Nov. 26, 2015 03:45 AM EST Reads: 688
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 26, 2015 03:00 AM EST Reads: 301
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now all corporate assets – people, objects, and spaces – can share information about themselves and thei...
Nov. 26, 2015 02:00 AM EST Reads: 183
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound effect on the world, and what should we expect to see over the next couple of years.
Nov. 26, 2015 01:30 AM EST Reads: 431
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, wil...
Nov. 26, 2015 12:00 AM EST Reads: 521
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNub’s Data Stream Network.
Nov. 26, 2015 12:00 AM EST Reads: 280
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
Nov. 26, 2015 12:00 AM EST Reads: 483
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" in this scenario: microservice A (releases daily) depends on a couple of additions to backend B (re...
Nov. 25, 2015 10:00 PM EST Reads: 391
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Nov. 25, 2015 09:00 PM EST Reads: 366
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user experience, both offline and online. The focus of this talk was on IBM Cloudant, Apache CouchDB, and ...
Nov. 25, 2015 08:30 PM EST Reads: 366
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
Nov. 25, 2015 05:00 PM EST Reads: 302
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound cha...
Nov. 25, 2015 02:45 PM EST Reads: 496
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Nov. 25, 2015 02:30 PM EST Reads: 508
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Yet a closer inspection at the data reveals less than half of these cloud projects involve production...
Nov. 25, 2015 02:15 PM EST Reads: 424
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical to maintaining positive ROI. Raxak Protect is an automated security compliance SaaS platform and ma...
Nov. 25, 2015 02:00 PM EST Reads: 355
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 25, 2015 01:30 PM EST Reads: 468
There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content. Join @ThingsExpo conference chair Roger Strukhoff (@IoT2040), June 7-9, 2016 in New York City, for three days of intense 'Internet of Things' discussion and focus, including Big Data's indespensable role in IoT, Smart Grids and Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) IoT's use in Vertical Markets.
Nov. 25, 2015 12:00 PM EST Reads: 521
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context with p...
Nov. 25, 2015 12:00 PM EST Reads: 366
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
Nov. 25, 2015 10:00 AM EST Reads: 430
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 25, 2015 09:45 AM EST Reads: 120