Click here to close now.

Welcome!

.NET Authors: Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah, Carmen Gonzalez

News Feed Item

LIM Advisors Limited and Metage Capital Limited Today Published an Open Letter to All Shareholders of Macquarie International Infrastructure Fund Limited ("MIIF")

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:

Dear 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.

In summary:

  • 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).

Yours faithfully,

LIM Advisors Limited and Metage Capital Limited

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in 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 change in personal an...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fil...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...