|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
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 9, 2016 12:30 AM EST Reads: 875
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 9, 2016 12:00 AM EST Reads: 680
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 09:45 PM EST Reads: 1,237
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 8, 2016 09:15 PM EST Reads: 958
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 8, 2016 07:45 PM EST Reads: 328
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Dec. 8, 2016 07:15 PM EST Reads: 391
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 8, 2016 05:45 PM EST Reads: 1,726
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Dec. 8, 2016 05:00 PM EST Reads: 1,822
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 8, 2016 04:45 PM EST Reads: 1,851
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 8, 2016 04:45 PM EST Reads: 2,255
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices 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 ...
Dec. 8, 2016 04:15 PM EST Reads: 2,321
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Dec. 8, 2016 03:30 PM EST Reads: 1,245
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
Dec. 8, 2016 03:00 PM EST Reads: 536
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 8, 2016 02:30 PM EST Reads: 945
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 02:15 PM EST Reads: 1,197
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 01:45 PM EST Reads: 799
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 01:45 PM EST Reads: 782
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 8, 2016 12:45 PM EST Reads: 1,755
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 8, 2016 12:00 PM EST Reads: 544
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, 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.
Dec. 8, 2016 11:30 AM EST Reads: 2,352