|By Marketwired .||
|June 23, 2014 07:00 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/23/14 -- Liberty Street Capital Corp. ("Liberty Street") issued the following letter to shareholders, urging them to vote FOR all of the Liberty Street nominees using the GREEN proxy:
Dear Fellow Shareholders:
Banro Corporation's ("Banro") Annual General Meeting is scheduled to be held on Friday June 27, 2014. Liberty Street urges shareholders to vote FOR all of the Liberty Street nominees using the GREEN proxy.
Banro has already hit a wall
Our view after analyzing the financial statements is simple: Banro has hit a wall. It has run up against the limits of its debt capacity. In addition to $217.5 million of debt due in 2017 or before, and $30 million of preferred shares, the incumbent Board of Directors authorized the issuance of $40 million preferred shares in its Barbados subsidiaries in February 2014, also due in 2017.
Why must real change occur now?
One way or another, Banro must raise equity, failing which it will likely cease to function. The reality of this financial quagmire, and challenges the company faces in seeking to secure further equity, must be addressed immediately by professionals with the experience and bench strength to do so. This may be the last time shareholders are able to elect leaders who can change the direction of this company.
Notwithstanding a few modest and unconvincing steps being taken at the Board level, the same directors and leaders who steered this ship into such troubled waters are still at the helm. We have not seen any compelling indication that the pattern of conduct and decision-making to date by the incumbents will change.
Having suffered a cash outflow before financing activities of approximately $27 million during the first quarter of 2014, the entire future of the company seems to be predicated on its hopes for full production at the Namoya property which, under any reasonable scenario, seems virtually impossible especially as we are headed into the difficult rainy season in the Democratic Republic of Congo ("DRC").
With respect for a valiant entertainer, this approach to financing could be seen as the 'Evel Knieval' approach to leaping over a dark canyon, yet doing so with both limited and uncertain amounts of gas in the tank. This philosophy and approach is the opposite of what Banro urgently needs.
Liberty Street Plan
The Liberty Street plan is clear and significantly different to the incumbent board. We will materially increase the Company's equity base. Unlike the Management nominees, who do not include any Congolese representation, we put forward a Board that includes both highly respected Congolese directors and other directors with extensive DRC expertise. We will fortify the financial and operational management team, and work assiduously to de-risk the company at this precarious point in time. By instilling confidence across the full range of constituents - staff, management, local communities, shareholders, lenders, suppliers and the broader mining community - we will stabilize the business and build a platform for success. While the circumstances are enormously difficult, we are committed to salvaging Banro before it is too late, and properly building it into a world class gold producer.
Copies of an information circular prepared by Liberty Street are currently being delivered to shareholders. The Liberty Street circular was also filed on SEDAR on June 16, 2014 and can be found under Banro's profile on SEDAR at www.sedar.com.
WE URGE YOU TO CAREFULLY CONSIDER THE CONTENTS OF THE LIBERTY STREET CIRCULAR AND VOTE ONLY THE GREEN PROXY TO VOTE FOR POSITIVE CHANGE. TOGETHER WE CAN REBUILD BANRO.
Regardless of the number of shares you own, your vote is extremely important to the future of your investment in Banro and to ensure change. We urge you to seize this opportunity by signing, dating and returning the enclosed GREEN proxy in accordance with the instructions in this Circular no later than June 25, 2014 at 11:00 a.m. (Toronto time). Even if you have previously signed and submitted a management proxy form or given voting instructions in support of the management nominees, you may still change your vote and support Liberty Street's recommendations by completing and submitting a GREEN proxy or giving voting instructions in accordance with the GREEN voting instruction form. A later dated GREEN proxy will automatically revoke the earlier one.
If you have any questions about completing your GREEN proxy or if you are a non-registered (beneficial) shareholder holding your shares through a broker, please contact CST Phoenix Advisors at 1-800-301-3998 toll-free in North America, or 1-201-806-2222 outside of North America (collect calls accepted), or by e-mail at [email protected].
Loudon Owen, Chairman
Liberty Street Capital Corp.
About Liberty Street Capital Corp.
Liberty Street Capital Corp. is a privately held merchant bank focused on unlocking shareholder value. Liberty Street, its principals, and its affiliates have a significant track-record in creating and maximizing shareholder value. Liberty Street is based in Toronto, Canada and invests in Canada and various emerging markets.
CST Phoenix Advisors
1-800-301-3998 toll-free in North America
1-201-806-2222 outside of North America (collect calls
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 8, 2016 08:00 PM EST Reads: 128
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 8, 2016 06:30 PM EST Reads: 160
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 8, 2016 03:00 PM EST
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
Feb. 8, 2016 03:00 PM EST Reads: 572
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 8, 2016 02:00 PM EST Reads: 205
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
Feb. 8, 2016 02:00 PM EST Reads: 340
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 8, 2016 02:00 PM EST Reads: 373
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 8, 2016 01:30 PM EST Reads: 169
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 8, 2016 12:45 PM EST Reads: 355
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
Feb. 8, 2016 12:30 PM EST Reads: 233
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 8, 2016 12:30 PM EST Reads: 141
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 8, 2016 12:00 PM EST Reads: 154
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 8, 2016 10:45 AM EST Reads: 382
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
Feb. 8, 2016 10:15 AM EST Reads: 363
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Feb. 8, 2016 09:45 AM EST Reads: 167