|By Marketwired .||
|June 25, 2014 12:14 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/25/14 -- Liberty Street Capital Corp. ("Liberty Street") issued the following letter to shareholders:
Dear Fellow Shareholders:
Banro Corporation's ("Banro") Annual General and Special Meeting ("AGM") is scheduled to be held on Friday June 27, 2014. Liberty Street believes that Banro has a valuable core asset. However, along with many shareholders, we remain extremely concerned about Banro's financial and operational challenges.
Over the past weeks, Liberty Street took the initiative to engage with a wide range of Banro's shareholders and other stakeholders on the basis that the Company would benefit from making several material changes, including augmenting its board, and in particular by adding representation from the Democratic Republic of Congo.
In light of representations made by management to shareholders about the Company's plan, prospects and timetable to rectify its negative working capital position, the feedback from shareholders has been to give management a further opportunity to deliver better results. We have therefore withdrawn the Liberty Street nominees. This allows the Company to operate at this critical juncture without the disruption that would otherwise occur. Shareholders will be able to cast their votes based on management's proposed slate of directors, and will, of course, hold the Board accountable going forward.
We wish to thank those shareholders who have supported Liberty Street throughout this initiative. We remain interested in the Company, and are pleased to maintain a constructive dialogue. If circumstances warrant, Liberty Street will consider acquiring additional securities. Liberty Street will continue to be vigilant in determining if management fulfills its promises and specifically if it delivers on its production objectives at Twangiza and Namoya over the coming months.
Yours sincerely, 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
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