|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 We have therefore withdrawn the Liberty Street nominees.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
Dec. 27, 2014 07:45 PM EST Reads: 2,027
Dec. 27, 2014 07:00 PM EST Reads: 2,235
Dec. 27, 2014 04:00 PM EST Reads: 1,894
Dec. 27, 2014 02:00 PM EST Reads: 1,985
Dec. 27, 2014 01:30 PM EST Reads: 1,862
Dec. 27, 2014 12:45 PM EST Reads: 1,736
Dec. 27, 2014 12:30 PM EST Reads: 2,476
Dec. 27, 2014 12:30 PM EST Reads: 1,967
Dec. 27, 2014 12:00 PM EST Reads: 2,713
Dec. 27, 2014 12:00 PM EST Reads: 1,810
Dec. 27, 2014 12:00 PM EST Reads: 2,390
Dec. 27, 2014 11:30 AM EST Reads: 2,546
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Dec. 27, 2014 11:00 AM EST Reads: 2,016
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Dec. 27, 2014 11:00 AM EST Reads: 2,168
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 27, 2014 11:00 AM EST Reads: 1,966