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Archive for March 4th, 2013

UBM Asia Announces Proposed Acquisition of NOVOMANIA in China

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HONG KONG /PRNewswire/ — UBM Asia announces that it has signed a binding agreement with NOVO Mania Limited, the organiser of NOVOMANIA, to acquire this annual urban fashion event in Shanghai. Upon completion, UBM will own 60% of a joint venture company, with NOVO Mania Limited, called UBM Novomania, to organise NOVOMANIA from 2013 onwards.

NOVOMANIA 2012 occupied 25,000 gross square metres of exhibition space and welcomed 117 exhibitors from 13 countries and over 13,000 visitors

NOVOMANIA 2012 occupied 25,000 gross square metres of exhibition space and welcomed 117 exhibitors from 13 countries and over 13,000 visitors

NOVOMANIA 2012 occupied 25,000 gross square metres of exhibition space and welcomed 117 exhibitors from 13 countries and over 13,000 visitors

NOVOMANIA 2012 occupied 25,000 gross square metres of exhibition space and welcomed 117 exhibitors from 13 countries and over 13,000 visitors
NOVOMANIA was launched in 2010 as an annual urban fashion event by the NOVO group of companies, a retailing and fashion conglomerate based in Hong Kong that operates and distributes over 50 international brands and has stores across 45 cities in China, and one of its partners, Focus Workshop, an innovative full service agency in China with expertise in luxury brands in beauty and wellness, fashion, real estate and FMCG. By bringing together designers, brands, buyers, distributors, retailers, franchisees, department stores, mall operators, real estate developers and the media, it creates a platform for introducing retail concepts to international brands which are seeking to enter the China market and for providing new business opportunities for domestic brands.
Showcasing the latest trends in major areas of urban fashion such as Denim&Urban, Sports&Street, Shoes&Accessories, Fashion&Chic and Contemporary&Premium, NOVOMANIA held at the Shanghai World Expo Exhibition & Convention Centre in March 2012 occupied 25,000 gross sqm of exhibition space and welcomed 117 exhibitors from 13 countries and over 13,000 visitors. This year, Novomania will be held from 17 – 19 July at Shanghai Mart.
Jime Essink, President & Chief Executive Officer of UBM Asia said:
“China is already the second-largest apparel market in the world and is set to surpass the US to become the world’s largest market in a few years. We are very pleased to partner with NOVO Mania Limited in the development and growth of this cutting edge fashion event targeted at the very rapidly-growing urban youth segment of the market. This joint venture continues our strategy of focusing on sectors and markets with the most exciting growth potential.”
Mr Alan Fang, CEO of NOVO Group said:
“NOVOMANIA has already established the reputation as the urban trendy fashion trade show in China for international brands. We see tremendous growth in the future due to greater interests from international brands as well as the growth of local brands. We are excited to partner strategically with UBM, a leading global business media company, Asia’s leading exhibition organiser and the biggest commercial organiser in mainland China, to expand NOVOMANIA even faster and further to be the dominant platform gateway for any brand looking to reach China’s trendy fashion apparel market.”
Mr Guilherme Faria, General Manager of NOVOMANIA, together with his team, will be incorporated into the UBM China (Shanghai) office, reporting to the board of UBM Novomania.
Notes to Editors
1. About UBM Asia (www.ubmasia.com)
Owned by UBM plc listed on the London Stock Exchange, UBM Asia is Asia’s leading exhibition organiser and the biggest commercial organiser in mainland China, India and Malaysia. Established with its headquarters in Hong Kong and subsidiary companies across Asia and in the US, UBM Asia has a strong global presence in 25 major cities with 29 offices and over 1,200 staff.

With a track record spanning over 30 years, UBM Asia operates in 19 market sectors with 160 dynamic face-to-face exhibitions, 75 high-level professional conferences, 28 targeted trade publications, 18 round-the-clock vertical portals and virtual event services for over 1,000,000 quality exhibitors, visitors, conference delegates, advertisers and subscribers from all over the world. We provide a one-stop diversified global service for high-value business matching, quality market news and online trading networks.

UBM Asia has extensive office networks in China, Southeast Asia and India, three of the world’s fastest growing B2B events markets. UBM China has 11 offices in the major cities in mainland China, including Beijing, Shanghai, Guangzhou, Hangzhou, Chengdu and Shenzhen, where we organise more than 60 exhibitions and conferences. In ASEAN, UBM Asia operates from its offices in Malaysia, Thailand, Indonesia, Singapore, Vietnam and the Philippines with over 50 events in this region. UBM India teams in Mumbai, New Delhi, Bangalore, Chennai and Hyderabad organise 20 exhibitions and 60 conferences every year across the country.
2. About UBM plc (www.ubm.com)
UBM plc is a leading global business media company. We inform markets and bring the world’s buyers and sellers together at events, online, in print and provide them with the information they need to do business successfully. Our 6,500 staff in more than 30 countries are organised into specialist teams which serve commercial and professional communities, helping them to do business and their markets to work effectively and efficiently.

For more information, go to http://www.ubm.com; follow us on Twitter at @UBM_plc to get the latest UBM news.
3. About NOVO Holdco Limited
NOVO, founded in 2004 by Chairman and CEO Alan Fang, is a fast-growing fashion apparel retailer focused on the 18-30 age demographic in China. NOVO is a first mover to satisfy unmet demand in the youth fashion apparel market in China and is well positioned to experience higher growth by focusing on the right demographics, regions, and price points. The company mainly operates a specialised department store chain focused on fashion apparel and accessories for China’s urban youth. The business currently has 16 operational stores in selected major cities inside shopping malls and department stores. In addition, the company also operates a franchise of retail stores selling international fashion apparel and accessory brands and organises NOVOMANIA.

For additional information, please visit NOVO’s websites at:
http://www.novoconcept.com.cn and http://www.novomania.com.cn
For press enquiries, please contact:
Jennifer Law, Director of Corporate Marketing & Communications, UBM Asia
Tel: +852-2516-1691
Fax: +852-3749-7342
Email: Jennifer.Law@ubm.com
Source: UBM Asia Ltd

Written by asiafreshnews

March 4, 2013 at 5:19 pm

Posted in Uncategorized

LIM Advisors Limited Today Published An Open Letter to All Shareholders of The Macquarie International Infrastructure Fund Limited (“MIIF”)

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SINGAPORE /PRNewswire/ — Ahead of the upcoming Annual General Meeting of MIIF due to take place on 8 March 2013, LIM Advisors Limited today published the following letter to all MIIF shareholders:
Dear Shareholders,
Macquarie International Infrastructure Fund—-Open Call to Reject Macquarie’s Proposed Fee Amendment at the Annual General Meeting on 8 March 2013
The Macquarie International Infrastructure Fund (MIIF) will hold an Annual General Meeting (AGM) on 8 March 2013. On 20 February 2013, the Chairman of the Board of MIIF sent a letter to the Shareholders of MIIF announcing various proposals, including changing the management fee and incentive fee structure, that will be voted on at the AGM on 8 March 2013.
LIM Advisors Limited is the manager or advisor of two investment funds that currently own 7.60% of the outstanding shares of MIIF. We are writing to openly express our disappointment over the proposed amendment to the Management Agreement between MIIF and Macquarie Infrastructure Management (Asia) Pty Limited (“MIMAL”). We urge all Shareholders to vote against Resolution 6 in the upcoming AGM to be held on 8 March 2013.
According to MIIF’s Letter to Shareholders dated 20 February 2013 (the “Letter”), the Independent Directors of the Board have concluded that the existing management fee arrangement with MIMAL should be amended to better align the interests of the Company and MIMAL, given the Revised Strategy (as defined in the Letter). In this regard, the Independent Directors proposed that MIMAL be entitled to a new fixed Success Fee of at least S$15 million in case the proceeds from selling assets (the “Divestment Proceeds”) achieves what the letter refers to as the “Threshold Level”. This Threshold Level is fixed at 5% below the officially reported Net Asset Value of MIIF, which is called the “Board’s Valuation” in the Letter. In addition, MIMAL will also receive 10% of any proceeds between the Threshold Level and the Board’s Valuation and a further 20% of excess proceeds over the Board’s Valuation.
The Letter states that MIMAL agrees to a reduction of the annual Base Management Fee from 1.50% to 0.75% of MIIF’s Net Investment Value, and these amendments are necessary to incentivize it to dispose of the existing assets in an orderly and timely manner. Shareholders should note that the amount of annual Management Fees payable to MIMAL is set to fall automatically after each asset disposal under the current management contract. Therefore, there is no reason for the Board of MIIF to incentivise or reward MIMAL to give up something they are already contracted to give up.
We believe the proposed Success Fee is unnecessary and the proposed restructuring objectionable for the following reasons:
The Board of MIIF and all Shareholders should be reminded that there is a performance fee arrangement already in place that would pay MIMAL 20% of any gains above an 8% annual hurdle rate. MIMAL has failed to earn any performance fees since 2007 due to its inability to generate returns for shareholders above this hurdle rate. In fact, the performance deficit is approximately S$609.3 million according to the Letter. Therefore, we believe any proposal that gives MIMAL a chance to make any performance fees when MIMAL has not generated the required returns could be considered generous and unnecessary. We further believe that a fixed Success Fee based on selling assets equal to the Threshold Level, which is approximately 5% below the reported NAV, is very unusual. In addition, when MIIF’s focus was redirected in 2009 from its original strategy of investing in Europe and North America to investing in Asia, which led to the selling of assets in Europe and North America, the fee structure was not changed. MIMAL was able to successfully sell these assets without any additional incentives or a new success fee structure. We therefore see no reason why the fee structure should change as proposed.
Setting the Threshold Level at a 5% discount to the reported NAV implies the reported NAV does not reflect the fair value of the underlying assets. It implies that all the underlying assets cannot be liquidated at their stated value used to determine the NAV of the Fund. This is contrary to what Shareholders have been informed on page 13 of MIIF’s 2012 Annual Report, where it says “MIIF uses the discounted cash flow (DCF) approach to value its investments. These valuations reflect the fair value for which infrastructure assets could be exchanged between knowledgeable, willing parties in an orderly arm’s-length transaction.” We call on the Board and MIIF’s Auditor, PriceWaterhouseCoopers, to urgently clarify if the current NAV reflects the fair market value of the underlying assets and liabilities held by MIIF.
These amendments to the fee structure are being proposed before the appointment of an additional Independent Director. On 4 December 2012, the Board of MIIF announced its intention to appoint an additional Independent Director and that it would appoint the global executive search firm Spencer Stuart to assist with the search for this Independent Director. We note that Resolution 5 is for Shareholders to confirm the authority of the Directors to appoint such a director. We call on the Board to wait until an additional Independent Director has been appointed before proposing any changes to the fee structure, or proposing other material changes to MIIF.
The proposed restructuring does not provide transparency about whether the Macquarie Group will charge additional investment banking fees, corporate finance fees, advisory fees or other fees and charges for services to MIIF or to the Board of MIIF including for arranging the sale of assets when MIIF liquidates its portfolio of investments. We call on the Board of MIIF to clarify what additional fees and charges may be paid to the Macquarie Group and the basis and rationale for such fees and charges. Specifically, we question the following statement on page 6 of the Letter discussing the Threshold Level:

“However, the proceeds which the Company could receive may not be the same amount, as the Board’s Valuation does not take into account any transaction costs incurred by either the purchaser or the Company or other relevant considerations in completing any divestment. Specifically, the purchaser may incur transaction costs including financial adviser fees, due diligence costs, legal costs, stamp duty and other transaction taxes, and refinancing costs. In addition, the Company may incur transaction costs including financial adviser fees, legal costs, vendor due diligence costs, transaction taxes and other miscellaneous costs. The Independent Directors believe that total transaction costs relating to the divestment of the Company’s businesses amounting to 5.0% of the gross proceeds are reasonable.”

Why does the Letter mention the costs of the purchaser? Usually, the purchaser pays its own costs and fees. Does this mean that MIIF will bear some or all of the transaction costs of the purchaser of its assets? Are any of the financial adviser fees and due diligence fees mentioned above going to be paid to any related entity?
According to the Letter, MIMAL holds 9.29% of the Shares as at 16 February 2013. MIMAL and its associates are excluded from voting on Resolution 6 as they are an “interested person” in relation to the Proposed Fee Amendment.
We will vote against Resolution 6 in the upcoming Annual General Meeting. We may also vote against other Resolutions. We urge all Shareholders to pay close attention to the proposed amendments to the fee structure since we believe they give MIMAL an unnecessary share of your interest in this fund upon this fund’s wind-up.
Yours faithfully,
LIM Advisors Limited
Source: LIM Advisors Limited

Written by asiafreshnews

March 4, 2013 at 2:27 pm

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Tissue World 2013 in Barcelona: The Largest Ever

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BARCELONA, Spain /PRNewswire/ — The upcoming Tissue World event in Barcelona, Spain is the largest one ever. With two weeks to go until the opening on March 18, already close to 900 tissue professionals have signed up to be there. Nearly 300 are already registered for the high-level conference and another 600for the exhibition.

Conference session, Tissue World

Tissue World exhibition
These numbers are almost 50% higher than the comparable pre-registration figures for the previous very successful Tissue World Nice 2011. In addition, 175 companies are exhibiting, more than ever before, and including over 50 for the first time.
Sustainability is simply too big an issue to ignore
The attraction is the high profile that the conference on Sustainability is taking at the event. Sustainability, Environmental Concerns, and increasing Consumer and Retailer Demands on these issues are now getting everyone’s full attention. The program will allow attendees to experience direct input from some of the world’s biggest retailers, tissue makers, technology and equipment suppliers, environmental organizations and opinion leaders like Ahold, IKEA, Lidl, WWF, Sofidel and SCA.
Contact Person: Ivan Ferrari
Phone Number: +65 6592 0886
Email: Ivan.Ferrari@ubm.com
Source: Tissue World – UBM

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March 4, 2013 at 12:26 pm

Posted in Uncategorized