Le magazine du trésorier - n°72 - 4ème trimestre 2010 - (Page 34)

CORPORATE FINANCE 15 minutes with OtimO Fresh investment solutions are they another way for economic development? Since 2008 crisis and its related uncertainties, individuals and companies have significantly increased their savings, and they have looked for secure investments as decoupled as possible from financial turmoil risks. In the meantime, governments have increased their public deficits to keep economic activity alive, and this has occurred despite the risk to see their ratings lowered, and the resulting increase in financing costs. This increasing need for public funding together with the tougher capital requirements for banks imposed by Baslel III, may very easily result in a new liquidity crisis, or at least in a protracted low liquidity situation in which the private sector would find difficult to obtain financing, with the correlated impact on economic growth. What should we do to avoid this critical situation? here is no simple answer, and the solution should be a combination of different actions, but the first step to be undertaken by the financial industry should be to help in restoring trust. When investing, trust is an essential attribute for any kind of development of a business or a country. Here starts the main concept of Imtiaz with the aim of offering secure investment solutions in infrastructure/industrial projects with a reasonable return on the long run, without debt-leveragehigh risk-speculation, in full transparency for all participants and fully decoupled of financial turmoil risks. Imtiaz is a new concept of investment fund, based on the principle of concession, which raises funds on the market and invests them directly in the development/operation of utili- T ties and/or of industrial projects (in partnership with the appropriate specialized companies). The fund invests only in life essential business (typically in, but not limited to, energy, water, food, health, or transport), where revenues can be forecasted, and with a guaranteed minimal value on the long run. The fund is declined in two forms: Imtiaz Utility (UY) and Imtiaz Corporate (CE). In both cases, Imtiaz owns the purchased/developed assets during its lifetime, delegates the development and operations to a third party (usually a large private/public company), and transfers its assets for a small residual value at the end of its lifetime to the co-promoters of the project. By owning the production assets, investors have a tangible guaranty and limit the correlation of their activities with the unfortunately recurrent financial crisis. Imtiaz's revenues exhibit a reasonable expected return (5-15%) on a 15-25 years horizon, and are secured by a purchase agreement of all production with a government or a stateowned/private company, and by a put option of its assets at a predefined residual value at the end of the fund's lifetime. Imtiaz's shares are transferable on a secondary market (exchange place) like any Exchange-Traded Fund, but also on its primary market (transfer agent) like any investment fund. Imtiaz has also an internal mechanism to redeem shares, on a best effort basis, when primary and secondary markets are not liquid enough. 34

Table des matières de la publication Le magazine du trésorier - n°72 - 4ème trimestre 2010

Couverture
Sommaire
EDITORIAL
- “Catch 22”, a synonym for Kafkaesque situations
FINANCIAL HIGHLIGHTS
INTERVIEW
- Mr. Johannes Heinloth, Global Head of Loan Syndications, BayernLB
FOCUS
- 10 years of IAS 39: what next?
- La réforme de la TVA, une vraie bonne idée ?
- Respirer, ça paie !
- An optimist sees the opportunity in every difficulty: is IFRS 9 an opportunity or a difficulty?
FORUM OF ADVERTISERS
- “FX Currency Hedging:Applying Cash flow at Risk (CFaR)”
- Working Capital Optimization, A focus on payables & trade credit management.
- La Fed et la Chine mettent l’Asie dans l’embarras
- Cash Management was yesterday, Cost Efficiency is key.
CORPORATE FINANCE
- Cinq questions à Philippe Lison, Administrateur-Directeur de Hamburg-Mannheimer Benelux
- 15 minutes with OtimO
TREASURERS' ASSOCIATIONS
- Deuxième Conférence CFO World : l’engouement des directeurs financiers luxembourgeois se confirme
- 14th IGTA Meeting & Semi-Annual EACT Meeting Geneva – October 2010
NEWS

Le magazine du trésorier - n°72 - 4ème trimestre 2010