Macquarie Infrastructure Company (NYSE: MIC) announced that the arbitration panel has directed International-Matex Tank Terminals (“IMTT”) to pay a dividend in the amount of $221,157,000 ($110,578,500 to each of MIC and its co-investor) as the total dividend through December 31, 2011. The decision is the culmination of an arbitration proceeding MIC initiated in April, 2011 involving the Company and its co-investor in its bulk liquid storage terminal business.
MIC expects to increase its quarterly cash dividend upon IMTT’s compliance with the order. MIC has previously stated that the dividend would be increased from the current $0.20 per share, per quarter, to at least $0.375 per share, per quarter.
The amount and timing of the dividend increase remains subject to the approval of the MIC board. MIC expects to provide further information on its dividend level and dividend policy when it releases its financial results for the first quarter of 2012 on May 2, 2012.
About Macquarie Infrastructure CompanyMacquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic, everyday services, to customers in the United States. Its businesses consist of three energy-related businesses including a gas production and distribution business (The Gas Company in Hawaii), a controlling interest in a district energy business (District Energy), and a 50% interest in a bulk liquid storage terminal business (International-Matex Tank Terminals). MIC also owns and operates an aviation-related airport services business (Atlantic Aviation). The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.