Macquarie Infrastructure Company (NYSE: MIC) announced that the Company and its co-investor in International-Matex Tank Terminals (IMTT), have jointly agreed to an order confirming an arbitration award issued on March 30, 2012. The Delaware state court granted the order on May 25, 2012.
The order confirms a previously announced $221.2 million arbitration award, $110.6 million of which is payable to MIC. The arbitration and resulting award resolved a dispute between MIC and its co-investor over distribution of dividends by IMTT to its shareholders for the five quarters ending December 31, 2011.
MIC has previously indicated that it expects to use the arbitration award from IMTT to increase its quarterly shareholder dividend. The precise timing and amount of any future dividend, including an increase resulting from the receipt of the arbitration award proceeds, will depend on the continued stable performance of the Company’s businesses, the economic conditions prevailing at the time of any authorization, the timing of the receipt of cash from IMTT, compliance by the Company’s co-investor with the dividend provisions of the IMTT Shareholders’ Agreement in the future, and authorization by the MIC board of directors.
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 Forward-Looking Statements This filing contains forward-looking statements. MIC may, in some cases, use words such as "project”, "believe”, "anticipate”, "plan”, "expect”, "estimate”, "intend”, "should”, "would”, "could”, "potentially”, or "may” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements in this report are subject to a number of risks and uncertainties, some of which are beyond MIC’s control including, among other things: changes in general economic or business conditions; its ability to service, comply with the terms of and refinance debt, successfully integrate and manage acquired businesses, retain or replace qualified employees, manage growth, make and finance future acquisitions, and implement its strategy; its shared decision-making with co-investors over investments including the distribution of dividends; its regulatory environment establishing rate structures and monitoring quality of service, demographic trends, the political environment, the economy, tourism, construction and transportation costs, air travel, environmental costs and risks, fuel and gas costs; its ability to recover increases in costs from customers, reliance on sole or limited source suppliers, risks or conflicts of interests involving its relationship with the Macquarie Group and changes in U.S. federal tax law.