Macquarie Infrastructure Company Generates Performance Fee In Fourth Quarter Of 2012
Macquarie Infrastructure Company (NYSE: MIC) announced that its management company, Macquarie Infrastructure Management (USA) Inc. (“MIMUSA”), will be paid a performance fee of $43.8 million for the fourth quarter of 2012.
Under the publicly filed Management Services Agreement (“MSA”) between MIC and MIMUSA, the management company is entitled to a performance fee equal to 20% of the value of MIC’s total return in excess of the MSCI US Utility Index benchmark provided that the total return is positive and in excess of any prior underperformance.
Consistent with the MSA, the performance fee for the quarter reflects an average closing value of the MIC accumulation index for the last 15 trading days of the year that was 9.9% above the average closing of the accumulation index for the 15 trading days ended September 28. Measured the same way, the benchmark index declined 1.3% over the period. The closing price for MIC’s shares on the New York Stock Exchange rose 9.8% during the quarter.
MIMUSA is expected to reinvest the performance fee in additional shares of MIC in March of this year. In accordance with the MSA, the price at which those additional shares are issued will be determined by the 15-day volume weighted average price of the shares from February 26 through March 18.
MIC is scheduled to release its full year 2012 results after the close of the equity markets in New York on Wednesday, February 20, 2013 and host its earnings call on February 21 at 8:00 am Eastern Time. About Macquarie Infrastructure Company Macquarie 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 (Hawai’i Gas), 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.Select the service that is right for you!
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