Macquarie Infrastructure Company (NYSE: MIC) announced that its management company, Macquarie Infrastructure Management (USA) Inc. (“MIMUSA”), has earned a performance fee of $24.4 million for the second quarter of 2013.
The performance fee for the second quarter reflects an average closing value of the MIC accumulation index for the last 15 trading days of the quarter that was 4.3% above the average closing of the accumulation index for the 15 trading days ended March 28, 2013.
Based on the 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 its utility index benchmark. The fee is subject to MIC’s total return being positive and in excess of any prior underperformance.
MIMUSA is expected to reinvest the second quarter performance fee in additional shares of MIC. Any performance fees generated previously have also been reinvested in additional shares. In accordance with the MSA, the price at which additional shares would be issued to MIMUSA will be calculated using the volume weighted average price of MIC’s shares over a 15-day period following the release of the Company’s financial results for the second quarter of 2013.About Macquarie Infrastructure Company Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic services to customers in the United States. Its businesses consist of a gas processing and distribution business, Hawaii Gas, a controlling interest in a District Energy business in Chicago, and a 50% interest in a bulk liquid storage terminal business, International-Matex Tank Terminals. MIC also owns and operates an airport services business, Atlantic Aviation and two solar power generation facilities, collectively MIC Solar. 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!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV