Macquarie Infrastructure Company (NYSE:MIC) announced that no performance fee is payable to its management company, Macquarie Infrastructure Management (USA) Inc. (“MIMUSA”), for the first quarter of 2014. Performance fees are payable when the total return for shareholders of MIC exceeds that of a benchmark index.
The average closing value of the MIC accumulation index for the last 15 trading days of the first quarter was approximately 3.3% below the average closing of the accumulation index for the 15 trading days ended December 31, 2013. Based on the Management Services Agreement (“MSA”) between MIC and MIMUSA, the underperformance will be carried forward and must be exceeded in a future period before any performance fee can be paid.
MIC expects to publish its financial results for the first quarter of 2014 after the close of the markets on April 30, 2014. A conference call during which management is expected to discuss the results will be conducted the morning of May 1, 2014.
About Macquarie Infrastructure CompanyMacquarie 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, several entities comprising a Contracted Power and Energy segment, and an interest in a bulk liquid storage terminal business, International-Matex Tank Terminals. MIC also owns and operates an 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.