By Business Wirevia The Motley Fool
Filed under: Investing
Macquarie Infrastructure Company Generates Performance Fee in First Quarter of 2013
- $22.0 million fee to be reinvested in additional LLC interests
NEW YORK–(BUSINESS WIRE)– Macquarie Infrastructure Company (NYS: MIC) announced that its management company, Macquarie Infrastructure Management (USA) Inc. (“MIMUSA“), has earned a performance fee of $22.0 million for the first quarter of 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-based benchmark. The fee is subject to MIC‘s total return being positive and in excess of any prior underperformance.
The performance fee for the quarter reflects an average closing value of the MIC accumulation index for the last 15 trading days of the first quarter that was 15.5% above the average closing of the accumulation index for the 15 trading days ended December 31, 2012.
MIMUSA will reinvest the performance fee in additional shares of MIC. In accordance with the MSA, the price at which the additional shares are to be issued 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 first 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). …read more
Source: FULL ARTICLE at DailyFinance