Macquarie Infrastructure Company (NYSE:MIC) announced that its external
manager, Macquarie Infrastructure Management (USA) Inc. (“MIMUSA”), has
implemented a program through which it expects to sell up to 1,000,000
shares of MIC pursuant to a sales plan intended to comply with Rule
10b5-1 of the Securities Exchange Act of 1934.
MIMUSA’s ownership interest in MIC has been increasing as a result of
its decision to reinvest base management and performance fees associated
with its management of the listed company in additional shares. Under
the program, MIMUSA will sell a portion of its shares on a pre-planned
basis as a means of managing the rate of growth in its position in MIC.
MIMUSA has informed management of MIC that MIMUSA’s decision to
implement the sale program is not an indication of a change in its views
on the performance or prospects of MIC but was related to portfolio
weighting. MIMUSA has stated that it intends to continue to reinvest any
base and performance fees to which it may be entitled in the future in
shares of MIC.
Rule 10b5-1 permits officers, directors and other insiders to adopt
pre-arranged plans for the sale of securities at a time when such person
or entity is not in possession of material no-public information.
MIMUSA has elected to reinvest base management and performance fees
earned during the first and second quarters of 2013. Including the
shares issued in connection with these reinvestments, and assuming the
same number of shares are issued in satisfaction of base management fees
earned for the third and fourth quarter as were issued for the second
quarter, MIMUSA will have increased its holding in MIC by approximately
1,426,000 shares for the year.
As a result of the planned sale of up to 1,000,000 shares under the
10b5-1 plan, MIMUSA’s holding of MIC is expected to increase from a low
of 5.0% of MIC’s shares outstanding in May, 2013 to an approximate 5.7%
of MIC’s shares outstanding in February 2014.
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 three 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 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.
Copyright Business Wire 2013