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Sale of Holding in Macquarie Goodman |
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08 August 2006 NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS Macquarie Bank Limited (MBL) today announced it sold overnight its holding of aproximately 7.7% (aproximately 124 million securities) as principal in the Macquarie Goodman Group (MGQ), via selldown to a range of institutional investors at a price of $5.90 per security. Total proceeds of the sale are aproximately $733 million. The Macquarie Bank Group continues to have an interest in MGQ via its funds management businesses. Macquarie Bank will realise a pre-tax, pre-profit share gain of approximately A$300 million and a net profit (post tax and profit share) of approximately $A90 million. The net impact of the transaction on MBL’s Tier 1 capital ratio is not material. Macquarie Bank Chief Financial Officer, Mr Greg Ward, said: “The selldown does not change our view of MGQ’s fundamentals and growth potential and we expect to continue a strong and cooperative relationship with Macquarie Goodman Group through our 50:50 funds management joint venture in Asia, Macquarie Goodman Asia (MGA). However, it is important for MBL to focus its capital on initiatives where it has appropriate brand and management leverage. The selldown was strongly supported by investors.” The sale is in line with the Bank’s stated aims of realizing some of its significant investments and re-cycling that capital into other growth initiatives. MBL intends to commit up to $100 million from the proceeds of the sale to reinvestment into MGA for both the warehousing of assets and as cornerstone investments in new funds management opportunities. The sale does not imply any change in the Bank’s general approach to holding investments in Macquarie managed funds. Macquarie Securities (Australia) Limited acted as sole lead manager in the selldown. For more information please contact:
Matthew Russell
Jenny Kovacs |
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| Important
information | Privacy
policy Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
not an authorised deposit-taking institution for the purposes of the Banking
Act (Cwth) 1959. That subsidiary's obligations 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 that subsidiary, unless noted otherwise. |
