How do I invest in Macquarie Airports?
MAp is listed on the Australian Stock Exchange, and therefore MAp stapled securities can be purchased through any ASX registered broker.
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Why is it called a stapled security and not a share?
Stapled securities are relatively new equity securities comprising securities in two (or more) separate entities that are traded as a single stapled security. In MAp's case, there are two Australian trusts (MAT1 and MAT2) and a Bermudan company (MAL). Each Security will consist of one unit in each of MAT1, MAT2 and one share in MAL.
Generally such structures are used to hold a portfolio of assets (such as airports, toll roads or commercial buildings) and are designed with the aim of maximising the efficiency with which returns are made to the security holders..
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When will distributions be paid on securities?
MAp intends to make half yearly distribution to Security Holders to the extent that it is legally entitled to do so. Distributions will be paid in respect of the six months to June and the six months to December. It is expected that the June distribution will be paid in August and the December distribution paid in February.
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What is the DRP and how do I register for it?
The DRP is the Distribution and Dividend Reinvestment Plan. Under this plan Australian and New Zealand MAp stapled security holders can choose to have their distributions automatically reinvested in MAp units at zero brokerage fees. The terms and conditions of the DRP and an application form are available from the registry.
MAp has the ability to offer up to a 10% discount in relation to the DRP. The DRP is currently operating at a zero discount to the market rate. The discount rate is periodically reviewed by the MAML Board and subject to change.
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How is MAp structured?
The investment structure of MAp is designed to optimise the investment returns of Security Holders. MAp consists of three entities:
- Macquarie Airports Limited (MAL), a mutual Fund company with limited liability incorporated in Bermuda, which holds shareholdings in MAp's international investments.
- Macquarie Airports Trust 1 (MAT1), which will be used to acquire non controlling interests in airports.
- Macquarie Airports Trust 2 (MAT2), which will be used to acquire controlling interests in airports or interests which could become controlling interests in airports.
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What are MAp's investment criteria?
MAp's objective is to invest in a portfolio of airport businesses. In its IPO prospectus, MAp stated its intention to acquire significant shareholdings which have the potential to provide influence over the key strategic, commercial and financial decisions affecting its investments.
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Who is the manager of MAp?
MAT1 and MAT2 will be managed by Macquarie Airports Management Limited, the responsible entity of the Trusts.
The Directors of MAML who are employed by Macquarie Group Limited are chairman Max Moore-Wilton and Michael Carapiet. Trevor Gerber, Michael Lee and Bob Morris are independent directors.
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What are MAp's assets?
MAp holds:
| Sydney |
72.1% |
| Brussels |
36.0% |
| Copenhagen |
26.9% |
| Bristol |
35.5% |
| JAT |
14.9% |
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What is the breakdown of the distribution paid by MAp in August 2008?
Please see detailed distribution information in the Distributions section.
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How do I change my address for all MAp correspondence?
You need to contact the MAp share registry Computershare.
- To contact Computershare by phone, simply dial +61 3 9415 4195 or 1800 102 368 (toll free) and quote your HIN (holder number - this can be found in the right corner of any Computershare correspondence). You can then change your name over the phone if you are an individual holder or a 'change of address' form will be mailed to your new address if you are a joint holder or company.
- You can also download the change of address form from the internet yourself. Simply log onto www.computershare.com.au. Go to investors/downloadable forms/holder amendments/change of address notification. Once you've filled out the form you can either fax it to +61 2 8234 5050 or mail to:
Computershare Investor Services Pty Ltd
GPO Box 7045
Sydney NSW 1115
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What is the Australian Tax Office's view of stapled securities?
The ATO has developed information to assist investors who own stapled securities determine their capital gains tax (CGT) obligations. Click on the following link to read more: ATO information on stapled securities.
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