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MCG Completion of Placement and Institutional Rights Offer |
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08 December 2004 Macquarie Communications Infrastructure Group (MCG) advises that it has successfully raised $218.9million from the placement of 40,528,139 new stapled securities at a price of $5.40 per security. In addition, MCG has successfully raised $498.3million in the institutional component of the Rights Offer which will involve the issue of 106,021,866 new stapled securities. Renouncing Institutional Rights holders will receive a total of $68.8million for the value of their rights, representing the excess of the bookbuild clearing price of $5.40 above the subscription price of $4.70 per right. The Retail component of the Rights Offer will open on 15 December and raise for MCG a further $301.6million. This will bring MCG’s total proceeds to $1,018.7million. The proceeds are to be used to fund MCG’s acquisition of a 54% interest in ntl:Broadcast, as part of a consortium that has acquired 100% of ntl:Broadcast in the UK. Mr Scott Davies, Chief Executive Officer of MCG said, “There has been a very positive response from institutional investors to MCG’s equity placement and Rights Offer, confirming support for the ntl:Broadcast acquisition.” “As a result of the strong demand the clearing price for the bookbuild was $5.40. This was the highest price at which the book was fully covered,” Mr Davies said. The clearing price of $5.40 was in line with the last trade before the trading halt on 2 December 2004. The new stapled securities issued under the placement and the Rights Offer will not be eligible for the interim distribution for the six months to 31 December 2004. The interim distribution will be decided by the MCG Board and announced on or around 16 December 2004. Amendment to MCIT constitution Attached a recent amendment to the Macquarie Communications Infrastructure Trust (MCIT) constitution which was approved by MCG security holders at the 2004 Annual General Meeting, and has been lodged with ASIC.
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