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Performance Fee for Period Ended 31 December 2003 |
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08 January 2004 Macquarie Communications Infrastructure Group (MCG) today advised that a performance fee of $1.54 million will be paid to the Manager for the period 1 July to 31 December 2003. The Manager is a wholly owned subsidiary of Macquarie Bank Limited. Mr Scott Davies, Chief Executive Officer of MCG said, “In the period 1 July to 31 December 2003 the security index for MCG has outperformed the S&P ASX 200 Industrials Accumulation Index (the Benchmark) by 1.66%. This builds on the 33.01% outperformance of the Benchmark achieved in the period from 1 January to 30 June 2003. “Under the terms of the management agreement the Manager is paid 20% of the outperformance of the Benchmark. For the 6 month period ended 31 December 2003 this amounts to $1.54 million.” Mr Davies also said that since listing on 13 August 2002 at an issue price of $2.00, investors have enjoyed strong capital growth with the average closing price of MCG increasing by 50.20% from $2.00 to $3.001 (rounded) as at 31 December 2003. This positive result for investors is in addition to total distributions for MCG declared since 13 August 2002 of 26.7 cents per stapled security, slightly above the prospectus forecast. In accordance with the current MCG policy, the Manager will apply 100% of this performance fee to the subscription of new MCG securities.2 This is subject to approval of the independent directors. 1Based on the average closing price over the last 15 trading days till the end of the period to 31 December 2003. 2 The Manager announced on 4 July 2003 that it has resolved to apply any future performance fees to the issue of MCG securities, subject to variation on six months notice and any Corporations Act constraints. For further information, please contact:
Investor Enquiries
Paula Hannaford |
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