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MIG Proposed Sale of Yorkshire Link |
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08 June 2004 Macquarie Infrastructure Group (MIG) advises that Macquarie European Infrastructure plc (MEI) has entered into a conditional share purchase agreement to sell its interest in Yorkshire Link to Macquarie Infrastructure Assets Trust (MIAT) for a cash consideration of £43.3m (A$113.0m). MEI holds a 50% equity interest in Yorkshire Link which owns a 30 year concession to operate the Yorkshire Link shadow toll road in England. The Independent Directors of MEI engaged independent adviser KPMG Corporate Finance who have opined that in their view the terms of the transaction are fair and reasonable so far as MEI is concerned. Mr Stephen Allen, Chief Executive Officer of MIG said, “MIG’s investment in Yorkshire Link since November 1999 has been very successful. It has paid strong cash distributions to MIG and continues to operate well. The Yorkshire Link shadow toll road opened in 1999 and, after a short ramp up period, was refinanced in 2001. “MIG’s focus is to develop, own and operate user pays roads that offer predictable revenues in populated areas with prospects for growth. Yorkshire Link operates under a shadow tolling regime and as such the growth potential of the asset is limited over the long term. “Therefore, we consider the offer by MIAT to acquire the asset for £43.3m represents good value for MIG security holders and is in excess of MIG’s December valuations,” Mr Allen said. As at 31 December 2003 Yorkshire Link made up 1.3% of MIG’s portfolio valuation. The agreement is subject to customary closing conditions, including the closing of an initial public offering in the United States of MIAT. For further information contact:
Bianca Francis
Media Enquiries
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