Macquarie Media's US unit pays for lending deal Nov 20, 2009
Macquarie Media also will seek the lenders' consent to its management internalisation proposal. ACM's borrowings are secured only against ACM itself and its assets. (Sydney Morning Herald -- Business)
Thanks for the ride ... and billions in fees Nov 1, 2009
Tim Buckley, the head of research at Shaw Stockbroking, said Macquarie booked $414 million in fees from listed fund initiatives, including internalisation, sales and recapitalisations at Macquarie Communications Infrastructure, Macquarie Leisure and Macquarie Airports. "Clearly they're booking significant profits at the expense of the listed vehicles that they've run for a long time," Mr Buckley said. (Sydney Morning Herald -- Business)
Mac Media rides the sector upswing Oct 31, 2009
However, a little luck and sound judgment have played a part in positioning the group for the announced management internalisation, corporatisation, and $294 million capital raising by way of a one-for-one entitlement issue. A name change is also proposed. (Sydney Morning Herald -- Business)
Suncorp-Metway's new chief executive seems reluctant to let go of his memories as a British tank commander. Oct 29, 2009
MMG's chief executive, Mark Dorney, is so excited about the future of the media group that he will stay with Macquarie, leaving it to his right-hand man, Rhys Holleran, to take the reins if shareholders approve the company's internalisation plan. BRISBANE TOLL. (Sydney Morning Herald -- Business)
Macquarie Media cuts ties with mothership Oct 28, 2009
Importantly the independent expert, commissioned by the independent board committee, Ernst & Young, has opined that that internalisation is fair and reasonable to MMG security holders, Mr Dorney said today. That internalisation will also produce some important cost savings to Macquarie Media Group going forward ... Mr Dorney said he would step down after overseeing the recapitalisation, internalisation and corporatisation, returning to Macquarie Group as an executive director. (Sydney Morning Herald -- Business)
Chevron's gas explosion Oct 23, 2009
As investors prepare for MIG to release its long-awaited plan for a split and management internalisation, Macquaries research team increased Good MIGs estimated EBITDA rose by 2 ... It remains to be seen whether MIGs management internalisation will involve cutting ties with Macquarie Capitals oversight of both Good MIG or Bad MIG or whether Bad MIG will remain in the hands of the investment bankers. (Sydney Morning Herald -- Business)
MAp rejigs senior management Oct 16, 2009
MAp Airports says it has completed the internalisation of its management, with several senior management changes ... MAp said on Friday the internalisation involved the appointment of John Roberts as a director of the company, after he resigned as an alternate director to Max Moore-Wilton on the MAp Airports International Ltd board. (Sydney Morning Herald -- Business)
Macquarie Media may breach loan conditions Oct 13, 2009
In a separate statement, MMG said it was continuing to review with its manager, Macquarie Group, a range of potential structural initiatives, including the internalisation of management. It was also considering an entitlement offering with all of the funds raised and most of the parent level cash on hand applied to pay down debt at Macquarie Southern Cross Media Pty Ltd.. (Sydney Morning Herald -- Business)
Newmont's bright start Oct 1, 2009
In tandem with the independent directors' negotiations on internalisation, MIG's management team is also working on a split of the company into Good MIG and Bad MIG. Grant Samuel, which advised MAp's independent directors on its internalisation plan, is advising MIG.. It might be difficult to achieve, but one suggestion is that MIG could spin off the good assets into a new entity with its own management, leaving the bad assets under Macquarie's management. (Sydney Morning Herald -- Business)
Marketing Myer: No sale for instos Sep 30, 2009
Some observers suspected GAPs last-ditch attempt to prevent the MAp shareholder meeting from proceeding was really more of a warning shot to Macquarie about not being greedy when it comes to extracting fees from the remaining internalisations of its satellites. In the case of MAp, Macquarie revised the internalisation proposal twice after it was made public, in reaction to investors and the GAP proposal. (Sydney Morning Herald -- Business)
Nufarm: Sinochem waits in wings Sep 30, 2009
Global Airports efforts to extract more disclosure from Macquarie Airports through legal means is unlikely to have hastened proposed internalisation plans for Macquarie Groups other listed satellite funds ... However, the slim likelihood of success has some observers wondering if the objective is to fire a warning shot to Macquarie about the terms of management internalisation deals it hopes to strike with the independent directors of other listed satellites, such as Macquarie... (Sydney Morning Herald -- Business)
Rebels' court move to launch MAp bid Sep 26, 2009
A CONSORTIUM pushing a rival proposal to Macquarie Airport's internalisation plans is attempting to gather more information to allow it to launch a bid, the airport operators' lawyers claimed in the NSW Supreme Court yesterday ... MAp has claimed that damages arising from the delay of the meeting on Wednesday to vote on the internalisation plan could rise into the tens of millions of dollars. (Sydney Morning Herald -- Business)
Flight or fight: battle over internalisation plans Sep 25, 2009
THE Federal Government has again shut the door on a Chinese investment in Australia's Woomera Prohibited Area by rejecting an application from the state-owned Wuhan Iron and Steel to be a partner in a South Australian resources project. Wugang Australia Resources, a wholly-owned subsidiary of Wuhan Iron and Steel (WISCO), had written to the Defence Department asking for it to support an application to the Foreign Investment Review Board which would allow it to help fund Western Plains Resources'... (Sydney Morning Herald -- Australia)
MAp management stoush heats up Sep 24, 2009
The Global Airports group has filed a court application seeking access to Macquarie Airports books as a stoush over management internalisation heightens ... It is also seeking further disclosure from MAps independent directors about the risks to debt covenants posed by the internalisation plan ... The explanatory memorandum and MAps communications to the market contain all information material to the internalisation. (Sydney Morning Herald -- Business)
Could you spare a dollar? Sep 24, 2009
Those close to MAp say Macquarie has talked tough and threatened to make an example out of MAp in the case it was booted as manager to ensure its other listed satellites give it appropriate parting compensation in their own internalisation processes ... GAP last night wrote to MAps independent directors to ask on what basis they believe that Macquarie would not cooperate with an alternative internalisation proposal that did not provide for a $345 million payment to Macquarie. (Sydney Morning Herald -- Business)
Move to give MAp shareholders more guidance Sep 24, 2009
A CONSORTIUM pushing a rival proposal to Macquarie Airport's management internalisation plans will raise the stakes today by taking legal action seeking an injunction on a shareholder vote next week and the release of more information. The corporate regulator is also watching MAp's disclosure to the market after forcing the airport operator to provide more information about plans to indemnify unit holders. (Sydney Morning Herald -- Business)
MAp stands firm on management plan Sep 23, 2009
The internalisation will enable a clean break from Macquarie as manager of MAp ... GAp is still seeking further disclosure from MAps independent directors it believes are needed before security holders vote on the management internalisation plan next week. (Sydney Morning Herald -- Business)
Bidder says MAp shareholders will gain Sep 22, 2009
Investors in Macquarie Airports (MAp) stand to gain if the independent directors consider a rival internalisation proposal, rival bidder Global Airports (GAP) says. MAp's $345 million buyout of its management rights, which are held by Macquarie Group, gained momentum on Monday after the latter reduced the fee to nil if MAp incurs substantial costs in renegotiating its debts. (Sydney Morning Herald -- Business)
Rival Mac Airports plan no flight of fancy Sep 21, 2009
The rival internalisation proposal from Global Airports is the latest twist in Macquarie Group's efforts to extricate itself from the business model it spawned but no longer wants as manager of a series of infrastructure funds ... Macquarie Group's script - remember, it was Macquarie that promoted internalisation in the first place - includes the small matter of a $345 million fee to buy out the group's management rights over MAp. (Sydney Morning Herald -- Business)
MAp sells airport stake at steep discount Sep 16, 2009
However, the internalisation triggers a change-of-control right that could lead to MAp having to buy a 3 per cent stake of Brussels Airport from another Macquarie-managed fund, GIF2. MAps chief executive, Kerrie Mather, said in a statement today that the 35. (Sydney Morning Herald -- Business)
Fell still has homing instinct Sep 7, 2009
This column reckons some research reports could include: ''Macquarie Airports - management internalisation is good''; ''BrisConnections - great buy''; ''Macquarie Group - debt is good'' and ''Macquarie Infrastructure - all good. The dodgier the better. (Sydney Morning Herald -- Business)
MacAirports' rights move given green light Sep 7, 2009
As part of its finding KPMG noted the internalisation represents a significant change in the business model for MAp at a time when the external management model has fallen out of favour with investors. By approving the internalisation, MAp shareholders ''will be exchanging a variable payment, based on the Map security price and its relative performance ... It also found the internalisation of management rights should reduce the volatility in Macquarie Airport's earnings as well as provide scale... (Sydney Morning Herald -- Business)
End of the road for greatest fee grab Aug 29, 2009
The big player in Australian toll roads, Transurban, remains in losses after eight years despite its portfolio of mature assets, and the grandaddy of the sector, MIG, is mooted to hither forth soon with some sort of internalisation proposal. No wonder the toll-road fee game is over. (Sydney Morning Herald -- Business)
MAp shareholders win fund-raising concession Aug 29, 2009
It is also believed that Macquarie Group has given some comfort if change-of-control provisions in MAp's loans are triggered by the internalisation. While unit holders would have to buy the shares, it would help tackle one of their key concerns in the original all-scrip deal: the dilution in their stakes once Macquarie Group took the 150 million units. (Sydney Morning Herald -- Business)
Millions of reasons for sighs as deep as Timor Sea Aug 25, 2009
So who rules the roost at Macquarie Infrastructure Group about proposed internalisation plans. Is it the independent directors bravely protecting the interests of shareholders as they gamely sort out the best course of action. (Sydney Morning Herald -- Business)
Money machine gears up for its biggest battle Aug 21, 2009
The distant drumroll emerging as the legendary Macquarie Infrastructure Group is split into a ''good'' MIG and a ''bad'' MIG, with internalisation of the group's management in the wings. And, as always, the background violins of the consequences of overvalued assets, provided yesterday by the losses of MIG and Macquarie Office Trust. (Sydney Morning Herald -- Business)
MIG mulls split after massive loss Aug 20, 2009
It is unclear if the demerger could eventually lead to an internalisation of the groups management and spilt from its manager Macquarie Group ... ASSET sales, internalisation, break-up, full sale - what is it going to. (Sydney Morning Herald -- Business)
Aset sales, internalisation, break-up, full sale - what is it going to be for MIG? Aug 20, 2009
ASSET sales, internalisation, break-up, full sale - what is it going to be for Macquarie Infrastructure Group ... A Macquarie Equities analyst has estimated it will cost MIG $689 million to break from its parent's grasp, if internalisation is seen as the best option ... MIG's independent directors, led by Paul McClintock, are said to have been locked in negotiations with Macquarie Group for some months, and administrative arrangements suggest they may present a full internalisation model today. (Sydney Morning Herald -- Business)
Macpunter cash gets sucked into vortex Aug 7, 2009
As well as discussing the merits of this internalisation proposal for Macquarie Airports, it would be remiss of any observer to deprive Macquarie of the highest commendations for ingenuity - and chutzpah. Wrenching more than $1 billion out of this satellite fund alone over five years before trying to switch another $345 million from the fund to the bank - or else - is pure flair. (Sydney Morning Herald -- Business)
Macquarie downbeat despite 'reinvention' Jul 27, 2009
The management internalisation of Macquarie Airports "vividly illustrates the ongoing evolution of Macquarie Group", said Credit Suisse analyst James Ellis ... Still, internalisation of MIG would be a more complex affair, given the large level of debt held at some tollroads. (Sydney Morning Herald -- Business)
Eric Johnston Shake-up could affect other Mac satellites Jul 24, 2009
With the investment bank's flagship airport fund believed to be eyeing internalisation of management as well as big-ticket asset sales to boost shareholder returns, a shake-up of the funds will give shareholders a taste of what to expect for Macquarie's other satellites. Any internalisation of the management of Macquarie Airports (MAp) is likely to result in a windfall for Macquarie Group as it forgoes annual management fees amounting to more than $100 million over the past two years. (Sydney Morning Herald -- Business)
Macquarie offloads its US assets Jul 18, 2009
" Mr Sewell said the trust would continue to increase its exposure to Australia and New Zealand probably by buying locally rather than selling more internationally. Pressure is now increasing on Macquarie's other satellites to reduce their gearing and overseas exposure as their debt-funded investment model continues to unravel. On Thursday, Macquarie Infrastructure Group cut the value of its portfolio by 28 per cent, citing challenging global economic conditions. Last month, shareholders in... (Sydney Morning Herald -- Business)
Bank Negara chief says further interest rate cuts possible Jul 9, 2009
To sustain the internalisation of Islamic finance, there needed to be development of international Islamic financial markets to enhance the liquidity of the instruments and risk management capacity of players, she said. Second, (there needs to be) international cooperation such as partnerships between international financial centres to ensure financial stability of the international Islamic financial system. (The Star Online, Malaysia -- Business)
Hats off to a former top banana Apr 17, 2009
So hats off to the former Babcock banana Rob Topfer who has offered an alternative to the planned internalisation of the Babcock & Brown Capital management contract by cooking up a buyout offer of his own. It even features a unique funding model: give cash already on the books back to shareholders in return for control. (Sydney Morning Herald -- Business)
Lawmakers, others seek release of Uwais panel report Feb 10, 2009
strategic alliances should be formed by political parties to aid the demand for the release of the ERC report and the government white paper on it as a means fasttracking engagement and internalisation towards the 2011 elections. To aid citizen participation, the ERC report and the subsequent government white paper should be simplified and translated into several Nigerian languages and be widely circulated. (Guardian News, Nigeria)
