Business Services Industry
Macquarie reduces towers float to $310m.
Australasian Business Intelligence, July, 2002
Jul 04, 2002 (The Sydney Morning Herald
ABIX via COMTEX) -- Macquarie Bank has reduced the size of the equity issue for its broadcast towers float from $A1bn to $A310m because of investor concerns. It will also inject more cash, up to one third of the project's cost, rather than the ten per cent to 15 per cent originally planned. The float will provide 155 million $A2 stapled securities. In addition, Macquarie will reduce the value of its up-front fees from $A70m to $A46m, and the base management fee is also down. From a set 1.5 per cent of the assets, that figure will now apply to the first $A500m in asset value, with 1.25 per cent on the next $A500m, then one per cent on additional amounts. Institutional investors were concerned that the fund's performance...
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