MAp, formerly known as Macquarie Airports, has completed the internalisation of its management structure, spinning off from former parent company Macquarie Group.
The airports investor’s shareholders approved the breakaway at a meeting last month. The transaction will see MAp pay Macquarie A$345 million (€209 million; $304 million) to sever ties with its former parent and cancel future performance fees.
MAp is to finance the internalisation through a 1-11 rights issue at a price of A$2.30 per stapled security. Prior to approving the internalisation proposal, MAp had received a rival management buyout proposal led by led by Australian Football League chairman Mike Fitzpatrick, which proposed hiring Fitzpatrick’s team to manage the company at a maximum annual fee of A$45 million. MAp subsequently rejected the bid.
Since Map’s listing in 2002 is has paid Macquarie Group over A$547 million in management fees.
Today MAp’s shares closed at A$2.85, unchanged from yesterday’s price.