Macquarie Airports
(ASX:MAP) says an independent expert has found the company’s proposal to internalise management, fair and reasonable.
On July 24 the company announced that is had reached an agreement with Macquarie Capital to internalise the management of Macquarie Airports.
The proposal is to be funded via a one for 11 non renounceable rights issue to eligible security holders at $2.30 per stapled security to raise a maximum of $356 million.
The payment to Macquarie in return for ending the management rights is $345 million.
Independent expert KPMG found the proposal to be fair and reasonable, valuing the management rights in the range of $321 million to $401 million.
Chairman of the independent board committee of Macquarie Airports Management says the independent directors believe that the internalisation proposal is in the best interests of security holders and unanimously recommend that security holders vote in favour of the proposal.
Macquarie Airports best net profit in the last five years was $2.07 billion in 2008.
