Macquarie Infrastructure Company Board Expected to Declare First Quarter 2011 Dividend of $0.20 Per Share

Dépèche transmise le 16 février 2011 par Business Wire

NEW YORK--(BUSINESS WIRE)--Macquarie Infrastructure Company LLC (NYSE: MIC), a leader in the ownership and operation of infrastructure businesses in the U.S., today announced that its board of directors intends to resume its regular cash dividend. The Company had temporarily suspended payments to equity holders in February 2009 to accelerate debt reduction.

The MIC board is expected to declare a quarterly cash dividend for the first quarter of 2011 of $0.20 per share when the Company releases its full year results on February 23. The board currently expects to sustain the dividend for the foreseeable future. The resumption of cash dividends reflects the improved operating performance, significant reduction of debt, and generation of substantial cash flows across MIC’s businesses over the past two years.

In resuming its dividend, MIC had expected to include certain funds from the cash flow of its 50% equity interest in International Matex-Tank Terminals (IMTT). Distribution of funds to MIC from IMTT is governed by the Shareholders’ Agreement between MIC and the co-investor that owns the remaining 50% stake. The co-investor has refused to vote in favor of distributing these funds, and MIC believes that such a refusal violates the Shareholders’ Agreement.

As a result, MIC has formally initiated the dispute resolution process in the Shareholders’ Agreement, and intends to proceed to arbitration with the co-investor if a satisfactory resolution cannot be reached within the timeframe prescribed in the Shareholders’ Agreement. MIC management has made good faith efforts to resolve this matter with the co-investor, but no agreement has been reached.

The amount that the co-investor offered to pay under certain proposed compromises was substantially below the amount required under the Shareholders’ Agreement. The amount was also below that which MIC considered reasonable for its shareholders while continuing to provide for the growth and profitable operations of IMTT.

MIC is disappointed with this development and will vigorously pursue its right to all contractually owed funds. The Company believes the terms of the Shareholders’ Agreement are indisputable and is confident it will prevail in arbitration, which is expected to last up to one year.

Contingent upon the favorable outcome of the arbitration and the continued recovery of operating and capital market environments, the Company believes it could increase its quarterly dividend to as much as $0.375 per share. Assuming the payment of full dividends under the Shareholders’ Agreement, IMTT would remain one of the best capitalized companies in its industry with strong cash reserves available for investment in further growth capital expenditures.

Despite the current disagreement, MIC expects that it will be business as usual for IMTT and IMTT management. This is simply a shareholder dispute between MIC and the co-investor in IMTT. Both parties share the common goal of seeing IMTT meet its potential, and plan to continue working together in pursuit of this goal. Management will continue to successfully run what MIC believes are the best terminals in North America.

MIC will report fourth quarter and full year 2010 results on February 23, 2011.

About Macquarie Infrastructure Company

Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure businesses providing basic, everyday services, to customers in the United States. Its ongoing businesses consist of three energy-related businesses including a gas production and distribution business (The Gas Company in Hawaii), a controlling interest in a district energy business (District Energy), and a 50% indirect interest in a bulk liquid storage terminal business (International-Matex Tank Terminals). MIC also owns and operates an aviation-related airport services business (Atlantic Aviation). The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G

MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.

Business Wire

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