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MIG - Macquarie's Private Bank - SCANDALOUS !!

  1. nqcowboy_

    2,061 Posts.

    For all you unhappy little vegamites, who have recently invested in this baby....and have seen your holdings evaporate over the last quarter....read on!!


    HOMEX - Sydney

    In the year ended 30 June 2002, MIG out-performed the All Industrials
    market. The MIG Accumulation Index increased by 1.5% during the year
    while the All Industrials Accumulation Index decreased by 2.7%.
    Consequently, MIG is required to pay the Macquarie Bank Limited
    subsidiaries(1) responsible for managing MIG a performance fee of
    $6.087 million immediately. Similar amounts will become payable on
    1 July 2003 and 1 July 2004 providing MIG maintains its
    out-performance of the S&P 300 Accumulation Index (being the relevant
    replacement benchmark which is closest to the All Industrials).

    The performance fee is currently payable to the Macquarie Bank
    Limited subsidiaries in cash. Subject to the Corporations Act, ASX
    Listing Rules and MIG security holder approval, it is now proposed
    that this new performance fee and any future performance fees will be
    applied by the Macquarie Bank subsidiaries to a subscription for new
    MIG stapled securities. However, non-executive directors acting in
    the interests of stapled security holders will have the discretion as
    to whether or not the performance fee is paid in cash or in new MIG
    stapled securities.

    MIG security holder approval of this proposal will be sought at the

    Hmmm!...well addaya think?
    Jody & Brad had nothing on these MBL cowboys (pardon the pun)


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