MIC Announces Results of Voting at Special Meeting of Shareholders

Rhea-AI Summary

Macquarie Infrastructure Corporation (NYSE: MIC) announced the overwhelming approval of its proposed merger plan at a Special Meeting of Shareholders on May 6, 2021, receiving support from 99.6% of voters. The reorganization aims to shift the Company into a listed limited liability company classified as a partnership for tax purposes. This plan is anticipated to take effect before the sale of Atlantic Aviation, expected in 2021, with MIC Hawaii set for sale in 2022. However, no definitive agreements have been made for other businesses, introducing uncertainty about future transactions.

Positive

• 99.6% shareholder approval for the merger plan.
• Transition to a listed limited liability company could be beneficial for tax purposes.

Negative

• No definitive agreements for the sale of remaining operating businesses.
• Uncertainty regarding the completion of the reorganization.

Macquarie Infrastructure Corporation (NYSE: MIC) today announced the approval of its proposed plan of merger at a Special Meeting of Shareholders of the Company conducted on May 6, 2021.

At the Special Meeting, shareholders voted overwhelmingly to approve a plan of merger that could result in the reorganization of the Company into a listed limited liability company treated as a partnership for tax purposes. The proposal received support from 99.6% (including abstentions) of the shareholders who voted.

The proposed reorganization is not expected to take effect until immediately prior to the closing of a sale of the Company’s Atlantic Aviation subsidiary. The Company currently expects to sell Atlantic Aviation in 2021 and to sell MIC Hawaii in 2022.

MIC has not entered into definitive agreements to sell any of its remaining operating businesses, and there can be no assurance as to whether, when or in what order any such agreement will be executed or that the reorganization will be completed.

About MIC

MIC owns and operates businesses providing basic services to customers in the United States. Its businesses consist of an airport services business, Atlantic Aviation, and entities comprising an energy services, production and distribution segment, MIC Hawaii. For additional information, please visit the MIC website at www.macquarie.com/mic.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511006229/en/

FAQ

What was the outcome of the Special Meeting for Macquarie Infrastructure Corporation on May 6, 2021?

The Special Meeting resulted in an overwhelming approval of the proposed merger plan, with 99.6% of shareholders voting in favor.

What changes are proposed for Macquarie Infrastructure Corporation after the merger?

The proposal aims to reorganize the Company into a listed limited liability company treated as a partnership for tax purposes.

When does Macquarie Infrastructure Corporation expect to sell Atlantic Aviation?

The sale of Atlantic Aviation is expected to occur in 2021.

Is there certainty regarding the sale of MIC Hawaii?

MIC Hawaii is expected to be sold in 2022, but there are no definitive agreements made for this sale.

Are all operating businesses of Macquarie Infrastructure Corporation being sold?

No definitive agreements have been established for the sale of remaining operating businesses, leaving uncertainty.