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You are here: Macquarie Korea Infrastructure Fund (MKIF) > Investor centre > FAQs |
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This section answers some of the key questions that prospective investors may have about MKIF. These answers are intended as a guide only and do not represent a full summary of the Terms of Issue or the other agreements affecting MKIF.
MKIF was established on 12 December 2002. On 11 November 2005, MKIF changed its name from Korean Road Infrastructure Fund to Macquarie Korea Infrastructure Fund. MKIF is registered as an investment company under the Indirect Investment Asset Management Business Act (IIAMBA), and is established as an infrastructure fund under the Private Participation in Infrastructure Act (PPI Act). MSIAM is the manager of MKIF. MSIAM is a Korea-based joint venture between Macquarie Capital Funds (Europe) Limited, a U.K. subsidiary of Macquarie Group Limited of Australia, and Korea's Shinhan Bank and Shinhan Capital Co., Ltd., an affiliate of the Shinhan Financial Group. MSIAM is a licensed asset management company under the IIAMBA. MSIAM has more than 30 full time employees with infrastructure funds management experience and expertise. MSIAM staff have been drawn from both the Shinhan Financial Group and the Macquarie Group’s worldwide network, as well as local hires recruited directly. 4. What is the relationship between MSIAM and MKIF? MKIF is managed by MSIAM pursuant to a Management Agreement between these two parties dated 13 December 2002, as amended from time to time. Although MKIF has its own Board of Directors (comprising a majority of supervisory directors and MSIAM as its corporate director), it does not have any executive staff. MKIF's investment selection and asset management have been "out-sourced" to MSIAM pursuant to the Management Agreement. 5. What are the contractual arrangements by which MSIAM is bound? MSIAM's obligations are contained in the Management Agreement. In managing MKIF, MSIAM also needs to manage MKIF in accordance with MKIF’s Articles of Incorporation ("AOI"), the provisions of the PPI Act, IIAMBA and other applicable Korean legislation. 6. Who is MKIF's administrator? KEB Investor Service Co., Ltd. Korea Securities Finance Corp. 8. Who are MKIF's sales agents?
9. How do I invest in the MKIF? As MKIF shares and global depositary shares are listed on the Korea Exchange (KRX) and London Stock Exchange (LSE), respectively trading of shares must be conducted through a KRX registered stockbroker for the common shares and an LSE registered stockbroker for the Global Depository Shares. The KRX website www.krx.co.kr can provide further details on KRX registered stockbrokers. For LSE registered stockbrokers, please visit http://www.londonstockexchange.com 088980 MKIF 12. When was MKIF listed on the KRX & LSE? MKIF was listed on the LSE and KRX on 14 and 15 March 2006 respectively. There is a chronological history of MKIF in the Key events section of this website. 13. Will MKIF be holding a General Shareholders Meeting? In accordance with the AOI, the ordinary general meeting of shareholders shall be convened within three months after the end of the fiscal year (31 December). The shareholders registered on the shareholders registry as of 31 December of a fiscal year shall be deemed shareholders who may cast votes at the ordinary general meeting of shareholders for the fiscal year.14. What is the difference between distributions and dividends? Under IIAMBA, only the term (distribution) is used for the sum of the amount paid to shareholders within retained earning (dividend under commercial code) and the amount paid to shareholders over retained earning. As MKIF is subject to the IIAMBA, MKIF can distribute monies to shareholders up to the amount equal to the Net Asset Value less Minimum Net Asset Value of the company. 15. When are distributions paid? In accordance with the AOI, distributions shall be paid to the shareholders during the payment period determined by the Board. Once approved, distributions must be paid within one month. 16. What is MKIF's distribution history? The table below sets forth our distribution for each six-month period starting from the period ended 31 December 2002.
* Prior MKIF's distribution records do not guarantee of future returns. 17. How does MKIF manage its exposure to interest rate movements? MKIF has entered into a loan facility with a syndicate of banks on a floating rate basis. Although this interest exposure is not currently hedged, MKIF continues to monitor interest rate movements and may, in appropriate circumstances, enter into hedging arrangements to mitigate perceived interest rate risk. A significant proportion of the senior debt entered into by the concession companies in which MKIF invests either carries a fixed interest rate or is hedged into a fixed interest rate exposure. Although neither MKIF nor the concession companies have any fixed hedging policies, MKIF prefers that interest rate exposures are fixed during the construction stage of a project and that at least 50% of interest rate exposure during the operating stage of a project is fixed. 18. How does MKIF manage foreign exchange risk? MKIF can only invest in PPI Act designated Korea-based infrastructure projects and therefore has no foreign exchange exposure at the fund level. Generally, MKIF's investments receive all of their revenue (dividends and interest payments) in KRW and undertake KRW denominated borrowings and investments and therefore do not have any foreign exchange exposure. This trend is expected to continue. 19. How do I contact MSIAM? |
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