The Responsible Entity has resolved to issue "B" class units in the Scheme. All “existing” units issued under the terms of the PDS remain unchanged in all respects, except they will now be identified as “A” class units.
Under the terms of the Constitution of the Scheme, investors in a class of units in the Scheme (i.e. "A" or "B" class of units) have an interest in all the assets of the Scheme, which may be used to meet all liabilities arising in respect of the Scheme.
What are the differences between “A” and “B” class units in the Scheme?
No distributions of an initial investment (“Committed Capital”) will be returned to the “B” class unitholders when disposals of underlying assets occur in the Scheme. Amounts representing Committed Capital will be retained within the Scheme and invested in either the Macquarie Treasury Fund (MTF) or a AAA rated wholesale cash management trust for distribution to “B” class unitholders at the time the Scheme is wound up;
The Scheme's ongoing fee measure will be reduced for "B" class unitholders in respect of retained distributions of Committed Capital (including interest earned thereon);
“A” class unitholders can continue to expect to receive a distribution which includes Committed Capital at the time a disposal of an underlying asset occurs in the Scheme; and
From the point in time when Committed Capital would have otherwise been available for distributions to “B” class unitholders, the unit price for “B” class units will differ from that of “A” class units.
Investments in the Macquarie Global Infrastructure Trust II (the "Trust") are not deposits with or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL) or of any Macquarie Bank Group company and are subject to investment risk, including possible delays in repayment and loss of income or principal invested. None of Macquarie Bank Limited, Macquarie Investment Management Limited ABN 66 002 867 003 (the Responsible Entity, we, us, MIML) or any other member company of the Macquarie Bank Group guarantees the performance of the Trust or the repayment of capital from the Trust or any particular rate of return.
Macquarie Group Limited is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia), and Macquarie Group Limited's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Group Limited. Neither Macquarie Group Limited nor any member of the Macquarie Group of Companies is registered as a bank in New Zealand under the Reserve Bank of New Zealand Act 1989.
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