09 June 2009
A letter from John Abernethy was published in the Australian Financial Review on 9 June 2009 regarding Macquarie Group's recent Share Purchase Plan (SPP). In response, Macquarie notes that it was a requirement under ASIC relief granted to Macquarie that offers made under the SPP could only be made to beneficial shareholders where they are expressly noted on the share register. This is consistent with ASIC Class Order 02/831 which applies to share purchase plans offered by listed companies generally. This requirement was clearly stated in the SPP offer document and Macquarie's subsequent communications to shareholders.
It is incorrect to suggest that ASIC Class Order 02/831 has somehow been "utilised" by Macquarie to deny shareholders the right to participate in the SPP. In fact, Macquarie was so encouraged by the strong support and level of interest by its retail shareholders that it decided to accept all valid applications under the SPP and not exercise any scaleback, resulting in a total of approximately $669 million of new Macquarie shares issued to its retail base. Macquarie believes this demonstrates its strong commitment to its retail shareholders.