29 April 2011
Following approval of changes to its remuneration arrangements by Macquarie Group Limited (Macquarie) (ASX:MQG; ADR:MQBKY) shareholders on 17 December 2009, Macquarie invests a significant proportion of employees’ performance based remuneration in an employee equity plan, the MEREP. Macquarie is now offering equity awards under MEREP (Awards) in conjunction with its annual profit share and promotions cycle and intends to buy the required shares on-market.
The shares will be acquired by the MEREP Trustee from 9 May 2011 up to 30 June 2011 (MEREP Buying Period). Macquarie currently expects that approximately $420 million (at the current market price) will be allocated for the purchase of shares over the MEREP Buying Period. The number of Awards that will be allocated in respect of deferred remuneration amounts will be calculated by dividing the relevant amount for each employee (adjusted for any applicable on-costs) by the average price at which Macquarie shares are acquired on-market over the MEREP Buying Period (Conversion Price). The corresponding Awards will be subject to vesting and other conditions under MEREP, as described in the Remuneration Report in Macquarie’s 2011 Annual Report.
For further information please contact:
Macquarie Group, Investor Relations
Tel: (61 2) 8232 8845
Macquarie Group, Media Relations
Tel: (61 2) 8232 6016