DUET to move to internal management structure
AMP Capital, Macquarie Capital Group and DUET Group have agreed to internalise the management of energy utility assets investor DUET, which has (up until now) been managed as a joint venture.
Under the proposal the consideration payable to AMP Capital will be $41 million, which will be used to subscribe for DUET stapled securities, AMP Capital stated.
AMP Capital and Macquarie will provide support to DUET in its transition to independent management up to 30 June 2013, for a separate fee.
"Since DUET listed on the ASX in 2004 it has grown and developed into a significant infrastructure investment vehicle, and today it holds a diverse portfolio of energy utility assets in Australia," said AMP Capital Managing Director Stephen Dunne.
The proposal still requires a minimum of 50 per cent approval by DUET securityholders, with voting to take place at a general meeting, likely in late October, AMP Capital stated.
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