DUET to move to internal management structure

amp/joint-venture/macquarie/ASX/

31 July 2012
| By Staff |
image
image
expand image

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.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks 1 day ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 6 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND