Macquarie facing litigation
Macquarie Infrastructure Group (MIG) has confirmed to the Australian Securities Exchange that it is in litigation with one of North America’s largest pension schemes and key backer of Sydney’s Western Sydney Orbital roads project.
MIG informed the ASX this week that the Ontario Teachers Pension Plan board (OTPP) had lodged a summons in the Supreme Court of NSW alleging a breach relating to Reset Convertible Notes.
The dispute is understood to be in relation to the pension fund’s $400 million reset convertible note subscription in Macquarie Infrastructure Group (MIG) for the Western Sydney Orbital toll road infrastructure project, and the subsequent conversion of those notes into MIG securities.
In its announcement to the ASX this week, MIG said it noted on November 15, 2006, that OTPP had advised it considered MIG had not complied with the terms of the Reset Convertible Notes Deed Poll in relation to the giving of a trigger event, in that MIG should have given notice to OTPP on August 24, 2006.
The ASX announcement said that MIG’s view was that a compliant notice was given on October 31, 2006, and hence no breach of the Reset Convertible Notes Deed Poll occurred.
It said MIG would be contesting the proceedings.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.