Performance fees are calculated based on a comparison of the 15-day volume weighted average price of MIC’s shares at the end of each quarter with the same calculation for the prior quarter. The average closing value of the MIC accumulation index for the last 15 trading days of the second quarter was approximately 11.5% above the average closing of the accumulation index for the 15 trading days ended March 31, 2014.
MIMUSA has elected to reinvest the performance fee for the second quarter in additional LLC interests. In accordance with the Management Services Agreement in place between MIC and MIMUSA, the price at which additional shares are to be issued will be calculated using the volume weighted average price of MIC’s shares over the last month of the quarter for which the fee is calculated. MIMUSA will reinvest the second quarter performance fee in an additional 81,680 shares of MIC. All performance fees previously generated have also been reinvested in additional shares.
MIC expects to publish its financial results for the second quarter of 2014 after the close of the markets on July 30, 2014. A conference call during which management will discuss the results will be conducted the morning of July 31, 2014.
MIC also reported that it closed on the acquisition of 19.8 megawatts of wind power generating assets located in New Mexico for $10.6 million including transaction costs. The investment is the Company’s first investment in wind power generation.
“We have been discussing the potential to diversify our Contracted Power and Energy segment into projects other than solar photovoltaic for some time,” said James Hooke, chief executive officer of MIC. “This particular opportunity meets our investment criteria in that it is an existing facility with a proven wind resource, there is a 20 year power purchase agreement in place with an investment grade counterparty, and we were able to structure the investment in a manner that provides us with good visibility into the cash generating of the facility, similar to our existing contracted power projects.”
MIC acquired the wind farm from BayWa r.e. Wind, LLC.
MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.