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FUTURE GENERATION AUSTRALIA LIMITED — Capital/Financing Update 2012
Dec 17, 2012
64916_rns_2012-12-17_a24e4d1f-0a22-4cd7-aa8d-40e1d914f943.pdf
Capital/Financing Update
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Hastings Funds Level 27, 35 Collins Street Management Limited Melbourne VIC 3000 Australia ABN 27 058 693 388 T +61 3 8650 3600 AFSL No. 238309 F +61 3 8650 3701 Australian Infrastructure www.hfm.com.au Fund Limited Melbourne, London, New York, Sydney ABN 97 063 935 553
ASX Announcement
Australian Infrastructure Fund (AIX)
18 December 2012
Hastings Performance Fee
On 29 June 2012, the Australian Infrastructure Fund (AIX) announced that, subject to independent verification, an estimated performance fee of $34.6 million was payable to Hastings Funds Management Limited (Hastings), as responsible entity of AIX, for the period ending 30 June 2012, which would be paid in cash.
Ernst & Young were subsequently engaged to consider Hastings’ calculation of the performance fee. Based on the information provided and procedures undertaken, Ernst & Young concluded that the calculation was in accordance with the formula set out in the AIX constitution and the management agreement between Australian Infrastructure Fund Limited and Hastings.
The announcement of 29 June 2012 also advised that payment of the performance fee would be deferred until the announced internalisation proposal proceeded. If the internalisation proposal did not receive the requisite approvals prior to 31 December 2012, the current management arrangements would continue and the performance fee would be paid.
The internalisation proposal will not receive the requisite approvals by 31 December 2012 because, as announced on 26 November 2012, AIX has entered into a binding implementation agreement with the Future Fund Board of Guardians which provides for the sale of all AIX’s assets subject to certain conditions, including AIX securityholder approval, to be sought at an extraordinary general meeting of securityholders on 15 January 2013.
In view of this, the performance fee of $34.6 million payable to Hastings for the period ending 30 June 2012 and calculated at close of business on 28 June 2012, has been paid in cash.
For further enquiries, please contact:
| Jeff Pollock | Simon Ondaatje |
|---|---|
| Chief Executive Officer | Head of Investor Relations |
| Australian Infrastructure Fund | Hastings Funds Management |
| Tel:+61 3 8650 3600 | Tel:+61 3 8650 3600 |
| Fax:+61 3 8650 3701 | Fax:+61 3 8650 3701 |
| Email:[email protected] | Email:[email protected] |
| Website: www.hfm.com.au/asxlisted/funds/aif/ | Website: www.hfm.com.au/asxlisted/funds/aif/ |
Unless otherwise stated, the information contained in this document is for informational purposes only. It does not constitute an offer of securities and should not be relied upon as financial advice. The information has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person or entity. Before making an investment decision you should consider, with or without the assistance of a financial adviser, whether any investments are appropriate in light of your particular investment needs, objectives and financial circumstances. Neither Hastings, nor any of its related parties including Westpac Banking Corporation ABN 33 007 457 141, guarantees the repayment of capital or performance of any of the entities referred to in this document and past performance is no guarantee of future performance. Hastings, as the Manager or Trustee of various funds, is entitled to receive management and performance fees.
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Jane Frawley Company Secretary Australian Infrastructure Fund