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.
AUTHOR
Mike Taylor
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