Aus & NZ: Macquarie Atlas Roads to become Atlas Arteria

09 April 2018 - 12:00 am UTC

Macquarie Atlas Roads (MQA) will have a new leadership team and name when it internalises its management in a year’s time, if agreed to by MQA securityholders.

Macquarie announced on Monday (9 April) that the Australian listed infrastructure satellite would be renamed Atlas Arteria and recently appointed chief executive, James Hooke, would step down and stay on with Macquarie Group after the internalisation completes in May 2019.

However, Macquarie Group will continue to act as manager for MQA’s 25% stake in Autoroutes Paris-Rhin-Rhone (APRR), which operates a 2,300km motorway network in eastern France.

The MQA boards are in the midst of an international search for a new chief executive, according to a statement by Macquarie Group. Once appointed, the person will be responsible for hiring a new management team.

Macquarie Group will provide management for MQA for 12 months after MQA’s 15 May annual general meeting. It will receive its current base management fees of 0.85% of MQA’s market value for that period.

It said performance fee calculations will end on 1 July 2018. This will mean a final performance fee will be paid for the year ending 30 June. Performance fees from earlier years will also be paid according to fee hurdles.

Macquarie Group will continue to provide “transitional services” for six months after May 2019 at AUD 750,000 a month.

Although it is not legally required to, MQA’s Independent Board Committee decided to give the final say on the changes to MQA securityholders. They will be called to vote on the plans at the AGM.

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Macquarie Atlas Roads