Companies

Sep 23, 2009

Macquarie Airports’ mid-air collision

Looking at the gruesome scene evolving at Macquarie Airports Group is not altogether different from driving past a multi-car pile up, with the unit holders playing the crash victim roles.

Adam Schwab — Business director and commentator

Adam Schwab

Business director and commentator

Looking at the gruesome scene evolving at Macquarie Airports Group is not altogether different from driving past a multi-car pile up on a highway — you can’t avert your eyes and you thank God that you weren’t in one of the cars. Those crash victims are much like unit holders in MAp, which has been managed by Macquarie since 2002. During that time, those unit holders have paid Macquarie more than $546 million. After realising that this doesn’t represent outstanding value, there has been a push to remove Macquarie as manager — to do that, Macquarie has sent unit holders a bill for another $345 million.

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