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AMP Capital and Macquarie to internalise DUET management
Investor in regulated energy utility assets, DUET, will move to an internal management structure after being managed as a joint venture between AMP Capital and Macquarie Capital Group since being listed in 2004.
Under the proposal, the consideration payable to AMP Capital will be $41 million, which will be used to subscribe for DUET stapled securities, AMP Capital stated.
AMP Capital and Macquarie will provide support to DUET in its transition to independent management up to 30 June 2013, for a separate fee.
"Since DUET listed on the [Australian Securities Exchange] in 2004 it has grown and developed into a significant infrastructure investment vehicle, and today it holds a diverse portfolio of energy utility assets in Australia," AMP Capital Managing Director Stephen Dunne said.
The proposal still requires a minimum of 50 per cent approval by DUET securityholders, with voting to take place at a general meeting, likely in late October, AMP Capital stated.
AMP said that if approved, the consideration will be reflected in AMP Capital's second half 2012 financial results.
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