road to no where, page-55

http://business.smh.com.au/business/fegan-pockets-a-tidy-sum-20081104-5hpk.html


Macquarie's exit

Good to see Macquarie showing its support for BrisConnections, the toll-road operator it floated earlier this year to rave reviews. Faced with the prospect of stumping up another $2 per unit to get its newly trimmed 0.5c distribution, one Macquarie division, Macquarie Investment Holdings, headed for the exits yesterday. It sold 28 million shares, or 7.25 per cent of the company, for 0.1c, down a touch from the issue price of $1. Having pumped in $28 million, Macquarie secured an impressive $28,281 on the way out.

We suspect the negative-99.99 per cent return on the investment is close to a record for Macquarie. Still, at least it saved them coughing up the extra two bucks in instalments.