MIC / Macquarie Infrastructure Company LLC / Macquarie Infrastructure Management (USA) INC - SC 13D/A (Activist Investment)

SecurityMIC / Macquarie Infrastructure Company LLC
Form TypeSC 13D/A
File Date2018-09-14

 

 

 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13D/A

 

(Rule 13d−101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO §240.13-d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO §240.13-d-2(a)
(Amendment No. 24)*

 

Macquarie Infrastructure Corporation

(Name of Issuer)

 

Common Stock

(Title of Class of Securities)

 

55608B105

(CUSIP Number)

 

Graeme Conway
Macquarie Infrastructure Management (USA) Inc.
125 West 55th Street
New York, New York, 10019
(212) 231-1000

(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)

 

Copies to:
Phyllis G. Korff
Skadden, Arps, Slate, Meagher & Flom LLP
4 Times Square
New York, NY 10036
(212) 735-3000

 

September 13, 2018

(Date of Event which Requires Filing of this Statement)

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§. 240.13d−1(e), 240.13d−1(f) or 240.13d−1(g), check the following box.

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

 

 

 

1

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

Macquarie Infrastructure Management (USA) Inc.

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)       ¨

(b)       ¨

 

3

SEC USE ONLY:

 

4

SOURCE OF FUNDS (See Instructions)

 

OO

 

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

¨

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

11,950,617

8

SHARED VOTING POWER

 

0

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

11,950,617

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

11,950,617

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

¨

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

13.98%

14

TYPE OF REPORTING PERSON (See Instructions)

 

CO

 

       

 

 

 

 

1

NAMES OF REPORTING PERSONS

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

 

Macquarie Group Limited

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a)       ¨

(b)       ¨

 

3

SEC USE ONLY:

 

4

SOURCE OF FUNDS (See Instructions)

 

OO

 

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)

¨

6

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Australia

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

 

0

8

SHARED VOTING POWER

 

0

9

SOLE DISPOSITIVE POWER

 

0

10

SHARED DISPOSITIVE POWER

 

12,005,017

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

12,005,017

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)

¨

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

14.04%

14

TYPE OF REPORTING PERSON (See Instructions)

 

CO

 

       

 

 

 

 

This Amendment No. 24 amends and supplements the information set forth in the Schedule 13D (the “Original Schedule 13D”) previously filed with the Securities and Exchange Commission on July 5, 2007 by Macquarie Infrastructure Management (USA) Inc., a corporation organized under the laws of Delaware (“MIMUSA”) and the Schedule 13D filed on August 17, 2007 by Macquarie Bank Limited, a company formed under the laws of Australia (“MBL”), as amended by the Schedule 13D/A filed on October 12, 2007 by MIMUSA and MBL (“Amendment No. 1”), the Schedule 13D/A filed on December 18, 2007 by MIMUSA, Macquarie Group Limited, a company formed under the laws of Australia (“MGL”) and Macquarie Group Services Australia Pty Limited, a company formed under the laws of Australia (“MGSA”) (“Amendment No. 2”), the Schedule 13D/A filed on June 24, 2010 by MIMUSA, MGL and MGSA (“Amendment No. 3”), the Schedule 13D/A filed on January 18, 2012 by MIMUSA, MGL and MGSA (“Amendment No. 4”), the Schedule 13D/A filed on December 21, 2012 by MIMUSA, MGL, MGSA and Macquarie Private Wealth Inc., a company formed under the laws of Canada (“MPW”) (“Amendment No. 5”), the Schedule 13D/A filed on March 11, 2013 by MIMUSA, MGL, MGSA and MPW (“Amendment No. 6”), the Schedule 13D/A filed on March 21, 2013 by MIMUSA, MGL, MGSA and MPW (“Amendment No. 7”), the Schedule 13D/A filed on May 14, 2013 by MIMUSA, MGL, MGSA and MPW (“Amendment No. 8”), the Schedule 13D/A filed on September 16, 2013 by MIMUSA, MGL, MGSA and MPW (“Amendment No. 9”), the Schedule 13D/A filed on October 25, 2013 by MIMUSA, MGL, MGSA and MPW (“Amendment No. 10”), the Schedule 13D/A filed on April 24, 2014 by MIMUSA, MGL and MGSA (“Amendment No. 11”), the Schedule 13D/A filed on November 20, 2014 by MIMUSA, MGL and MGSA (“Amendment No. 12”), the Schedule 13D/A filed on April 29, 2015 by MIMUSA, MGL and MGSA (“Amendment No. 13”), the Schedule 13D/A filed on June 9, 2015 by MIMUSA, MGL and MGSA (“Amendment No. 14”), the Schedule 13D/A filed on May 16, 2016 by MIMUSA, MGL, MGSA and Delaware Management Business Trust, a trust organized under the laws of Delaware (“Amendment No. 15”), the Schedule 13D/A filed on August 12, 2016 by MIMUSA, MGL and MGSA (“Amendment No. 16”), the Schedule 13D/A filed on November 18, 2016 by MIMUSA, MGL, MGSA (“Amendment No. 17”), the Schedule 13D/A filed on October 31, 2017 by MIMUSA, MGL, Macquarie Investment Management Australia Limited, a company formed under the laws of Australia (“MIMAL”), and Macquarie Infrastructure Management Global Limited, a company formed under the laws of Australia (“MIMGL”) (“Amendment No. 18”), the Schedule 13D/A filed on March 8, 2018 by MIMUSA, MGL, MIMAL and MIMGL, (“Amendment No. 19”), the Schedule 13D/A filed on May 23, 2018 by MIMUSA and MGL (“Amendment No. 20”), the Schedule 13D/A filed on June 8, 2018 by MIMUSA and MGL (“Amendment No. 21”), the Schedule 13D/A filed on July 2, 2018 by MIMUSA and MGL (“Amendment No. 22”), and the Schedule 13D/A filed on August 6, 2018 by MIMUSA and MGL (“Amendment No. 23”) and, together with the Original Schedule 13D, Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, Amendment No. 9, Amendment No. 10, Amendment No. 11, Amendment No. 12, Amendment No. 13, Amendment No. 14, Amendment No. 15, Amendment No. 16, Amendment No. 17, Amendment No. 18, Amendment No. 19, Amendment No. 20, Amendment No. 21, Amendment No. 22 and Amendment No. 23 the “Schedule 13D”). Unless indicated otherwise, all items left blank remain unchanged and any items which are reported are deemed to amend and supplement the existing items in the Schedule 13D.

 

Item 2. Identity and Background

 

The response set forth in Item 2 of the Schedule 13D is hereby amended and restated in its entirety.

 

This statement on Schedule 13D is being filed by MIMUSA and MGL pursuant to Rule 13d-1(k)(1).

 

MIMUSA has its principal offices at 125 West 55th Street, New York, New York, 10019, United States. MGL has its principal offices at Level 6, 50 Martin Place, Sydney, New South Wales 2000, Australia.

 

MIMUSA is an indirect wholly owned subsidiary of MGL. MIMUSA is 100% directly owned by Macquarie Infrastructure and Real Assets Inc. (“MIRA”), a Delaware corporation, which is 100% directly owned by Macquarie Holdings (U.S.A.) Inc. (“MHUSA”), a Delaware corporation. MHUSA is a direct wholly owned subsidiary of Macquarie Equities (US) Holdings Pty. Limited, a company formed under the laws of Australia (“MEQH”). MEQH is a direct wholly owned subsidiary of Macquarie Group (US) Holdings No.1 Pty Ltd, a company formed under the laws of Australia (“MGUSH1”). MGUSH1 is a direct wholly owned subsidiary of Macquarie Corporate International Holdings Pty Limited (f/k/a Macquarie Capital International Holdings Pty Limited, f/k/a Macquarie Capital Group International Holdings Pty Limited, f/k/a Macquarie Group International Holdings Pty Limited) (“MCIHL”), a company formed under the laws of Australia, which is in turn a wholly owned direct subsidiary of Macquarie Corporate Holdings Pty Limited, (f/k/a Macquarie Corporate Holdings Limited, f/k/a Macquarie Capital Group Limited, f/k/a Macquarie Capital Group Pty Limited, f/k/a Macquarie (1 Nicholson Street) Nominees Pty Ltd, f/k/a Hopper No.3 Pty Limited) (“MCHL”), a company formed under the laws of Australia . MCHL is a direct wholly owned subsidiary of Macquarie Financial Holdings Pty Limited, (f/k/a Macquarie Financial Holdings Limited, f/k/a Macquarie Group Holdings No.2 Ltd) (“MFHL”), a company formed under the laws of Australia MFHL is a direct wholly owned subsidiary of MGL, the ultimate controlling entity of MIMUSA.


 

 

 

MEQH, MGUSH1, MCIHL, MCHL and MFHL have their principal offices at Level 6, 50 Martin Place, Sydney, New South Wales 2000, Australia. MIRA and MHUSA have their principal offices at 125 West 55th Street, New York, New York, 10019, United States.

 

The directors and executive officers of MIMUSA and MGL are set forth on Schedules I and II attached hereto, respectively. Schedules I and II set forth the following information with respect to each such person:

 

i.name;

 

ii.business address (or residence where indicated);

 

iii.present principal occupation or employment and the name, principal business and address of any corporation or other organization in which such employment is conducted; and

 

iv.citizenship.

 

During the last five years, none of MIMUSA and MGL nor any person named in Schedules I and II, has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

Item 3. Source and Amount of Funds or Other Consideration

 

The response set forth in Item 3 of Schedule 13D is hereby amended and supplemented by the following information:

 

For the month ended July 31, 2018, MIMUSA has elected to reinvest $3,995,284 of its base management fees in common stock of the Issuer (the “Common Stock”) pursuant to the terms of the Third Amended and Restated Management Services Agreement, dated as of May 21, 2015, as amended from time to time, among the Issuer, MIC Ohana Corporation and MIMUSA (the “Management Services Agreement”). On August 29, 2018, the Issuer issued 89,537 shares of Common Stock to MIMUSA upon such reinvestment.

 

On August 7, 2018, MIMUSA purchased 31,656 shares of Common Stock at an average price of $45.95 per share in open market purchases pursuant to a Rule 10b5-1/Rule 10b-18 Stock Purchase Plan (the “Plan”).

 

On August 8, 2018, MIMUSA purchased 29,867 shares of Common Stock at an average price of $45.89 per share in open market purchases pursuant to the Plan

 

On August 9, 2018, MIMUSA purchased 5,000 shares of Common Stock at an average price of $46.03 per share in open market purchases pursuant to the Plan.

 

On August 10, 2018, MIMUSA purchased 64,692 shares of Common Stock at an average price of $45.03 per share in open market purchases pursuant to the

 

On August 13, 2018, MIMUSA purchased 45,000 shares of Common Stock at an average price of $44.50 per share in open market purchases pursuant to the Plan.

 

 

 

 

On August 14, 2018, MIMUSA purchased 3,650 shares of Common Stock at an average price of $45.08 per share in open market purchases pursuant to the Plan.

 

On August 15, 2018, MIMUSA purchased 65,000 shares of Common Stock at an average price of $44.77 per share in open market purchases pursuant to the Plan.

 

On August 17, 2018, MIMUSA purchased 15,911 shares of Common Stock at an average price of $45.77 per share in open market purchases pursuant to the Plan.

 

On August 20, 2018, MIMUSA purchased 7,000 shares of Common Stock at an average price of $45.94 per share in open market purchases pursuant to the Plan.

 

On August 21, 2018, MIMUSA purchased 45,000 shares of Common Stock at an average price of $46.19 per share in open market purchases pursuant to the Plan.

 

On August 22, 2018, MIMUSA purchased 25,000 shares of Common Stock at an average price of $46.21 per share in open market purchases pursuant to the Plan.

 

On August 23, 2018, MIMUSA purchased 5,100 shares of Common Stock at an average price of $46.50 per share in open market purchases pursuant to the Plan.

 

On August 24, 2018, MIMUSA purchased 58,259 shares of Common Stock at an average price of $46.67 per share in open market purchases pursuant to the Plan.

 

On August 28, 2018, MIMUSA purchased 51,048 shares of Common Stock at an average price of $47.17 per share in open market purchases pursuant to the Plan.

 

On August 29, 2018, MIMUSA purchased 56,887 shares of Common Stock at an average price of $47.10 per share in open market purchases pursuant to the Plan.

 

On August 30, 2018, MIMUSA purchased 120,815 shares of Common Stock at an average price of $47.09 per share in open market purchases pursuant to the Plan.

 

On August 31, 2018, MIMUSA purchased 39,690 shares of Common Stock at an average price of $46.72 per share in open market purchases pursuant to the Plan.

 

On September 4, 2018, MIMUSA purchased 56,732 shares of Common Stock at an average price of $46.71 per share in open market purchases pursuant to the Plan.

 

On September 6, 2018, MIMUSA purchased 76,535 shares of Common Stock at an average price of $46.86 per share in open market purchases pursuant to the Plan.

 

On September 7, 2018, MIMUSA purchased 61,594 shares of Common Stock at an average price of $46.67 per share in open market purchases pursuant to the Plan.

 

On September 10, 2018, MIMUSA purchased 40,000 shares of Common Stock at an average price of $46.49 per share in open market purchases pursuant to the Plan.

 

On September 12, 2018, MIMUSA purchased 17,310 shares of Common Stock at an average price of $46.60 per share in open market purchases pursuant to the Plan.

 

On September 13, 2018, MIMUSA purchased 7,207 shares of Common Stock at an average price of $46.80 per share in open market purchases pursuant to the Plan.

 

 

 

 

Since the date of the commencement of the Plan, Macquarie Capital (USA) Inc., the broker under the Plan, purchased 5,800,188 shares of Common Stock for an aggregate purchase price of $241,294,130.43, exclusive of any fees, commissions or other expenses. The purchases under the Plan were financed pursuant to an intragroup funding arrangement.

 

Item 4. Interest in Securities of the Issuer

 

(a)–(b)The information required by these paragraphs is set forth in Numbers 7 through 11 and 13 of each of the cover pages of this Schedule 13D and is incorporated herein by reference. Such information includes 12,005,017 shares of Common Stock and is based on 85,460,369 shares of Common Stock outstanding as of September 13, 2018.

 

(c)Except as disclosed herein and in previous amendments to this Schedule 13D, none of MIMUSA or MGL has effected any transaction in the Issuer’s Common Stock during the past 60 days.

 

(d)Not applicable.

 

(e)Not applicable.

 

 

 

 

Signatures

 

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct.

 

September 13, 2018

 

  MACQUARIE INFRASTRUCTURE MANAGEMENT (USA) INC.
   
  By: /s/ Simone Kovacic
    Name: Simone Kovacic
    Title: Authorized Signatory
       
  By: /s/ Diana Delgado
    Name: Diana Delgado
    Title: Authorized Signatory

 

 

 

 

  After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct.
September 13, 2018      
       
  MACQUARIE GROUP LIMITED
   
  By: /s/ Paul Peduto
    Name: Paul Peduto
    Title: Associate Director
       
  By: /s/ Charles Glorioso
    Name: Charles Glorioso
    Title: Division Director

 

 

 

 

SCHEDULE I

 

The name and present principal occupation of each of the executive officers and directors of Macquarie Infrastructure Management (USA) Inc. are set forth below. Unless otherwise noted, each of these persons is an Australian citizen and has as his/her business address 125 West 55th Street, New York, New York, 10019, United States.

 

Name

 

Position with
Reporting Person

 

Principal Occupation

 

Country of Citizenship
(if not Australia)

             
Graeme Conway  

Chief Executive Officer and President and Director

 

  Head of the Americas – MIRA    
Aaron Rubin  

Vice President and Director

 

  Head of MIRA North American Energy Team    
Mark Cruikshank  

Vice President and Director

 

  Head of Global Tax – MIRA    
Jonathon Laurie

Treasurer

  Finance Director of MIRA  

 

 

 

 

SCHEDULE II

 

The name and present principal occupation of each of the executive officers and directors of Macquarie Group Limited are set forth below. Unless otherwise noted, each of these persons is an Australian citizen and has as his/her business address Level 6, 50 Martin Place, Sydney, New South Wales 2000, Australia.

 

Name

 

Position with
Reporting Person

 

Principal Occupation

 

Country of Citizenship
(if not Australia)

             
Michael Coleman   Non-executive Director  

Non-executive Director 

   
             
Diane Grady   Non-executive Director  

Non-executive Director

 

   
Michael Hawker   Non-executive Director  

Non-executive Director

 

   
Nicholas Moore   Executive Director  

Chief Executive Officer

 

   
Shemara Wikramanayake   Executive Director   Chief Executive Officer-designate    
             
Gary Banks   Non-executive Director  

Non-executive Director

 

   
Peter Warne   Non-executive Director & Chairman  

Non-executive Director

 

   
Gordon Cairns   Non-executive Director  

Non-executive Director

 

   
Nicola Wakefield Evans   Non-executive Director  

Non-executive Director

 

   
Glenn Stevens   Non-executive Director  

Non-executive Director

 

   
Philip Coffey   Non-executive Director   Non-executive Director    

 

Dennis Leong

 

 

Secretary

 

 

Company Secretary

 

   
Ida Lawrance   Secretary  

Company Secretary