Sydney Airport (SYD) has endorsed a proposal by Macquarie Group (MQG) to distribute its holding in Sydney Airport (SYD) securities.
In a statement to the Australian Securities Exchange, Sydney Airport chief executive officer Kerrie Mather said the proposal will materially increase the group's free float and liquidity, improve Sydney Airport’s position in the ASX50 and significantly broaden its investor register.
Under the proposal Macquarie will distribute to its shareholders one SYD security for each Macquarie ordinary share held.
If approved by Macquarie shareholders, the distribution of SYD securities is expected to occur on January 13.
"If the proposal is implemented, it will expand our existing 38,000 investor base to include many well-known institutional fund managers and super funds alongside a wide range of retail holders," Ms Mather said.