Response to AFR article, 20 August 2014

In an Australian Financial Review article published today, unattributed claims were made that Macquarie allowed some clients to withdraw their participation in the BrisConnections IPO in 2008.

Macquarie advised the journalist:

In an IPO, the position of clients with respect to allocation of stock remains fluid until allocation of stock to the broker is firm, and clients make a legally binding commitment and pay for the stock. Therefore the position of each client may be different. Macquarie would welcome the opportunity for clients to raise any circumstance where they believe treatment may have been inappropriate.

This response was reflected in today’s article.