Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Pursuit of Strategic Alternatives

In October 2019, the Board resolved to actively pursue strategic alternatives including a sale of the Company or its operating businesses as a means of unlocking value for shareholders. There is no set timetable for completing any transaction and there can be no assurance that any transactions will occur on favorable terms or at all. See the Company’s Current Report on Form 8-K date October 31, 2019 for additional information.

Disposition Agreement

To facilitate the Company’s pursuit of strategic alternatives, the Company announced that it has entered into a disposition agreement with Macquarie Infrastructure Management (USA) Inc. (MIMUSA), the external manager of the Company on October 30, 2019. Other than pursuant to this agreement, the Company does not have the ability to terminate the Management Services Agreement other than in limited circumstances. Pursuant to this agreement, the Company’s Management Services Agreement with MIMUSA will terminate as to any businesses, or substantial portions thereof, that are sold and, in connection therewith, the Company will make a payment to MIMUSA based on the proceeds generated in the event of such sales and certain additional payments under certain circumstances. The disposition agreement will terminate on the earlier to occur of (i) the termination of the Management Services Agreement and (ii) the sixth anniversary, subject to extension under certain circumstances if a transaction is pending. See the Company’s Current Report on Form 8-K dated October 31, 2019 for additional information.        

Dividend

On October 29, 2019, the Board declared a dividend of $1.00 per share for the quarter ended September 30, 2019, which is expected to be paid on November 14, 2019 to holders of record on November 11, 2019.