2021 Dexus Simplification
2021 Dexus Simplification
On 22 April 2021 Dexus Funds Management Limited as Responsible Entity of the Dexus Diversified Trust (“DDF”), Dexus Industrial Trust (“DIT”), Dexus Office Trust (“DOT”) and Dexus Operations Trust (“DXO”) (together known as “the Dexus Trusts”), held an Extraordinary General Meeting where Dexus Security holders approved changes to simplify the Dexus corporate structure (the “Simplification”).
The Simplification involves “top-hatting” each of DDF, DIT and DOT with a newly established trust called Dexus Property Trust (“DPT”) to form a dual stapled group comprising DXO and DPT. Details relating to the Simplification were outlined in the Explanatory Memorandum and Notice of Extraordinary General Meeting dated 23 March 2021 provided below.
Class Ruling and Stamp duty determinations
Prior to proceeding with the Simplification, Dexus was seeking determinations in respect of stamp duty payable and a Class Ruling from the Australian Tax Office to confirm that CGT scrip-for-scrip rollover relief was available to Australian resident Security holders. Dexus now confirms that the stamp duty determinations have been received. A description of the tax implications for Security holders will be provided below.
Constitutions
The consolidated constitutions for each Dexus Trust are available at www.dexus.com/corporategovernance.
Simplification timetable
The Simplification will be implemented in accordance with the below timetable.
|
Event |
Date |
|---|---|
|
Last day of trading in existing Dexus Stapled Securities on the ASX. |
Wednesday, 30 June 2021 |
|
Admission of units in DPT to official list of the ASX (to trade as part of the New Stapled Securities). New Stapled Securities commence trading on the ASX (on a deferred settlement basis). |
Thursday, 1 July 2021 |
|
Stapling Record Date Last day for registration of transfers of existing Dexus Stapled Securities. |
Friday, 2 July 2021 |
|
Any existing Dexus Stapled Securities held by Ineligible Foreign Security holders transferred to the sale nominee. |
Monday, 5 July 2021 |
|
Implementation Date
|
Tuesday, 6 July 2021 |
|
New Stapled Securities commence trading on the ASX (on a normal settlement basis (T+2)). |
Wednesday, 7 July 2021 |
|
DDF, DIT and DOT to be removed from official list of the ASX on this day or a subsequent day. |
Thursday, 8 July 2021 |
If you require assistance in regards to your Security holding, please contact Dexus’s Information Line on +61 1800 819 675.