22 Jun 2021

Simplification implementation and timetable

 

 

22 June 2021

Simplification implementation and timetable

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.

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 made available at www.dexus.com/Simplification

Consequently, the Board of Dexus Funds Management Limited has determined that the Simplification continues to be in the best interests of Security holders and will now be implemented. 

Dexus intends to implement the Simplification in accordance with the following 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

  • DPT units received by Security holders
  • Units in DDF, DIT and DOT transferred to DPT
  • Stapling of units in DXO and units in DPT to form New Stapled Securities
  • Despatch of holding statements of New Stapled Securities

 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

Ineligible Foreign Security holders

In accordance with the terms of the Simplification, any Ineligible Foreign Security holders will not receive New Stapled Securities but will instead receive the proceeds from the sale of the New Stapled Securities which they would have otherwise received (net of brokerage costs, any fees and taxes and subject to rounding). Ineligible Foreign Security holders will receive payment as soon as practicable after settlement of the sale by the sale nominee.

Constitutions

 As a result of the Board determining to proceed to implement the Simplification, amendments to the constitutions of each of DDF, DIT, DOT and DXO have now been lodged with ASIC and have become effective. Consolidated constitutions for each trust are attached and are also available at www.dexus.com/corporategovernance.

Authorised by the Board of Dexus Funds Management Limited

 

 

 

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