AusNet

AusNet: The restructuring took place via a scheme of arrangement, where shareholders received 1 share in a new entity for every AusNet Services security they hold. The underlying business and assets remains unchanged.

The main changes are:
> Removal of different tax treatment of interest income and interest expense on intergroup loans
> Improved ability to distribute available franking credits
> Improved ability to distribute gross income in the long term
> Higher tax depreciation charges reducing AusNet Services’ tax liabilities
> Simplification resulting in internal cost savings and potential greater investor appeal
> Improved funding flexibility

Before, AusNet was a triple-stapled entity, where shareholders hold i) AusNet Services Distribution Shares, ii) AusNet Services Transmission Shares and iii) AusNet Services Trust Units. These were all consolidated into one single stapled security despite comprising interests in three separate legal entities.

The FY15 distribution guidance of 8.36¢/share remains unchanged and the restructuring will be implemented on 18 Jun.

More info regarding the restructure can be found here:
http://infopub.sgx.com/FileOpen/AusNetServicesRestructureProposal.ashx?App=Announcement&FileID=345253