• What happened?

    A restructure of the Westfield Group was implemented on 20 December 2010.

    Each Westfield Group stapled security consists of one unit in Westfield Trust, one unit in Westfield America Trust and one share in Westfield Holdings Limited.

    The restructure involved a capital distribution which resulted in you acquiring units in Westfield Retail Trust 1 and units in Westfield Retail Trust 2. These units were subsequently stapled together and commenced trading on the Australian Securities Exchange (ASX) as Westfield Retail Trust stapled securities.

    The restructure also involved a transfer of assets from Westfield Trust to Westfield Retail Trust 1 on 20 December 2010.

    Westfield Retail Trust 1 units

    Westfield Trust made a $100 (in total) capital distribution to Westfield Trust unit holders, satisfied by a distribution of all of the units in Westfield Retail Trust 1.

    This equated to approximately $0.000000043 for each of your Westfield Trust units.

    The amount you were entitled to is a non-assessable payment, and is a tax-deferred distribution.

    Even though you received units instead of money, you need to consider your share of the capital distribution when you complete your tax return for 2010-11.

    Westfield Retail Trust 2 units

    Westfield Holdings Limited declared a fully franked dividend of $100 (in total) payable to its shareholders, satisfied by a distribution of all of the units in Westfield Retail Trust 2.

    This equated to approximately $0.000000043 for each of your Westfield Holdings Limited shares.

    Even though you received units instead of money, you need to consider your share of the dividend when you complete your tax return for 2010-11.

    Westfield Securityholder Offer (Entitlement Offer) and Initial Public Offering (IPO)

    You may have also acquired Westfield Retail Trust stapled securities on 21 December 2010:

    • under the entitlement offer, by taking up some or all of your entitlement to subscribe for one new Westfield Retail Trust stapled security for every 4.23 Westfield Group stapled securities you own, or
    • through subscribing for Westfield Retail Trust stapled securities under the IPO.
      Last modified: 06 Jul 2011QC 24539