Australia, Feb. 16 -- The Federal Court of Australia issued the following judgement:
HESPE J:
BACKGROUND
1 These proceedings concern the restructure of a stapled group that was formerly known as AusNet Services. The stapled group consisted of AusNet Services (Transmission) Limited (Transmission), AusNet Services Finance Trust (Finance) and AusNet Services (Distribution) Limited (Distribution). Each unit in Finance was linked (or "stapled") to a share in Transmission and a share in Distribution such that none could be transferred or otherwise dealt with without the others. Together, these stapled securities had been listed on the Australian and Singapore stock exchanges.
2 For Australian income tax purposes, each of Transmission and Dist...