Atlas Arteria's code on the Australian Securities Exchange (ASX) is "ALX" and it listed on 25 January 2010.
The directors have no current intention to list Atlas Arteria on any other stock exchange.
An ALX security is made up of:
- one share in Atlas Arteria Limited; and
- one share in Atlas Arteria International Limited.
The shares which comprise an ALX security are stapled together and cannot be traded separately.
Fees paid to MFA comprise a base management fee and a performance fee.
The base management fee is payable quarterly in arrears, and is calculated as 0.85% of the market capitalisation of Atlas Arteria at the end of each quarter.
The performance fee calculated is 15.00% of the dollar value of Atlas Arteria's outperformance of the S&P/ASX 300 Industrials Accumulation Index (Benchmark Return). It is determined annually and is payable in three equal annual instalments. The second and third instalments are only paid if Atlas Arteria's performance equals or exceeds that of the index on a cumulative basis over the two- and three-year periods to each respective instalment date.
Any underperformance of the Benchmark Return in a particular year must be carried forward and recouped before a performance fee may be earned in a subsequent period.
No, Atlas Arteria does not send out annual tax statements or tax booklets. Investors should refer to the dividend/distribution statements sent at the time of each dividend/distribution payment when completing their tax returns.
Your cost base in Atlas Arteria will depend on your original cost base in MIG. A calculator to help you determine the apportionment of your MIG cost base into your cost bases in Atlas Arteria and Intoll is provided here. We recommend that investors consult a professional tax advisor if they have any questions about calculating cost bases or taxes.
Atlas Arteria does not currently hedge foreign exchange exposure on overseas investments and does not intend to do so in the future. However Atlas Arteria often hedges the foreign exchange risk of future overseas equity commitments, and in the case of new acquisitions, if any, Atlas Arteria will hedge the foreign exchange risk on the acquisition price.
The ATO has developed information to assist investors who own stapled securities determine their capital gains tax (CGT) obligations. Click on the following link to read more: ATO information on stapled securities.
ALX is listed on the ASX and therefore ALX securities can be purchased through any ASX registered broker.
ALX is a stapled structure consisting of Atlas Arteria Limited (ATLAX) (an Australian public company) and Atlas Arteria International Limited (ATLIX) (an exempted mutual fund company incorporated in Bermuda).
ALX was created out of Macquarie Infrastructure Group (MIG) (as Macquarie Atlas Roads and later, ALX). ALX owns and manages the interests of the ALX portfolio being APRR, ADELAC, Dulles Greenway and Warnow Tunnel.
The ATLAX shares and ATLIX shares which together comprise an ALX security are each linked together and cannot be traded separately.
Macquarie Fund Advisers Pty Limited (MFA) is the manager of ATLAX and adviser to ATLIX (ALX Manager).
- ATLAX = Atlas Arteria Limited
- ATLIX = Atlas Arteria International Limited
Stapling allows investors to invest in different entities that are traded as one. This means that investors can receive the benefits of investing in different types of entities (eg Australian and Bermudan companies) within the one traded instrument. Generally, a stapling deed governs the stapling arrangements.
Where a foreign security is stapled to a domestic security, the regulatory/corporate governance requirements of both jurisdictions must be considered. This gives additional comfort to security holders, given the regulatory/corporate governance standards must always meet the "highest common standard".
ALX commenced payment of dividends/distributions in April 2013. The potential for payment of a dividend/distribution is assessed by the boards every six months as cash is received by ALX from its assets.
For capital gains tax purposes, investors may need to allocate the acquisition or sale price of an Atlas Arteria (ALX) security between ATLAX and ATLIX. Suggested splits are provided here. We recommend that investors consult a professional tax advisor if they have any questions about calculating cost bases or taxes.
While there is always some additional risk (mainly currency risk) in diversifying overseas, our research showed that toll road usage behaviour is very similar in western developed countries to that in Australia, and the same toll road fundamentals apply.
Generally, ALX's investments reduce their interest rate exposure by fixing some proportion of the debt for each asset.
ALX's share registry is Computershare Investor Services Pty Limited. Their details are:
- Telephone: 1800 267 108 (toll free number for calling within Australia)
- Telephone: +61 3 9415 4053 (for international calls)
- Fax: +61 8234 5050
- Address: Computershare Investor Services Pty Ltd, GPO Box 7045, Sydney NSW 1115
- Email: [email protected]
- Website: www.computershare.com
If you are a former or current securityholder in ALX you will be required to certify your tax residency due to changes in Bermudan regulations which affect Atlas Arteria International Limited (ATLIX), one of the entities in the Atlas Arteria stapled security structure.
The Government in Bermuda has agreed to participate in the exchange of financial account information under a global regime known as the Common Reporting Standard (CRS). Accordingly, you may have received communication from Computershare, ALX’s share registry, asking you to certify your tax residency.
Please follow the instructions provided in the communication to complete your certification. If you have any questions or concerns, please do not hesitate to contact Computershare on 1800 267 108 (overseas +61 3 9415 4053).