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). The two entities, together known as ALX, own and manage the interests of the portfolio being APRR, ADELAC, Dulles Greenway and Warnow Tunnel.
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 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 requirements of both jurisdictions must be considered. This gives additional comfort to security holders, given that corporate governance standards must always meet the “highest common standard”.