Overview
The restructure of Abacus Property Group (ABP) create two separately listed groups: Abacus Group (initially ASX code: ABP then ASX code: ABG) and Abacus Storage King (ASX code: ASK). Subsequently, each securityholder of ABP will then hold one security in ASK for each security they hold in ABP.
Following the implementation of the restructure on 3 August 2023, Abacus Property Group (ABP) underwent a name change to Abacus Group, with its ASX code changing from ABP to ABG.
Prior to the restructure implementation date, a stapled security in Abacus Property Group comprising a:
- fully-paid ordinary unit in Abacus Trust (AT)
- fully-paid ordinary unit in Abacus Income Trust (AIT)
- fully-paid ordinary share in Abacus Group Projects Limited (AGPL)
- fully-paid ordinary share in Abacus Group Holdings Limited (AGHL)
- fully-paid ordinary share in Abacus Storage Operation Limited (ASOL), and
- fully-paid ordinary unit in Abacus Storage Property Trust (ASPT)
The diagram below depicts the corporate and ownership structure of Abacus Property Group before the restructure:
The Abacus Property Group (ABP) restructure consists of the following:
- De-stapling of ABP, where all three trusts and companies are separated;
- ~19.9% cost base of ABP spins-off, with ASOL and ASPT stapled to form Abacus Storage King (ASK);
- Remaining 4 entities (AT, AIT, AGHL and AGPL) re-stapled; and
- Code and name change of Abacus Property Group (ABP) to Abacus Group (ABG).
After the restructure, Abacus Group (ABG) commenced trading on 10 August 2023 as a new stapled group consisting of:
- Abacus Group Holdings Limited (AGHL)
- Abacus Group Projects Limited (AGPL)
- Abacus Income Trust (AIT)
- Abacus Trust (AT)
Abacus Storage King (ASK) is separately listed as a new stapled security consisting of:
- Abacus Storage Operations Limited (ASOL)
- Abacus Storage Property Trust (ASPT)
The diagram below depicts the corporate and ownership structure of Abacus Group and Abacus Storage King after Completion:
How to process in Class
Optional step: If the FY24 return has been lodged and FY24 closed with ABP restructure processed incorrectly, then you need to reopen the financial year, roll back tax finalization and period update. Then follow the steps below before lodging tax return amendment.
Step 1: Process ABP restructure using Class' automation
Navigate to Fund level > Investments > Browse corporate actions
- Click to Action to process the ABP corporate action
- Click on Update Parcelling
- Click on Create Target Holdings to create ASK holding account, if necessary
- Then Submit the event
Step 2: Process Code Change from ABP to ABG using Class' automation
Navigate to Fund level > Investments > Browse corporate actions
- Click to Action to process the ABP/ABG Code Change
- Click on Update Parcelling
- Click on Create Target to create ABG holding account, if necessary
- Then Submit the event
Reference Materials