A Cromwell stapled security consists of a share in Cromwell Corporation Limited (CCL) and a unit in Cromwell Diversified Property Trust (CDPT), which are contractually bound together so that they cannot be sold or transferred separately. CCL and CDPT remain separate legal entities and are treated separately for tax purposes.
NTA per stapled securities is calculated by dividing the net assets of Cromwell, excluding any intangible assets such as goodwill, by the number of stapled securities on issue. The latest NTA is disclosed in our Annual or half year results presentation.
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Distributions from Cromwell can comprise either or both a distribution from CDPT and a dividend from CCL. For distribution details, click here. Distributions are usually declared at the end of each calendar quarter and paid seven to eight weeks afterwards, in February, May, August and November.
The core business activities are property investment and funds management.
In December 2006, following unitholder and shareholder votes, five Cromwell managed unlisted property trusts were merged with CDPT, and the consolidated CDPT was stapled to CCL. Cromwell began trading on 12 December 2006 at a price of $1.20 with a market capitalisation of $835 million. Cromwell's structure is explained here.
Yes, Cromwell issues tax statements after the end of the financial year. We endeavour to release tax statements at the end of August. You should not lodge your tax return until the statement is received.
Distributions from CDPT may be partially tax deferred. Allowances for the amortisation of the buildings, depreciation of plant and equipment and the writing off over time of capital raising and borrowing costs result in a portion of the distributions being tax deferred, however the portion of distributions which is tax deferred will vary from year to year. Deferred tax may be reduced in the future by capital gains tax discounts or other individual investor circumstances. Dividends from CCL may carry franking credits if CCL has already paid tax on income.