How do I invest in DUET Group (DUET)?

DUET is a quadruple stapled security that is listed on the Australian Securities Exchange (ASX). Trading of securities must be conducted through an ASX registered stockbroker. The ASX website www.asx.com.au can provide further details on ASX registered stockbrokers.

What is DUET's ASX code?
When did DUET list on the ASX?

DUET was first listed on the ASX on 13 August 2004.

How is DUET structured?

DUET consists of an Australian registered managed investment schemes: DUET Finance Trust (DFT), and three Australian public companies DUET Investment Holdings Limited (DIHL); DUET Company Limited (DUECo) and DUET Finance Limited (DFL).

The responsible entity of DFT is DFL. DUET's management team has expert knowledge of, and experience in, the energy utility sector.

Why is it called a stapled security and not a share or unit?

Stapled securities are securities comprising securities in two (or more) separate entities that have to be traded as a single stapled security. In DUET's case, there is one trust, DFT and three companies; DUECo, DIHL and DFL (collectively referred to as DUET Group or DUET). DUET stapled security holders have an equal number of units and shares in DFT, DUECo, DIHL and DFL.

Why use a stapled security structure?

The stapled security structure maximises the efficiency with which returns can be made to the security holders. DFT is an eligible investment trust for the purposes of the Australian Income Tax Assessment Act and therefore has the ability to distribute income to unit holders which has not been subject to income tax at the trust level.

DUECo, DIHL and DFL are taxed as companies for the purposes of the Australian Income Tax Assessment Act. Potential security holders should seek their own independent advice regarding the investment and receipt of distributions in a trust and dividends from DUECo, DIHL and DFL.

What is the Australian Tax Office's view of stapled securities?

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:

Who is the manager of DUET?

Since 4 December 2012, DUET does not have any external management arrangements.


What are DUET's investment objectives?

DUET owns and operates energy utility assets in OECD countries with strong competitive positions which offer predictable cash flows.

DUET intends to accumulate a portfolio of energy utility assets diversified by geography, operator, energy source and regulatory regime.

DUET will seek to acquire significant shareholdings in those assets so as to provide DUET with a level of influence over the key strategic, operating and commercial decisions affecting its investments.

DUET will seek to achieve these investment objectives by targeting energy utility businesses which:

  • have established historical or contracted volume levels;
  • are governed by regulatory regimes or have long term supply agreements; and
  • are operated by capable operators able to manage risks and improve operating efficiencies.
What are DUET's existing assets?

DUET's existing diversified portfolio of assets comprises:

  • 100% aggregate interest in the Dampier Bunbury Pipeline (DBP), a major natural gas transmission pipeline in Western Australia;
  • 100% interest in the DBP Development Group (DDG), builder, owner and operator of new pipelines and laterals;
  • 66.0% interest in United Energy Distribution (United Energy), one of five electricity distribution networks in Victoria;
  • 100% interest in Multinet Gas, one of three Victorian gas distribution networks; and
  • 100% interest in Energy Developments Limited, an international provider of safe, clean, low greenhouse gas emissions energy and remote energy solutions.
What is the difference between distributions and dividends?
Companies pay dividends, distributions are paid by trusts.
When will dividends and distributions on Stapled Units be paid?

DUET intends

  • In relation to DFT, to distribute to security holders all distributable income for each financial year, with distributions made twice yearly; for the half year ended 31 December and full year ended 30 June.
  • In relation to DUECo, DIHL and DFL, their respective Boards will determine the dividend policy each half year.

DFL (as responsible entity of DFT) intends to pay stapled unit distributions and dividends to investors in February for the half year distribution and in August for the full year distribution.

What is the DRP and how do I register for it?

The DRP is the Dividend and Distribution Reinvestment Plan. Under this plan, Australian and New Zealand stapled security holders can choose to have their dividends and distributions automatically reinvested in DUET securities without incurring brokerage fees. A booklet and application form is available from the share registry or download the booklet and application form here.

DUET has the ability to offer a discount of up to 10% under the DRP, however, Directors have the ultimate discretion to determine DRP discount levels, and the actual participation level if any.

When will I receive my annual tax statement?

A tax statement for the tax year to 30 June is mailed to all security holders who have held an investment in DUET during that tax year. The tax statement summarises the distributions paid during the year and includes information required to complete your annual tax return.


How do I change my security holder details, including address for all DUET correspondence?

If you have any questions about your security holder details, or wish to change your details, please contact DUET's share registry Computershare Investor Services.

How do I contact DUET's share registry?

You can contact Computershare on (please have your Holder Identification Number ready):

Free call within Australia: 1800 009 874
Outside Australia: 61 3 9415 4189.

Alternatively, you can become a member of Computershare's online investor centre and you can find out about your details online at: www.computershare.com

How do I contact DUET management?

We welcome any comments or questions you may have about your investment in DUET. Contact DUET investor relations on:

Telephone within Australia:1800 005 049
Telephone outside Australia:+64 2 8224 2707
Write to DUET:

GPO Box 5282
Sydney NSW 2001

Email DUET: duet@duet.net.au