How do I process the Westfield restructure in my Reckon Accounts Personal range?
Care: users should consult the material sent them by Westfield and where there are any questions you should refer them to your Accountant.
Westfield have information and guides at:
For Westfield Group (WDC):
for Westfield Retail Trust (WRT):
This guide should be treated as a mere example. The numbers used here may not be correct for your purposes.
The Westfield Group (WDC) and Westfield Retail Trust (WRT), which included a number of other trusts that were stapled to these shares, underwent a restructure on 30/6/2014 which has resulted in the formation of two new entities:
· Westfield Corporation (WFD) and
· Scentre Group (SCG).
Shareholders in WDC will receive 1 share in WFD for every WDC share they own and 1.246 shares in SCG.
Shareholders in WRT will receive 0.918 SCG shares for every WRT share and $0.28530 cash.
Handling the restructure in Reckon Accounts Personal range
1. Rename Westfield Group to Westfield Corporation
a. Enter Transaction > Corporate Name Change
2. Change Code from WDC to WFD
a. Right-click Westfield Corporation > Edit Security
b. In the Symbol field, change WDC to WFD
c. Click OK to copy quotes
3. Create the new Scentre Group from Westfield Corporation
a. Enter Transaction > Corporate Securities Spinoff
b. Security name: Westfield Corporation
c. New Company: Scentre Group
d. New shares issued (per old share): 1.246
e. Cost per old share – refer to your documentation
(eg: original $10.00 cost base translates to $6.362)
f. Cost per new share – refer to your documentation
(eg: on an original WDC cost base of $10.00, it will be $2.92)
Westfield Retail Trust (WRT)
Receive Capital Distribution
1. Enter Transaction > Return of Capital
2. In the Amount field, enter: 0.2853 x your number of WRT shares
a. Eg: for 1,000 shares, enter $285.30.
Convert WRT to SCG
If you are converting only WRT shares to SCG
1. Rename Westfield Retail Trust to Scentre Group
Enter Transaction > Corporate Name Change
2. Change Code from WRT to SCG
a. Right-click Westfield Retail Trust > Edit Security
b. In the Symbol field, change WRT to SCG
c. Click OK to copy quotes
3. Adjust the share
a. Calculate your new number of shares
0.918 x your number of WRT shares
(check your documentation – the number of new shares may have been calculated for you)
b. Enter Transaction > Adjust Share Balance
c. Enter the Date of the Adjustment – 30/06/2015
d. Security name: Scentre Group
e. Number of shares: number number calculated at 3a.
If you have already acquired SCG shares from your WDC holdings
1. Entre Transactions > Corporate Acquisition (stock for stock)
2. Company Acquired is Westfield Retail Trust
3. Acquiring company is Scentre Group
4. New shares issued: refer to your documentation
Eg: 0.918 x your number of WRT shares
for 1,000 shares, enter 918.
5. Price per share …: refer to your documentation
Eg: 0.9921875 x your cost base for WRT shares
Eg: if shares acquired at $3.20, then 0.9921875 x 3.20 = 3.175
Need more help?
Ask the Reckon Community at: https://community.reckon.com.au/reckon.