A stapled security is a type of financial instrument. It consists of two or more securities that are contractually bound to form a single salable unit; they cannot be bought or sold separately. Stapled securities have especially been used in Australia; stapling is relatively uncommon in the rest of the world.[1]
The two parts of the salable unit are usually (a) a share in a company and (b) a unit in a trust related to the company. For example, a company that manages a trust may have units of the trust attached (stapled) to the shares of the company. The company may be responsible for managing the fund and development opportunities, and may charge the trust a fee. The trust, in turn, is the legal owner of the property assets.
For example, a unit of shares in a company can be bound to unit of an investment trust and they must be purchased and sold together. The investment trust will own the assets and the company will manage the assets.[2]
^"Why Stapled Securities?" (PDF). Australian Centre for Financial Studies. June 4, 2012.
^"Stapled securities". MoneySmart. Australian Securities and Investments Commission.
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