Preferred to Ordinary with Exchange and Reset Securities (POWERS)

POWERS Trust is a registered managed investment scheme that is listed on the ASX under the code PWSPA.

Essentially, POWERS is a hybrid security – which is the name given to a class of securities that share characteristics of both equities and interest bearing securities.

POWERS was established on 13 June 2003 to allow investors to participate in a loan to the DUET Trust. The loan was used by DUET to fund its acquisition of major Australian infrastructure businesses operating in the utilities and energy industry.

On 7 August 2003, 4.15 million POWERS were issued under the IPO of The POWERS Trust at $100 per unit, raising $415 million. The units in the Trust were listed on the Australian Stock Exchange (ASX) on 8 August.

On 3 July 2008,  AMP Capital announced it will be redeeming all units in POWERS on 1 September 2008. For more information, visit the ASX website www.asx.com.au.