restructuring

can anyone explain the bottom line on this restructuring ? l gather basically less tax paid along the line. seems to be good news at the price is up

"Transurban Group Ltd has implemented a restructure of its stapled securities, which it says was designed to improve its ability to make acquisitions of international assets.

The restructure will result in the toll road operator relocating one of its three, Australian Securities Exchange-listed securities to the West Indies.

Before the restructure, Transurban comprised Transurban Holdings Ltd, Transurban Holdings Trust and Transurban Ltd, with all three securities trading on the ASX as stapled securities.

The restructure involved the replacement of ordinary shares held in Transurban Ltd with ordinary shares in Transurban International Ltd, a new company based in Bermuda.

In its notice of annual general meeting issued in September, chairman Laurence Cox explained a relocation to Bermuda would not impose local corporate taxes on profits or capital gains on offshore investments.

The group also said putting in place the new investment vehicle would make it easier for it to pay distributions to security holders before its assets become profitable.

"Although distributions may be made from a trust without the need for an accounting profit, Australian companies are constrained by the Corporations Act to pay dividends only out of profits," the company said in September