Ann: Change in substantial holding from MIN, page-90

Hi seahunt. My understanding of Capital Gains Tax (CGT) is that if MIN does not reach the 80% threshold all NWE shareholders who accepted MIN offer will have to pay CGT if a) they made a profit on the sale of their NWE shares to MIN and b) if they have held the shares in NWE for more than 12 months. If they held the shares for less than 12 months then all the profit will be assessed as normal income.

If the ex NWE shareholders would have to sell their MIN shares to pay their taxes the profit/loss would be the difference between the sell price of MIN shares and the price of MIN shares on allocation. Again if they were to sell within 12 months any profit or loss will be assessed as normal income and if held for over 12 months the profit/loss will be subject to CGT.

This is not financial or tax advice but my understanding. Sill sitting on my NWE holdings and will do so till not possible to hold on any longer.

Hope happier days ahead for us all.