Ann: Becoming a substantial holder, page-19

TPD can go to the ATO and get rollover relief for all shareholders into STX. Without this we have a deemed disposal of TPD shares and a deemed acquisition of STX and TMK shares at market price at the date of rollover.

- So option 1, if TPD gets the rollover relief our cost base of STX and TMK is what we paid for the TPD shares at the date we acquired the TPD shares. No sale no CGT just yet,
- Option 2, if TPD do not get the rollover relief we have a sale of TPD shares at market price now, and a acquisition of STX and TMK shares at market price. This gives rise to a disposal of TPD shares for CGT purposes.