General discussion, page-9774

@GARETH78

I was thinking more of FFX's CGT due if they sold the LLL holding as a job-lot, rather than our personal CGT obligations. If they have a tax write-off of $200 mill available then disposing of the LLL shares becomes tax free (if it can be applied to CGT) - and might be seen as a better way of doing things. Then they buy an asset (or just have it in the bank earning 5%) - the shares are worth what they are with that asset and everyone keeps their CGT discount even if they sell the FFX (which starts trading again) because the date you got FFX was well over 12 months ago.

Re personal CGT obligations if they redistribute the LLL shares - it becomes a ball-ache if there is no roll-over, as CGT obligations operate on a 'last in - first out basis' (LIFO) AFAIK, so any LLL shares you sell (up to the total number you receive in the redistribution) in the subsequent 12 months pay full CGT. (Not that we'd be paying much given the current state of the li market and Mail )