I don't know that much about the tax situation at all.
However I'm sure old exploration costs (tax losses) in the USA on old O&G company's can be offset against this capital gain to reduce the tax bill.
Antares in the past bought its Permian asset's in part to reduce the tax that it was due to pay on the Eagleford sale and it has to be completed within a certain time frame (6 months or 1 year I think it was).
They tried to reduce the tax bill on the sale of SS to Breitburn by taking payment in those 4.3M shares that are effectively unlisted at the moment & has effectively cost shareholders A$65M up to 30th June & another A$10M+ since then !!
Its impossible to work out the true NAV until the loan notes issue is cleared up.
If the company tries to reset the notes to say 1:1 and the share price is close to 60 cents some may decide to convert there notes into shares before the reset can take effect.
Personally this hedge fund whoever they are has made an absolute pigs ear of this deal, they have cost there ultimate owners 10's of millions of dollars......
LOTM
AZZ Price at posting:
50.0¢ Sentiment: None Disclosure: Held