My view of the capital gain is more simplistic. From PAC 2002 Annual report, they invested approx $2.8million for 50% of IML in 2001, which became 40% after some IML equity restructuring in April 2016. And now PAC sold all their 40% stake in IML for $120million, which to me looks like quite a big CG amount. But i'm not familiar with how corporate accounting deals with CG events.. perhaps they have CGT concessions, offsets against existing capital losses etc. to reduce this.
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- Ann: Sale of Interest in Investors Mutual Limited
Ann: Sale of Interest in Investors Mutual Limited, page-32
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