Ann: Change of Director's Interest Notice, page-135

Yes I now agree with you on the EPL share. Thx for pointing out the comment at 10.45.
On a different matter, I assume, that because the deal is structured the way it is, the tax that is notionally charged to companies on the sale of assets (ie tax on profit) will be considerably less than if they sold outright to RR. By my reckoning and a back of envelope calc, they are saving nearly $35 mill in tax ie $15 vs $50 mill payable @25% notwithstanding that they already have accumulated losses of nearly $60 mill on their accounts. Do you have a thought on this?