I’m not sure the CGT discount argument holds up, just because of how many shares were lost in the conversion? Some working out for that theory below. Perhaps it has something to do with voting rights?
1.75m shares @ $50 = $87.5m
CGT disc 50% = After tax of $67.8m
2.4m shares @ 50 = $120m
$120m x 0.55 (tax rate 45%) = $66m
1.75m shares @ $100 = $175m
CGT disc 50% = After tax of $135.6m
2.4m shares @ $100 = $240m
$240 x 0.55 (tax rate 45%) = $132m
1.75m shares @ $200 = $350m
CGT disc 50% = After tax of $271.25m
2.4m shares @ $200 = $480m
$480 x 0.55 (tax rate 45%) = $264m
Ann: Application for quotation of securities - RAC, page-42
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