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newbieguy

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27/06/25

11:43

Post #: 79594554
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Originally posted by Gwaihir ↑

I do not believe there is any point in continually bombarding ASIC or the ATO year after year with this, wasting your own time and your life on this, when you could be doing something more enjoyable - let it go.

It's been quite blatantly clear for more than a year that the distributions would never take place until after Leo resolved their tranche 2 funding (due to be completed next week), and then when Leo decided on buying a new project (requiring a supportive vote from FFX) or declaring all tranche 2 funds to be returned.

If the latter occurs (i.e. all funds returned), the accountants for FFX then need to work out whether our shareholders will pay less tax and get more money back from FFX by either distributing the FFX shares to Leo shareholders "before" the tranche 2 Leo funds are given back to Leo shareholders, or if it's more tax effective for FFX shareholders if Leo pays tranche 2 money to FFX and then FFX distributes it to FFX shareholders.

In either event or decision, it might make a considerable difference to amount of money you get back, and most people (probably) want to get back the most money they can and pay the least tax. The directors of FFX therefore are attempting to maximize the return of monies to shareholders, and lower the tax shareholders may have to pay, and this is a good thing, however it is a long-winded process, as is Leo's processes.

It's way past time to probably stop beating ourselves up over ASIC and the ATO and just be patient and wait, take a deep breath, meditate, and go out and do something more enjoyable and altruistic for our families with our lives.

This is just my simple observation and counseling and guidance, and I hope it helps.
Since I've come to these realizations I've been able to lower my blood pressure medications, which is a good thing.

Gw

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The only reason was that with FFX receiving the money in cash, they will pay tax. Then, they will distribute the cash to shareholders, which will again incur tax unless FFX has something to offset the dividend else FFX will pay tax on the income and then distribute.

If FFX distributes the shares, then at least the tax paid on the dividend is saved and means more money stays with the shareholders. Is my thinking incorrect?

FFX Price at posting: 20.0¢ Sentiment: None Disclosure: Held
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General discussion, page-10295

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