My take is that we received a .058c capital benefit that would normally constitute a capital gain, however the ATO has chosen not to make a determination in this case as the capital gain wasn't more than an incidental effect of the transaction. i.e. the .058 won't be taxed as a capital gain as the intent of the transaction wasn't primarily for holders to make a gain, more a redistribution of existing assets. The cost base would then be reduced by .058 and BYE shares acquired would be acquired at the price that they closed at the night before the distribution went through.
All my take - may be wrong.
MEL Price at posting:
2.8¢ Sentiment: Buy Disclosure: Held
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