@friendlydwarves I am going back to May 2017 where I attended a...

@friendlydwarves

I am going back to May 2017 where I attended a presentation in Melbourne when the restructure was taking place. So it's just what I believe I heard and my interpretation, hard to give proof or any definitive statement from him.


In fairness he made it very clear there was no sure promise that a merger would ever take place, or that it would necessarily realise full value of any tax losses.


Back then the question was asked if the portfolio was going to look so similar to WLE, then why wouldn't it merge with WLE very quickly? One reason given by him I think was it would be simpler and fairer if it could be done at a time when the CYA pre tax and after tax NTAs had converged. That way CYA holders wouldn't be diluted of their tax assets.


An argument for the way they have done it now may be they were surprised at how CYA and WLE were recently trading differently versus their NTAs. Mid last year I don't think there was much of a difference. In recent months the market was rating WLE at a premium and CYA at a reasonable discount again. So perhaps that came as a surprise and changed his view?


Others might be able to offer their opinions as there could be other comments along the way since at various presentations they do around the country. That is the only one I have attended.