Terrific point @alexei ii Do you want to share half the pie with...

Terrific point @alexei ii Do you want to share half the pie with Albo today or at 80% uptake quarter of the pie ?

Tax system favors those crossing of the 80th percentile for roll over relief.
"A rollover is only available if the exchange is in consequence of an arrangement that results in the acquiring entity (or the wholly owned group of which it is a member) becoming the owner of 80% or more of the original company or trust.".

https://www.ato.gov.au/Forms/Guide-to-capital-gains-tax-2022/?=redirected_CGTtakeoversmergersscripforscriprollover&anchor=Scrip_for_scrip_rollover.

My sense is that there is a significant number of top 100 NWE shareholders not hungry for the small pie in 2023 ( 6.9 cents per share ) when there are possibily bigger pies after 2025 ( 8 to 12 cents per share per annum)