Ann: Commentary in relation to Appendix 4E, page-71

There will be people here with much more accounting knowledge than I do but my understanding was that they would have had to pay tax in 2014 for these shares based on the price at the time. If that was the case then the current share price would barely cover their tax liability. I think the tax grab in place at that time was an initiative of the Gillard government. Perhaps someone with a lot more accounting knowledge than me could tell us what the tax rules were back in 2014.