Ann: OTTO PROVIDES UPDATE ON TIMETABLE FOR RETURN OF CAPITAL, page-70

The ATO will not say that it is a tax free capital return, they will either rule0
1. that the full distribution is a return of capital as proposed
2. they may deem part of the distribution to be an unfranked dividend.

Assuming the ATO rules that it is a return of capital., then Australian residents that purchased shares for less than the $0.06 distribution/capital return will be slugged with a CGT bill.
for example, if you purchased shares for $0.05 then you would have a $0.01 / share CGT bill, ($0.05-$0.06 - giving a negative cost base - which gives rise to a capital gain).
This is documented in the original OEL announcement!

I find Jetter's statement that "we are awaiting ATO to provide a Class Ruling that the distribution will be tax free" is to put it mildly, perplexing.