i guess you would have to crunch some numbers on taxes you might...

i guess you would have to crunch some numbers on taxes you might have to pay either way. In my buyback scenario then you could participate and de-risk that way. Yes that triggers come CGT, but a plan like that might be at a good premium to where shares have recently traded. So you might pickup a couple of cents tendering some at a higher price, which negates what you might effectively lose in CGT. Depends a bit what your cost price is on HZN. Maybe not that great if you got in very cheap. Maybe not so bad if your cost price is above 8 cents or so?

Whereas if they try and return 3 cents via capital return and ATO makes it an unfranked dividend not that efficient as has been mentioned. Also maybe the off market buyback tightens up the register and shares head further north after that, maybe you can be brave and de-risk some at 18 cents instead.