Hmm looks like those performance rights have a TSR based on Nov...

Hmm looks like those performance rights have a TSR based on Nov & Dec 2018 prices, I don't believe they have met the conditions and expect them to be cancelled.

For the Aug24 options that Foster have I believe their strike price will be reduced by the capital distribution amount, so their 20m at 2c & 10m @ 2.5c will become 20m @ 1.2c and 10m @ 1.8c. Macquarie's 42.5m options with a 7.9c strike will simply expire next month in November 2023.

IMO it is a little amateur seeking an ATO ruling on the capital distribution after they have announced it, I mean they have been assessing capital return options since late March 2023 and a capital distribution must have always been high on the list of options available, so why not get the ATO ruling months earlier and use the ATO decision in there assessment of capital management options available to them. An ATO private ruling is decided in less than 28 days, this looks like a rubber stamp and uneccessary imo, they have 95m USD in carried forward losses so it is clearly not coming from retained earnings, it's shareholder capital!!!! Otto's management continues to be sloppy yet are paid top dollar for it, that 300k USD termination payment is a disgrace as is having to wait until early 2024 for a simple capital distribution.

The ATO ruling and AGM resolution should all be stiched up by 30th November, I hope they are operating with 'under promise & over deliver' in mind and actually deliver with a payment date mid to late December and have simply factored in a little extra time with the early 2024 indicative timeframe. Either way I don't see MU's incentive conditions being impacted from the capital distribution timing and this expires Dec 31st, but still time to sell assets and trigger this!

I am assuming the capital distribution will just lower the cost base, if so the distribution is actually a good way to take profits off the table and not incur tax, that is assuming your cost base is >0.8c and less than ~2c. My read on it is only if you have a cost base on any portion of your holdings less than 0.8c will there be capital gains tax incurred on the difference between your current tax base and the distribution amount, for e.g. a cost base of 0.5c on any holdings with a the distribution amount of 0.8c, would see 0.3c be a capital gain on that parcel. Just my opinion....Lets see what the ruling says lol.

But the best part of the capital distibution is it masively derisks OEL as punters don't have to worry about management getting overly ambitous and purchasing another money pit like GC21. Now Steve just has to sell the rest!