Ann: WCN Raises A$14.4m at an Average 29% Premium to Market Close, page-54

All this tooing and froing, it seems to me that everyone is right, at least in part.

I could be wrong, often am, but the way I see it from the comments i've read:

1. WCN has access to a tax credit that it can claim from the Canadian Government after it earns enough money to pay tax.
2. WCN sold shares to Canadians at 4c a share, but the shares have attached to them the rights to the tax credit, which WCN then forfeits.
3. After the Canadians claim the tax credit, the effective purchase price of their shares is reduced to 2.6c a share.
so WCN sold shares and the rights to the tax credit for 4c a share which is 2.6c a share plus 1.4c for the tax credit.

The Australian tranche was sold at 2.6c because there was no tax credit attached to the shares.

Please correct me if I have this wrong.