I had an email exchange with VMC, they said they were waiting for the ATO issuing the class ruling at which time they will determine what to do - they did mention they would refund any tax incorrectly withheld. I will wait for the release of the detailed payment statement to determine what I will do. You will not lose any money 2t, worst case scenario you have to wait until the end of the 2024 tax year & claim the money back from the ATO. As noted above my correspondence with VMC indicates that they are likely to refund tax incorrectly withheld. I am interested to see how they account for the whole mess up. If they have sold shares that weren’t theirs to sell in order to pay withholding tax to the ATO that should not have been withheld there are going to be problems created if there are discrepancies between the price they sold the shares for & the attributed issue price. Despite getting advice from E & Y and no doubt paying a large amount of our money for this advice the payment has been carried out with utter ineptitude. They have obviously rushed to complete the in-specie distribution in order to avoid the over 20% ownership ramifications but failed to properly look at the tax ramifications of the payment. Although my VMC holding is not large in the scheme of things, if I suffer any loss due to the ineptitude of management and/or their advisors I will be taking them to task as a matter of principle. I am a grumpy old man & am sick & tired of my money being used to fund overpaid idiots
VMC Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
