Don’t think the difference is withholding tax, you don’t normally withhold from capital returns, the discrepancy I experienced was not 47% & if VMC withheld tax instead of distributing RXL shares it would likely mean that they would end up holding more than 20% of RXL so would trigger takeover provisions which was the primary reason for the 55M share divestment. I spoke to someone at VMC who couldn’t give me any clear information but suggested I call back on Tuesday - this makes me think they have realised errors have been made & will be releasing a clarifying announcement on Monday.
VMC Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
