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IFINO

784 Posts.

14/09/15

09:58

Post #: 15985422
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Originally posted by tt2000 ↑

I don't believe there is a risk around whether or not the deal is going through. From the announcement on Monday last week it is clear that the transactions were executed. Furthermore, from the announcement on Thursday last week it was stated that there are no conditions precedent and the consideration is cash.

Following the complaint to the ASX, I believe the ASX is reviewing the purchase and sale agreements to understand whether information was disseminated to the market in accordance with it's continuous disclosure obligations. (Presumably the purchase and sale agreements were not disclosed as they contained confidential information).

If this transaction doesn't go through as per the communications received, I'd say the CEO (JC) will find himself in some pretty hot water with the ASX.

The more important question is:
1. What tax rate applies to the proceeds of sale of a US oil asset?

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Not a lot, if they are reinvesting in a like asset .
DYOR on the sale of Southern Star and check the quarterly reports to the ASX since .
I have no idea if a like asset(Oil&Gas in the USA is not purchased with the proceeds.
Cheers IFINO

AZZ Price at posting: 50.0¢ Sentiment: Buy Disclosure: Held
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