Noone, unless you had capital losses this year or carried...

Noone, unless you had capital losses this year or carried forward from prior years.

Lets do a comparison of 1. Cash and scrip offer vs. 2. Equivalent cash offer, using the same figures, ie. 10,000 BRM bought at A$1.80. I'll again ignore brokerage and use an arbitary tax rate of 40%, and assume you've held BRM for 12 months+ and are eligible for the 50% capital gains tax discount.

1. Cash and scrip offer.

1a. Cash gain: $5,816
1b. Tax on cash gain: $1,163.20 ($5,816 / 2 * 0.4)
1c. Scrip gain: $5,584
1d. Tax on scrip gain: $2,233.60 ($5,584 * 0.4)
1e. Total gain: 1a + 1c = $11,400
1f. Total tax payable: 1b + 1d = $3,396.80

Net profit: 1e - 1f = $8003.20 (44.46% profit on initial investment)

2. Equivalent cash offer.

2a. Cash gain: $11,400 (same as 1e)
2b. Tax on cash gain: $2,280 ($11,400 / 2 * 0.4)

Net profit: 2a - 2b = $9120 (50.66% profit on initial investment)


So we can see that an equivalent cash offer is not only far simpler, it results in an additional 6%+ return by paying significantly less tax to the ATO. I would also say it carries far less risk for investors who do not trust Wah Nam. Why should we trust them?