tomorrows open, page-28

thanks elite...so in melua's example:

"If I am correct, consider this example:
BBI gets to 30c whilst BEPPA gets to 45c.
Mr X owns 1M BEPPA so he sells them for $450K and buys 1.5M BBI at 30c.
A year later, BBI are 60c and BEPPA are say 70c.
Portfolio now worth $900K wheres if Mr X had just held BEPPA, he would only be worth $700K. Huge difference and that's just using 1M BEPPA as an example. I know there are forum members who own many more BEPPA than that so consider the potential leverage."

when he sells beppa, 450k, he will be taxged cgt on what he made from the initial purchase? so therefore, depending on the predicted premium bbi will trade at to beppa in the future, it might just be more worth while to hold the beppa rather than convert it?