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PBL to CWN rollover and capital return Expand / Collapse
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Posted 17/01/2008 5:41:49 PM


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This is a post to advise users on how to process the PBL capital return and subsequent rollover to CWN shares at a ratio of 1:1.

This message is based upon the assumption that there was only a $3 tax deferred cash component, classifiable as a capital return and 1 CWN shares received for each 1 PBL share owned.

To process this event please follow these steps:

Step 1- Record cash return
Please go to the Housekeeping > Utilities > Capital Repayment screen and process a $3 per unit capital return for PBL for the date of the event

Step 2- Scrip for scrip rollover
Please go to the Housekeeping > Utilities > Scrip for scrip rollover screen and process a 1:1 rollover from PBL to CWN. This will create a new asset and dispose of the old one and the investment is rolled from one to the other.

Regards,

MySF
Post #3759
Posted 4/02/2008 3:46:26 PM
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Your explanation makes no mention of the Consolidated Media Holdings Ltd shares also received due to the Scheme of Arrangement.

Please advise how these are to be treated.

Post #3780
Posted 4/02/2008 5:45:52 PM


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Hi,

According to the information we received only the "PBL Scheme" was effective which, according to the attached ASX document, means that the result of the event is one Crown Share and $3.00 cash.

Please advise if both schemes did take effect as the processing in that instance will be different.

Please note that if both schemes took effect and you received a basket of Crown and CMH shares then there will need to be a split of the cost base of the original to the new assets. This ratio is not normally 50:50. If you have received information relating to the composition of the basket, specifically information that indicates what the cost base of the new assets should be, then please post that information here and we will draw up additional processing steps based on that data.

Regards,

MySF

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Post #3783
Posted 4/02/2008 7:07:43 PM
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I purchased shares in PBL in late November 2007, so I did not receive all the paperwork about the schemes of arrangement.

However I definitely received 1 Crown share (CWN), 1 Consolidated Media Holdings share (CMJ) and $3.00 for every PBL share.

I don't have any further information about the allocation of costs between shares or about roll-over relief, but would appreciate it if anyone can throw light on the matter.

Post #3784
Posted 7/02/2008 11:00:23 PM


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Hi,

The ATO has some more information available on this page. Unfortunately it does not appear to contain the required ratios.

Did any of the participating companies make this available or send you any additional advice?

Regards,

MySF
Post #3793
Posted 12/02/2008 2:50:05 PM
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To date, none of the participating companies has shed any light on the matter.
Post #3795
Posted 12/02/2008 9:49:15 PM


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Hi,

Please try to contact the companies involved, or the ATO or the ASX. Once we get the correct ratio then the steps can be generated to produce those results.

Regards,

MySF
Post #3797
Posted 5/07/2008 9:33:17 PM
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Please advise if there has been any progress on posting the transactions.

Like the previous post I had 500 PBL shares converted to 500 CWN + 500 CMH +$3 cash per share.

a resolution will permit finalisation of 2008 financial year

Thanks

Post #3980
Posted 7/07/2008 1:32:10 PM
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See http://www.ato.gov.au/individuals/content.asp?doc=/content/00133519.htm
Post #3981
Posted 7/07/2008 8:55:43 PM
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It appears that there are three relevant steps/outcomes for the "Standard" option, which effectively consists of receiving $3.00, 1 Crown share and 1 Consolidated Media Holdings share for each PBL share:

1. Capital Gain on the cash received of $3.00 per PBL share.  The cost base is 14.57% of the cost per share for each parcel of PBL shares.  If you got your PBL shares after 9 December 2006 you cannot use the CGT discount.

2. Cost Base of Crown shares.  This is calculated by subtracting the cost base of Consolidated Media Holdings shares $3.70 (see 3. below) and the cost base per share calculated in 1. above from the original cost base per share of each parcel of PBL shares. Scrip-for-scrip rollover relief is provided such that the date of acquisition of the Crown shares is the same as the acquisition date of each parcel of PBL shares.  (If the PBL shares were purchased a long time ago and therefore at a very low cost - less than $4.33 per share - it is possible that a capital gain was made here also - I am not in this situation.)

3. Cost Base of Consolidated Media Holdings shares.  This is set at $3.70 per share and the acquisition date is set at 12/12/2007.

Any advice on the steps to account for the above in MYSF would be greatly appreciated. 

Post #3984
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