In specie distribution29 May 2019 09:03
Having sought advice from our lawyers and our tax advisers, the Directors are currently of the opinion that the distribution is likely to be best achieved by a Capital Reduction Scheme. Before a final decision is made, we will be seeking Counsel's opinion on the taxation issues, as no tax clearance procedure is available. Such a scheme will require the approval of the Court as well as a resolution of shareholders. While the Directors expect to proceed as soon as the Performance share conversion is complete, they have recently been made aware of certain tax issues in Australia resulting from the mining tenements owned by Calidus potentially being treated as real estate property in Australia rather than business assets, and which require clearance from the Australian tax authorities before the Capital Reduction scheme can be proposed.