Forum Archive Index - November 2003

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Marilyn and other Telstra Shareholders,

> 
>There has been recent discussion on the tax implications for N Z
>shareholders participating in the buyback, lead by Snoopy.
> 
>Below is an link to an Aussie web page discussing these points from 
an
>Aussie tax payers perspective. Seems the offer was structured in a
>beneficial way for those liable for Aussie capital gains tax. This has
>set off a gold rush with only those tendering at the lowest price in
>the range having their bids accepted.
> 
> http://www.crikey.com.au/business/2003/11/26-0002.html
> 

The final tender price was $A4.20.

That means that any New Zealanders who accepted the offer by 
putting in a 'market' tender will be paid $A4.20, which equates to 
around $NZ4.75.   Yet TLS closed on the NZ market at $NZ5.51 last 
Friday!

All of those shareholders have lost NZ 75c per share.   And if that 
wasn't ignominious enough, they are up for a tax bill on the proceeds 
as well!

This is an absolute disaster for New Zealand shareholders who had 
their tender to buy shares accepted.    Unless they are share traders 
they cannot even offset the capital loss!   May I suggest any 
shareholders in that position make a terse call to BK registries in 
Ashburton on Monday to let them know their feelings on the matter!

SNOOPY

PS hold TLS




--
Message sent by Snoopy 
on Pegasus Mail version 4.02
----------------------------------
"Dogs have big tongues, so you can bet they don't 
bite them by accident"


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