Scrip for Scrip Class Ruling CR2013/24
Brisbane, April 19, 2013 AEST (ABN Newswire) - Talon Petroleum Limited (
ASX:TPD): As part of the scheme of arrangement (Acquisition Scheme) in relation to the acquisition of all of the shares in Texon Petroleum Ltd (Texon) by Sundance Energy Australia Limited (Sundance), a ruling was sought from the Australian Taxation Office (ATO) confirming certain income tax implications of the Acquisition Scheme for Texon shareholders.
The ATO has issued Class Ruling CR 2013/24 (Ruling), in accordance with that application made by Texon.
The Ruling means that, among other things, persons who were residents of Australia for income tax purposes on the record date for the Acquisition Scheme, namely 6.00pm on 6 March 2013, and who held Texon shares on capital account and received Sundance shares in exchange for their Texon shares, will be able to choose scrip for scrip roll-over relief in respect of the Capital Gains Tax implications of their disposal of Texon shares and acquisition of Sundance shares.
A copy of the Ruling (which includes further guidance on its application) is attached and is also available on the ATO website at:
http://tinyurl.com/bsrk4d8
As previously announced to the market on 3 April 2013, the ATO has also issued Class Ruling CR 2013/23 (Demerger Class Ruling) containing details about the taxation treatment applicable to certain Texon shareholders who received ordinary shares in Talon Petroleum Limited (Talon) pursuant to the scheme of arrangement in relation to the demerger of Talon from Texon (Demerger Scheme).
The Demerger Class Ruling and further guidance on its application are available on the ATO website at:
http://law.ato.gov.au/atolaw/view.htm?docid=CLR/CR201323/NAT/ATO/00001
The above does not take into account the individual circumstances of particular former Texon shareholders and does not constitute tax advice. Appropriate professional advice should be sought on the tax implications of the Acquisition Scheme and/or the Demerger Scheme based on individual circumstances.
View the complete Texon announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-TPD-731353.pdf
Contact
Talon Petroleum Limited
T: +61-7-3211-1122
F: +61-7-3211-0133
E: talon.info@talonpetroleum.com.au
WWW: www.talonpetroleum.com.au
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