I'm not an expert on this but wonder about the spin-off plan because;

1. If you sell your shs. in a takeover you are subject to capital gains tax based on cost. (tax on 50% of gain)

2. If the company sells FDN for some amount & ARU then distributes most of the proceeds to shareholders does this fall into the dividend category & what is the effective tax rate?? Could this be a consideration for management who have a very large holding?

Presumably they will do things to their best advantage & they will have tax lawyers at their disposal.

Can anyone offer an expert opinion as to various tax consequences??

Regards

Joltin