To be fair - we have a new CEO, our Chairman is retiring and the BOD has had significant renewal recently. The deal construct had both PPT and KKR tax advisers....and KKR have lots of experience on this (demerger) and I've never seen an ATO ruling like this. To treat the entire proposed cash distribution as an unfranked dividend seems to imply a $0 purchase price. The ruling smells extremely fishy to me. Happy to be corrected.
Would love another TO offer...but a cost out strategy that is executed is really what is needed, while maintaining the Q1 growth rates.
PPT Price at posting:
$19.80 Sentiment: Buy Disclosure: Held
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