ARC Energy and AWE Provide Merger Update
ARC Energy and Australian Worldwide Exploration announced that they had unanimously agreed to merge and to demerge Buru Energy Limited. A scheme booklet in relation to this proposal was dispatched to ARC shareholders. ARC has received non-binding indicative advice from the Australian Taxation Office in relation to a key aspect of qualifying for demerger relief.
ARC has made an application to the ATO for a class ruling which includes a confirmation that capital gains tax demerger relief and demerger dividend relief will be available in relation to the scheme. The scheme of arrangement is not conditional upon the receipt of a ruling from the ATO which includes the above relief. However, termination rights arise in relation to the scheme in certain circumstances in the event that the ATO either confirms that such relief will not be granted, or does not confirm whether or not the relief will be granted. The advice received from the ATO is indicative only.
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Company: Australian Worldwide Exploration (AWE) more info
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