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17th June 2004
Private Tax Ruling / Share Buy-Back
We refer to our recent announcement of 9 June 2004 and now advise that the Australian
Taxation Office (“ATO”) has indicated that it will be issuing a private tax ruling
to Lemarne Corporation Limited (“Lemarne”) and a class ruling for Lemarne’s
shareholders in relation to certain tax implications of the proposed off-market share buy-back
of 35% of each shareholder’s holding.
It is expected that these rulings will confirm that 40% of the buy-back price will be a
frankable dividend and 60% of the buy-back price will be treated as proceeds from the disposal
of the shares bought back, for capital gains tax purposes. Your Directors consider such
rulings are acceptable under the circumstances.
As the final buy-back price is subject to movements in the All Industrials Index from 24
February 2004 to the date the buy-back offer closes, it will not be known until that date.
Based on a Record Date of 25 June 2004, a revised IndicativeTimetable of important dates is
as
follows:
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INDICATIVE TIMETABLE OF IMPORTANT DATES
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EVENT
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DATE
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Announcement of Buy-Back
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24 February 2004
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Approval of Buy-Back by General Meeting
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28 April 2004
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Shares quoted ex-entitlement on
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21 June 2004
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Record Date for participation in Buy-Back is 7.00 pm
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25 June 2004
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Completion of despatch of Buy-Back Offer documentation to shareholders
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29 June 2004
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Buy-Back Offer opens for acceptance
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30 June 2004
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Buy-Back Offer closes and acceptances must be received no later than 5.00 p.m.
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30 July 2004
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Announcement of Buy-Back Price
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2 August 2004
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Despatch of cheques to participating shareholders
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13 August 2004
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While we do not anticipate changing the above times and dates, we reserve the right to do
so by
notification to ASX. We also reserve the right not to proceed with the buy-back.
S.L. MASON
Company Secretary
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