Hi Barend, in my opinion, it does seem as though the major shareholders will be able to forego the cost differential between CGT and DWT (~30%). Correct me if I'm wrong but if Christo had to cash out the special divi while maintaining 27m indirect shareholding. And assuming: - Dilution on flat earnings of 32% (earnings 580m @ 108m shares = 536cps) - CGT at 45% - DWT at 15% It seems as though the transaction allows an additional return of 37% (~R43m) than if the special divi was taxed at CGT 45%. But should all investors reinvest 100% of the special divi, the dilution from the rights issue would be slightly less than an outright rights issue of only R750m (the difference between the rights issue and the special divi). This slightly lower level of dilution would be because of the differential between CGT and DWT. I guess the real question is how high will the participation rate by the major shareholders be.. especially considering the potential CGT DWT differential benefit. In the circular major shareholders representing ~72% of ordinary shares and ~17% of prefs have provided irrovocable commitments to vote in favour of the proposed resolutions 'and/or' to participate in the capital raise. Interested to know your thoughts..