capital return need some help, page-2

From their announcement of 28/2:

Subject to Shareholder approval at a General Meeting of Shareholders anticipated to be convened in early July 2006, the directors propose to pay a return of 40 cents per Ordinary Share by way of capital reduction. Payments of this type require a Section 45B ruling from the Australian Taxation Office (ATO) which will assess the proportion of the proposed payment that they will deem to be taxable in the hands of the shareholder and the proportion they will deem to be capital reduction. Unfortunately it takes from 8-12 weeks to obtain a determination from the ATO for these types of rulings.

I expect the SP to drop about 40c when it goes ex-payment.
If the ATO determines a large part of the payment is income (taxable), then buying before the payment would effectively be converting capital into income, not generally very attractive. Need to wait for more details.