Ann: BKW sells 5.9 million shares in WHSP raising $157 million, page-17

I think a CR would have added a few more shares but not realised a tax liability of 27% of the sales value. I just don't get it unless the BKW board has a different view on the longer term prospects of SOL?

Issue more shares all you have to do is service the dividend and really with all of its shareholders, you would have got around 1 share for every 16 held. I would much rather that then pay the ATO around 27% of the proceeds and dilute the impact of SOL on BKW earnings.

Deferred tax isn't a cost the ATO still allows you to keep those funds - when you realise the capital asset you end up with fewer proceeds. Only reasons I can see is if you take a view that even the net proceeds are better than your valuation. You do end up with more franking credits - not that anyone doesn't think those are at risk...