Ann: Property And GG Earnings Set To Underpin FY2019 Result, page-31

I often think that people don't take into account the CGT implications when they comment. BKW only net 73% of the selling price of SOL that suggests they only get around $19.00 after tax for their SOL shares if the SOL share is worth more than $19.00 then it would pay them to have a rights issue in BKW. It cannot dilute shareholders as much as the loss in underlying value lost to pay the tax...

The best investments I own are those the ATO has let me keep the CGT invested in - that does not say I will not sell an overvalued stock but SOL is worth north of $20.00 in my opinion.

Personally, I think they sold the SOL shares to assist the free float and to keep the group in the indexes. The value that being included in the indexes has had on this group is enormous. I used to often see discounts of 20% to underlying value since Perpetual sold and they got included in the indexes that has gone.