There is one problem with an asset sale vs company sale that...

There is one problem with an asset sale vs company sale that hopefully the players have thought about.

As of last years annual report the company had non-current assets of $27m. If we then go and sell Karlawinda for say $80m in line with your estimate, are we liable for tax on a $53m "gain"? The company does have accumulated losses of $17m but can that be allocated towards a capital event rather than income generated from operations?

Therefore would we pay corporate tax of 30% on full "gain". If so that takes about $16m off the valuation and leaves cash to return to shareholders only 10-15% above current MC levels. Not a lot of bank to be made?

I am not an accountant, so if any on here would like to throw their 2c in that would be much appreciated. Above is all just my opinion and musings.