yes...there has to be a wind down period.That will be the next...

yes...there has to be a wind down period.
That will be the next announcement for sure and later a more leant tax regime after negiotiations

Just a bit more on valuations. I have come up with something very interesting
Prior to this tax ruling
ABN Amro valued TIM @ $4.30
Aspect had it valued @ $3.70

the company has 53% in forests undermanagement and 47% in nuts, olives etc

Now 53% is not affected by this. ok
so that leaves a valuation of $2.27 by ABN Amro and $1.96 by Huntley if you value the non forest sectors at ZERO.

But can you value you the non forest sector at zero. They will still get some money for managing existing properties won't they?

Lets say you halved the value of the other then from say 43% to 20%
Huntley would value the non forest sector at 74 cents and JP Morgan would value you it at 86 cents

The new intrinsic vales for these companies would be $2.70 and $3.13 for Huntley and ABN Amro respectively.

that would mean at $2 you would expect either a 35% or a 56% return at some time in the future ie if price and value should fall into a one to one relationship.

So if ABN Amro was right we could be looking at over a 50% return even WITHOUT ANY CHANGES TO THE SYSTEM
now isn't that interesting!