ZFX

I'm holding a few ZFX shares that have been on suspended trade for the last few days due to the OXR/ZFX merger.
Can anyone tell me what is going to happen with them? Will they autmatically be converted to OXR/OXRN or do I need to do something with them?

I've not held merger shares before.

MJK

 

Hi MJK,

It looks like a scrip for scrip takeover (http://www.asx.com.au/asxpdf/20080627/pdf/319vzswf9h2d7v.pdf) which means if the takeover is successful you will have OXR/N shares.

Cheers,

Dan

PS This is not a recommendation to buy, sell or hold ZFX shares or OXR shares.

 

Welcome to OZ Minerals

 

Thanks, so I suppose I just sit and wait do I untill they automatically become OXRN shares one day on my PC?

MJK

 

MJK,
Here is and Oxiana media release to ASX re Oxiana and Zinifex merger.

Hope this helps
BUNDY

AUSTRALIAN STOCK EXCHANGE RELEASE
Implementation of Zinifex/Oxiana Scheme of Arrangement

The scheme of arrangement between Zinifex Limited (Zinifex) and its shareholders (the Scheme) in relation to the merger of Zinifex with Oxiana Limited (Oxiana) has today been implemented.

All Zinifex ordinary shares have been transferred to a subsidiary of Oxiana, Oxiana Zinifex Holdings Pty Ltd, and Zinifex is therefore now a wholly-owned subsidiary of Oxiana. Former Zinifex shareholders will be mailed holding statements detailing their new Oxiana holdings on 4 July 2008.

An application to delist Zinifex from ASX will be made shortly, to take effect from the close of trading on 2 July 2008.

As described in Zinifex's release to ASX of 20 June 2008 (Zinifex obtains Court Approval of Scheme of Arrangement and Scheme becomes Effective) Oxiana has convened a General Meeting of shareholders for 18 July
2008 to seek shareholder approval to change the name of Oxiana to OZ Minerals Limited, and to reappoint the
current Zinifex directors to the Board of Oxiana, among other matters.

 

Thanks Bundy. Apprecieated.

MJK

 

MJK,

My ZFX shares converted to OXR shares today and appeared on my online trading account. If you have an online account, may be worth checking if yours are also there now, or they may appear in the next day or so.

OXR had a good announcement today, but the share price is still declining.

Hope there is some upside when they change their name to Oz minerals.

Cheers BUNDY

 

While on this topic, i can now also see 2,395 Oxiana shares showing up in Commsec but there is zero showing in purchase price.

How do i calculate the buy price so that i can see an accurate reflection of loss/gain?

Hope that makes sense.

Let's say i had 750 ZFX shares and i paid an average of $7 a share.
I now have 2,395 Oxiana shares.
That means i paid a total of $5,250 for my 750 ZFX shares (750*7).
So do i then divide 5250 (total cost) by 2,395 (Oxiana shares)?

This gives me $2.19 (5250/2395 = 2.19) .... is this the amount i paid for my Oxiana shares in order to work out CGT?

thanks

 

Thanks for that bit of news. Mine still show as ZFX today but the value disapeared to zero so things are happening. I guess they will come up as OXR tomorrow?

MJK

 

Other recent takeovers / demergers have had a tax ruling built into them - where the ATO list the purchased price of a newly merged or demerged share that use to calculate future CGT. Check the offer document or shareholder section of the Oxiana website as it may have a link or statement.

 

Transit,

Here's a copy of an announcement from Oxiana which will help.....(Not sure about to many capital gains though)

Cheers
Bundy

4 July 2008



AUSTRALIAN STOCK EXCHANGE RELEASE

Market Value of Oxiana Shares for Zinifex Shareholders
On 27 June 2008 an announcement was made confirming that scrip for scrip rollover relief will be available to Zinifex shareholders resident in Australia who held their shares on capital account and made a capital gain on the
exchange of their Zinifex shares under the Scheme of Arrangement between Zinifex Limited (Zinifex) and its shareholders in relation to the merger of Zinifex and Oxiana Limited (Oxiana).

Where a shareholder cannot (or elects not to) utilise scrip for scrip rollover relief, shareholders may need to calculate the capital gain or loss on the exchange of their Zinifex shares.

To assist Zinifex shareholders to calculate any capital gain or loss we advise that the market value of the Oxiana shares acquired (calculated as the volume weighted average price or VWAP of their shares) on 1 July 2008 is
$2.5624. On this basis, the market value of the Oxiana shares received on the disposal of each Zinifex share is $8.1820 per share.

Before acting on this information shareholders are advised to seek appropriate financial, legal, taxation or other professional advice.


For further information, please contact:

Matthew Foran
Manager - Stakeholder Relations
Direct telephone: +61 (3) 9288 0456
Mobile: +61 (0) 409 313 637
Email: [email protected]


Richard Hedstrom
Corporate Affairs Manager
Phone: +61 3 8623 2210
Mobile: +61 400 580 043
Email: [email protected]