ALTONA MINING LIMITED: Tax Ruling Received
(firmenpresse) -
TAX RULING RECEIVED
Following the sale of its Finnish assets, Altona Mining Limited (Altona or the Company) announced its then intention to return 15 cents per share in cash to shareholders.
The Board having reviewed a Public Ruling form the Australian Tax Office (ATO) has determined that this will comprise:
12 cents as a capital return (also known as an equal capital reduction) (Capital Return), and
if shareholders approve the Capital Return, the Board intends to determine and announce that an additional 3 cents per share will be returned to shareholders as an unfranked special dividend (Dividend).
A general meeting of shareholders will be held on 28 January 2015 to seek approval of the Capital Return.
Details of the Capital Return, Dividend and tax ruling will be included in the Explanatory Memorandum accompanying the Notice of Meeting.
The timetable is as follows:
18 December 2014--Release of Notice of Meeting to shareholders
28 January 2015--General Meeting to approve the Capital Return
4 February 2015--Record date for eligibility for the Capital Return and Dividend
12 February 2015--Dispatch of funds to shareholders
The Public Ruling from the ATO confirms that 12 cents proposed to be returned to shareholders will be treated for tax purposes as a return of capital.
For Australian resident taxpayers a return of capital would not attract income tax, rather it will serve to reduce the acquisition cost for capital gains tax purposes by the amount of the return. The Dividend will be treated as income.
Please direct enquiries to:
Alistair Cowden
Managing Director
Altona Mining Limited
Tel: +61 8 9485 2929
altona(at)altonamining.com
James Harris
Professional Public Relations
Perth
Tel: +61 8 9388 0944
james.harris(at)ppr.com.au
Jochen Staiger
Swiss Resource Capital AG
Tel: +41 71 354 8501
js(at)resource-capital.ch
ASX: AOH,
FSE: A2O
About Altona
Altona Mining Limited is an ASX listed company which recently sold its successful Outokumpu mine in Finland and is now focussed on a major copper development project in Australia.
The Cloncurry Copper Project near Mt Isa in Queensland is one of Australias largest undeveloped copper projects. The first development envisaged is the 7 million tonnes per annum Little Eva open pit copper-gold mine and concentrator. Little Eva - http://bit.ly/1oe3ury is fully permitted with proposed annual production1 of 38,800 tonnes of copper and 17,200 ounces of gold for a minimum of 11 years. A Definitive Feasibility Study was completed in May 2012, and a review of costs was published in March 2014. Total resources contain some 1.5 million tonnes of copper and 0.41 million ounces of gold. Altona is engaged in discussions with potential partners to enable the funding of this major development.
Altona Mining is listed on the Australian Securities Exchange and the Frankfurt Stock Exchange.
1Refer to the ASX release Cost Review Delivers Major Upgrade to Little Eva dated 13 March 2014 which outlines information in relation to this production target and forecast financial information derived from this production target. The release is available to be viewed at www.altonamining.com or www.asx.com.au. The Company confirms that all the material assumptions underpinning the production target and the forecast financial information derived from the production target referred to in the above-mentioned release continue to apply and have not materially changed.
Leseranfragen:
Altona Mining Limited ist ein Kupferproduzent in Finnland und besitzt ein Hauptkupferentwicklungsprojekt in Australien.
" alt="ALTONA MINING LIMITED: General Meeting - Return of Capital
Datum: 18.12.2014 - 11:25 Uhr
Sprache: Deutsch
News-ID 360386
Anzahl Zeichen: 3953
contact information:
Town:
Wien
Kategorie:
Business News
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