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I understand that you’re mad if you don’t accept the Telstra buy-back, but have any figures been done apart from minimum holdings? (I hold 15,000 Telstra shares, bought at about $5.)
Should my SMSF put them all up for tender? (I cannot work out if I am in front as I assume I will end up with a buy back price of around $4.77 – according to the sample of the Telstra document).
I assume that when you sell all of them, it would result in an immediate loss, but hopefully a gain when the tax credits from imputation are taken into consideration.
A: The quantity of shares you apply to tender doesn’t have an impact on its “dollar value” per share.
It is highly likely that there will be a scale-back – my advice (if you are in pension mode) would be to tender your whole amount, and see how many are accepted.
You can then make a decision whether to replace the shares that are bought back on market.
Worked examples were published in our report on August 18.
