The tax implications of corporate deals are normally not the most important thing. But because Naspers is such a huge company in SA terms, anything it does has massive implications. The decision to hive off a big chunk of the company, to be called Prosus, on to the Amsterdam stock exchange leaves shareholders with a tax dilemma.
The reason is that electing to take up shares in Prosus will trigger a capital gain. Alternatively, electing to take up further Naspers shares avoids triggering a capital gain, but investors may find this vehicle trades at a larger discount than it did before. Well, that’s great for them. But shareholders are going to be paying this, so they need to make a tough decision.
The Prosus option is the default option. This means that investors who do not take any action will automatically take up a direct holding in Prosus. Gresty says there are arguments that Naspers may trade at a larger discount to its net assets than it did before, partly because moving 27% of Naspers’s market capitalisation into Prosus will not reduce Naspers’s size in the SA market by enough to prevent its weight in the local index exceeding most investors’ single stock exposure limits.
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