Thanks for nothing, guys

Nowhere have I seen any comment on the tax consequences of the New Europe Property Investments/rockcastle merger for SA individual shareholders. As sharesfor-shares mergers in SA generally don’t trigger immediate tax liabilities, this one is going to come as a surprise to many.

As a long-term holder of both shares, I effectively take an 11% haircut on my holdings to fund the resultant tax liability.

I suppose there’s lesson to be learnt here regarding the risk of unforeseen consequences arising from corporate action in foreign-registered companies where the effect on SA individual shareholders isn’t a consideration.