EXAMPLES OF THE CGT IMPLICATIONS

Assumptions: Number of shares: 1 000 Cost price: R200 Rand base cost: R200 000 Rand-pound exchange rate: 18.89 Scenario 1: Shareholder takes the cash offer Sale price of shares: 45 British pounds Rand sale price: R850 Implied value on sale: R850 000 Gain: R650 000 Scenario 2: Shareholder swops 41.6 percent of the shares Sale price of shares not swopped: 45 British pounds Rand sale price: R850 Cash from sale: R496 400 Number of AB InBev shares: 200 Sale price of shares swopped: 90 British pounds Cash from shares swopped: R35 360 Value of the shares swopped: R339 456 Implied value: R871 216 Gain: R671 216 Scenario 3: Shareholder swops all the shares Number of AB InBev shares: 480 Sale price of shares swopped: 90 British pounds Cash from shares swopped: R85 000 Value of the shares swopped: R816 000 Implied value: R901 000 Gain: R701 00