Return of Cash: Information for allocation of base cost
15 February, 2012
In response to a number of enquiries regarding the allocation for tax purposes of base cost in Cairn shareholdings between the B shares and the revised shareholding post consolidation of share capital on 6 February, the following information may be of interest.
The Company confirms that, for the purposes of calculating the allocation of tax base cost for UK capital gains tax purposes between the B shares and the New Ordinary shares (post consolidation), the market value of a New Ordinary Share on 6 February 2012 was £3.356 (as determined in accordance with the requirements of Section 272 of the Taxation of Capital Gains Act 1992).
This information should be passed to your accountant or tax adviser if you have one.
The Company cannot offer any advice on the tax implications of the return of cash other than as published in the Circular sent to shareholders on 10 January 2012. If you are in any doubt about your tax position you should consult an independent tax advisor.
|Simon Thomson||Chief Executive||0131 475 3000|
|Jann Brown||Managing Director & CFO||0131 475 3000|
|Mike Watts,||Deputy Chief Executive||0131 475 3000|
|David Nisbet,||Corporate Affairs||0131 475 3000|
|Patrick Handley||Brunswick Group LLP||0207 404 5959|
|David Litterick||Brunswick Group LLP||0207 404 5959|