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Demerger Provexis & Science In Sport
One Science in Sport Ordinary Share was issued for every one hundred Provexis Ordinary Shares, with fractional entitlements to a Science in Sport Ordinary Shares rounded up to the nearest whole number. The Demerger became effective on the 9th August 2013 and Provexis offered the Science in Sport shares at 56 pence each. The close price of Provexis on the date of the demerger was 1.10 pence and Provexis Shareholders will continue to own their existing Provexis Ordinary Shares.
Some background information on the Provexis demerger:
Timetotrade accounting and taxation product can be used to calculate the cost apportioned to the Provexis and Science in Sport after the demerger and the resulting UK HMRC Tax Liabilities upon the disposal of the shares. To learn more about how to enter demergers into timetotrade and how the apportioned cost of each share is calculated, see:
For this example, it will be assumed that 99,550 Provexis shares where purchased on the 1st of January 2013 for 1.5 pence. The Provexis share transactions have been entered into timetotrade as per the following screen shot:
To enter the Share Reorganisation, click on the 'share reorganisation' button below the 'Open Positions'. Set the date to the 9th August 2013, which is when the reorganisation occurred:
Click on the 'submit' button then select Provexis from the list of open positions on that date:
Click on the 'submit' button, then select 'Demerger' from the drop down menu:
Click on the 'submit' button then enter the Provexis share reorganisation details where:
- Share Issue Ratio is 1 : 1 as the original Provexis share holding remains the same after the demerger
- The share 'issue price' was the closing price of the Provexis shares on the 9th August 2013, which was £0.011 (1.1 pence)
- There was no cash received
Click on the 'add another' button to enter the Science in Sport details where:
- Enter the number of shares received by rounding up the number of shares held in Provexis divided by 100 e.g. 99,550 / 100 = roundup(995.5) = 996
- Science in Sport share issue price on the 9th of August 2013 was £0.56 (56 pence)
Click on the 'submit' button to process the Demerger. Note that the cost is apportioned between the Provexis and Science in Sport share holding:
The correct costs will now be apportioned when using timetotrade to Generate UK HMRC SA108 or Investment Club Tax Return Form 185.
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