Income tax: Preference share buy-back: Village Roadshow Limited

Class Ruling CR 2003/87 (as amended on 3 December 2003) sets out the tax consequences for the preference shareholders of Village Roadshow Limited (VRL) who dispose of shares under the VRL preference share off-market buy-back scheme of arrangement as described in the Arrangement part of the Ruling.

The schemes of arrangement proposed and comprising the subject matter of CR 2003/87 (as amended) have not satisfied the requirements of the Corporations Act 2001. The two schemes of arrangement, each of which involved the share buy-back of 'A' Class Preference Shares, will not proceed any further.