Average cost base of ZCC shares (Zenith Capital Corp is the new name of Newco referred to in the letter to shareholders in 2013) was I believe what you were referring to as being 9.1% of our cost base of old RVX shares and you had calculated it as $0.32 in your case.

Cost base of ZCC is of historic interest; but I believe Don is referring to a possible sale of ZEL a wholly owned subsidiary of ZCC. I also understood Don to be saying that he thought that it would be best for shareholders of ZCC (which is what we are - not of ZEL) would be for ZCC to send out shares of ZEL as a dividend to shareholders of ZCC.

That would be a taxable (in my opinion a qualified dividend) (Don does not want to do this till the last minute as he does not want to pay tax on the dividend till he gets cash in hand to use to do so)on which we Canadians would get to pay tax but with the dividend tax credit. After that we could sell them to whoever was acquiring ZEL and they would pay us in cash or in their shares (which we could sell wholly or partially to get cash with which to pay the tax on the dividend and or on the capital gain on sale of our shares of ZEL (above the dividend value).

We would also be able to take back the cash on the sale of ZEL shares and invest wisely in wine women and song or in shares of RVX or a mixture as we wished.