Tax break for GCS

GCS said its 2007-08 tax return had been lodged with the Australian Taxation Office and was expected to result in a cash refund of $3.15 million which, in turn, will generate an increase in NPAT of $3.15 million for the 2008-09 financial year.The company said it had taken advantage of tax consolidation legislation to make the claim. GCS recently raised an additional $630,400 through the issue of 1.576 million shares, a move that comes after the $2.76 million raised in February through the placement of 6.9 million shares. The company said it had commitments from GCS directors for the release of a further 4.75 million shares, which is estimated to raise an additional $1.90 million. This issue is subject to the approval of GCS shareholders at a general meeting to be held on March 26, 2009.

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