RE:RE:RE:RE:RE:I wonder...There are two different levels of tax so it's worth distinguishing:
1) For us shareholders: If NSU sells itself outright for cash that will trigger capital gains. If NSU sells Timok separately then we'll owe taxes on whatever dividend they pay out (with exceptions for various tax-advantaged accounts, etc.). If NSU sells itself for shares then we usually don't owe taxes on the gains until we sell those shares we get in the new company.
2) For the company: If NSU sells itself outright for cash or shares, I believe the companies themselves will not owe any taxes relating to the gains. If NSU sells an asset (Timok), I believe they usually owe corporate taxes on the profits from the sale. Taxes on Timok profits would be significant and would reduce the value to us as shareholders. This is why I expect a sale of the whole company to come through. Eritrea is obviously an issue, so a most likely buyer would be someone to whom Eritrea isn't as big of an issue (there are multiple Chinese firms already operating in Eritrea, for example).