On 10 October 2008, MSF and TPX agreed to merge the two companies. Under the agreement, MSF and TPX became wholly owned subsidiaries of MyState Limited.
On 17 September 2009 (the implementation date), in accordance with the terms of the MSF scheme, MSF members transferred all their MSF member shares to MyState in return for MyState shares.
MSF members received 387 MyState shares for each MSF member share they transferred. MSF members could then choose to keep their MyState shares or sell all of them through a share sale facility, free from brokerage charges. If members chose to sell their MyState shares, they received $2.50 for each share.
The ATO accepts that the market value of each MyState share on the implementation date was $3.0455.