d. Consider the proposal for the sale of BAT’s retail business based upon the lowest value of the analysts’ consensus (except Argos, the UK catalog retailer, which analysts priced at 12× P/E). The tax basis of the equity in the retail business (except Argos) was £0.914 bn. Extraordinary profits from the sale were to be taxed at a 40% rate. Furthermore, the expenses associated with the sale would be about 3% of gross proceeds. Estimate the net proceeds from the sale.