Jim is a fund manager with Milne Hedge Fund. His strategy is to buy shares in companies that have a low price-earnings ratio and when the shares rise in price, he switches his investments to different companies. In June 2019, Jim caused the fund to buy 1 million shares in the West Mining Ltd at $4 per share. In June this income year, West Mining Ltd shares are listed at $12.50 each and Jim decides its time to sell. The Milne Hedge fund also has a parcel for 2 million shares in East Equity Ltd which were purchased in the year 2016 ( before Jim started with Milne Hedge fund) for $10 each and now are worth $4 each. On 30 June this income year, Jim causes the fund to sell the 1 million shares in WML for $12.50 as well as all tlhe shares at EEL for $4 each. UNDER AUSTRALIAN LAW.