Aug 20 (Reuters) - Qantas Airways Ltd QAN.AX :
* Qantas Group proposed capital management initiative QAN.AX
* Proposed to distribute surplus capital to shareholders in the form of a $505 million capital return.
* Says capital management initiative will be funded by qantas' surplus capital
* Proposed 23c per share cash distribution will be combined with a related share consolidation
* Says no adverse tax consequences are expected as a result of the capital management initiative
* Consolidation ratio is 0.939 and, if approved, will reduce number of shares on issue by approximately 6.1%"
* Intends seeking class ruling from ato to confirm qantas' understanding of likely income tax consequences for certain shareholders
* Source text for Eikon ID:nASX13Hvd0