best case situation from here

for shareholders who aren't in the mood to write out a cheque into a raising, and who believe in fonda. . .. . .

would be for ACL to source a private equity/venture capital investor into Audeo. Could be quicker and cleaner than a listing process.

Maybe raise $25 million on a pre-money valuation of $70 million?

They can't do a spin-out of Audeo with shares distributed to ACL shareholders in a hurry as shareholder approval for the demerger has expired.