Ann: Demerger Update and Notice of Meeting & Prospectus, page-53

So ... pretty confusing still for me (Aus.Holder)

The way I see it is -

- I currently hold 45,000 TAW Shares.
- Allocation of Cowan shares will be 4,054  ( 45,000 / 11.1 )
- I receive some form of share certificates until listed on the ASX.
- However, 4,054 x 0.95c (that's point 95 of a cent!) = $38.51  which is an "unmarketable parcel"
- I declare that I wish to retain holdings to 'whoever' issues certificates until listing.
- I compete along with all the big thugs in the IPO at 20c trying to build a decent holding worth having.

Seems pretty ordinary doesn't it ?