IMO there is nothing stopping ADY from announcing the demerger egm right away. The demerger needs to be voted on before it even gets to the asx. By then the refiancing might be resolved. If not they can do an RLL rights issue. IMO they should decouple RLL from ADY asap and I think they will.
It appears Hall&Wilcox are handling the demerger: See here
demerger, page-10
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