IMO, whilst the water biz may not be reflected in the sp, it is the valuation on the books that counts when Sunrise is split off - inturn leading to to split of cash in the bank. If the water biz is 25% of the value on the books, upon split, then the water biz takes 25% of the cash.
Of course if it is recommended to the board to go ahead and split - that is many months into the future and a lot more important things to happen well before then
Ann: Corporate Restructure Review, page-102
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