There is no specific info on where it will relist and when. Considering the demerger is billed as a way to relist and get liquidity for minority shareholders, you are right to be skeptical.
The only thing we do know is the current ownership structure will be preserved in the demerged entity. In other words, the vast majority if ISX value will be moved to a new entity, with the CEO and family retaining the same interests including the perfromance shares.
Considering the legitimacy of these shares are in question and subject to an ASIC lawsuit, an argument could be made that this demerger is not in minority shareholder interests. Only after a successful resolution to the ASIC claims would shareholders have confidence of the legitimacy of the shares.
Remember, ASIC wants to fine and ban the CEO from running companies for allegedly hurting shareholder interests for his own gain. That gain was in the form of the perfromance shares. The same perfromance sharss he now wants to effectively roll over into a new entity in another juristiction.
So, the biggest question is not even about whether relisting the EU entity is credible or not. The biggest question is why the CEO thinks its appropriate to maintain the same ownership of the new EU ISX, when the level of his ownership in the Australian ISX is under serious question by the regulator.
Hope this helps.
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Ann: Demerger of European Businesses, page-262
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