Ann: Demerger of European Businesses, page-464

Absolutely - not subject to ASX listing rules should not be a big deal for ISX supporters (understated?).

Not being subject to Australian laws is a bit more problematic. Long suffering share holders have not been denied justice. It is Australian law that has allowed ISX and JK to challenge 3 of the most powerful institutions in the land. Slow, cumbersome but the court system is working.

Which jurisdiction will the spin out be subject to? What rights does it protect for minority shareholders in a (presumably) public unlisted corporation? I haven't read the prospectus so maybe someone can advise on the domicile of the demerged entity?

Having said that, am stunned ASIC has seemingly allowed this demerger. It looks like they had the power to stop it if they wanted. Why wouldn't they?

Well - to coin a phrase - let's just spitball this: Is it because;

• ASIC actually don't have the power to block this
• ASIC don't care if the main assets are moved to another jurisdiction because they won't have to do any more work
• ASIC see no down side to their claim against ISX in court from this move
• And of course the favorite - ASIC is in a panic cos they iz corrupt, colluding and a cancer for disruptors that threaten their ASX buddies

Were I a shareholder and trusted JK - would definitely vote in favor of the demerger. Get out of jail free card and an option to see liquidity in your shares that is unlikely to occur with the ASX