Misterg, why are you worried about how a demerger will work? It is actually quite simple. Instead of having one share in STB, you will have one share in STB and one share in a new demerged potash subsidiary.
The market will determine what each is worth, but theoretically the value of the new STB should decrease by the value of the new potash company. Often the sum of the parts though will be greater than the original company.
Depending on whether you are looking for a t/o event or not may sway your view - a demerged potash company will be easier to t/o.
From a tax point of view, there is no CGT on a demerger and your original CGT cost base will be split over the two new entities.
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