how a us listing might work in terms of shares, page-3

That is a very sweeping and simplistic statement and depends on all sorts of variables e.g. there may be a suitor interested in only one product (e.g. LANI), leaving the rest collectively worth little, or, with little short term benefit.

According to Aristotle:
"The whole is greater than the sum of its parts.

In saying this, I'm not saying either spinning off or floating as a complete entity is better, just that there is a bit more to success and riches than the concept of spinning off.

Bottom line - the success by merger, acquisition, spin-off, or list, is dependent upon the deal-making ability of management/directors.