Cap ,
i can sympathise with yr concerns , and i see yr points..
spin offs can go either way sometimes ,
its much worse when the assets being spun-out are the "better" assets , thats when the real trouble can start..
but in this case , i see the best assets retained and existing shareholders still will retain exposure to the spun out assets so its a win win..
the new BWN will be even stronger than the old.. i can guarantee it , and much more marketable.. the Indians will be clamouring.. just watch..
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