Ann: HY20 results conference call, page-9

So, take a look at Ellex Medical Lasers (ELX) as they are going through same process. Selling their core business for $100M to a larger competitor (10x EBITDA, but they are medical device company) and paying this out to shareholders.

After the sale, the listed entity will be renamed and retain a smaller growth company they purchased a few years ago and some blue-sky research kit.

So current shareholders get some cash paid out, plus retain their shares in the remaining, smaller entity.