Why would ASIC want to block the demerger?
ASIC alleges the company (ISX) and JK contravened various sections of the Act and are seeking pecuniary penalties and that JK be disqualified from managing corporations for a period the court considers appropriate. How will the demerger prevent these punishments from being meted out if ASIC were to win in court? It won't, so why would it be in their interest to stop it?
The issue is your argument is centred around the performance shares when it's so obvious from ASIC's SOC that's not what they are after. It's time to give up this nonsensical argument and move on.
The only entities that could possibly want to stop this demerger going ahead are those interested in crippling the company (for whatever reasons best known to them) - and that's ASX and you lot parading these threads under the guise of being 'concerned'.
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