How about an IPO for each of the two "sold" businesses with :
1) Current shareholders issued 1:1 shares in each of the two new businesses.
2) Have 2 x IPO's with new shares issued to new shareholders via bookbuild & offer doco.
3) New shares issued up to 49% of the new capital in each new entity.
4) New entities get new names.
5) PPT undertakes to selldown its 51% over future 5 years.
Result would be :
a) PPT retains its name, current shareholders & $220b FUM.
b) PPT raises sufficient capital to payoff all debt & special div to current shareholders.
c) Current shareholders receive shares in new entities and have choice of which entity to own shares into the future.
d) CGT should be easier to "discuss" with ATO.
e) Timing to be completed on roughly same timetable as KKR deal.
If hedgies/instos are interested let them buy into the IPO via the bookbuilds.
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