It's pretty simple, really. The AMA Board argues that a...

It's pretty simple, really. The AMA Board argues that a separation of the divisions of AMA is a good thing because it will lead to a different focus of management, different financing, scale of operation, loans etc.

Since one division is a giant and the others are minnows, that makes sense. BHP divested itself of the S32 businesses for similar reasons. The banks are always shedding arms which no longer fit with their corporate outlook. In the same way, AMA believes a demerger will lead to greater efficiencies in each division and thus to greater returns for shareholders.

That's fine. If you believe this argument, you would vote for demerger. But if you also believe the Board when it says that each demerged part will do better than before, why would you sell to Blackstone? Why wouldn't you hang on and reap the rewards yourself?

In other words, vote for demerger, or not, as you think right - but don't sell panel to Blackstone. If you do, Blackstone will get the gains, not you.

The only thing that everyone seems to agree on is that gains are coming, so why give that opportunity to someone else?