Ann: Aqura Positioned for Demerger Following Strategic Review, page-8

I am really struggling to understand the strategy here and where it is in the interest of Shareholders for this move. That said if there is a strategy, beneficial or not, I would expect it to be released.

The most reasonable outcome to conclude is that I must assume Aqura has serious and reachable growth and profitability milestones. By hiving it away from the perenial underperforming survey business Aqura might become something. Something needing a listing? I am unsure.

Of the $34m of current capitalisation it would be interesting to see what the seperate units are. Maybe they will report that in the accounts. When are they due?

What then will existing Shareholder do with their shares in the survey business - what will they be worth? I can only rationalise that the Directors and senior executives have a private plant to take it private and turn it into something that they could not achieve whilst it was public or otherwise I see a long an painful death or eventual delisting and takeover by another 3rd party. Can there me any other motive?

I cannot rationalise it in any other way