Not impossible at all is my understanding. ACCC have green lit...

Not impossible at all is my understanding. ACCC have green lit either a trade sale of the ECR or it being spun off as a separately listed entity. It's one or the other, so it is definitely possible. How possibly, who knows. It is in shareholders best interest for them to only sell it in a trade sale if they can fetch a price for it better than what is implied in their overall One Rail purchase. If not, better off spinning it off and letting each shareholder decide for themselves whether they want to hold or sell their new holding.

The shareholders of both companies would be identicial at the outset, but then would change as trades occur on and off-market.

There would need to be completely different management teams and I would think no overlap on the boards, to comfirm independence of one another and remain truly competitive.

That is my understanding anyway, and also my preference, as I have no ESG issues and would hold both.