Ann: Demerger of European Businesses, page-22

This extract from Nasha's link Demerger (isignthis.com) makes perfect sense to me:

Why Demerge?

The purpose of the Demerger is to:

• provide a mechanism for ISXFEU to be listed on a stock exchange other than ASX, and thus to enhance ISXFEU’s ability to raise funds on attractive terms to finance its strategic capital requirements for achieving its goals and objectives
  
  Subject to being admitted to another exchange, to enable shareholders to trade their shares freely, ; and
  allow ISXFEU to operate under European regulatory requirements from which region it derives more than 98% of its revenues.