Are you sure about that? I could be wrong but this just sounds like a classic spin-out. Isn't a "capital reduction" just an accounting treatment - i.e. no market impact - just to balance the books? Please correct me if I'm wrong.
If this is a classic spin out, I LOVE the idea - NMT SOTP valuation is clearly way undervalued and Mr. Edwards arguably accounts for little to no value in NMT's market cap - just ask yourself, who owns NMT for this project? This way, we, as shareholders, can now obtain some value for this asset, rather than waiting years for the market to eventually appreciate it.
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