Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-9

ISX demerged and ISXFEU is a separately owned and managed business. If you owned ISX, then you also own ISXFEU.

The residual shell has no obvious operations, evidenced by the $78k of cash staff costs in the quarter. It has some optionality mainly in the form of its litigation against ASX, which may see it realise some value. The ISXFEU component appears to be an operating business with revenue and costs, but is presently unlisted, though it is probably advantageous for it to remain so as it doesn't appear to need funding for expansion... it appears able to fund itself through its own operations. If and when it lists somewhere, it will be easier for holders to liquidate if desired.