Few thoughts here that would be interesting to hear your...

Few thoughts here that would be interesting to hear your opinions on:

1. Think this is a great move for the PEN brand, but terrible for the broader TWE products. I feel that distribution deals involving the PEN brand would drag in a lot of the opportunities for the broader volume/commercial brands. Without that sales leverage, I can see the TWE products suffering.

2. Correct me if I am wrong, I am not a holder, but would be very interested in getting a piece of the PEN side of the business at a cheaper level. Theoritically, could you buy in now, at what is going to be a cheaper price than the initial float price of the PEN business, bank the 1:1, then sell the TWE side the day the business splits? That way you've entered into the PEN side at the lower price?

3. Whilst prices now seem cheap, the warning re: the uptake on PEN in China is a concern and feels to me could force the price to drop further once Aug results are released. Or do we think that the poor expected China results are already priced in?