it either one of two options1. They want their BoD fees until...

it either one of two options
1. They want their BoD fees until June
2. There is some underhanded agreement with another party that they will not consider takeovers until demerger to allow someone access to the "clean & credit worthy" side once it is listed...

The 15% hold of AGL that Accell will have at demerger ... potentially be a good start to help funding their remediation costs (or pay out most of their 800m debt) once the coal plants close. 15% of 658,379,154 is 98,756,873 - so if... like some posters (and brokers? cant find anything to support right now) have suggested a price of ~$6 per share for the clean side... Accell could be sitting on ~$600m of shares in new AGL

If a bidding war starts, it could possibly be a lot more.... really comes down to how much an entity is willing to pay for AGLs customers... ORG was paying 1400 per customer at the peak of their scaling up (1.2b for 833K Sun Energy customers) and AGL bought customers at 530 each (115m for 215K click energy customers). Meridian more recently sold Powershop to a Shell consortium for 730m, which was for 186k customers but it also included 293mw of renewable generation assets... so hard to put a per customer value on (assuming ~1.5m per Mw gives $290.5m for 186K customers or $1560). That would value AGLs customer base at between 2.2b & 6.5b + a 20% stake in PowAR Co (1Gw operational wind @ 1.5m/Mw, 3.5Gw development pipeline @0.9m/Mw & 105Mw solar @1/Mw) = 5.5b total or 1.1b for AGL....

TLDR: I put new AGL at a price between
2.2b + 1.1b - 3.3b / 658379154 shares = 5.05 per share
and
6.5b + 1.1b = 7.6b / 658379154 shares = 11.62 per share.... BUT I DOUBT IT WOULD GET THIS HIGH.

A decent bidding war could even allow them to *shock horror* start developing a substantial pipeline of directly held assets to generate electricity with... ideally on the existing sites of Liddell, Bayswater & Loy Yang. which will also help eliminate remediation costs...

Time answers most things