capital raising, page-116

Scammer, share you concerns definitely but can see the reasoning. Of course they would definitely wait for sales data/acutal revenue and Ph111 trial results (presumably) before splitting, with a stated intention for the demerger being sometime in 1H 2012.

With the unlisted options it also means that on listing ACL Oncology should get a capital injection assuming the options are exercised, as mentioned above.

The more I think about it the more I can see the reasoning-even the threat of a split should make the market start to think about the value of the Fonda revenue stream rated by itself as a revenue/dividend stream rather than something being used to fund risky development pipelines.

Execution risk is a worry still but lets not forget theres nothing to say ACL must demerge if the market's valuation improves.