conditions to the demerger, page-7

Thanks for clarifying Kltuz & GDelaney.

I thought there might be something unusual going on.

So basically the underwriting agreement won't be signed off by the bookrunners until the bookbuild, where they've anticipated adequate demand from other underwriters/ investors, and thus recorded enough investor demand to support an efficient price during the IPO?

Therefore executing the underwriting agreement still remains an uncertainty, however it should be an unlikely one.

...I'm just trying to get a gauge on what potential "swans" we might encounter during the demerger/ IPO.