My read is the ADY consolidation occurs first, then the...

My read is the ADY consolidation occurs first, then the split.

Just like a dividend there will be a record date & it will trade pre before this date & post after this date (there is no reason for trading to stop)

After the consolidation will be a separate split (although these may occur on the same day it will always be post the consolidation) then the same as para 2 above re record date etc.

It will be intersting to watch as ADY will spike higher on the consolidation (300% or more) but then spike lower on the split (50% or less).

Shortly thereafter RLL will trade separately on its own merits. The PE ratio for Chemical Companies is significantly more than that of Iron Ore so expect that after the split RLL will increase in value on listing whereas ADY may fall.

If you go to www.ady.com.au there is a FAQ section on the demerger where you may find further information you may require.

Cheers,
Arthur