The purpose behind the demerger is arguably to preserve the performance share stake owned by insiders and family, roughly 1/3 of the company, by effectively moving the vast bulk of the ISX group's value to another juristiction in the same (ASIC disputed under Australian Law) proportions.
As you've said management focus on a listing, well even if we back out the above, no credible listing plan has been provided to shareholders via this demerger. Only indications have been provided, in effect 'trust us'.
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