I'm looking at the demerger scheme booklet.Assuming that AZX is...

I'm looking at the demerger scheme booklet.

Assuming that AZX is valued at 24c (or 25c) per share.

In book, for every 6 AZX shares you will get one AEL share (Auzex Exploration).

So I take it as thought AEL is valued at around 4c per share inside per AZX share.

This will become unlisted initially, then seek IPO in early 2012. Because we get less AEL shares.

I take it the IPO price will be around 25c per share.