FMG transferring infrastructure to a trust

If FMG is as undervalued as most of us here believe, you wonder whether moving the infrastructure out of the company into a separate trust, may force the share market to revalue the infrastructure properly. By infrastructure, I mean the railway lines, trains, ships and other assets required for the transport of the iron ore.

So existing shareholders get equal units in a new trust which owns all the infrastrusture and then it could either rent it back to FMG for a commercial rent (say 6% or higher) or it could be run as a new transport business e.g. FMG transport services, not only servicing FMG but other mining companies in the region.

You would think they could do this restructure without serious tax implications, and if all FMG debt is repaid soon, no bank would be able stand in their way (for reduction in their security for FMG loans).

FMG (the company) would make lower profits, but with lower assets on its balance sheet, their profitability ratios may improve e.g. return on assets. But in any case, if original FMG shareholders continue to hold both FMG shares and FMG infrastructure units they should still make same return (compared to the existing FMG structure).

It might be a bit work and cost involved, but you wonder whether this would force the market to value the sum of the parts at a higher value than the present structure. Does anyone have any idea of what the FMG infrastructure assets are currently worth?