I've been musing on this (feel free to tell me to pull my head...

I've been musing on this (feel free to tell me to pull my head in): "we think 3Dinsight will be, if we execute that part of the business properly, should be a bigger business than Pointerra"

Firstly, I'll share the follow explanations to better explain what an Equity Carve-Out is:

Corporate Finance & Accounting Mergers & Acquisitions:Carve-Out
https://www.investopedia.com/terms/c/carveout.asp
"How a Carve-Out Works

In a carve-out, the parent company sells some of its shares in its subsidiary to the public through an initial public offering (IPO). Since shares are sold to the public, a carve-out also establishes a new set of shareholders in the subsidiary. A carve-out often precedes the full spin-off of the subsidiary to the parent company's shareholders. In order for such a future spin-off to be tax-free, it has to satisfy the 80% control requirement, which means that not more than 20% of the subsidiary's stock can be offered in an IPO.

A carve-out effectively separates a subsidiary or business unit from its parent as a standalone company. The new organization has its own board of directors and financial statements. However, the parent company usually retains a controlling interest in the new company and offers strategic support and resources to help the business succeed. Unlike a spin-off, the parent company generally receives a cash inflow through a carve-out."





And now a little bit about Pointerra Limited and its subsidiary Pointerra US, Inc:

"The Company also received $0.12 million in Government Grants and Tax Incentives, which represents funds received by the Company’s US subsidiary (Pointerra US, Inc) from the US federal government’s Payroll Protection Program."
https://www.asx.com.au/asxpdf/20200723/pdf/44krnqfcsdn56w.pdf


https://www.asx.com.au/asxpdf/20180928/pdf/43yt21l7wzlqyc.pdf

So, the legal parent entity, Pointerra Limited, has a 100% equity interest in Pointerra US, Inc.
What about 3Dinsight? Is it possible that this may be a new subsidiary of Pointerra Limited?
In the ideal future Ian speaks of, where 3Dinsight becomes a bigger business than Pointerra, could a future potential Equity Carve-Out of 3Dinsight be possible and maybe even desirable?