I think the demerger would be better for shareholders if they wait another 6 months or so from your Sep24 date.
They could then use some of the excess cash to float and fund the new company and then issue all the shares to shareholders. I believe the result would be much better for shareholders.
Market the company thoroughly in the run up to the float and afterwards to let the market know what NE has and the future opportunities for expansion through exploration.
Anyone who wants to sell out should have opportunities thereafter if the new company gets into drilling straight away. A lot of the permitting and readiness can be done by KCN in the run up to the float.
Thye should get everything ready before they do the demerger.
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