"All the conditions precedent to the JV are a completely separate issue."
Yes agree they could do the demerger with a pending JV
However they've probably got the Prospectus done based on the JV. To do the IPO with a pending JV, they'd have to totally rewrite the prospectus to include the alternative where the JV does not go ahead. It would already have cost millions of shareholder dollars, this would significantly add to that cost.
When they planned the demerger, the simplest & cheapest way to do it would be based on the JV being in place. We all know it's just a bit of red tape holding up the official JV and its 99.999% certain to happen.
To do a Prospectus under 2 scenarios, with & without the JV would be a nightmare, IMO they did the right thing. Once the license is transferred the demerger will go ahead. To long term holders it makes no difference when it's done anyway, only affects those planning on selling.
FFX Price at posting:
73.0¢ Sentiment: Buy Disclosure: Held
