The SEPARATE progress of UAU is described...

The SEPARATE progress of UAU is described here:

http://www.korabresources.com.au/documents/IPOdetailsUraniumAustraliaLtd23apr07.pdf

KEY POINTS:
Uranium Australia Ltd IPO to raise between $20 million and $30 million
Korab shareholders to receive a priority allocation in the IPO
BBY Ltd appointed as lead manager of Uranium Australia Ltd IPO
ASX trading code UAU reserved
IPO being marketed to domestic and offshore institutional investors
Proposed in specie distribution under review

Uranium Australia Ltd (UAU), a subsidiary of Korab Resources Ltd, is proceeding with the announced IPO and will seek to raise $20 to $30 million for additional
targeted exploration.


It was not on ASX announcement sites, but came by email, I presume to UAU shareholders.

The main confusing paragraph is:

The currently proposed in specie distribution of UAU shares to Korab shareholders may limit Korabs ability to ensure the delivery of UAUs business plan and may attract negative tax implications. After considerable review Korab board believes that greater shareholder value can be created if a controlling interest in UAU is maintained. The board of Korab Resources Ltd is reviewing alternatives to the in specie distribution in order to maximise shareholder value I dont if that means a share dilution to ensure in specie holders end up in the minority!

And as indictated, evaluation of the iron mineralisation discovery may also delay things.

I cannot see things happening for 4-6 months