Before ADY hasn't secured further capital there will be no demerger - it's that simple. This is why PT will go to China next week to sell I/O we have not produced yet (and probably are no able to with the current capacity) and this is why ADY managment is keen on closing the tender offer as soon as possible. The given tax reason is just BS in my opinion. Another reason for the delay in the demerger is the fact that ANZ could and would block the demerger with their votes. Guess they want to be paid back the 10mA$ credit line (Hawkswood) first and then wait for the outcome of the Opes-mediation/court decision by the end of April.
Lenni
lift capital, page-4
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