I think he is talking about the BHPP profits since 1/7/21,...

I think he is talking about the BHPP profits since 1/7/21, IMHO.

As I understand it .....
Firstly, the transfer of assets/liabilities is fixed as at 1/7/21, I thought, with the consideration being the shares to be issued to BHP shareholders.

Secondly, with a "transaction date" of 1/7/21 for profits/losses of BHPP, there will be a reckoning & cash actually paid, being :
1) from BHP to WPL for the net BHPP profits (less capex) for the period 1/7/21 till completion.
2) from WPL to BHP for the amount of WPL divs per share paid to its shareholders which would have gone to the new WPL shareholders if they were shareholders at 1/7/21 (try explaining that cogently...)
3) Other adjustments, either back or forth (eg Emp Leave for transferring employees, liabil reductions, etc). There could be hundreds of "adjs", mainly smallish.

So there will be some cash payment, mainly dependent on the POO and the WPL divs paid till completion.

Have I missed something ?