First crack at the IPO, flinders? We already own those assets! Any company that spins off assets and doesn't give those assets in-specie to its shareholders is not doing the right thing, imo. You end up owning less ofa company, and paying out for the new company- not on. Often, it just means the company heads get new Directorships in the spin-off, too.
In-specie or keep the company whole, in my view.
