spin off bauxite , page-12

Novac,

It depends on how they structure the IPO. If it's an in-specie distribution, that's the best outcome, as UMC shareholders simply end up with shares in the new company on some kind of ratio (hopefully 1:1).

The lesser preferred option is for them to do a priority entitlement, where UMC shareholders can apply to buy shares in the new company on a priority basis.