You won't be able to nominate a % split, this would be...

You won't be able to nominate a % split, this would be absolutely ludicrous and near on impossible to administer.

Also they won't have 2 IPO's, this would also be ludicrous and be an absolute waste of money - IPO's are an expensive undertaking for a company.

I don't say this to put you down as every investor is always learning.

To give you a recent(ish) example of how the demerger is most likely going to happen is best to look at BHP demerging their non-core assets into South32. The BHP name was obviously retained (which will be the same for Cleanteq and holding of the Sunrise asset) and then they formed a new company being South32 and which was listed. For simplicity sake, for every share in BHP, you were entitled to 1 share of South32. Depending on how many shares are issued in the new company, you may actually receive 1.2 shares or 1.6 shares in the new company.

So the point is, there will be one new company formed to hold the water side of the business and you will be told how many shares you will receive depending on your current holding.

IMO - I think as soon as the share consolidation and then water demerger happens, we will see significant SP movement upwards. Water business is just an added bonus for me. I'm here for the long haul to see Sunrise get off the ground.