Hi Woody,
Why would you expect the 13.5c shares after the spin off, surely TNG will drop at this point (reflecting the reduced assets in the business), so it would make sense to shed your SPP shares no whilst the SP is higher.
I don't know how much value the market places on the TRR prospects within TNG but logic says the SP will drop once these are spun out.
IMHO only of course and I'm interested in your alternative view.
Although, your scenario and mine, both see a lower SP after the spin off.
Todd River Resources IPO, page-17
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