Tolga's next play, page-55

To obtain full value for the gold assets, I believe the best thing to do would be to spin them out and keep HEG as a pure HPA play.
HEG shareholders would receive a free pro-rata entitlement to the new gold company as well as a priority entitlement to the gold IPO.
It would make things much cleaner from an investor viewpoint while realising value for shareholders from the gold assets while giving them continued exposure to these assets.
I have no doubt that this is what they were referring to in the AGM Chairman's Address when they wrote:

At some time it may be appropriate to split the HPA and gold interests as each becomes more significant in its own right.

Either way, I'm sure T&T together with the boys at CPS and BW will know the best way to skin this cat for the benefit of all shareholders.