@tutorThanks for the response. Just to be clear, let's...

@tutor

Thanks for the response. Just to be clear, let's illustrate this with an example.

Let's say person A borrowed 10,000 ISX shares from person B.

After demerging, person A now owns 10,000 ISX.NEW shares and 1,000 ISXFEU shares (which he receives free).

Won't he just transfer the 1,000 ISXFEU shares to person B and buy 10,000 ISX.NEW shares on market?

So the real cost to him is what ISX.NEW is trading for, which is expected to be cheap?