Ann: SFG Demerger Letter to Optionholders, page-5

Essentially you get shares in an unlisted public company called "CO2 Australia Limited. This company still has to comply to the Corporations Act but has no obligations to meet ASX Listing Rules, unlike SFG which still has ASX compliance obligations.

The value of CO2 Australia Limited as an operating entity is harder to calculate at this point and the value on a per share basis is also hard to determine. Someone else can sit down and work out the number of shares issued for CO2 but I would be reasonably sure the directors of SFG hold the majority and as such the destiny of CO2, and its shareholders, are in their hands. Good or bad thing is up to you all to decide.

If you want to sell your shares in CO2 there is no actual market platform per se but you could probably seek clarity from the Directors as to whether the company would be prepared to buy back and cancel shares or you can gift them to a charity or just throw them in the bottom draw and maybe one day they will pay a dividend or a buyer might fall out of the sky and pay lots for the business.

The "demerger" appears to have all been a rush job to meet a requirement of the new Japanese investor in SFG and there are other ways they could have done it.

Who benefits from using this approach? Take a guess...

C'est la vie.