It is probably more likely that one gets folded into the other...

It is probably more likely that one gets folded into the other rather than BKW distributing their SOL shares I think. I could possibly see SOL absorbing BKW and getting the 55 percent of the company they don't already own. Realistically BKW would be far more vulnerable to a takeover than SOL if they were both "standalone" and SOL is the larger company by market cap so I think BKW would work better as a full subsidiary of SOL rather than vice versa. Am I correct in saying that BKI was actually originally part of Brickworks and they spun it out to create a listed LIC? Off memory I think NHC was also originally fully owned by SOL and they spun that out as well. They've experimented with quite a bit of stuff structure wise over the years.