A de-merger can only happen where there are two (or more) viable businesses - eg Wesfarmers was able to de-merge Coles because it was a viable stand alone business. Who knows with a Sterling de-merger? A set of Financial Statements would obviously help. Luckily for us, BDO are still working on them. Expeditiously.
I think for any listing, de-merged or otherwise, we are still skating on thin ice. The Assets Test I'm pretty sure won't apply given the intangible nature of the assets. And I think the Profits Test will be a 50/50 given the possibility of there being impairment changes made against the carrying values of the assets.
