RE: all good points, but...
Kevalam... I really dont see any share split whatsover. I too was at the WestCoast meeting. Basically we were told the parent would roll the filter technology into the UK Sub... The stand alone division would then do an IPO...
Valuations then and now are still being discussed as $50mm.....
The parent company would retain 70% ownership (in shares) of the new division. These shares would be an asset on the books of the Parent and SHOULD be reflected in the valuation of the Parent co.
It should also be pointed out that all overhead and related costs would be offloaded to the UK division and substantially reduce the parent co's burn rate. But the parent co would still share in the success of the division and its filter sales thru its stock ownership position.