I don't know - actually called the company secretary when the proposal was first announced but couldn't get hold of anyone, and no message service. Also, couldn't find an email address for the company secretary.
Their basic business is development, and holding real estate for rental (both directly and through REITs), so it looks to me like UOS will have very little function if they spin off the development arm and list it separately - they will become a holding company.
Maybe the major shareholder is hoping for a re-rating of the share price for an exit strategy. Their relatively recent dual listing on Singapore looked like an attempt at this, but didn't achieve much. Perhaps a listing on the bourse where the activity is happening will do the trick. Still trading at around half NTA.
UOS Price at posting:
29.5¢ Sentiment: None Disclosure: Held
