I believe you are onto something with the current pricing factoring a split.

After reading your post, it struck me that only one new company would be needed and that Noront would continue to trade with the current set of shareholders at the current price. The next day would see what impact the removal of Windfall would have.

The reason for this is for tax loss selling and hopefully capital gains. To split Noront at this point would make for an accounting nightmare given that we bought shares in one company and owned two under different trading scenarios under my original statement.

To revise, we could see Noront divest its non-ROF assets into another company and issue each Noront shareholder on record one share in the new company at a book value of 1 cent. That would be a cost of 1.3 million to the company but may be able to be provided as a divendend (again, I am not an accountant).

Regardless, the original Noront would be worth a cent less on book value and likely 35 cents less on paper if you believe Windfall is worth the same now as it was last August 2007.

The key would be that it would open at a certain price as those who hold the 120 million shares would set the ask and those who want to hold new WIN shares would set a bid price.

Noront could continue trading as it does today with just ROF properties in its portfolio.

I would love to own shares in these two companies as I believe both properties are world class yet neither is getting the respect they deserve.

M1.