Hmmmm, from my perspective, it is up to the company and their experts they hire to research and figure out how long a spin out will take before the company makes an announcement of when the spin-out will take place. It is not up to the shareholder to read the entire IRS 355 and Canadian equivalent and make sure that dozens of of requirements are met or when they can be met.
Not saying that the company has an easy job of it but the onus is on the company and management, not on the shareholders. The company is the one saying when the spin-out will take place, not the shareholders.
But that is just my perspective.
JFF7
It's better to be out wishing you were in than in wishing you were out.
"Markets can remain irrational longer than you can remain solvent". - John Maynard Keynes