Ann: Cowan Lithium Limited Demerger - ATO Ruling, page-14

Basically you bought right at the top of the peak, and they've fallen since then. At this stage you've only lost on paper, you won't physically lose anything unless you sell now.
Many of us continue to hold as we believe they are overdue for a major rerate to over and above your purchase price.
By the way we've all moved our discussions over to the A40 threads on HC now.
Ps, I'm in the red a lot more than you are...