Ann: Webinar Presentation - June 2021 - Quarterly Report, page-55

I'm sorry, but I still do not understand some of that...

Where are the addition 10% of shares come from? How can FFX retain 10% of something that they do not own, or have not paid for? As the company is wholly owned by shareholders.

• Are they essentially getting 10% of everyone's shares for free?
• Is the 10% now considered as a dilution, as they are not representative of the share allocation for each individual FFX investor as per the cut off date of the demerger?