Ann: Goulamina - Progressing a World Class Lithium Project, page-65

It's a gain x time x risk calc. Suppose you are a fund that bought into the 16c placement. You can take x4 right now after 12 months. You could hold all the way through to production in 3 years and receive a distribution of LLL shares. Or you can cash in, realise the gain, and buy back into the cap raise/placement at the LLL demerger in 3 months time.

For us retailers it makes more sense to hold on and gain access to the in specie distribution and priority offer. However funds already have priority simply by existing and having access to large amounts of capital.

IMO, I don't actually know what the funds are doing.