"I always wondered how FFX would participate in the Entitlement Offer when they obviously aren't shareholders in their own company - now we know."
Sorry - why are you confused? The LLL company before demerger will have a suitable number of shares 200m, 250m or 500m.... All of which will initially be held by FFX. They will then distribute pro-rata 80% of those shares to all FFX shareholders at the entitlement date (leaving FFX with 20%). Then LLL offers a CR of seemingly $50m to all LLL shareholders again pro-rata to all eligible LLL shareholders (hence the need for a prospectus) - including of course, FFX. That's it! ...simples. T
hat has always been my understanding. Now as for CR oversubscriptions and/or placing any shortfall - who knows?
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