Ann: Notice of General Meeting - Leo Lithium Demerger, page-72

A lot of information to take in, the Prospectus alone 255 pages.

I'm writing what's below mainly to help some newer investors who might be overwhelmed with all the information.

There are 2 very different offers taking place over the next 5-6 weeks, and it is easy to confuse them, but they are separate.

1/ The Entitlement (Pro rata) Offer (including shortfall offer)

You will receive this offer probably by email and it is something you can participate in by buying LLL shares at 70c each.
Your entitlement depends on how many FFX you own.
For each 10.33 FFX shares you'll be able to purchase 1 LLL share at 70c
If you don't want to participate, you don't have to do anything, just don't BPay any money.

The Record date (date you have to own FFX to get the entitlement) is Thursday May 5
That means the last day you can buy FFX & get the entitlement is Tuesday

The Offer is to raise a max of $100m, if everyone takes up the offer, that's how much they'll raise (including up to $20m from FFX).
The Offer opens May 9th & closes May 25th
There is no hurry to pay for this as they can't close it early, as long as they receive it by May 25

Shares not taken up will be offered in a Shortfall Offer, this IS limited to a max of $100m (including the EO) and a min of $50m. It is up to the Company whether they accept money over $50m. You can apply for this on a separate form that'll be emailed to you. Note this can be closed early and/or cut back in case of oversubscription.

Many will need to sell some FFX to finance this, IMO the SP of FFX will rise as we get closer to the meeting, as I said it won't be closed early so no hurry if you need to sell some, you have until May 25.

The 1 for 10.33 means this Offer is not huge, you'll get a lot more shares in the in-specie distribution of 1 Leo share for each 1.4 FFX you own.

2/ In-specie Distribution

They've said this will occur on June 9th after the meeting. In the Webinar they said the Record date will be after the meeting, buried in the Prospectus (p106) it says the Record date is June 6, so you need to own FFX shares on that date to receive the in-specie distribution. Note they can change these dates, but it will be after the meeting & it'll be announced.

You don't have to do anything to receive the in-specie distribution, just own FFX shares on June 6, and the shares will automatically be allocated to you, you'll have to wait till it lists to see them in your broking account.