Ann: Entitlement Offer - Separate ASX Code, page-2

" The Panoramic fully paid ordinary shares issued and allocated under that code may not form partof the main PAN code, unless and until (as disclosed in the Entitlement Offer materials), the takeoveroffer by Independence Group NL (“IGO”), as announced on 4 November 2019 (Takeover Offer): is extended to those shares; or lapses or is withdrawn. As disclosed previously, if the shares issued under the Entitlement Offer are insufficiently liquid,they may not trade, or may trade with limited liquidity."


So under what circumstances exactly will they become PAN shares? What happens to this money if IGO wins ?