Share allocation, page-11

Agree, even though Doc did say 1:1 he has later qualified that to be pro rata.Prior to the demerger the market cap of Lithco will largely be determined by what our partner is willing to pay.

For example if they take a 45% stake for $200m, in theory our 45% would be worth the same. (10 % govt)
With 782m shares on issue, at 1:1 lithco would be worth 25c, they might make it 1 lithco for every 2 FFX held, so shares would be worth 50c

If they raise funds with the listing (IPO) the price they raise at will depend on the markets appetite for lithco's shares.
Of course when it starts trading, that will be the real test for valuation.