LLL Ownership Structure, page-5

My thoughts and assumptions DYOR.

issue price of 67c for an additional 149m shares, giving FFX total SOI @ 1.2B.

This looks like a technical and strategic raising.-Its a WAR chest

Based on the FFX subscribing for $10m in LEO it therefore means LEO will be raising $50m

working backwards it seems the demerger distribution to shareholders looks like @ 1 new share in LEO for every 1 Held creating 1.2B initial shares on issue for LEO
FFX will own 20% =240m shares
LEO IPO looks likely to raise $50m including $10m from FFX
MA has always said shareholders' will get a priority allocation to the IPO at 1 for every 10 held
Therefore FFX allocation is 24m shares
FFX commitment to LEO IPO is $10m
Therefore the issue price is 41cents per share or thereabouts

LEO market cap =$540m prior to ASX listing (or 45cents)

Shareholder entitlement to Leo Priority shares:

My estimates only: DYOR

100,000 shares in FFX will give you 100,000 free shares in LEO
priority allocation = 10,000 shares in LEO
cost at 41cents = $4,100