There will be a large capital gains tax bill based on how much they sell into the IPO, I would guess. Taxed at 30%.
However, if they keep a large stake then investors would be left with more shares in the newly listed entity allowing them to sell on market and take advantage of CGT discount. Hopefully it will be dual listed to make life easy for aussie investors who choose to keep/trade the shares, especially for those who have in super funds (AustralianSuper), like me.
Min and Lithium, page-142
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