Interesting, page-8

Imagine that. After everything we’ve been through, Leo buys back it’s shares, resulting in a ~11c/sh max windup cash distribution (proceeds plus circa $30m in the bank accounts) from FFX to long suffering FFX holders, rather than the distribution of growth-potential Leo shares that most have been expecting.

Leo then cancels 210m shares, reducing its float to approx 1 billion. Dual holders will feel slightly robbed, Leo-only holders will probably feel quite shafted (having had to give up more of Goulamina to Ganfeng to fund this frolic) and the majority of FFX-only holders will probably feel varying degrees of outrage depending on their level of exposure & original cost base and whether they were counting on the expected future capital growth of the Leo shares to fill a hole. It’s all quite a cluster!