ICI has around 257 mil of SOI x 0.085 (before the nox project)...

ICI has around 257 mil of SOI x 0.085 (before the nox project) giving ICI an MC of around 21 mil.

So I guess FFG sp is trying to catch up to the 73% of 21 mil.

FFG opening price of 4.5 cents equates to about 15 mil MC. So FFG's current SP only really factors in ICI's current ownership without factoring in FFG's other assets. This is all before ICI's current project which has had some amendments but still worth more now.