If Link list PEXA, then existing holders of Link will get PEXA...

If Link list PEXA, then existing holders of Link will get PEXA shares, and keep their Link shares. The Link shares will then be valued excluding PEXA. So effectively your one Link share will be split into a smaller version of Link and a PEXA share.

If Link sells to the private equity team, based on the latest offer, you either get $5.40 in cash per share of Link and no PEXA for you, or you can have $3.80 in cash plus your share of PEXA.