Ann: 2024 September Quarterly Appendix 5B and Activities Report, page-8

"maybe they sell the shell to save on IPO setup costs" – that'll be it. Some new project will pop up out of a university or other innovator that needs a float on the ASX. This little shell will do nicely, thank you. There'll be a prospectus and lots of bright-eyed, optimistic new investors stumping up cash for the new thing. Existing holders will have the option of holding onto their handful of leftover shares with a view to selling them when they start trading on the ASX again, or participating in the new float to try their hands again.