Ann: Investor Presentation - Moora and Koojan JV Projects Update, page-73

I crunch some numbers last week on this post assuming an IPO, you can tweak it for various scenarios:

25/05/21 link won’t work, post number needs to be searched

Post #: 53412740


Will we do an IPO or Demerger? If we hit 90 cents or $1 and Ltr can raise $50-$100 million, LTR can simply “DEMERGE” that is allocate $10 million to the NewCo and everyone gets free pro-rata shares without shelling out a penny. This will be the best scenario as it rewards shareholders exclusively.

Read below the difference between a demerger and IPO,


WHAT IS THE DIFFERENCE BETWEEN A DEMERGER AND IPO?
A demerger involves the parent company distributing equity in the demerged entity on a pro rata basis to existing shareholders of the parent company and separately listing that entity on disallowed. Parent company shareholders essentially receive a direct shareholding in an entity that owns the business in which they previously held an indirect interest.

An IPO involves retail and institutional shareholders acquiring shares in the entity that owns the business being divested, and the listing of that entity on disallowed. This can be effected by the parent company selling existing shares in the IPO entity, or the new IPO issuing new shares, or a combination of each.


Source: https://www.herbertsmithfreehills.com/latest-thinking/2018-australian-ipo-review-ipo-or-demerger