Ann: Jadar to Spin Out Serbian Lithium Projects, page-8

Very strange to me to be honest.
Certainly not a core asset and glad to see they are keeping their Austrian Lithium assets. VUL has shown what these can do if developed correctly.
However, spining out an asset that is currently 100% owned into an IPO that generates zilch for shareholders and reduces our exposure to the Serbian lithium project down to 22% is very suss. They may argue that they werent going to get to develop it while concentrating on other assets, but that doesnt wash with me. They could have got sandfire to invest the same money and expertise in a JV and raised the same money at same project valuation while keeping 44% exposure instead of this 22%.
So certainly someone is profiting.
Not a biggie for me really given its non core but raises eyebrows.