OK. There’s some confusion here The Class Ruling on the demerger...

OK.

There’s some confusion here

The Class Ruling on the demerger determines the shareholder’s cost base split on both their FFX & LLL shares.

The distribution of Tranche 1 is split between a capital component and a dividend component (in this case unfranked).   The ATO will determine the portions by looking at the Issue Price (not market price) of the shares on hand to do that calculation.  The Company LLL has no say in that split.  An illustration is provided in this link for Share Buy Backs.

(The only time the Issue Price becomes a Shareholders cost base is when they participated in a new issue of shares i.e. IPO, SPP or Rights etc.)

As you say @WoodySpoon, it is the dominant reason the BOD is wanting to relist.

… hope that’s clearer