Ann: Leo Lithium Investor Webinar Presentation, page-38

If tranche 2 is paid as an unfranked dividend, many will be paying tax on that 20c per share.

Then all capital less any ATO ruling for adjustment for tranche 1 capital return will remain in the shares cost base, and will only be accessed if the company trades again or the company is wound up.

I would expect many, including all IPO holdings and many buying on market since listing will likely have a capital loss from that. They would then need capital gains to use up the loss to balance up things.

IMO not advice