FFX to hold 20% of the spun out company, the other 80% to be distributed to FFX holders - not 1 for 1 as they want less shares on issue, but pro-rata. (A good idea not to do 1-1 IMO)
This spin out co to manage our 50% of the of the JV
(So my understanding is this spun out li company won't be managing the mine just the regulatory Aus end of things) - Does that sound right?
Ann: Live investor briefing, page-12
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