Fantastic announcement?
PF1 just gave away almost half their share (70% down to 36%) in the Hamersly project for $7 million when the IPO wants to value PF1's current 70% holding at closer to $14 million. Plus existing holders get no shares in the new spin out. Plus PF1 is going to finance/lend to this potential spin off to try and get it off the ground
If approved by shareholders, you will have just signed off on losing half your value in about the only worthwhile asset you hold and your happy for PF1 to pay for that privilege. Sounds great, sign me up
Ann: Pause in Trading, page-11
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