Ann: Rox to Demerge Nickel and Base Metal Assets, page-49

The announcement is silent on the issue price of the IPO shares. This is a material omission leaving shareholders guessing to make sense of it.

Whatever the IPO price this should be multiplied by 45m shares being those retained by Rox and those distributed in specie to shareholders.

Based on a past video preso by AP (I think last year), it appeared the Ni assets would be worth north of $30m based on the proportionate amount AP indicated the Ni was compared with Rox's then mkt cap. If so, this would imply an IPO price of 66c, which is unlikely. At 50c IPO price this would place a value of $22.5m on the Ni (and 1.3% of IGV).

If the IPO price is 20c, this would value the Ni at $9m and only 0.5% of its IGV of the Ni, whereas I would have thought value would be more like 2% of IGV at $33m.

I hope there is an independent expert report valuing the Ni to be included with the Notice of Meeting binding this all together. Otherwise SH will not be clear what they are voting on.

Think AP needs to get on a webcast to sell this.