Ann: Simon Hay Commenced as Leo Lithium Managing Director, page-44

Hi Quamdives

Just to clarify comments made by others in relation to your question.

At the moment FFX & Ganfeng own 100% of Goulamina in a JV, 50/50 each (once JV formalised)
The Mali Government will automatically get 10% and can buy (probably with tax/duty credits) another 10%
So FFX & Ganfeng will be left with 40% each

All FFX is doing is demerging it's interest in Goulamina, so LLL will own FFX's 40%

With the demerger, FFX intends holding 20% of Leo and dividing the other 80% of Leo to it's shareholders.

The only way Ganfeng can hold any Leo shares is if they own FFX shares when the in specie distribution is done, or buy on market after it lists.

Because FFX will own 20% of LLL, Ganfeng would be unable to take over LLL unless FFX agree to sell their 20%.