My understanding:
Shares in TRR will be distributed to all holders of TNG on a given record date.
The opening price for the IPO will be worked out by the finance group managing the float, once they go to the market. It will be based on what large investors are willing to pay for the company, how many shares are created.
Once the IPO is complete, and shares are traded on open market, the price will be whatever people want to pay.
Ann: TNG to demerge and IPO base metal assets-TNG.AX, page-72
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