IPO (or any situation where the company issues a prospectus or...

IPO (or any situation where the company issues a prospectus or disclosure document to facilitate secondary trading) would allow the trading of the Loan Settlement Shares before the 12-month escrow period ends.

Here’s why:
Condition (i) specifies that the shares cannot be traded for 12 months from the date of issue.
Condition (ii) provides an alternative condition: if the company issues a prospectus or disclosure document to facilitate secondary trading, the voluntary escrow restriction is lifted, and trading becomes permissible.

In essence, the shares are subject to a whichever-comes-first rule. If the company issues a prospectus or disclosure document (as typically happens during an IPO), that would satisfy condition (ii), and the shares could be traded regardless of whether the 12-month period has elapsed.

source: ChatGPT (based on the announcement wording).