My uptake was that if the market cap of the new JV co was (say) 120m after flotation, then 40% would be to new shareholders(of which you could have a preferential toe in the water), 30% to white canyon and 30% to GDN. This would increase the sp of GDN by 36m (120 x 30%) or 25c per share (144m)
DYOR natch
GL
