I was hoping someone could help me with the spinoff details on Cowan Lithium. I haven't had this occur in a stock that I have owned before and I am fairly new to the entire share investment game. I know there was some discussion in a prior thread on the issue but I haven't been able to find the discussion after going over the threads.
With that in mind my question relates to the marketable parcel provisions with the spin off. Clause 1.1 of the explanatory statement indicates that Tawana will distribute 85% of all Cowan Shares on issue to Eligible Shareholders on a 1 for 11.1 basis whilst clause 8 provides for the divestment notice from the directors where a Cowan shareholder owns less than a marketable parcel.
My question is (1) how does one attribute a value to the shares owned in Cowan to determine whether a marketable parch is owned? and (2) if someone holds a non-marketable share, do the clauses provide that they cannot continue to hold, i.e. that such a holding must be sold by the directors?
Sorry in advance if this has in fact been covered.
TAW Price at posting:
39.5¢ Sentiment: Hold Disclosure: Held
