FXX / LLL Demerger, page-20

LLC will list at the agreed capitalisation (cash) between FFX and Gangfeng which will take into account ML, development plan, JORC and IP as the underlying asset.

It could IPO at $100m market cap or $2 billion pre IPO, it is just a estimate, value of LLC will be the last trade of listing day.

FFX/GF and advisors will decide the pre IPO SP by analysing its peers = Market cap divided by SOI.

The opening trades will determine what LLC SP is worth on Trading Day, everything else is just informed guess

How many Shares of LLC will each party get will be in direct proportion as announced.

Mali get 10% to 20% depending on free or buy in
FFX gets 40% to 45% of this FFX will keeps 20% and in specie distribute 80% of the shares to FFX share holders
Ganfeng gets 40 % to 45%

If they FFX/GF IPO LLC at

$2 and 500 million SIO, the trades on market will determine the Market cap...

Last Trade of the day at $3 SP = $1.5 billion
Last Trade of the day at $2 SP = $1 billion
Last Trade of the day at $1 SP = $500 million
Last Trade of the day at $0.50 SP = $250 million


Therefore if you own 10% of FFX today than you will get

Either 4.5% or 4% of LLC SOI

Simple really