FXX / LLL Demerger, page-26

Sorry but I think you are wrong on who will influence the LLL pre-IPO price. The only relevant party will be FFX - as they are the only ones currently owning 100% of LLL (which in turn will own 40% or 45% of the mining JV - plus the remaining lithium exploration areas). They have committed to distribute 80% of their shareholding in LLL to the FFX shareholders at the record date. As for the pre-IPO price, it's all in their hands (apart from sign-off by the ATO for CGT rollover relief).

Both Ganfeng and the Mali Govt will hold their respective interests in the project direcltly - not through LLL. They have no interest in the notional pre-IPO price for LLL shares - or even the offer of additional shares.