FXX / LLL Demerger, page-50

Re your first line: The answer is no, that's not how it goes I don't think.
My guess is as follows.
FFX originally own all the shares in LLL without paying anything given LLL is a wholly owned subsidiary of FFX. Then the shares are distributed as per soon to be release demerger doc which gives FFX holders 80% while the co keeps 20%.
The share change above provided by @fooca where FFX are paying $2 per share and spending $9.27 million odd seems like their part of the CR to keep their holding at 20%. So I guess the listing price of LLL will be $2 a share.

If the share change number, 4,635,541 indicates their share of the CR...then that is 20% of 10% of reg. (If the CR is as reported about 10%.)

So 10% of reg = 23,177,705.

Total reg = x 10 that = 231,777,750 @ $2, then add in holders share of the CR (80% of the 10%) somehow and maybe you get to 250 million shares on issue at listing @ $2 each for the listing MC of $500 million?

(I actually came up with 250, 319, 214 shares on issue following the above wonky process, but lets put the 319, 214 down to rounding and/or poor math on my part. Or maybe it's about that depending on the entitllement being something like 1 share in LLL for every 5.1 FFX or similar

If it was 1 LLL for every 5 FFX prior to the CR then the number would be 237,835,840 - so the final numbers are somewhere around this figure I guess.


So lets figure $2 a share and a MC of circa $500 million. And a rocket under that SP on listing.