FXX / LLL Demerger, page-66

@koparoma That was my thinking originally too, hence my attempt at a calculation which also involved a share split (which I thought would have tax advantages post-redistribution, but that’s not my area of expertise). My view was/is FFX cannot redistribute shares in a subsidiary company to anyone without those shares having first been created and provided to it for some (even nominal) consideration. And in sufficient number. And Leo cannot distribute free shares to FFX holders directly. Anyway, I guess it’s largely an academic exercise at this point until we have some proper disclosure!