FXX / LLL Demerger, page-71

Thank you @koparoma - HC and its reply bug wouldn't let me respond

~ I'm probably sounding stupid now, but I still don't understand how FFX can hold / retain in-specie (ultimately own) shares if they do not meet the criteria (being a registered holder of FFX shares at demerger date) to be eligible for LLL shares.

On one hand I don't totally disagree with the company retaining 20% of the distribution as given the Company's (my opinion) being a possible take-over target (assuming that could be one of the reasons they want a 20% holding) plus they also keep an interest in the Goulamina project and any upside that will come with it, and FFX will benefit when they divest their LLL shares but on the other I do because of their attitude to shareholders.
~ my opinion again: if FFX want to maintain an overall 20% interest in LLL, they can purchase LLL shares on market post listing and the owners of the Goulamina project (FFX shareholders) receive the 100% distribution.
~ The Company had no qualms spending funds raised to subscribe for LLL shares to cover the Entitlement Offer shares issued, they can divest some of the gold profits and do the same?
~ as much as these discussions are interesting and educational, they wouldn't need to happen if there was a "news" leak eg: update , wheres "street talk" reporters when you need them.......

I know they want to hold up to 20% of LLL shares, and that means they need to obtain 20% of the total in-specie shares distributed, and then calculate how much and how many shares they need (maximum) for the Entitlement Offer to maintain it.
That part is relatively easy, they have subscribed for circa $10m worth of LLL shares ~ so they can raise up to $40m (max) to maintain the 20%.

cheers