Good idea if you only intend buying a relatively small quantity...

Good idea if you only intend buying a relatively small quantity compared to your present FFX holding.

Although we have no idea about the Float price, distribution ratio etc, we do have a fairly good idea how much they intend raising with the Entitlement Offer.

In the recent placement they set aside $10m so that the Entitlement offer doesn't dilute the 20% Leo holding they intend retaining.
That implies they'll be raising $50m which is about what you'd expect them to raise.

That means $40m worth of Leo shares will be offered to FFX shareholders
With 1.18b SOI, you'll get 3.38 cents worth of Leo for each share in FFX you own (40m/1.18b)

So if you have 100,000 FFX shares (worth $80k at present 80c SP)
You'll be entitled to buy $3380 worth of Leo

As you can see you won't be entitled to buy many.
Even if they raise $100m (unlikely) you'll still only get $6760

They'll probably have a shortfall offer in conjunction, IMO you'd be lucky to get the same amount (3380) and you run the risk of scale back etc.

IMO much safer just to buy FFX & get the in-specie distribution, unless you're happy with that smaller allocation through the Entitlement Offer.