General discussion, page-1927

"~ Based on your theory to raise $50m, shouldn't the calculation be 50m/1.18b?"

No I believe my calculation is correct based on the company raising $50m and contributing $10m of that, to prevent dilution.
Of course even though the company has said they've set aside $10m to participate in the Entitlement offer, doesn't mean they won't reassess that and raise more or less.

Only $40m is being raised by shareholders on that supposition. So it's 40m/1.18b

Re the Chalice demerger, I agree, as I've posted before, most demergers seem to be done that way, where the Entitlement Offer precedes the In Specie distribution. I say most because there are examples where it's done the other way around.

That Oct 20 asx announcement certainly gave the impression the Entitlement Offer would be offered to LEO shareholders after the in specie distribution. This was again repeated in the last Activities Report , so doubt it was a misprint.

So the timetable I see

Notice of meeting/Short form prospectus (after JV formalised, transfer of mining license)
4 weeks later SH meeting EGM
Shortly after that (guess 1-2 weeks) in specie distribution
Shortly after that Entitlement Offer
4 weeks later (approx) Entitlement offer closes (and shortfall offer if there is one)
2-4 weeks after that list on asx