As you say all guesswork, and I think it is unlikely that LLL...

As you say all guesswork, and I think it is unlikely that LLL would be looking at this. But I could be wrong, as I often am according to my wife.

As FFX is a distressed seller I would not think LLL would offer much more than the total LLL shares held by FFX. IF (and a BIG IF) LLL were to do a scrip offer they would be providing tradeable shares for escrowed shares, which would be of a higher value. Also there has to be some premium for LLL to make any offer for FFX.

Personally, as a FFX share holder a scrip offer by LLL would be a good resolution.

However, as a LLL share holder I would not want any of the baggage associated with Morila to be transferred to LLL. FFX would need to sort out Morila before existing LLL shareholders supported the transaction.

Also, not sure how the ASX would view a scrip offer from LLL. They may view it as a means to get around the escrow, which they may not like.