I think are probably doing both i.e hedging to get access to LLL...

I think are probably doing both i.e hedging to get access to LLL shares.

How is this for a risk free trade idea:

Buy FFX shares on the ASX (lets say $10,000.)Short the exact same amount on CFD market ($10,000).Wait for issuance of LLL shares - hypothetically at 10% of FFX holdings = $1000.Close your positions and pocket the LLL shares.

But here is the real kicker - the 10% of FFX shares will not be equal to 10% of FFX value. It is so undervalued at the moment, that the LLL shares will likely be MUCH MUCH more.