If holders don't get a pro-rata share its not a demerger at all....

If holders don't get a pro-rata share its not a demerger at all. It's a project sale by the company. But anyways not the case here.

My point was management should be giving away as little as possible on start -up as the value created after it will be tremendous. Savy management will be protecting that SH value until it is realised. Giving a chunk to GF discourages other large instos from entering the fray as the SP will be seen as the play thing of GF IMO. Not what savy managment would do.

Given capex expenditure is taken care of, and much of that capex money will be held as cash on start up of the project company, why would they need more than another $5-10 million initially to last say 18 months? If they need a raise just prior to production, all fine as surely the MC and SP would be MUCH higher than the initial $260 mill nominal value of the new co. It is then some instos might be invited onboard to fund our half of the needed working capital - or if big enough given a slice of the project company. Prior to that if they want in they can bid up the price.

How I'd be playing it anyways.