issue price of 67c for an additional 149m shares, giving FFX total SOI @ 1.2B.
This looks like a technical and strategic raising.-Its a WAR chest
Based on the FFX subscribing for $10m in LEO it therefore means LEO will be raising $50m
working backwards it seems the demerger distribution to shareholders looks like @ 1 new share in LEO for every 1 Held creating 1.2B initial shares on issue for LEO FFX will own 20% =240m shares LEO IPO looks likely to raise $50m including $10m from FFX MA has always said shareholders' will get a priority allocation to the IPO at 1 for every 10 held Therefore FFX allocation is 24m shares FFX commitment to LEO IPO is $10m Therefore the issue price is 41cents per share or thereabouts
LEO market cap =$540m prior to ASX listing (or 45cents)
Shareholder entitlement to Leo Priority shares:
My estimates only: DYOR
100,000 shares in FFX will give you 100,000 free shares in LEO priority allocation = 10,000 shares in LEO cost at 41cents = $4,100
FFX Price at posting:
75.5¢ Sentiment: Buy Disclosure: Held