Great question.p 15 of the last presentation is the best...

Great question.

p 15 of the last presentation is the best reference on a potential liquidity event. I recall from a video online that Nicholas said dual listed. Any liquidity event and capital return is only potential and contingent primarily on IPO being successful. After that it becomes complex to work out potential capital return/liquidity event. Here is one scenario from chatgpt

Here’s the updated per Findi share estimate under a 50-50 split scenario (half of the retail allocation from existing shareholders, half from new shares issued):

TSI IPO Valuation ($M)	Retail Allocation ($M)	Findi Sell-Down ($M)	New Shares Issued (%)	Findi Stake Post-IPO	Per Findi Share ($)
500	175.0	68.95	17.5%	65.01%	$1.03
1000	350.0	137.9	17.5%	65.01%	$2.06

Key Differences Compared to a Pure Sell-Down:

• Lower immediate liquidity per Findi share ($1.03 vs. $2.06 for a $500M IPO).

• Higher post-IPO stake (65% instead of 51.2%).

• TSI raises fresh capital (17.5% new shares issued).

Would you like any further adjustments or alternative splits modeled?