Share Price, page-211

i think IPO'ing LS & selling up to 49% of it, provided we make a healthy cash return, is by far a better outcome than a CR around the current SP, which would see us be massively diluted! so instead of a CR, IPO'ing LS would solve many issues already mentioned, plus ICI would still retain a large holding in LS should it continue to do well, we will still be a part of that journey:

the market currently values the whole of ICI at $57m & i think LS alone is worth more than that; so if we can spin LS out from ICI at a much higher valuation, which i think will be easily achieved given it has grown so much & performed very well ($7.7m profit last FY), we should lock-in some profit by selling a non-controlling stake (sub 51%) to fill up ICI's coffers with cash again while also injecting LS with new capital, & access to more capital from a likely more favourable market compared to Australia

win win