Share Price, page-198

the potential IPO is likely to be a CR type of event for ICI & LS:

spinning out LS would unlock capital for ICI & its shareholders, as well as provide the newly listed entity with fresh funds;

given we own 100% of LS, which we acquired for $44.5m in cash+equity, & its important metrics have almost doubled since being acquired, ICI might roughly maintain 51% of LS & sell the remaining 49% stake to recoup our $44.5m initial investment... something along those lines is what i think is likely to happen.

i think we can all agree LS is worth a lot more now than 2 years ago