Atotx, MDL will retain 20% of the Teranga shares after the...

Atotx, MDL will retain 20% of the Teranga shares after the spin-out. MDL shareholders will receive 80% of the Teranga shares in proportion to their MDL share holdings at the time of the spin-out.

After the IPO, selling the additional Teranga shares to the new Teranga shareholders, the number of Teranga shares held by MDL and MDL shareholders will remain the same. However, because of the new Teranga shares from the IPO, their percentage holdings of Teranga will be diluted. Approximately, after the IPO, MDL will own 15%, MDL shareholders will own 65% and the new shareholders from the IPO will own 15%. This is also inexact depending on whether all shares offered are purchased, over-allotments are purchased, the offering is expanded because of high demand etc.