I don't believe it is a misreprentation. There are two separate issues: Economic interests in prospects and market capitalisations.
The thread is related to market capitalisations. ADV's economic interest in Seymour, Root etc is not the reason why different market capitalisations appear in different places. The reason why different market capitalisations appear in different places is that there are escrowed shares on issue that are not currently tradable. The escrowed shares have 9 June 2022, 30 June, 30 August 2022 and 6 September dates. There are also 24mth excrowed shares (Nov 2023). On each of these dates more shares will flip to being readily tradable and the difference between Comsec and HC's quoted market capitalisations should reduce.
You are correct ADV has both a shareholding of 4.56% and an economic interest in Seymour etc that is currently 49%. The remaining $3.5m is payable in either shares or cash 12 months after admission (November 2022). Given GT1 is in exploration mode, its likely the $3.5m will be paid in shares but this won't narrow the Comsec / HC gap. As per below, over 50m of the escrowed shares are for 24mths. There will still be a wide gap between HC and Comsec even after the probable Nov 2022 exercising of the option to increase to 80%. The gap should go away in November 2023 when the restrictions on ordinary fully paid shares are removed.
From the Prospectus From 10 Jan 2022
GT1 Price at posting:
90.0¢ Sentiment: Buy Disclosure: Held
