mungana prospectus lodged, page-10

My initial reaction to this was OK. What more did shareholders expect? I've been in several companies where they have hived off an IPO and gave the shareholders nothing.
[MLM when they floated MetroCoal for example].
KZL are keeping 49% and so have skin in the game. At the completion of the IPO Mungana will make a payment of $26 mil.to KZL. That doesn't seem so bad for both parties.
Can Mungana make a go of it? Dunno - too soon to tell. KZL will thrive.