I think it depends are we talking:1. Recap2. ShellRecap...

I think it depends are we talking:
1. Recap
2. Shell

Recap basically just acquires new project, usually on deposit and subject to financing. Then massive cap raise to pay for the project and using the project to generate interest. Management usually stay.

When people refer to 'shell' they are usually implying someone wants the company, just for the ASX listing. And the new owners do what they want with the company. New management and new name.

The way the two things transpire on ASX are different and the payoffs are different.

In both cases the old TDX shareholers would end up with a very small portion of the new company via dilution. Maybe 10%.

But if the new company is value at $20mil you have broken even. If the project is good and the sahres rise quickly then $30-40mil is possible. And you get 10% of that. $3-4mil is > current $2mil market cap. ANd who knows maybe old shareholders will manage to keep 20%?