First National’s August 27, 2025 circular described 42,813,710 common shares beneficially owned or controlled by founders Stephen Smith and Moray Tawse and their specified affiliates and associates, using the August 21 record date.
Its October 22 closing release reported that the rollover group had exchanged 14,080,000 common shares for interests in Regal Holdings LP on August 28.
Three denominators
The founders’ old block. Our calculation is 14,080,000 ÷ 42,813,710 × 100 ≈ 32.9%, using the circular’s reported group holding.
The old company. Immediately before the arrangement, those shares held by Regal Holdings represented approximately 23.5% of all outstanding common shares.
The continuing investment. At the October 22 completion, Smith and Tawse each retained an approximate 19% indirect interest in First National: approximately 38% combined.
The first ratio uses the founder group’s old holding; the second uses all old common shares. Before comparing offers, identify the holder, entity, share class and date. These figures do not value the new interests.