Ann: Webinar Presentation - June 2021 - Quarterly Report, page-81

Listening to the reply Mike was quite clear that shareholders would receive an in specie distribution of about 80% (around 16 min mark). This indicates FFX will hold around 20%.
Seems fairly straight forward.
Makes sense not to do an IPO of a %. Its better for the SP of FFX to have none available to non holders. We all know what Brokers do to the SP when an allocation is about to be made and they want some of the action for their clients.
Keep the availability totally in house and watch the SP of FFX go for a run once more information about the spin off is available.
." In specie is a term commonly used in business. It is mostly used in the context of the distribution of assets or that of the repayment of loans. A company or corporation, therefore, might distribute the securities which it owns to its shareholders or stockholders. This is done without first converting the securities into cash."