FXX / LLL Demerger, page-68

My "always wondered" comment was tongue in cheek

It's just a reduction in Capital and will be done the same way as all the other demergers.
Presently FFX owns 100% of Leo
They'll simply offload 80% of Leo to FFX shareholders with the in-specie distribution (taking into account the 4.6m shares issued)

On another subject, I'd expect the NOM very shortly, as the SF Prospectus will nominate a distribution ratio, and will probably be within 2 weeks of the issue of 4.6m shares at $2, I'd assume it will also be based on $2 a share, so when we see the SF Prospectus, we'll have an idea as to what value they've put on Leo.

I'd expect the EO to be at a higher price, having said that, it really doesn't matter what price they put on the IPO, as the market will decide it's value when it lists.