At least the buy in price was good today IBD, hence the drop in SP i reckon.
I have been in similar spins offs with freebies in the past and usually the SP drops when it lists as many holders that got freebies cash in to invest the free $$$ in their other wish list stocks so there could be good buying opportunities in the spin off once it launches.
Personally i will be happy once the spin off is done and the wet season passes and FFR kick the WA goldfields plays out of the park.
FFR Price at posting:
13.0¢ Sentiment: Buy Disclosure: Held