The in-specie distribution is determined by valuation of LLL.
If LLL were valued at $500m pre-IPO,
then, FFX market cap would reduce by ($500m x 80%) = $530m at today's price.
The in-specie distribution shares worth $400m.
So, every FFX share value would receive about 0.43 LLL share value.
Basically every $1,000 FFX holding would receive $430 worth LLL shares, imo.
General discussion, page-1929
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