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Hi Paul,
It's helpful to think of this as a spinoff, since the new shares trade at a different price, and not a split. For a spinoff, we reduce the start price of the original company to reflect the value of the shares spun off, as though you had sold immediately and reinvested in the parent. You can make a pick in the spun off company as well, but we don't do that automatically for you.
Fool on,
Chris
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