RE:HPQ Sillica Inc not sure who you mean when you say HPQ silica inc,i'll assume you mean HPQ Polvere,hpq polvere is a subsidiary of HPQ Silicon and PYR now own 50% of Polvere,if they were to spin it out and list it as a public traded company they would issue shares to HPQ and PYR share holders base on a value/% formula,or they could just change it to a jointly own subsidiary of both pyr and hpq and not issue shares,until now HPQ was responsible for financing and administration of Polvere,I imagine the Lawyers are busy writing the business constitution ,which will cover who iwill be responsible for what.
there are several ways that they can structure the company,at this time we can only guess at the path they take,
I don't recall the ceo of either company talking about share distribution.