what happens now, page-2

Your TOE shares remain TOE shares.
e.g. 10 000 TOE shares stay as 10 000 Toe shares.

For every 1 NEL share you will receive 5.5 TOE shares.

The company 'Nova Energy' will no longer exist, it will be absorbed or merged into the one company 'Toro'

I have sold all my TOE shares and bought NEL shares.
Depending on the price you pay buying and selling you can increase your future holding of TOE shares by about 10% plus.

e.g. sell 50 000 TOE @ 85 cents = $42500
buy 10 000 NEL @$4.25 = $42 500
You will then receive 5.5 shares for each NEL taking your new holding of TOE to 55 000 shares.
Excludes brokerage but I hope you get the picture.
If you sell higher and buy lower then the gain improves.