Forthcoming divestment of N.S.W. assets into the new IPO, page-5

I don't necessarily agree that we will see quite a large drop in ARL's share price when the new shares list.
One of the reasons for the spin out apart from the geographic management of assets in W.A. and N.S.W. is to gain maximum value from these assets whereas right up to the time of listing of Ardea I don't think shareholders placed much value on the N.S.W. ground within the ARL portfolio of tenements.

Just to give you an idea, it was plainly obvious that Heron didn't rate all the ground that now belongs to Ardea and yet Ardea was able to raise almost $6 million in the ipo

I doubt that many current ARL shareholders are holding their shares because of the N.S.W. ground although a few smarties might be.

To answer your question oh how things went when Ardea was spun out of Heron, from memory it had virtually no real effect on Heron's share price.