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To answer your question you would have to look at history, who was in fact present in the decision making process and what did they do.

For your perusal I have attached a copy of the Notice of Extraordinary General Meeting held in August 2016, Heron Resources.
You will notice Ian Buckhorn and a manner in which spinouts occur under his directorship.
You will also notice the strength of Ian Buckhorn as a decision maker in Heron Resources.
Vote power.

If history is an indication of future conduct, you could perhaps expect the following to occur.

1 All shareholders in the current company (Ardea Resources) will receive 1 share in the new entity for every 10 shares held in the existing entity.
2 (The new entity) receiving subscriptions for an issue of fully paid ordinary shares for an amount to be determined pursuant to a prospectus, Capital Raise. (Ardea's spinoff was oversubscribed)
3 Shareholder approval for the transaction proposed.

This model is similar to past corporate initiatives undertaken by Heron, notably the successful Avoca Resources Limited “spin-out” in 2002.

http://www.heronresources.com.au/downloads/asx/2016/hrr2016082901.pdf

I love your question @fnbig1
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