aquila exploration demerger

So the HUGE document outlining the demerger of the seperate company AEL is now available. Sounds like a reasonable proposition to me.

One thing I am wondering (which may be very dumb!) is that they state we will get one AEL share per one AQA share we own. So if you hold a 1000 you get 1000. But what I am wondering is will a value be ascribed to the AQE shares initially or will that not be determined until trading opens on the ASX - i.e. once people start offering them to sell/buy - it will be determined by what they are prepared to pay? I guess that is the case?