AN IN SPECIE DIST means that MMX holders would get Cashmere...

AN IN SPECIE DIST means that MMX holders would get Cashmere shares on a pro rata basis eg if you have 10 MMX shares might for example get 1 cashmere share. there is no sale involved so holders could wait for ipo and be able to sell on the ASX.
an unlisted investment is v difficult to sell. As noted, even harder to sell when commod prices are down, but it could be one to put in the bottom drawer for a couple of years.
in any case, if you take out 10 mil for overheads it seems that likely return is around 50 cents per share total and the 48 cents now on offer seems high considering the wait and uncertainty for the 50 cents.