how is mmx holding in mis accounted for

I asked a question before and got no response but if I was a MMX shareholder I would want it answered as it is a fundamental to how the merger is constructed.

MMX already hold 10% of MIS

Therefore as a MMX shareholder what ever deal MIS gets I get a 10% benefit from.

Reverse takeover therefore MMX itself already holds MIS shares so gets who gets the benefit.

Existing MMX shareholders or the new combined pool of MMX/MIS shareholders

Senario one

MIS shares distributed in specie to existing MMX shareholders giving greater percentage of deal.

Senario two

All combined shareholders get the benefit of the combined group by the shares been cancelled

Any thoughts