Ionic Capital Raise, page-133

Benny - SER demerged VXL in about 2011/2012 and punters receive 1 VXL share for every SER share. VXL consolidated @ 4:1 before finally listing Jan 2014.
VXL appreciated quite a lot but then overspent - only to go into a trading halt.
the majority of creditors then took equity in lieu of repayment - new directors appointed.
changed name to QGL and since did not pay asx listing fees for 2017/2018, has been suspended.
SER are making claims to wrest control back from the new directors and we await the outcome.

SER demerged Ionic in June 2015, again @ 1:1 and Ionic have had a recent CR - final results tba. Initial results were positive and sufficient to fund R&D to Dec 2018 I think.
but more $ raised per the general public part of the CR.
Ionic hoping to list after attaining positive cash flow via development - either direct or via a royalty.
Link are the share registry [same VXL]

it is expected Ionic to have a consolidation ahead of listing [in 2018]

SER website details the deemed value for the 2 demergers, which is available to use for ATO purposes

hope this helps and also hopefully you participated in the recent Ionic CR

ps, you should subscribe to the Ionic Industries updates - just go to their website, click on news and it will prompt you to subscribe