In the case of Arafura in the example you gave, when the uranium...

In the case of Arafura in the example you gave, when the uranium ground was spun off into nupower, arafura optionholders received options in nupower at the same conversion rate.

ie: holding 9000 ARU you got 1 for 3 = 3000 NUP
holding 9000 ARUO you got 1 for 3 = 3000 NUPO

The ARUO conversion price was also reduced from 20c conversion to 13 cent conversion.

In this case, when a valuation is put on the pieces of GAU, im sure the platinum will count for a large amount of the valuation. So if GAUOA option holders were given options in the new listed nickel spinoff, GAUOA conversion price probably wouldnt reduce in price by too much.(maybe to 16-18 cent range I would guess).

hope this makes sense