I'm a bit confused, has this changed and have I got this correct...

I'm a bit confused, has this changed and have I got this correct from todays asx announcement.
-New co will be called Teranga
-Teranga will distribute no less than 80% of shares back to MDL shareholders back on a proportional basis
-Now the IPO will be for canada and australia involving new Teranga shares

Pardon my ignorance but I'm a bit confused, I remain a shareholder of MDL and now I become also a shareholder of Teranga. How do they base my mdl shareholding into how much I get in Teranga.
Does this mean I have no need to be part of the new IPO since I obtain shares of the new IPO??.