It is really simple folks. Assuming you own 1,000 ITUP shares now
Before the change
You would get cash dividends totalling 1,000 x ( $0.48 + 4x $0.35) = $ 1,880 (expected value)
After the change
You now get 6,300,000 Cow shares for 12,000,000 remaining ITUP shares or 1 Cow share for every 1.905 ITUP shares you own.
The expected value now = 1,000 / 1.905 x $10 issue price = $5,249 but will likely be higher in 1-2 years as the price of your Cow shares will likely be higher than $10.