Yes to the first question. The cost to MCIG will depend on the value placed on VCIG. I'm not sure on the second part since I've never fully understood how par value affects anything. However, I do know that you can not simply create value out of thin air. A valuation will have to be placed on VCIG and that value will be divided by the OS to come up with the initial pps for VCIG. That value will be subtracted from the pps of MCIG on the Ex-date and given back to shareholders in the form of VCIG shares.
I went through this about a year ago with NewCastle Investments (NCT) when they spun off New Residential Investments (NRZ). NCT closed at $12.33/share on May 15,2013. On May 16 NCT opened at $5.79/share and NRZ opened at $6.22 (the price difference was due to the actual bid and ask at open gapping down).