Yes, the former. There's usually a few days (weeks) to do the process though, so first IGR will disappear and then, when everything's updated your SLR shares will appear.
(If you had an urgent need to trade them while they aren't visible, you would need to call CommSec and have them do it manually. Normally, they would charge you normal online brokerage in this situation.)
definitive step to closing the merger, page-3
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