calculating the merger deal, page-21

Ampol

I have read and re read the update and dont see a reference to MMX existing holding.

Would it be right to assume that it is factored into transaction.

Step 1
External shareholders accept MIS shares

MIS would now own MMX and therefore 10% (now about 5%) of themselves.

Step 2
Cancel shares

At this point I assume this is where final % come from and how the share price was calculated..

If this is not the case MMX have given away half of the value they paid for the MIS stake to MIS shareholders.