Correcting my figures:
Taken from commsec
WGO: Shares outstanding = 1.223B
STX: Shares outstanding = 2.038B
Combined STX:WGO Entity: Shares outstanding = 3.261B
If Gina owns 26% of WGO; she owns (.26*1.223b) = 318M shares.
If MIN owns 19.99% of WGO; they own (19.99*1.223b) = 244M shares.
Scenario 1:
If STX converts all WGO at 1:1
STX/WGO Entity Shares Outstanding = 3.261B
Gina = 9.75% STX ownership
MIN = 7,48% STX ownership
Scenario 2
STX converts 80% of WGO at 1:1
STX/WGO Entity Shares Outstanding = 3.016B
Gina = 10.5% STX Ownership
MIN = 8.01% STX Ownership
Scenario 3
STX converts 50% of WGO at 1:1
STX/WGO Entity Shares Outstanding = 2.650B
Gina = 12% STX Ownership
MIN = 9.2% STX Ownership
The more WGO holders who convert to STX, the more shares outstanding of the combined entity; the less of a % Gina, MIN, any WGO holder would get; however, the larger the company size. So you own less of the combined entity, but the combined entity is larger, so you don't lose out as a small holder, you simply lose power as a larger holder.
Hope this is correct, happy for an experienced poster to fact check my numbers/understanding.
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