Share price for cash balancing adjustment: (approx.) 0,25 AUD GGG transfers 4m to AZX in the cash balancing adjustment and receives 16m AZX shares Shares on issue after balancing: AZX 156m (GGG's holding 26m = 17%, other holders 130m = 83%) GGG holders will receive 58,5% of BGB AZX holders will receive 41,5% of BGB GGG's part of BGB is commensurate to 170m GGG=BGB shares AZX's part of BGB is 120m BGB shares (only the non-GGG holders = 130m AZX shares) > 130m AZX shares = 120m BGB shares > share ratio 0,92