MJP & KuangChi's Ltd's 'Deal of the Century'

Lets take a closer look at the above table and do some calculations:

Prior to the bond conversion into fully paid shares, KuangChi Ltd. held 55,763,636 shares. Their holdings have now increased by another 150,653,728 shares, bringing the total to 206,417,364 shares.

MJP says that KuangChi Ltd. injected NZ$23,7 million into the business with this transaction.

This would mean that KuangChi Ltd. paid just shy of 16 cents for each of these shares (23.7 Million shares divided by 150,653,728 = 0.15731 cents). Subsequently, they are way ahead of the average investor, including the IPO participants who paid 40 cents per share. How can you win with these legal but 'under the table deals?'

So not such a courageous step from KuangChi Ltd. after all, jumping in before another large company decided to buy a large stage in MJP.

I am still hopeful, but a little angry at the same time.