confuscious over scrip offer

In today's AFR it states:
"Midwest's directors have agreed to Murchison's proposal to swap one share for every 0.575 of a Murchison share........"
From what I understand from this is that 1 MIS share equates to 0.575 MMX share.......Is this correct?? But the announcement according to MIS and MMX is that 1 MMX share is equal to 0.575 MIS share?????????
Could some one please clarify this or am I NOT understanding something here????

Thanks