18% seems to be ok, page-11

Its quite clear, if reset is voted down the volume of shares will be represented by the VWAP over the previous days. The example quoted is at yesterday's price, but the VWAP may be higher or lower dependent upon asset sales capricious behaviour, Deutsche Bank, BBI, hurricane bola and houey duey and Louie.

However trust me reset will be voted for!! Therefore NO conversion.