2 page spread, page-25

How does this work? If ACL has 280 million issued shares, then given the audeo/alchemia ratio of 1:37, the demerger process involves an issue of 7.56 million audeo CDI/shares. If the indicative price is anywhere near $12 that involves a sum of 90million dollars. Half that at $6 is 45 million dollars. If the ceiling is 60 million dollars for the IPO in the US, then what is likely to happen to any share price whether the issue is $6 or $12? Surely the SP will drift/dive lower in the absence of any earth shattering news re the phase 3 trial? Am I missing something here?