I don't read it that way - the prospectus says "1 new Widgie Nickel Share for every 0.923 Widgie Nickel Share held".
So that means if you hold 923 Widgie Nickel shares (gained from the in-specie distribution say) you could then apply to buy 1000 new Widgie shares. You divide your holding by 0.923, not multiply as you have done.
Ann: EGM - Widgie Nickel Limited Presentation, page-33
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