Ann: Notice of Meeting and Independent Expert's Report-MCS.AX, page-3

From the same report:

On the basis that a Shareholder does not participate in the Notes Offer, we have assessed the fair market value of an issued Share in McAleese:
 before the Proposed Transaction, on a control basis, to be in the range of $0.016 (1.6 cents) to $0.140 (14.0 cents)
 after the Proposed Transaction, on a minority interest and fully diluted basis, to be in the range of $0.00019 (0.019 cents) to $0.00025 (0.025 cents). (This is effectively the position that any new buyer would be in)

Proposed Notes Offer for new Shareholders as part of the recapitalisation
Under the Notes Offer, Shareholders are given the opportunity to subscribe for new Shares at a discount of between 48% and 60% to our assessed fair market value after the Proposed Transaction.
In analysing the position of a Shareholder that does participate in the Notes Offer, we have assessed the fair market value of an issued Share in McAleese:
 before the Proposed Transaction, on a control basis, to be in the range of $0.016 (1.6 cents) to $0.140 (14.0 cents)  after the Proposed Transaction, on a minority interest and fully diluted basis, to be in the range of $0.175 (17.5 cents) to $0.233 (23.3 cents).

This second value is based on the assumption that for every 1 share there are 920 shares available to existing holders (however at a cost of .01c per new share this is a net of 8.3-14.1c).

So while the MC is speculated as between 80-100M the dilutory effect will mean that there is not likely to be the immediate upside in the price per share for new holders.

Just IMO