Ann: Recapitalisation package, page-67

What Camban said. If this proposal goes through and the market cap stays the same (it wont, it will plummet) then that 12c of value in LLL shares right now will equate to about 4.2c after the dilution:

20c a share * 1.181 billion shares on issue = current market cap of ~236.2 million

236.2 million market cap with 3.394 billion shares (this will be how many are on issue if this all goes through) = ~7c a share

12c at current value = 60% of the 20c share price.
60% of 7c a share = 4.2c a share.

This is a truly terrible deal.

(Someone feel free to correct my maths if I have over looked something)