big boys coming home, page-8

QGC currently have 478m shares on issue. QGC are going to buy back at least 59m shares (12.5%) from existing holders.

If AGL are paying $327m @ $1-60 per share, then this equates to about 204m shares.

I would assume that QGC would onsell the newly acquired 59m buy-back shares to AGL and then would need to issue another 145m shares (59 + 145 = 204).

This should then total aprox 623m shares in QGC. If AGL own 204m shares then this is 32.7%.

The numbers don't appear to stack up, what am i missing ?