is this a big joke?

from SMH http://business.smh.com.au/business/daybyday-dilution-at-bb-infrastructure-20090907-fefz.html

A Merrill Lynch analyst, Matthew Spence, calculated the full conversion of BBI's BEPPA and SPARCS hybrids - a likely condition of any recapitalisation plan - would leave current shareholders with just 18 per cent of the company.

And that is before the cornerstone investor injects additional equity in return for what is likely to be a majority stake in the company. After that, existing holders would own less than 9 per cent of the company, which would then have more than 29 billion shares on issue.

9%? Is this the biggest DILUTION ever in the Aus share market history?