Itochu 40% Dilution

Just wondering if there is anyone out there that can confirm that shareholders of AGS will take a 40% dilution to their ownership of Four Mile when/if Itochu take up their Deferred Share Rights Deed (DSRD) and Options?

Just wanted to make sure my understanding of that scenario was 100% sound. Current shareholders will lose 14.9% of their AGS ownership and 25.1% of ACE ownership adding up to 40% of ACE ownership (which is the company that directly owns Four Mile).

If that is not right, can you please explain with definitions why not. Thanks you in advance.