After cooling down I did run the numbers again.I see 213 mio...

After cooling down I did run the numbers again.

I see 213 mio shares EXT
I see 166 mio shares KAH
I see 205 mio or even 340 mio (if KAH issues for their own holding) additional shares
Makes 370 or even 500 mio shares for the new company
Yes EXT holders get 1.6 shares of the new comp which is close to 370/210=1.737, would be far away from 500/213=2.34.

So the newco should have a s/p of ~0,62 A$ to keep an EXT holders current market value of his shares.

Makes a M/C of 230 mio A$ of newco when 370 mio shares. Good.
Makes a M/C of 310 mio A$ of newco when 500 mio shares. Not Good.

So, when I did no mistake, the scheme is OK and good for EXT holders when newco has 370 mio shares on issue.
The scheme introduces massive dilution and is not good for EXT holders if newco has 500 mio shares on issue.

Pisa