mount kellett to pick up an extra 30m shares

Based on today's announcement regarding the Mount Kellett adjustement, they will pick up another circa 30m shares based on a lower strike price.
It works out as follows:
(A) Current shares on issue: 1715m
CR shares added 267m (based on $200m CR @75c)
(B) Total after CR 1982m

The adjustment determines the new price as A/B (1715/1982) which comes to 0.865. This amount is then multiplied by the $1.25 (the original conversion price) giving us $1.081 (the new conversion price)
Simply divide the new price into $225m and the conversion number of shares is now 208m (Prior to this it was 180m ie $225m /$1.25)

After conversion we have a total no. of shares on issue of 2190m (1715+267+208),reflecting an increase of 28%.

Having said that, I'll be happy when the day comes and they do convert, at least we'll be over a $1, which seems a distant memory at present.