OIO Approval/Happy Day, page-26

Up to 713m shares could be issued between now and 31 August (settlement date)

The key word here is could (or they can choose not to convert them, or only convert some of them and pay back cash for some parts of the 46m funding for SE's assets.

The RCPS, which accounts for 72% of the 713m shares issued (ie a vast majority, at the cheaper price) may not all be converted into shares... "12% pa (more than 8% if converting full to shares) if the Sale Agreement becomes unconditional and Bathurst elects to convert some but not all of the RCPS", ie they pay more in interest and cash (instead of conversion to shares), but I think bathurst will take up this option... in the recent quarterly report it is mentioned: "That is, a profit during the period from 1 July 2017 will reduce the purchase price required to settle the transaction." - code, in my view, for not converting everything to shares

All will be revealed on final settlement, but given the much higher share price than when RCPS was originally drawn up, and the jump in coal price given SE's assets much better margins (and millions of dollars in profit per month - possibly).

Bathurst will likely avoid dilution if it can and I have no doubt they will be working as hard as possible to get everything sorted, and up and running as fast as possible - exciting times for holders.