scarborough deal

I have calculated the estimated Scarborough 16.9% share issue price at 19.74c as per the announcement.

current shares on issue is 1608mln shares
Scarborough owns 3% now, which is 48.24mln shares
Scarborough holding after the new issue: 19.9%.

my calculation is as follows:

Suppose x is the number of shares to be issued:

(X+48.24mln)/(1608mln+X)=19.9%

X=339.3mln shares to be issued

Issue price=AUD67mln/339.3mln=19.74 cents/share (equals to 4.2x close price of 4.7c last Friday)

Is this what others have calculated.