some maths which will inevitably be wrong..., page-5

My mistake re valuation. Can some one explain the below re the 25.1% ie what is the value of ACE "shares"?

"Where the DSRs are converted, ITOCHU may, within a 12 month period from Final Determination, acquire a further 25.1% interest in ACE at a 5% discount to value of ACE shares determined by reference to the two month volume weighted average price of Alliance shares at the time of exercise."

and then 25.1% of AGS(5% discount to share value) to get a stake "interest" of 25.1% in ACE.???????????? How is that?


Md