So, my simple math tells me that the 2.3 billion A/S that's being reduced to 650 million would have been only 200 million if the Company adhered to the 11.5:1 split. I wonder what the additional 450 million is needed for

Absent any good news, that post merger A/S reeks of dilution IMO. Let's hope there's a ton of positives and we can smile again.