Ann: Dart Energy Investor Presentation , page-10

imho,

AOE have circa 700 million shares on issue. The consensus view was that the value of the new Dart entity was circa $250m - $450m. Let's say $350m as mid point. If AOE issue one share in Dart for one share held in AOE, then the share in Dart you get will be worth $350m divided by 700m or 50 cents. So total value of offer is $4.70 cash plus 50 cents.

If AOE change the offer to a 1 for 2 offer, the value of Dart is the same at $350m as the same assets are in the entity. But AOE is only issuing half as many shares in dart, so 350m shares instead of 700m shares. So an entity value of $350m with only 350m shares on issue means each share is worth $1. Effectively you get half a share in dart for each AOE share held - half of $1 is 50 cents, so you are in the same position.....