My rough calculations:Cash (march AZX presentation):AZX: 1mGGG:...

My rough calculations:

Cash (march AZX presentation):
AZX: 1m
GGG: 9m
Difference: 8m

Share price for cash balancing adjustment: (approx.) 0,25 AUD
GGG transfers 4m to AZX in the cash balancing adjustment
and receives 16m AZX shares
Shares on issue after balancing:
AZX 156m (GGG's holding 26m = 17%, other holders 130m = 83%)
GGG holders will receive 58,5% of BGB
AZX holders will receive 41,5% of BGB
GGG's part of BGB is commensurate to 170m GGG=BGB shares
AZX's part of BGB is 120m BGB shares (only the non-GGG holders = 130m AZX shares) > 130m AZX shares = 120m BGB shares > share ratio 0,92

yesterday: GGG 24,25 GBp = 36,13 AUD
36,13 x 0,92 = 0,33 AUD

Greeting from Germany
koga