translationwho can translate this to english and put a number on it?
An Advisory Opinion dated July 29, 2008, was prepared by Haywood Securities Inc. ("Haywood") in connection with the exchange offer of MDN dated July 31, 2008 to purchase all its outstanding listed common share purchase warrants. Haywood concluded that an exchange ratio of approximately 3.75 warrants per common share was necessary to provide for a high probability of participation in the exchange while minimizing dilution to current MDN's shareholders. Dilution from the warrant exchange offer at a ratio of 3.75 warrants per common share, when compared against the dilution upon exercise of warrants, was considerably less and considered a savings to shareholders given management guidance and market valuation of comparable companies. MDN also obtained a Liquidity Assessment and Statement prepared by Fraser Mackenzie Limited ("Fraser Mackenzie") in connection with the exchange offer. Fraser Mackenzie was of the opinion that the market for the common shares and warrants was liquid when compared with other similar companies and that the market for the common share and warrants was not going be materially less liquid following the completion of the exchange offer.