Oromin Explorations Ltd OLEPF

From TGZ's release....my take on dilution...

[tony1969]

"The proposed Offer would constitute 80,000,000 Teranga common shares ("Teranga Shares") being offered to Oromin shareholders, including Teranga's interest in Oromin."  From what I understand this does not mean that TGZ will be diluted by 80 million shares.  It "constitutes" 80 million shares of TGZ.  They already own 18.6 million shares of OLE whose value is included in the 80 million shares they refer to.  If they were diluted by 80 million shares the offer would have been $57 million not $49 million using the $.71 price TGZ closed on last friday.  For example 80 million shares times .71 = $56.8 million.  Divide $56.8 million by the 118.9 million shares that TGZ does not own gives you $.48 per OLE share not the $.41 they where offered with the .582 ratio and TGZ trading at $.71.  I think that TGZ will only be diluted by 61.4 million shares using the .582 ratio.  This would leave them with (245.6 million + 61.4 million) 307 million shares.  Hopefully that .582  ratio will increase a bit and us OLE holders can get a little more TGZ stock.  Am I correct in these calculations?  Any comments?