The only reason they stated the 40% of total outstanding shares in the PR is because that is what the lender will end up with after the dilution is done. Otherwise they would just say the lender gets X number of shares. The lender will get his 40% after all other dilution. Therefore the O/S number to watch is 900 mil. If it goes over that then the A/S will have to be raised again for the lenders to end up with 40%.