I previously prepared pro forma balance sheets to show the impact of the ME conversion as if it occurred earlier than 5/07/16. I just completed one for 2Q 2010.
Upon conversion, $555.9 million moves from ME to Ordinary Shares and Additional Paid-in Capital for 150 million shares. The conversion propels the $120.2 million (was $125 million) in Non-Cumulative Perpetual Preferred to a more senior position. SKRRF would have 218.4 million shares outstanding. Shareholders's equity would now be $504.6 million on a pro forma basis (compared to $68.9 million per the report). Book value per share would be $2.31. There is some risk that the conversion value could change prior to the mandatory conversion date.
Please note that the ME has a liquidation preference of $737 million ($600 million par value plus $137 million in accrued and unpaid dividends).