I'm not talking about dividends, you can cancel all of those for all I care and reduce the share structure on graffiti. I too am talking about the real money shares.
Just like on an IPO timeline, the first rounds of placement are at a lower price. Consider this the second or third round so the conversion ratio should be a lot higher.
or
Maybe do something like 400:1 since the share price is 1/2 of what it was, and then give shares in graffiti europe to graffiti converters based on just converted shares, not dividend shares.