If all the preferred's were converted at 200 to 1, that alone would be 88mm shares. DHT is currently asking for an AS of only 30mm shares. So, it does not appear that the preferred's will convert at 200:1 but rather the preferred's will convert at the rate of 16.67:1.
They pretty much spell this out with this statement:
Taking into consideration the proposed 12-for-1 reverse stock split (and proportionate reduction in the total number of authorized shares of Common Stock) and the issuance of shares of Common Stock in exchange for shares of Preferred Stock described above, the Board also has determined that it is advisable to adjust the number of authorized shares of Common Stock to 30,000,000 shares (or approximately 96.6% additional authorized but unissued shares of Common Stock over our outstanding shares of Common Stock, assuming full exchange of our Preferred Stock) to provide sufficient available authorized but unissued shares of Common Stock.
The total conversion of all types of shres at 1 for 12 ratio will equal 15.2mm leaving the 96.6% buffer of OS to AS.
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