Makonis Co

Hello Tutor,For Dec 2013 Q3 part (b) last sentence of the answer: "This represents a drop in value of approx. 5.3% on original value of Makonis Co share ($0.31/$5.80)" If I calculated the loss in value is based on new share price after company combined(after new issued shares and new value) rathen than original share price of $5.80 of Makonis Co,is it still valid? Thank you.