(1) The * direct value shift has 2 aspects.
(2) Overall, it consists of:
(a) the decreases in * market value of the down interests; and
(b) the issue at a * discount of the up interests covered by subsection 725-145(2); and
(c) the increases in market value of the up interests covered by subsection 725-145(3).
(3) This Division also proceeds on the basis that the * direct value shift is from each of the * down interests to each of the * up interests.