Nah, example: 50% mitigation, 100 damage a sec.
50 damages to the shields, 50 damage puff no effect cause of the mitigation.
33% shared means 33 of the 100 damage is taken away and put on the Iconus shields. The target actually beeing fired on would recieve 67 damage, reduced by shield mitigation of course, 33,5 damage to the shields.
then the Iconus would take 33 damage, using his shield mitigation reducing the damage (lets say 20%) and then getting 26.4 to his shields.
I dont know if the damage is shared before mitigation has a effect or after. It would change the numbers but this is just a example to clarify the difference between sharing and reduction.