I think he was just saying it is technically dilution any time the number of shares increases, but agreeing with you that the total effect of the merger for SEA is accretive, not dilutive
the dilution is negated and then far outweighed by the value of the EFS acreage that SEA acquired by issuing new shares, a fantastic move that has SEA holders positioned to do very, very well this year and beyond
extract from this mornings ar, page-8
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