Sell SGL Oz for $360M vs dilution, page-10

I think your assessment is 6 months out of date and furthermore is based on earnings (rather than normalised earnings) in the UK. They have slashed advertising expenditure, rent etc
I am basing my question on the assumption that the PIP brings UK earnings into line with revenue. Eg 14% as per earlier years.
Otherwise we're all screwed anyway...
So how is risking dilution smarter than selling off Oz once UK is bedded down?