My 5 cents: issuing of $20m worth of shares at a 20% premium is accretive. For example:
Company has $20m more dollars in the bank = company is valued at $20m more today than yesterday.
Say a company was worth $100m yesterday with a share price of $100 = 1m shares on issue.
$20m worth of new shares were issued at a price of $1.20 = 166,667 new shares
Total shares on issue is now 1,166,667 and new market cap is $120m.
So - new share price is 120m / 1,166,667 = $102.86.
Share price has gone up by 2.86%, therefore the issue was accretive.
By it's very nature issuing of shares at a premium is accretive, issuing at a discount is dilutive.
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