Thumbs up from me Spondools,
A very fair and pertinent question. I too felt that the dilution was a slap in the face for SHs given the timing.
The only defence I can see them presenting is that they opined the project highly and they had to move now or lose the opportunity to participate. Their view must have been that the dilution to SHs was outweighed by the potential advantage LP could bring to the coy.
Interesting to see if they answer you.
Miki
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