letter to shareholders, page-30

Hi Stratovarious,

I don't really agree myself with the dilution argument in this instance.

Let's do some workings at today's current share price.

Current Scenario
Shares on Issue - 4.3B shares
Top 20 hold 46% (1.98B)
Truly liquid shares - 2.322B (54%)
Market Cap - 163.4M
Cash in Bank - say $10M (say 6% of market cap)
Cash per Share - $0.00233

Future Scenario
Shares on Issue - 8.85B shares
Top 20 & SG will hold 74%% (6.528B)
Truly liquid shares - 2.322B (26.23%)
Market Cap - 336M
Cash in Bank - 235M (70% of market cap)
Cash per share - $0.0266 (10x better than current)

Please help me to understand this dilution everyone talks about. There may be a balance of power issue (not even that is truly known yet), but I can't see the dilution argument really.

Sorry if errors, did this in 2 mins flat.