This is so biased that I feel the need to reply.
1. If a shareholder has held PGC from 2010 until 2016 they would not be complaining about share dilution considering the huge capital growth. In 2010 a share was worth around 3 cents while it is now 80+. Pretty sure the management team has done something right with the company and its operations for the share price to climb.
2. Profits are meant to be seen in the income statement. There is a reason it is called the income statement. You make it out like they are being dodgy or deceptive which is not true. It is simply a reporting requirement.
3. Paragon has used equity to fund investment opportunities. It is fine for the number of shares to grow as long as they achieve a decent return on investment from the businesses that they acquire through the use of equity raised. So far their acquisitions prove to be successful.
4. I'm not going to even bother with your free cash flow argument.
I am not saying that PGC is without any risks, but which company doesn't have risks? Whether a company is deemed to be undervalued, fair value or over valued is also up for debate. However, your reasoning is quite flawed in my opinion.
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