"Those that participated should have no dilution from my understanding."
I don't think that is correct.
270 Mil shares in CR , 90 mil went to SI and Mac.
So immediately any shareholding is diluted by 90 Mil or approx 25 %.
180 Mil left, of that amount shareholders are NOT getting 1 for 1, they are getting 5 for 12.
So again a dilution of approximately 55% of existing shares.
Also there is maximum limit the shareholders can get.
Of the 180 Mil I suspect that only 50% of shareholders will take up full entitlement. (90MIL)
Then any additional amount is limited. ( so lets round it off to 100 Mil)
The balance ( lets say) 80 Mil will end up in the hands of the underwriters.
So out of the 270 Mil I suspect that approx 180 Mil will end up in hands of friendlies .
So on that basis it is impossible for any shareholder to NOT be diluted. in fact it will probably be a significant dilution of say 40% maybe more.
We will know very shortly
CB
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