Actually the dilution is only for those who do not participate. Those who participate can probably have an opposite position.
If we consider that the raise adds 20% to the shares on issue, any individual who subscribes for 20% of their current holding will not be diluted. Applying for 25% or more of your current holding will give you a higher relative holding.
I do understand that not everyone can participate, but this offer is the first time retail holders have an opportunity to decide if they wish to be diluted or not.
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