AIY will pay for their investments by issuing new shares at c30,...

AIY will pay for their investments by issuing new shares at c30, when you issue new shares it is dilutive, however here it needs to be put in context , 5.2m shares (plus attached options at c40!!!) that represents circa 1.2 percent dilution at a price that is at a 300 percent premium to the current market price. Therefore the dilution isn’t even a spit in a bucket. The general thing the market still appears to be missing is that so far Spartacard, Ambient, AIM and most probably Encounter are all willing to take stock at this 300 percent premium. They all realize how undervalued AIY is. For two of them to take options convertible at c40 is a massive flashing green buy signal in my book (for those that haven’t guessed I’m an ex arbitrage trader for an investment bank!)
good luck
HP