yes if you look at dilution like that which is valid. I was looking at it more along the lines of the value of the company will go up, but by less than the cash generated, so value of all of our shares is diluted down. Semantics I guess.
Still if you can buy at 10 c and 4.5c options it's a better deal and less dilution (because you can get more and fewer new shares are created) than taking up the offer.
Ann: Invictus Energy Entitlement Rights Offer Opens, page-126
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