If you take a conservative view of the dilution required to get...

If you take a conservative view of the dilution required to get Pioneer Dome into production, you will still have the equivalent interest in that asset after the "takeover", as you would have if the current shareholders were to retain control to production, and you have a 15% interest in all the current assets of DVP. As well you will have development and profit generation much more quickly that if ESS proceeded to production on its own. This is a very good deal for ESS shareholders. One could take a "dog in the manger" attitude and say that this is a better deal for DVP than it is for ESS. That is true but poor logic. Any deal must be considered on the value to you. The other guy needs to get an advantage, or you don't have a deal. Lots of deals fail by people holding out for a higher price and ultimately getting nothing.