Cheers @Tomasp, I could be off & you may be right but let me...

Cheers @Tomasp,

I could be off & you may be right but let me have another crack.

If you discount the Bauxite for a second.

In this scenario lets say we make $55 dollars profit from our 55% stake in QBL to be divided by 55 shares, thats $1 a share.

If we are diluted by 45% for purchasing remaining 45% of MCL we would have...

$100 dollars profit due to owning 100% of MCL which would be divided by 100 shares now instead of 55, still $1 a share dividends.

It would be different if we were issuing shares for a capital raise or purchasing a new business outside of MCL however because 100% of QBL profits are derived from MCL the value impact on each share is mirrored.

Hope I'm making sense lol.