Oh dear. Its one thing not understanding it, but mocking others when you clearly have no idea yourself! Of course Qantas has to issue new shares. It doesn't own any of the existing shares that it can use to pay!
As others above have explained, it has a dilutionary effect. If you own Qantas shares and this deal goes through, your percentage ownership will get diluted by 7%. But you then own the new percent in the new combined entity of the two businesses that is then a larger Qantas.
People in glass houses....
if you are happy Qantas paying over the numbers, then you have a diminished slice of a bigger pie. Perhaps now you will understand script bids.
Ann: Qantas to Acquire Alliance Aviation, page-9
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