Re the fear of capital raises -- I think the solution is to always leave room to buy more if/when that happens. You bought shares because they were a good deal, right? Now, say there's an acquisition that makes sense (i.e. PYG can get more value from it than the current owner can get) which makes PYG even better, and at the same time they sell shares even cheaper. You'd like to buy more, right? It's true your former shares get diluted, but that's nullified if you add shares in proportion to the total issue, and if you add more than that you're on the winning side.
That's why it seems to me people fear dilution way too much, especially small investors.
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