Ann: Sale of New Hope Shares & Entry into Long Equity Derivative, page-23

Basically agree with you, and in general, where these deals are unconventional and complex, there is usually a reason for it, which concerns me a bit. However, on the flip side, excessive dilution will not be in the best interest of sol being the major shareholder so there shouldn't be any incentive for them to go down that path that I can think of, that would outweigh the dilution factor. If they do make a significant acquisition (which seems likely given they just raised the capital which otherwise would not have been necessary) we may find that dividends are limited for a year or two in any event if they take on more debt for the acquisition/s.

Overall if they add more tonnage from low cost assets I guess I can live with 15% dilution, maybe even a little more if I've raked in large dividends in the meantime.