Ann: Share Purchase Plan for WAM Leaders shareholders, page-37

"This dilution will change how long term holders think about the manager regardless of past performance"
What dilution? Sure there will be more shares but they are being bought with the new money paid in at the cost of the new shares - that is not dilution. If anything, the additional size of the fund at the same asset value per share would allow a small reduction in management costs per share - but that would be marginal.

Dilution is what happens when a capital raise happens to maintain the operation of a company without otherwise increasing the operational value of the company. That is there are more share to spread that value over. Here the underlying value increases by the new money paid to but the extra shares = no dilution.