So it doesn’t necessarily mean a dilution. zwu that is not correct, it does mean a dilution.
Using some play numbers as the real numbers are farcical anyway.
Assets: 1,500M Liabil: 1,000M Shares: 650M BV per share: (1500-1000)/650 = $0.77 (remember these are fictional numbers and likely book value is substantially less)
After TREES conversion: Assets: 1,500M Liabil: 800M Shares: 2,000M BV per share: (1500-800)/2000 = $0.35 (fictional)
Hope that helps. Please let me know if you some how see it differently.
cheers moreld
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