So it doesn’t necessarily mean a dilution.zwu that is not...

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