Hi VC,
We (BPH) do get diluted, but (hopefully) pick up a larger share of Advent.
If our cap raising money picks up all of the extra 12,000,000 Advent shares then we are better placed than MMR, but a bit behind GBA on a dilution basis. That is with all options being exercised (and BPH's cal raising) dilutions would be:
MMR: 38%
BPH: 30%
GBA: 17%
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