Layman here. With Santos putting new scrip onto the market to...

Layman here. With Santos putting new scrip onto the market to pay for their purchase of ESG how dillutive will that be to their stock price? What if you still wanted in on the play. Could you sell ESG today (if the market opens again)...wait for STO to put the new stock on market...then buy STO as its price drops to absorb the new stock. Is there an arbitrage opportunity by selling today and buying on the day Santos issue the new scrip?

OK, that was convoluted but hopefully makes sense (I'm in the middle of an online training call with a Canadian software company so am trying to multi-task!).