No advice and all guesswork, however I would say you are...

No advice and all guesswork, however I would say you are possibly correct @Pelych The actual numbers would be subject to the rules within the JV. I am on the one hand surprised and a little disappointed for their holders that they flag to the market that dilution is an acknowledge potential outcome. Possibly said because they are between a rock and a hard place. From prior ASX announcements I understand that they must be close to default on that recent JV proportional debt, to flag dilution suggests IMHO a protection re possible directors liability should they be unable pay it, technically, accepting JV dilution could pay it, hence avoiding possible difficulties in that regard.

Cheers

Phil.