You are correct it would dilute (make the potential less), but if the dollar figure suggested is correct it would underwrite a look through cash backing on GBA of around $2.50 a share. This is very rough calcs and I haven't done it for the others as I only hold GBA. (i.e. conservative look through GBA advent holding 11%, reduce by 25% = 8.25%. Rumoured $1B = $82.5 mil divided by appprx 32 m shares fully diuted = $2.57). Therefore no downside to $2.50. It would be cap the upside secure the downside.
