That would not necessarily be bad for shareholders as with each action in that direction there is some benefit that comes two ways. Firstly the company maintains an interest and raises new capital to expand the project. Secondly it allows the current shareholders a choice as to whether or not they want to participate in that particular venture.
I prefer spinoffs to a capital raising that dilutes the shareholding for another venture that I may not want the company to participate in.
re-read anns, did some research and found, page-4
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