The St*ckhead Stoush Report, page-6

"the issue of a significant number of bulls-eye shares whilst bulls-eye was in discussions with Emerald at a significant discount to the Emerald bid price has diluted the interests of the pre-existing disallowed shareholders and therefore potentially deprived them of the opportunity of a higher bid price based on total enterprise value absent such dilution"

This is entirely a non-issue, and actually a bit comical to even mention. EMR has bid for ALL the shares, both those issued and those that can be issued as a result of loan notes or other instruments that can be converted to shares at an agreed price (agreed at the time the instrument was taken out, i.e. years before the EMR bid). So EMR quite obviously set their bid price based on the fully diluted share issue, why would they do otherwise ? So the issuing of shares due to some instruments being actioned has ZERO impact on the bid price from emerald, as their price was set based on the fully diluted share issue.