Todays bloodbath, page-22

While the dilution is not great, if the auction in October goes well MUS will just pay the break fee and not take up the last two tranches. This means the total dilution is only about half as bad as the worst case scenario.

On the positive side MUS has much more cash than we were expecting which will allow them to run flat out before the auction. Given we have taken out one of the major risks holding down the SP the financing should be neutral to positive.