What will stage 4 do the share price., page-24

This is incorrect.

If you have x shares and you then double those shares in exchange to use additional that money to acquire another business. You now have double the shares at half the price PLUS the value of what you also acquired.

I'm going to put it in an easier way to understand.

You have 3 oranges, a group of people own these. They are worth $10 each.
You then say you will cut those oranges in half and give half to someone outside for $5 a piece.

So now you have 6 pieces of orange that is now worth $30. However the group now only owns 1.5 oranges.

This is where you logic stops. You are saying that the group spent $30 but now only owns 1.5 oranges.

Except it doesn't stop there.

There is still the $15 dollar that was made in exchange for splitting the oranges.

That $15 is now put to use to purchase a juicer (acquisitions). This is then used to better the original holdings of 3 oranges, and juice is now made and can be sold for $100 (markup on oranges vs juice).

So the groups original purchase of $30 and original holdings are now worth $100. Half belongs to the other, so holdings from the transfer is now up almost 100%.

So no, it's not worth less than what it was before. As you do now only hold 1.5 oranges however you also now own $50+