I think a bit of simple maths could find examples of where dilution is not bad for existing SH but could be positive. Eg in this case. If FAR raises all the money it needs for PE by selling shares to outsiders (dilution) and the asset acquired is worth more than is paid for it (because oil is up and/or WPL paid a low price) then existing holders together with the new ones benefit by an amount equal to the difference between what was paid and what it's worth.
WPL Price at posting:
$32.41 Sentiment: Hold Disclosure: Held
